Pros:
– Low start-up cost – One of the major benefits to starting a gem sales business is that it requires relatively low costs to get up and running. Depending on what type of gems you plan to sell, you may not need a physical store front, which can help to keep costs down.
– Varied sources of revenue – Gems can be sold in a variety of ways, including through physical stores, online auctions and e-commerce sites. This can help you earn more money as you have access to multiple income streams.
– Potential for high profits – There is potential for a gem sales business to make high profit margin, depending on the type of gems you sell and your structure.
Cons:
– Market fluctuations – The market can be highly volatile and’s important to stay about the latest trends so that don’t get caught off guard by any sudden price changes.
– Low barrier to entry – The gem market has a low barrier to entry and there is competition from both local stores as well as online retailers. This means that you need to differentiate your business in order to stand out against other sellers.
– Time consuming – Running a gem sales business can be time consuming, especially if you are sourcing the gems yourself. It can take a lot of time to find the right gems and then negotiate with suppliers for the best prices.
– Finding reliable suppliers – Sourcing reputable and reliable gem suppliers is key to running a successful business and this can be challenging and require research. It’s important to ensure that you are working with suppliers who will offer quality gems at a price that is in line with the current market rate.