Goal for next year is to Gross $250,000 with net profit of $125,000.
Must gross $5,000 a week and $2,500 net profit in order to reach these goals.
This might not seem like an extensive goal. Our job is to consistently hit our weekly goals, which can be elusive some weeks. We have a huge population here in NYC. The market on the internet is also huge, but we want to target the market having no problem paying us. We want to keep our customer service to a premium and the complaining to a bare minimum. This means specialized service. LaTasha, I have seen you in action, you handled my mother and aunt exceptionally well. I do not think we will have trouble in this area. We will split our business into 4 units.
#1 The buy and sell business. This is our clearance business, where we search the internet for clearance items from department stores, retail jewelry store chains, and from going out of business sales. This will be our bread and butter business in the beginning. You have an exceptional eye for what sells so you will start to purchase on Monday. JC Penny’s always has a good clearance sell. We will sell most of these items through an online store. We will look at eBay and Shopify. Quantity is the goal here.
#2 The diamond and gold business. We will do personal selling to these clients. We are looking for professionals here in the New York area. We can sell them, by phone, by Facebook messenger, in person. When selling to women, you can make deliveries. When selling to men, we will either use a courier or FedEx. Engagement rings and gold chains will be our go to here. We will find 3 contacts down in the diamond district to purchase supply. We will also look for a jeweler to repair our jewelry. You will visit the district at least once a month. Your safety and security from theft is a major concern. Quality is the goal here.
#3 Your personal designs will be the department that will make the jewelry store a huge hit especially if we land a contract with a major retailer. In the beginning it will be third in priority. Now hear me out. Our goal is first to make money, 2nd goal to create wealth. Survive first, then stabilize, and then succeed. Even though this is third in priority, it will be the one that will make you wealthy. Our goal is to build a brand around a few highly popular items. I’m sure you have three top sellers. We will discuss in detail.
#4 Luxury items. I always wanted a Rolex watch, that’s what I want to sell. We will sell luxury items to our high end clients. The only ones that will visit us in the showroom. We will sell high end purses, Rolex watches, specialized pieces, Flawless diamonds, platinum and 24K gold pieces and estate jewelry. We will build an inventory over time. This will also open our social calendar here in NYC. If we can build a 500 person clientele in this business, it will be an enjoyable part of the business and I will get to see you shine. You will also become a specialized buyer, especially with the estate and auction dealers.
We are actually starting 4 different businesses, each with their on specific customer base so you will have your hands full until we retire from the business. I can see this becoming a million dollar business if we build it slow and steady. In the next two months for the Christmas season, we can buy clearance items and sell in a booth on Fridays and weekends, if we can find a retail store with good traffic flow somewhere in Harlem. We can hand out cards in the booth to our website you will build over the next two months, giving us visibility. I can’t go with you on Fridays, but I can go on weekends, when I’m not in the South Bronx. I will give you $10,000 to buy pieces and we will see if we can turn it over at least 3 times before the Holidays. If we can average 70% upcharge. That will be a $20,000 profit in 2 months. If we achieve our goal, we can spend half the profit over Christmas and put the other half back into the business. That’s all I have to begin with. What do you think?