Starting from Scratch: Unique challenges of first generation jewelers

Opening a new jewelry store is always challenging. But for entrepreneurs with little or no experience in the industry—and without a family history in the business—the endeavor is especially difficult. Besides addressing normal business concerns like cash flow, inventory management, and hiring and managing staff, first-generation jewelers must quickly get up to speed in areas that most second- and third-generation store owners take for granted: product knowledge, dealing with jewelry vendors, buying goods overseas, and understanding the subtleties of how the business works. And because they don't have prior industry experience or a family reputation, first-generation jewelers also find it challenging to secure financing, land "A list" vendors, and negotiate the most favorable buying terms. "I find that most folks starting a retail jewelry store without the help of parents before t
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