Here and Now Sept 27, 2010

This summer was brutal in the jewelry retail business. Last year I sold off all my gold and managed a nice profit and most of all a substantial amount of hard cash to infuse into my business. Unfortunately I could not find any merchandise that would be not be considered "speculative". Truthfully I did not see a good outcome for the 2009 Holiday Season and decided to take a job with Montblanc. Despite slow times I was hired because of my experience. Mind you, you can hardly make a decent living working the bottom rung of luxury retail. I resigned from Montblanc and returned to my store in June 2010. You might think this was a bad move but with the way the economy is doing I was sure I was going to have to close my store if I did not come back. Before leaving i did put in place an effective "system" and my employees were reasonably capable but I've build my business based on personal one on one relationships with my customers and once I was gone my absence had a terrible effect on an ailing business.
Take note that at the time I left Montblanc I had produced well over 300k in sales for the 5 1/2 months I was there. I had written top ticket four of the six months there and had been assigned to direct "corporate sales". But I felt that I would produce the same amount of income for myself at my store, have the liberty to continue to be involved in my 11 year old daughters development and have the creative freedom a small business offers. Of course I have no insurance nor 401k plan. At this time the banks have all but eliminated credit but then again one must tread very softly when it comes to purchasing stock. I am being extremely conservative and only purchasing or manufacturing pieces with a higher turnover percentage. I am also working on an increased web presence focusing on my "Private Label" pieces and targeting my existing clientele. Unfortunately I predict a ten day selling season for Christmas and jewelry purchases will be dismal.
These are indeed trying times to open a business but a few weeks ago the government approved a 30 billion package stimulus for small businesses. This includes tax credits, other incentives and loans. Look up this information in the SBA website and exploit it as a funding source.