Bad things happen beyond that amount.
We recently told you about the unexpected expenses that really hurt jewelers.
Building and equipment maintenance turned out to be the most common source of unanticipated financial pain. Still, many other events also put a surprise dent in jewelers’ pocketbooks, from robberies to diamond breakage.
But did you ever wonder how much financial damage your peers in the business are prepared to withstand?
For Big Survey 2016, we asked, “How large in dollar terms would an unexpected expense have to be to put a serious strain on your business?”
The most common answer was $50,000, and there were also clusters at $10,000 and $100,000.
A few jewelers said they wouldn’t be able to sustain any amount. As one told us: “We have only been open 2.5 years. Every penny is a serious strain on our business.”
This article is an online extra for INSTORE Online.
Something Big Is Missing From Gene the Jeweler's Business
Several somethings, actually. And as in many other cases, the issue is not so much about what the fictional jeweler is doing. It's what he's not doing.
Latest Know How Stories
- 23 Ways to Drive Word-of-Mouth Marketing for Your Jewelry Business
- 8 (More) Ways to Go Green in Your Jewelry Store
- Jewelers Are Spending Way More Time on Social Media Than They Used To
- In Battle for No. 2 Diamond Shape, Princess Now Has Close Contenders
- Here's How Much the Average Independent Jeweler Earns – How Do You Compare?