Most jewelry stores are family owned.
If your jewelry store is a family owned business, you’re in good company!
More than nine out of ten jewelry stores in the United States are independently owned.
Family owned jewelry stores
Family owned business statistics
Approximately 92 percent of all jewelry stores are independently owned. Unlike many retail industries, family owned businesses are a very common form of ownership in the jewelry industry.
Here are some eye-opening statistics about family owned businesses:
- 35% of Fortune 500 companies are family owned businesses
- Family owned businesses account for 60% of the nation’s employment
- Family owned businesses generate 64% of the US Gross Domestic Product
- Family owned businesses create 78% of all new jobs
- Of CEOs due to retire in the next five years, 55% have not yet chosen a successor*
- Only 37% of the same CEOs have a written strategic plan.
* Arthur Anderson survey
Thoughts to ponder
The following quotes are directly applicable to doing business in the jewelry industry:
- “It takes many good deeds to build a good reputation, and only one bad one to lose it.”
– Ben Franklin
- “It’s fine to celebrate success but more important to heed the lessons of failure.”
– Bill Gates
- “It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.”
– Charles Darwin
- “There is no royal, flower-strewn path to success. And if there is, I have not found it. For if I have accomplished anything in life, it is because I have been willing to work hard.”
– C. J. Walker
- “Success is the ability to go from failure to failure without losing your enthusiasm.”
– Winston Churchill
- “Anyone who has never made a mistake has never tried something new.”
– Albert Einstein
- “Some people dream of success—while others wake up and work hard at it.”
- “A winner is someone who recognizes his God-given talents, works his tail off to develop them into skills, and uses these skills to accomplish his goals.”
– Larry Bird
- “The dictionary is the only place where success comes before work.”
– Arthur Brisbane
Offering a leacy in sales strategies to jewelrs since 1945. TM