So you want to go into the wholesale jewelry business! When you want to set up a wholesale jewelry business, you should prepare everything thoroughly. Before you even order stocks of wholesale jewelry for your wholesale jewelry store, you should do some forward planning.

You must focus on preparing a realistic wholesale jewelry business plan when you establish the wholesale jewelry business. The wholesale jewelry business plan should include your possible sources of wholesale jewelry stocks, especially if these will be imported from other countries, and also how you will go about wholesale jewelry marketing in your state. You will have to think about recruiting people to help you attend to the customers in your wholesale jewelry store.

And you should not forget about putting together your sources of financing. You need to prepare a worksheet with reasonable assumptions about the wholesale jewelry operation to determine if the wholesale jewelry business will make a profit — which your lenders will be watching out for. Jewelry is expensive stuff, so you will need substantial financing for the wholesale jewelry business. You wouldn’t want to go into the wholesale jewelry business blindly and risk so much capital.

Once you’re fully decided to establish a wholesale jewelry business, you should seriously consider incorporating the business. Incorporating the wholesale jewelry business will result in many benefits not available to single proprietorships. There are three approaches in the incorporation process: you can prepare your own incorporation papers (which you’ll find very tedious), you can engage the services of a lawyer (which you’ll expect is expensive), or you can hire an incorporation service firm (which will cost less).

You can always fill out all the forms and file them yourself. This approach would require the least cash expenditure on your part, but you’ll discover that it is not the easiest thing to do. Because of all the bureaucracy you have to navigate, this alternative will consume so much of your time. Instead of being able to plan for your wholesale jewelry business, you’ll be spending days at the government offices.

You have to find a good name for your wholesale jewelry business. This is important so that your customers will remember you. You need to have the wholesale jewelry business name verified at the office of the secretary of state to make sure that it is available. This process of name availability search may take a minimum of one week to complete. Once the secretary of state has given clearance to your wholesale jewelry business name, you can complete the process of filling out the forms for incorporating the wholesale jewelry business. You can also do this online, using the registration template downloadable from the state’s official website.

On the assumption that the articles of incorporation papers of your wholesale jewelry business have already been approved, you also have to register your wholesale jewelry business with the internal revenue service for taxation purposes. You will be given an employer identification number (EIN) for your wholesale jewelry business. You need to open bank accounts for the wholesale jewelry business and get local permits and business licenses.

One important detail to be arranged is the required completion of corporate formalities: holding the first meeting of directors and shareholders of your wholesale jewelry business. At this organizational meeting, you will be electing the members of the board of directors and the executive officers who will be tasked to manage the wholesale jewelry business.

It may be better to hire incorporation experts to do these tedious details for you, so you can devote your time to making your wholesale jewelry business successful.