Name of owner: Tom Tidwell
Year you opened for business: 2008
How would you describe your business? Jewelry store designed to pay fair market values for people’s precious metals/gems dealer (buying all gold, silver & platinum items including jewelry/silverware, coins), designer/maker of jewelry, sale of like new refurbished jewelry, high quality jewelry repair.
Briefly describe your typical client/customer. Regards precious metals/gem. Middle to lower income people in need with about 25% upper income clients looking to get the best value. We offer 1.5 to 3 times to going rate for gold, silver and platinum as competitors to provide people in need with an opportunity to get fair market value for their items. 70% of income comes from the 25% shopping for value as the result of deaths, divorces or individuals converting precious metals and gems to cash.
What is one thing most people do not know about your business that would surprise him/her? That we pay 1.5 to 3 times what our competition pays for precious metals and gems and we offer the highest quality jewelry repair in the area.
What do you enjoy most about doing business in your district/community? The ability to help people in need by paying fair market value for their precious metals and gems. One example: A gentleman came to me with a heavy gold chain. He told that he did not know if it was real and the most he had been offered was $150. I paid him $1250 which is my standard price.(This is an extreme example – normally I pay 1.5 to 3 times) It meant the difference in him keeping or losing his home. People really appreciate being treated fairly even more so when they are in need and don’t know how to get the best price for their items. I don’t make the most money from this part of my business but it is truly the most enjoyable part. Helping people is blessing.
What do you enjoy most about doing business in Hampton Roads? It is a very diverse community filled with wonderful people.
What challenges do you face as a business owner? Not knowing what is going to happen with taxes and insurance. And the safety issue. Since we deal with cash, we are a target for desperate people
What’s in store for your business in the future? Expanding the sale of like new refurbished jewelry and adding new jewelry. We have just installed show cases. We also will be expanding our gold parties. We have an on-site room specifically designed like someone’s den to host these parties.
What could local government do to help small business owners in your business district (besides lower taxes)? We need someone in local government that understands business. I had to move from Olde Towne because I had spent over $1,000 trying to get my signage in compliance. My signs were in alignment with the Olde Towne signage requirements. In fact I went before the board that has to approve signage for Olde Towne, they had no problem but the city made up some requirement as to where I could put the signage and the % of the window space I could cover. The lady that approves these signs had approved my proposal via email. Then I received a noticed that it was not approved. The regulations specify what % of the window can be covered. I am an engineer and know how to do the math. My sign covered less than that %. I was told that the city had a different way of calculating the % and I was over. In addition they added a requirement that I could only put signage in the window above my main window meaning I had to completely redo my signage. There are no regulations that cover this requirement and the board that approves signage for Olde Towne had already approved my signage as far as appearance.
It’s bureaucratic nonsense like this that drives businesses crazy and caused me to move. I would still be in Olde Towne except for this.
What is one thing your business district needs? Add a neighborhood police office with policemen familiar with the area on foot or bicycle seeing what’s going on and talking with the people. Most of the crimes in the area are well known in advance by the people but there is no easy way to get the information to the police in an informal manner so that crimes can be prevented before they happen.
