This Q&A options Nicole Wegman, founder and CEO of wonderful jewellery firm Ring Concierge. Responses have been edited for size and readability.
Picture Credit score: Courtesy of Ring Concierge. Nicole Wegman.
What was your day job once you began Ring Concierge?
Once I first obtained the concept to start out Ring Concierge, I labored as an affiliate purchaser for Bloomingdales; previous to that, I used to be a product developer for Macy’s. All through my time there, I used to be uncovered to many alternative aspects of the enterprise, together with the ins and outs of product improvement, in addition to analyzing tendencies and shopper behaviors and leverage all three to forge a profitable enterprise.
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When did you begin Ring Concierge, and the place did you discover the inspiration for it?
Twelve years in the past, I used to be about to get engaged to my now husband and thus started the method of in search of my very own engagement ring. I shortly discovered I did not like every of my choices, and one thing in me knew there needed to be a greater method to purchase bridal and wonderful jewellery. I noticed firsthand how males dominate the jewellery trade, which did not make sense to me given the principle prospects had been girls, so I had the concept to create an organization that particularly catered to millennial girls, the most important demographic of individuals getting married on the time. Taking the experience I gained from my previous roles, I based Ring Concierge with the objective of offering a reliable, elevated method for girls to buy funding items.
What had been a number of the first steps you took to get the enterprise off the bottom?
I took $2,000 of my private financial savings and used it to file for an LLC on LegalZoom, then bought a website title and enterprise playing cards. I had learn The Lean Startup and doubtless took it somewhat too critically, nevertheless it really gave me a basis to jumpstart the enterprise, and I am proud to say that Ring Concierge has been worthwhile since day one.
Along with beginning the enterprise, I needed to grow to be a jeweler my purchasers might belief. So, I obtained my GIA accreditation and skilled beneath gemologists and bench jewelers — I needed to ensure I knew precisely what it took to craft high-quality items. As soon as I used to be prepared, I started sharing jewellery and diamonds with my then-small following on Instagram.
On the time, only a few folks had been leveraging social media on this method. I obtained scrappy and was each the mannequin and the photographer as a result of I could not afford a lot at this level. Seems, by chance and authentically, I used to be in a position to develop my following organically and, with time, grew to become the trusted face of Ring Concierge — a method we nonetheless closely lean into immediately.
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What had been a number of the largest challenges you confronted whereas constructing the enterprise, and the way did you navigate them?
Having a startup is like flying a airplane for the primary time whereas nonetheless constructing it. On daily basis, you are introduced with a brand new problem you’ve got by no means confronted earlier than. For me, studying be an efficient chief and managing a staff for the primary time whereas attempting to develop the enterprise was the most important problem. Even 10 years later, that is nonetheless one thing I prioritize persevering with to develop in. I’ve discovered enterprise coaches extraordinarily useful on this regard, and I like to recommend each chief do it at one level of their profession.
How lengthy did it take you to see constant month-to-month income? What did that seem like?
I used to be worthwhile throughout the first 12 months, permitting me to reinvest within the enterprise to gas development with out taking investor capital. The next 12 months, the enterprise greater than doubled whereas persevering with to stay worthwhile.
What does development and income seem like now?
We have grown over 50% over the previous three years, attaining over 9 figures of income final 12 months, and are on monitor for double-digit development once more this 12 months.
Our development has at all times been intentional, particularly within the direct-to-consumer local weather, which frequently tends to plateau. Over the previous 11 years, now we have strategically scaled our enterprise by being considerate in regards to the new merchandise and classes we launch — listening to our customers to make sure we ship on their needs and wishes.
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What do you take pleasure in most about working Ring Concierge?
The perfect a part of this enterprise is frequently reimagining the method to jewellery and engagement ring purchasing. I run the corporate with the identical lighthearted spirit that I consider the purchasing expertise must be — we’re like hanging out together with your finest buddy, a trusted native jeweler and a concierge in your nook who has one thing for everybody. I need to carry that feeling to everybody who works on my staff.
For instance, we do a ton of wear and tear testing within the workplace and get quick suggestions from workers to make sure our items match seamlessly into their life and elegance wants. Equally, a number of our design concepts derive from items our staff members felt had been lacking inside their very own jewellery collections. Like our prospects, I need them to really feel like we’re creating one thing for them.
What’s your recommendation for others hoping to start out profitable companies of their very own?
Keep in mind that your online business started since you recognized an issue or needed to make one thing higher — do not lose sight of that; let it’s the tenet as you develop. Encompass your self with a staff of specialists who share your drive and imaginative and prescient and who may help you obtain your targets. The final and most essential one: At all times prioritize your prospects. They’re those who will maintain you related, stay loyal and develop your organization, so make certain to foster sturdy, real connections with them from the beginning.
This text is a part of our ongoing Girls Entrepreneur® collection highlighting the tales, challenges and triumphs of working a enterprise as a girl.
