This Q&A options Nicole Wegman, founder and CEO of fantastic 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 bought the thought to begin 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 various aspects of the enterprise, together with the ins and outs of product improvement, in addition to analyzing traits and shopper behaviors and how you can leverage all three to forge a profitable enterprise.
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 rapidly discovered I did not like all of my choices, and one thing in me knew there needed to be a greater approach to purchase bridal and fantastic jewellery. I noticed firsthand how males dominate the jewellery business, which did not make sense to me given the principle clients had been girls, so I had the thought 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 aim of offering a reliable, elevated approach for ladies to buy funding items.
What had been among the first steps you took to get the enterprise off the bottom?
I took $2,000 of my personal savings and used it to file for an LLC on LegalZoom, then bought a website identify and enterprise playing cards. I had learn The Lean Startup and possibly took it slightly too significantly, but it surely 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 may belief. So, I bought my GIA accreditation and skilled below 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 individuals had been leveraging social media on this approach. I bought scrappy and was each the mannequin and the photographer as a result of I could not afford a lot at this level. Seems, by accident and authentically, I used to be capable of develop my following organically and, with time, turned the trusted face of Ring Concierge — a technique we nonetheless closely lean into in the present day.
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What had been among the largest challenges you confronted whereas building the business, and the way did you navigate them?
Having a startup is like flying a aircraft for the primary time whereas nonetheless constructing it. Every single day, you are offered with a brand new problem you’ve got by no means confronted earlier than. For me, studying how you can be an effective leader and managing a crew 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 yr, permitting me to reinvest within the enterprise to fuel growth with out taking investor capital. The next yr, the enterprise greater than doubled whereas persevering with to stay worthwhile.
What does progress and income seem like now?
We have grown over 50% over the previous three years, attaining over 9 figures of income final yr, and are on monitor for double-digit progress once more this yr.
Our progress has at all times been intentional, particularly within the direct-to-consumer local weather, which frequently tends to plateau. Over the previous 11 years, we’ve strategically scaled our enterprise by being considerate concerning the new merchandise and classes we launch — listening to our consumers to make sure we ship on their desires and desires.
What do you take pleasure in most about working Ring Concierge?
The perfect a part of this enterprise is regularly reimagining the method to jewellery and engagement ring purchasing. I run the corporate with the identical lighthearted spirit that I imagine the purchasing expertise must be — we’re like hanging out together with your finest good friend, a trusted native jeweler and a concierge in your nook who has one thing for everybody. I need to deliver that feeling to everybody who works on my crew.
For instance, we do a ton of damage testing within the workplace and get instant feedback from staff to make sure our items match seamlessly into their life and magnificence wants. Equally, loads of our design concepts derive from items our crew members felt had been lacking inside their very own jewellery collections. Like our clients, I need them to really feel like we’re creating one thing for them.
What’s your recommendation for others hoping to begin profitable companies of their very own?
Do not forget that your corporation started since you recognized an issue or needed to make one thing higher — do not lose sight of that; let it’s the guideline as you develop. Encompass your self with a crew of specialists who share your drive and imaginative and prescient and who may help you obtain your targets. The final and most vital one: At all times prioritize your customers. They’re those who will hold you related, stay loyal and develop your organization, so ensure to foster robust, real connections with them from the beginning.
This text is a part of our ongoing Women Entrepreneur® collection highlighting the tales, challenges and triumphs of working a enterprise as a lady.