She Started a Business With $2K — Now It Pulls in Over $100M

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 if you began Ring Concierge?
Once I first obtained 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 growth, in addition to analyzing tendencies and shopper behaviors and tips on how to leverage all three to forge a profitable enterprise.

Associated: He Started an ‘Accidental’ Business at 25 With Just $2,000 — Then Gave His Product to the Pope: ‘Anyone Can Be an Entrepreneur’

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 searching for my very own engagement ring. I rapidly realized I did not like several of my choices, and one thing in me knew there needed to be a greater means to purchase bridal and wonderful jewellery. I noticed firsthand how males dominate the jewellery business, which did not make sense to me given the primary prospects have been ladies, so I had the thought to create an organization that particularly catered to millennial ladies, 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 means for ladies to buy funding items.

What have been a few of 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 title and enterprise playing cards. I had learn The Lean Startup and doubtless took it a bit of too significantly, however 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 shoppers might belief. So, I obtained my GIA accreditation and skilled below gemologists and bench jewelers — I wished 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 have been leveraging social media on this means. 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 accident 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 technique we nonetheless closely lean into right now.

Associated: She Used $10,000 in Savings to Turn Her Side Hustle Into an 8-Figure Brand You’ve Probably Seen

What have been a few of the largest challenges you confronted whereas building the business, and the way did you navigate them?
Having a startup is like flying a airplane for the primary time whereas nonetheless constructing it. Every single day, you are introduced with a brand new problem you’ve got by no means confronted earlier than. For me, studying tips on how to be an effective leader and managing a group for the primary time whereas making an attempt 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 appear like?
I used to be worthwhile inside the first 12 months, permitting me to reinvest within the enterprise to fuel growth 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 appear 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 regularly tends to plateau. Over the previous 11 years, we now have strategically scaled our enterprise by being considerate in regards to the new merchandise and classes we launch — listening to our consumers to make sure we ship on their needs and desires.

Associated: After a Cancer Scare, She Bootstrapped a Business From Her Kitchen to 3,500 Walmarts. Here’s Her Secret Ingredient for Health — and Success.

What do you take pleasure in most about operating Ring Concierge?
One of the best a part of this enterprise is frequently reimagining the method to jewellery and engagement ring procuring. I run the corporate with the identical lighthearted spirit that I imagine the procuring expertise ought to be — we’re like hanging out together with your greatest pal, a trusted native jeweler and a concierge in your nook who has one thing for everybody. I wish to convey that feeling to everybody who works on my group.

For instance, we do a ton of damage testing within the workplace and get fast feedback from staff to make sure our items match seamlessly into their life and elegance wants. Equally, loads of our design concepts derive from items our group members felt have been lacking inside their very own jewellery collections. Like our prospects, I would like 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?
Keep in mind that your small business started since you recognized an issue or wished to make one thing higher — do not lose sight of that; let or not it’s the tenet as you develop. Encompass your self with a group of specialists who share your drive and imaginative and prescient and who might help you obtain your targets. The final and most necessary one: All the time prioritize your customers. They’re those who will hold you related, stay loyal and develop your organization, so be certain 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 operating a enterprise as a lady.