In this interview with Nicole Wegman, founder and CEO of the jewelry company Concierge bell. Responses have been edited for length and clarity.
Photo Credit: Courtesy of Ring Concierge. Nicole Wegman.
What were your day jobs when you founded Ring Concierge?
When I first had the idea to start out Ring Concierge, I used to be working as an associate buyer at Bloomingdales; before that, I used to be a product developer at Macy’s. During my time there, I used to be exposed to many different elements of the business, including the ins and outs of product development, in addition to analyzing consumer trends and behaviors and easy methods to leverage all three to create a successful business.
When did you begin Ring Concierge and where did you get your inspiration?
Twelve years ago, I used to be about to get engaged to my now-husband, and so I started the technique of finding my very own engagement ring. I quickly realized that I didn’t like any of my options, and something in me knew there needed to be a higher technique to shop for wedding and positive jewelry. I saw firsthand how men dominated the jewelry industry, which didn’t make sense to me considering that the primary customer base was women, so I had the idea to create a company that specifically catered to millennial women, the largest demographic of individuals getting married at the time. Using the expertise I had gained from my previous positions, I founded Ring Concierge with the goal of providing women with a trustworthy, elevated technique to shop for investment jewelry.
What were the first steps you took to start out the company?
I took $2,000 from my personal savings and used it to file for an LLC on LegalZoom, then purchased a domain name and business cards. I read Lean Startup and I probably took it a little too seriously, but it gave me a solid foundation to build my business on and I’m proud to say that Ring Concierge has been profitable since day one.
In addition to starting a business, I needed to turn out to be a jeweler my clients could trust. That’s why I became GIA accredited and trained with gemologists and jewelers—I desired to make sure I knew exactly what it took to create high-quality pieces. Once I used to be ready, I began sharing jewelry and diamonds with my then-small group of followers on Instagram.
At the time, very few people were using social media in this fashion. I became sassy and was each a model and a photographer because I could not afford to do much at the time. It seems that I unintentionally and genuinely managed to organically grow my following and over time became a trusted face of Ring Concierge — a strategy we still follow.
What are the biggest challenges you have faced while building your organization and how did you overcome them?
Owning a startup is like flying in an airplane for the first time while you’re still building it. Every day you’re faced with a latest challenge that you simply’ve never faced before. For me, the biggest challenge was learning easy methods to be an effective leader and manage a team for the first time while attempting to grow the company. Even 10 years later, this is something I still prioritize growing. I’ve found business coaches to be incredibly helpful in this regard and I like to recommend every leader do this at some point in their profession.
How long did it take you to see consistent monthly income? What was that like?
The first 12 months I used to be profitable, which allowed me to reinvest in the business to fuel growth without taking away from the investor’s capital. The next 12 months the business greater than doubled in size while remaining profitable.
How is growth and revenue looking now?
We have grown by greater than 50% over the past three years, reaching revenues in excess of nine figures last 12 months and are on track to realize double-digit growth again this 12 months.
Our growth has at all times been intentional, especially in a direct-to-consumer climate that always plateaus. Over the past 11 years, we’ve strategically scaled our business by being thoughtful about the latest products and categories we introduce—listening to our consumers to make sure we’re meeting their wants and needs.
What do you want most about running Ring Concierge?
The better part of this business is continually reimagining the jewelry and engagement ring shopping experience. I run the business with the same carefree spirit I consider the shopping experience ought to be—it’s like meeting your best friend, your trusted local jeweler, and the concierge in your corner who has something for everyone. I need to pass that feeling on to everyone on my team.
For example, we do a lot of wear and tear testing in the office and get immediate feedback from employees to make sure our pieces fit perfectly with their lifestyle and lifestyle needs. Similarly, many of our design ideas come from pieces that our team members felt were missing from their very own jewelry collections. Like our customers, I need them to feel like we’re creating something for them.
What advice would you give to others who want to start out their very own successful business?
Remember that your corporation began because you identified a problem or wanted to enhance something—don’t lose sight of that; let that be your guideline as you grow. Surround yourself with a team of experts who share your drive and vision and who can provide help to achieve your goals. Last and most vital: at all times put your customers first. They are the ones who will keep you relevant, stay loyal, and grow your corporation, so make sure to build strong, authentic connections with them from the start.
This article is a part of our Women Entrepreneur® series, where we share the stories, challenges, and successes of ladies running businesses.