She Started a Business With $2,000 of Personal Savings — Then Grew It to More Than $100 Million Revenue

This Q&A features Nicole Wegman, laminitis and CEO of good jewelry institution Ring Concierge. Responses person been edited for magnitude and clarity.

Image Credit: Courtesy of Ring Concierge. Nicole Wegman.

What was your time occupation erstwhile you started Ring Concierge?
When I first sewage nan thought to commencement Ring Concierge, I worked arsenic an subordinate purchaser for Bloomingdales; anterior to that, I was a product developer for Macy's. Throughout my clip there, I was exposed to galore different facets of nan business, including nan ins and outs of merchandise development, arsenic good arsenic analyzing trends and user behaviors and really to leverage each 3 to forge a successful business.

Related: He Started an 'Accidental' Business astatine 25 With Just $2,000 — Then Gave His Product to nan Pope: 'Anyone Can Be an Entrepreneur'

When did you commencement Ring Concierge, and wherever did you find nan inspiration for it?
Twelve years ago, I was astir to get engaged to my now hubby and frankincense began nan process of looking for my ain engagement ring. I quickly learned I didn't for illustration immoderate of my options, and thing successful maine knew location had to beryllium a amended measurement to bargain bridal and good jewelry. I saw firsthand really men predominate nan jewelry industry, which didn't make consciousness to maine fixed nan main customers were women, truthful I had nan thought to create a institution that specifically catered to millennial women, nan biggest demographic of group getting joined astatine nan time. Taking nan expertise I gained from my past roles, I founded Ring Concierge pinch nan extremity of providing a trustworthy, elevated measurement for women to acquisition finance pieces.

What were immoderate of nan first steps you took to get nan business disconnected nan ground?
I took $2,000 of my personal savings and utilized it to record for an LLC connected LegalZoom, past purchased a domain sanction and business cards. I had publication The Lean Startup and astir apt took it a small excessively seriously, but it genuinely gave maine a instauration to jumpstart nan business, and I'm proud to opportunity that Ring Concierge has been profitable since time one.

In summation to starting nan business, I had to go a jeweler my clients could trust. So, I sewage my GIA legalization and trained nether gemologists and chair jewelers — I wanted to make judge I knew precisely what it took to trade high-quality pieces. Once I was ready, I began sharing jewelry and diamonds pinch my then-small pursuing connected Instagram.

At nan time, very fewer group were leveraging societal media successful this way. I sewage scrappy and was some nan exemplary and nan photographer because I couldn't spend overmuch astatine this point. Turns out, accidentally and authentically, I was capable to turn my pursuing organically and, pinch time, became nan trusted look of Ring Concierge — a strategy we still heavy thin into today.

Related: She Used $10,000 successful Savings to Turn Her Side Hustle Into an 8-Figure Brand You've Probably Seen

What were immoderate of nan biggest challenges you faced while building nan business, and really did you navigate them?
Having a startup is for illustration flying a level for nan first clip while still building it. Every day, you're presented pinch a caller situation you've ne'er faced before. For me, learning really to beryllium an effective leader and managing a squad for nan first clip while trying to turn nan business was nan biggest challenge. Even 10 years later, this is still thing I prioritize continuing to turn in. I've recovered business coaches highly adjuvant successful this regard, and I urge each leader do it astatine 1 constituent successful their career.

How agelong did it return you to spot accordant monthly revenue? What did that look like?
I was profitable wrong nan first year, allowing maine to reinvest successful nan business to fuel growth without taking investor capital. The pursuing year, nan business much than doubled while continuing to stay profitable.

What does maturation and gross look for illustration now?
We've grown complete 50% complete nan past 3 years, achieving complete 9 figures of gross past year, and are connected way for double-digit maturation again this year.

Our maturation has ever been intentional, particularly successful nan direct-to-consumer climate, which often tends to plateau. Over nan past 11 years, we person strategically scaled our business by being thoughtful astir nan caller products and categories we motorboat — listening to our consumers to guarantee we present connected their wants and needs.

Related: 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's your proposal for others hoping to commencement successful businesses of their own?
Remember that your business began because you identified a problem aliases wanted to make thing amended — don't suffer show of that; fto it beryllium nan guiding rule arsenic you grow. Surround yourself pinch a squad of experts who stock your thrust and imagination and who tin thief you execute your goals. The past and astir important one: Always prioritize your customers. They are nan ones who will support you relevant, stay loyal and turn your company, truthful make judge to foster strong, genuine connections pinch them from nan start.