This Q&A features Nicole Wegman, founder and CEO of the fine jewelry company Keeper of the Ring. Answers have been edited for length and clarity.
Image Credit: Courtesy of Ring Concierge. Nicole Wegman.
What was your day job when you started Ring Concierge?
When I first came up with the idea to start Ring Concierge, I worked as an associate buyer for it Bloomingdales; before that, I was one product developer for Macy's. Throughout my time there, I was exposed to many different aspects of business, including aspects of product development, as well as analyzing consumer trends and behaviors and how to leverage all three to create a successful business.
When did you start Ring Concierge and where did you find the inspiration for it?
Twelve years ago, I was about to get engaged to my now husband and so began the process of searching for my engagement ring. I quickly learned that I didn't like any of my options and something in me knew there had to be a better way to shop for bridal and fine jewelry. I saw firsthand how men dominate the jewelry industry, which didn't make sense to me since the main customers were women, so I had the idea to create a company that specifically catered to millennial women, the largest demographic of people who were getting married at the time. Taking the expertise I gained from my past roles, I founded Ring Concierge with the aim of providing a trusted and elevated way for women to purchase investment pieces.
What were some of the first steps you took to start the business?
I got $2000 from mine personal savings and used it to file for an LLC on LegalZoom, then bought a domain name and business cards. I had read Weak start and maybe took it a little too seriously, but it really gave me a foundation to start the business and I'm proud to say that Ring Concierge has been profitable since day one.
In addition to starting the business, I had to become a jeweler my customers could believe. So, I got my GIA accreditation and trained under gemologists and jewelers – I wanted to make sure I knew exactly what it took to create high quality pieces. Once I was ready, I started sharing jewelry and diamonds with my little followers on Instagram.
At that time, there were very few people using social media in this way. I got bored and was both the model and the photographer because I couldn't afford much at this point. It turned out, by accident and authentically, I was able to grow my following organically and, over time, became the trusted face of Ring Concierge – a strategy we still lean heavily on today.
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What were some of the biggest challenges you faced over the years? business buildingand how did you navigate them?
Having a startup is like flying an airplane for the first time while still building it. Every day, you are presented with a new challenge that you have never faced before. For me, learning how to be one effective leader and managing a team for the first time while trying to grow the business was the biggest challenge. Even 10 years later, this is still something I prioritize to continue growing. I have found business coaches extremely helpful in this regard, and I recommend that every executive do so at some point in their career.
How long did it take you to see consistent monthly income? What did that look like?
I was profitable within the first year, allowing me to reinvest in the business fuel increase without getting investor capital. The following year, the business doubled while continuing to remain profitable.
What do growth and revenue look like now?
We've grown over 50% over the past three years, reaching over nine figures in revenue last year and are on track for double digit growth again this year.
Our growth has always been intentional, especially in the direct-to-consumer climate, which often tends to plateau. Over the past 11 years, we've strategically grown our business by being thoughtful about the new products and categories we launch — listening to our customers to ensure that we meet their wants and needs.
What do you enjoy most about running Ring Concierge?
The best part of this business is the constant reimagining of the approach to jewelry and engagement ring shopping. I run the company with the same relaxed spirit that I believe the shopping experience should be – we're like hanging out with your best friend, a trusted local jeweler and a concierge in your corner who has something for all. I want to bring that feeling to everyone who works on my team.
For example, we do a ton of testing in the office and receive immediately reaction by employees to ensure our pieces fit seamlessly with their lifestyle and style needs. Similarly, many of our design ideas are derived from pieces that our team members felt were missing from their jewelry collections. Like our customers, I want them to feel like we're creating something for them.
What is your advice to others hoping to start their own successful businesses?
Remember that your business started because you identified a problem or wanted to do something better – don't lose sight of that; let it be the guiding principle as you grow. Surround yourself with a team of experts who share your passion and vision and who can help you achieve your goals. Last and most important: Always prioritize your customers. They are the ones who will keep you connected, stay loyal and grow your company, so make sure you build strong and genuine connections with them from the start.
This article is part of our continuity Women Entrepreneurs® series highlighting the stories, challenges and triumphs of running a business as a woman.