CollectionsApr 26, 2024
Piece of the Week: Jacquie Aiche’s Starry Galaxy NecklaceThe necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
Events & AwardsJan 07, 2015
What jewelers can learn from other business owners
JJ Ramberg, host of MSNBC’s Your Business and the JA New York Winter keynote speaker, shares stories of the small companies she’s covered, including a low-fat bagel baker and a laundromat.
"Your Business" host JJ Ramberg: “When you just dig into your business a little bit (you’ll discover) there are a lot of inefficiencies that can be fixed. It is not hard to fix them. It just takes some time and the will to do it.”
New York--As the keynote speaker at the upcoming JA New York Winter show, JJ Ramberg will be giving tips for small business owners, advice gleaned from years of experience covering companies as the host of MSNBC’s Your Business.
Recently, the journalist and author, who is an entrepreneur herself (she founded GoodSearch, now GoodShop, with her brother), sat down to talk to National Jeweler about some of the most outstanding companies she’s covered on her show.
Ramberg is scheduled to deliver her address on the show’s opening day, Jan. 18, at 9:30 a.m.
Her show, Your Business, airs at 7:30 a.m. on Sundays and also can be viewed online.
National Jeweler: What are some of the lessons small business owners have learned on your show?
JJ Ramberg: We did (a story) last year, one of my favorite stories, where we made over a jewelry store in Monterey (Calif.). It was a family-owned business, husband-and-wife team, and they owned a jewelry store on the wharf. They had one and they expanded to three other stores.
And they were doing fine. They were making enough money but they were older and they had no nest egg so they couldn’t retire.
I think the way they ran their business is typical of a lot of mom-and-pop places. They didn’t have a POS (point-of-sale) system, everything was on instinct.
NJ: So what you are saying is that they had no way of knowing what their best-sellers were?
Ramberg: It was exactly that.
They had these four different stores and they all sold different things, and they had many more employees than they needed. If they had just gotten under one roof they could have consolidated their employees.
We went in there and did a (Your Business) Makeover for them. They were already in the process of putting everything under one roof but we got Gensler in there, a design firm, and we got this woman who worked in luxury for a long time to come in and talk to them about their POS system and figure out their inventory.
I find them same thing (with many small business owners). We went to a bed-and-breakfast where I asked the woman, “What’s your revenue?”, and she looked at me like I was crazy. When you just dig into your business a little bit (you’ll discover) there are a lot of inefficiencies that
Editors' Picks
Sponsored by
can be fixed. It’s not hard to fix them. It just takes some time and it takes the will to do it.
WATCH: Ramberg’s follow-up on the jewelry store makeover
NJ: What are some of the top inefficiencies you see?
Ramberg: Not knowing where all your cash is going, not paying enough attention to your bills to see if you are getting the best price on things.
Not having a good handle on your inventory, so you don’t know if you have all this cash tied up in inventory that’s just sitting there.
Not having a good understanding of customer flow, so you are wasting money on employees when you might not need them.
We did a story on a laundromat and it turned out that they had, I think, three people working there at all times. Turns out, no one ever came on Tuesdays in the morning, ever.
All you need to do is look at your receipts to find out (when people are coming in.) Paying employees when you are a small business, that’s a big cost for you. If you can figure out how to optimize your staffing, that’s an efficiency as well.
NJ: You’ve featured thousands of small businesses on your show. Besides the jewelry store, is there one that really stands out?
Ramberg: Lots of them.
My mom was an entrepreneur and she used to read us The Little Engine That Could, this “I think I can” (mentality.) You have to go after something, believe that “I can do this” combined with this idea of “I think I can’t.”
There is a whole list of things that I don’t know how to do, so I can’t delude myself into thinking that I can do everything. But I can figure out who to go to do get those answers.
I think the smartest business owners believe in themselves, not only to do it and be successful but (also) that they can figure out how to find the answers.
This woman who started a bagel company in Connecticut, she had never worked, she was a part-time waitress. Her husband was the bread-winner in the family. He lost his job because of an illness, he couldn’t go back to work and it was the recession.
She had this idea for a low-fat bagel company. She had done Weight Watchers and had lost (a considerable amount of weight) and so saw a hole in the market: there was no low-fat bagel.
She took most of their money, I think they had $18,000 left, a mortgage, four kids, no job and she took the bulk of that and put it into this company and just started knocking on doors and did it. She just wouldn’t take no for an answer.
She knew with her heart that there was a market. But then she went out and got advice from people on how to start this thing. So it took a little bit of a combination of, “I can do this” with “I know I need to ask the right questions to get to the next step.”
You don’t need to recreate the wheel. People have done almost everything before; just ask.
More on Events & Awards
The Latest
SourcingApr 26, 2024
Anglo American Reportedly Shopping De Beers as BHP Eyes Anglo Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
EditorsApr 25, 2024
5 Tips for Creating Fans from the Top (Savannah) Banana Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
WatchesApr 25, 2024
Audemars Piguet and John Mayer Partner on Limited Edition WatchThe Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
Weekly QuizApr 26, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
SourcingApr 25, 2024
De Beers Lowers Production Guidance for 2024The announcement came as the company reported a 23 percent drop in production in Q1.
MajorsApr 25, 2024
Detroit Lions’ QB Jared Goff Keeps Going to JaredThe three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
Brought to you by
How Jewelers of America Represents Your BusinessFor over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
CrimeApr 24, 2024
Jewelry Crime Declines Significantly, But Dollar Losses Remain High A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
CollectionsApr 24, 2024
Pippa Small Announces ‘Venus’ CollectionInspired by the Roman goddess of love, the designer looked to the sea for her new collection.
FinancialsApr 24, 2024
Kering’s Jewelry Brands a Bright Spot in Tough Q1The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
Events & AwardsApr 24, 2024
JCK Industry Fund Announces 2024 Grant RecipientsThe selected nine organizations have outlined their plans for the funds.
SourcingApr 24, 2024
Rio Tinto’s Q1 Production Drops Amid Pause to Honor Lost Colleagues The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
WatchesApr 24, 2024
These Are Rolex’s New Watches for 2024 The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
ColumnistsApr 23, 2024
The Smart Lab: Advanced Email Marketing Strategies for Mother’s DayEmmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
IndependentsApr 23, 2024
Hannoush Jewelers Opens New Store in New York Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
SourcingApr 23, 2024
Lucapa Sells 3 Diamonds for $10.5M in First Lulo Tender of 2024A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
GradingApr 23, 2024
GIA Has a New Book About William RuserRuser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
CollectionsApr 22, 2024
Jacquie Aiche’s New Campaign Stars Adam Levine, Behati PrinslooThe “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
EditorsApr 22, 2024
The 22 Best Quotes from AGS Conclave 2024 Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
SourcingApr 22, 2024
Virtual Diamond Boutique Rebrands as ‘VDB’The overhaul includes a new logo and enhanced digital marketplace.
MajorsApr 22, 2024
Signet Raises Nearly $9M for St. Jude Children’s Research HospitalThe money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
CollectionsApr 19, 2024
Piece of the Week: Retrouvaí’s Treasure NecklaceA new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
CrimeApr 19, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
MajorsApr 19, 2024
Unique Designs Acquires China PearlThe move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
GradingApr 19, 2024
AGS Ideal Report Now Available in Printed FormFrom now through mid-May, GIA will be offering the reports at a 50 percent discount.
SourcingApr 18, 2024
Diamond Trade Remains Cautious Amid Economic UncertaintyDe Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
