Racho Khaemba had always had a thirst for business, much to the displeasure of her parents who wanted her to go into employment. While in university, she tried her hand at different businesses before eventually finding her footing in the jewellery business, RachoFashion Sense. Her starting capital was Sh500. Over the years her business has grown and employs four people today.
RachoFashion Sense, which is still in its inception has been operating purely online to cut down expenses and also serve a wider client base.
Five years on, she seeks to expand her business. I linked her up with Gabriel Modest, the founder of Mr G collection with headquarters in Arusha, Tanzania.
Mr G collection trades in custom jewellery made out of silver, gold and Gem stones. Gabriel has been in business for close to half a decade. Here are some of the insights from his experience in the jewellery business.
The customer should always come first
- 1 Why personal branding is essential
- 2 Entrepreneurship lessons learnt from making mistakes
- 3 Hits and misses of proposed startups law
- 4 Turn your side hustle into main occupation
The jewellery business should be tailored around the client. The business should be focused on creating solutions around your clients’ needs.
Key in the business is to educate clients and create custom solutions that can meet a wide range of the client’s budget.
Partner with experienced persons
The jewellery business is a high risk business when one trades with little experience.
To mitigate this risk, it is important that one partners with an experienced person who knows the ropes in the business in order to navigate correctly.
Always seek to add value to your clients
When Gabriel started off the business he was trading in gemstones. Months into the business, he realised that there was little to no uptake of the gemstones. To add onto the dilemma, he realised that the margins in the business were quite low. He decided to create more value addition to his product.
It was with this in mind that he decided to create jewellery and have the gemstones as the icing. It was with this addition that he saw an uptake in his business as he added value to clients.
Seek certifications from relevant agencies
The jewellery business explores a country’s natural resources, which are mined minerals. It is important that the business registers with the Ministry of Mining in order to transact legally in the business.
Leverage social media for marketing
Social media is at the core of modern-day business. An entrepreneur should, therefore, leverage social media to reach specific clientele.
The Business Coach airs on KTN Home on Mondays at 7.30pm. You can watch past episodes on YouTube.