EP366: A Thriving Jewelry Store in an Economic Downturn?
How do you create growth during an economic downturn? That is the question of the hour.
Well, if you're concerned about your jewelry business and how to survive the looming recession, you are going to really be inspired by my guest today, Quay Flom.
She is a partner in a company called Yellowbird Fine Arts and Spriggan Stone LLC. And she's going to share the story about how her business grew from just a couple thousand in annual sales to a multiple six figure business that is booming in today’s economy.
This conversation all started because Quay made a post in our Diamond Insiders community about how she’s been able to expand her brick & mortar store.
Her words encouraged other designers to keep developing their business skills and working toward their dreams.
I knew I had to get her on the podcast again, because our first episode together only scratched the surface of how incredible this woman is.
Don’t Be Afraid to Look at Your Numbers
Quay’s number one piece of advice for jewelry designers?
“Look at your numbers. Daily.”
A lot of creatives are afraid to talk about money. They’re afraid of what they might find out by looking at their financials.
But you can’t ignore your numbers, because they’re going to tell you the truth about your business and empower you to make smart financial decisions.
“That's how we are recession proofing our business and able to open up new locations during what might be a…hard time for others,” Quay says, “because we are making really, really smart money decisions.”
Get Your Production Down to a Science
Letting go of production is often one of the biggest challenges for jewelry designers who want to scale their business.
But Quay has it down to a science.
By systematizing the production process, she’s able to batch create her jewelry by completing the same step for multiple pieces all at the same time.
“I have created systems where I've literally sat down and created videos, taken pictures, typed out instructions,” she explains, “because of that, I can create more pieces at one time because I know what I need to do.”
She’s essentially created her own production line that allows her to get way more work done in shorter bursts of time.
Time Block Calendars are Color-Coded Magic
“One of the key things I learned through Flourish & Thrive Academy was time blocking,” Quay says, “If you were to look at my calendar, you will see it looks like a rainbow.”
Quay’s life is meticulously documented on a color-coded calendar. Everyone in her family has their own color, every facet of her businesses has its own color, it’s incredible.
So even when she only has 30 minutes to work on something, she’s able to go in with a game plan and get things done.
Listen to the full episode above because Quay is literally my hero and you’ve gotta hear her whole story to fully understand why.