What have been the challenges of starting your own business?

Building the business has been a challenge as the process has been slower than anticipated.  Having limited funds has meant that I am tied to a budget and need to be cautious with regards to how and where the funds are spent. There have been some hard lessons along the way; for example not budgeting enough in the beginning, and not thinking in the long term, has been a setback.

Having a jewellery business has expenses, in terms of materials, and the costs of these seem to be going up. It has been harder to gain the press coverage that I hoped for as well. This year the press coverage has improved and there is more to come which is good. I think that, with persistence, the hurdles of building a business can be overcome. I am happy running a business as I enjoy working for myself.  I don’t think that would be the case if I were to work full time for another company. I have read inspirational books about very successful business owners who have faced many challenges when building a business and have always realized that it would not be an easy option.

What advice have you received and how has it helped you?

The business advice from the LSBC has been very good.  I think that fine tuning the business plan and helping with the cash flow was very helpful.

If I need guidance, even now, I can e-mail my mentor and he always replies. I have always been encouraged to think for myself, with regards to the business.

It was not difficult to apply for a Start Up Loan and the process was very straight forward. The loan was used for marketing purposes and for attending international trade events which can be costly, even if there is funding available.

What does the future hold?

My future plans are to continue to produce the fine jewellery collections and to work more in 18 carat gold. I would like to gain more stockists both nationally and internationally, and I would like to continue to gain more PR and to develop the social media side of the business.

I would also like to have my own studio, which would be local.  It would be great to employ graduates as well. I would need to take part in more events and to gain more retail outlets to achieve this, building on what has been achieved.

Do you have any advice for others?

My advice for people who want to set up a business is to do lots of research about the industry that you want to go into.  It’s also good to be resilient, as there can be setbacks to overcome.  Be persistent and don’t too feel disheartened if things don’t run smoothly. It’s also good to find your own way, as there are many different ways to approach a business.

Images copyright Farah Qureshi Jewellery Design