Launching a successful business from the ground up can be challenging, especially if you don't have enough financial support or the backup required to sustain your business in the competitive market. First, you need to create a unique brand for your products and ensure that they are a reflection of your identity. The main objective is to capture customers who genuinely love your work while also giving them value for money.
One person who started a business from scratch is Michael Fallah, popularly known as Michael Arthur, the founder and CEO of the jewelry company Michael Arthur Diamonds. Without any source of financial backing like loans or investors, he used his savings to start his jewelry business from a small space that housed his workshop and consultation office.
Today, Michael's jewelry business has bagged several awards, such as the "Most Innovative Jewelers" at the APAC Business Awards in 2021 and ranked number 25 out of 50 of Australia's best businesses in the 2021 Smart 50 Awards. Through his innovative mindset, he has also designed and built a one-of-a-kind 'Ring Builder' tool, which uses advanced technology to allow clients anywhere around the globe to design and develop their own unique rings online.
Michael suggests finding a mentor who will hold your hand and guide you as you start a business. You may not be aware of many hidden expenses, and you need someone who has the wisdom of operating a business to offer you help. It’s also best to have a team who is equal to the task and who are like-minded to help the business grow. If you are looking at joining an already competitive industry, try and bring something new to the table that will give you that point of difference.
Over the past eight years, Michael has gradually invested more into his jewelry business to grow it into what it is today. The growth of the 'customized' jewelry trend of being able to own something that is completely one of a kind and personalized has helped his business grow. With the business making a more significant profit each year, Michael has created a more extensive collection, engaged a growing team, and invested in diamond stocks for his customers to view. Today, Michael Arthur Diamonds stocks over $20 million in diamonds.
However, Michael's journey to building a successful business has had its own challenges.
"Covid was a huge challenge, so when I saw that we could not conduct face-to-face consultations, I came up with the idea of bringing that process online via our website and the ring builder tool. This not only helped us to keep our business open, but by adapting and making changes, the business grew rapidly, and we were able to expand our clientele to the international market. From 2.65 million in sales in 2020 to 5.2 million in 2021 and now 7 million in turnover in 2022,” shares Michael.
Some notable celebrities he has created fantastic jewelry pieces for include Tayla Damir from “Love Island” (engagement ring), Martha Kalifatidis from “Married at First Sight” (necklace and dress ring), Angie Kent from “The Bachelorette” (rings), Mitchell Ovral (rings and chains), Chloe Szep (rings and diamond bracelet), Renee Herbert (rings), Francesca Hung, the E-News host (earrings), Elie Gonsalves from “Big Brother” (rings), and Brooke Burton from the “Bachelorette” (earrings and rings).
Concerning the future of his business, Michael Arthur had this to say, "I see the brand growing to service more of our international clientele. We've been lucky enough to create some amazing pieces for Australian celebrities, but it would be a dream to see our jewelry on some of Hollywood's elite stars on the red carpet."