With all the hype about online businesses and remote working facilities, does your choice of physical premises have a material impact on your business?
According to Lauren Chang Sommer, founder of boutique moissanite retailer Moi Moi Fine Jewellery, where you decide to operate can affect everything from your sales volume to the clientele you attract.
“From the very beginning we had a very clear vision, which is why we chose the Queen Victoria Building [in Sydney’s CBD] as our store, because it set the tone for how we're going to send the message of what moissanite is,” Lauren explains.
“I think if we had have opened just anywhere, without the fit-out that we've gone to the trouble for, [things would have been very different].”
Lauren cautions, though, that it is not just your physical premises that count, but also the real estate you hold on the worldwide web.
She says that when she started the business in 2004, jewellery did not have much of a presence online, but she recognised the pulling power of the online space.
“At that time there were hardly any jewellery websites, and we just said ‘We've got to have that – that's what people want’,” says Lauren.
“If you're very clear about that message that you want to send out, everything else flows quite easily around that. We knew very quickly, even though we didn't when we first opened, that it was engagement rings which was going to be our focus.
“[But] the direction that we were getting from the [United] States was something completely different. As soon as we understood what the Australian market wanted, it became very easy to put all of our efforts into engagement rings, engagement rings, engagement rings.”
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.