What It's About
A unique side hustle involving a service that helps suitors find the best diamond rings for their significant others.
Business Model
Skills Required
Complexity
Profit Potential
Words of Wisdom
While it’s always good to set various price points for your service, FREE is an incredibly attractive price for your customers. It tends to lower people’s defenses, especially if you can explain why it’s free. Find a way to form symbiotic partnerships with other companies! They win because you're driving business their way, you win because you get a commission for bringing new customers in, and your customers win because they don't have to pay anything out of pocket.
Fun Fact
The term 'bespoke' is used to describe anything that is commissioned to specific guidelines. It's also a common British term used to describe custom created items, including jewelry and tailored clothing.
Notes from Chris
Episode 198
Rowena Cumner lives a double life. By day, she’s an International Marketing Manager at MOO, a custom printing and design company. By night, she’s a secret agent. Rowena is Agent E, the driving force behind Agent Engagement, a secret British Service (well, really a side hustle) that aims to assist anyone—no matter their budget—who needs help buying an engagement ring by connecting them with the best designers and jewelers. Before settling on a price for her services, Rowena took time to explore how people interacted with her idea and that’s when she decided that Agent Engagement should be free. Rowena is able to do this because even with saving her clients money, there is margin enough for her to receive a small commission directly from the jeweler, a commission that is the same for every client. This aspect of business is important to Rowena as it helps her build a trusted relationship with her clients. Rowena’s vision for Agent Engagement includes a trusted agent in every major city. These agents would help spread the world, sourcing and discovering the best jewelry makers for their area, not just for engagement and wedding rings, but those creating wonderful crafts as gifts and tokens of affection. But for now, it’s a side hustle that provides many of the benefits that you hear about every day on the show: extra income, something to fall back on, and something that’s both fun and meaningful. MENTIONED IN THIS EPISODE:- Agent Engagement: Read more about Rowena's services on her website!
- SquareSpace: Rowena decided to use Squarespace to setup Agent Engagement
- SOLO Eyewear: Speaking of female founded social good companies, you should check out Jenny Aranemeni and her company SOLO Eyewear which is also a female-lead social movement that focuses on providing eye care to people around the world… and they also have some really fun sunglasses
- Diamond in the Rough: Engagement Ring Hunt Turns Into Hustle: A search for the perfect engagement ring leads a software engineer in Baltimore on a mission to discover the algorithm for the ideal sparkly diamond. Along the way, he creates an affiliate side hustle with major potential
- Diamond in the Rough: Engagement Ring Hunt Turns Into Hustle: A New York professional rents high-end accessories to brides who want the glam without the buck
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Resources
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Quote of the Day
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To infinity and beyond,
