What does it mean to be an expert in your small business?

Recently, I was booked for a public speaking gig for a focused group of small business owners and makers. People in the room ranged from brand new, just-launched-a-Kickstarter business owners, to people who had expanded, grown, profited and made the hardest decisions for the health of their businesses and who had more than a decade’s worth of experience.

Every business owner had stories to share.

Everyone had questions.

Everyone struggled with some aspect of their business

For some, it was a shift in their target market, for others, they discovered their pricing, branding and positioning were a mismatch for their stated target audience and needed to realign, others were dealing with external pressures from tariffs and supply chain disruptions.

Leading with curiosity – always willing to learn how to make your business better

The common threads throughout the room were curiosity, willingness to change, and a desire to do better for themselves in their businesses.

One thought I shared as a business coach*, is that it’s worth understanding your own expertise in your work – about pricing yes, but about so many other facets of your business. You don’t have to be a jewelry expert – GIA certified, master jeweler’s course, BFA in metalsmithing, etc. – in order to be an expert in your own work AND an expert in what sells from your collection.

You get to be the expert about the business that you started, you run, and that you manage. It’s not about knowing everything there is to know about jewelry, but it is about you being the expert in who your customer is, how they shop, and where you can find and meet them. To do this, you may need a deep dive into the data of your business.

When you have to listen to your own expertise in your business.

Here’s an example of a time that I was an expert in my own business:

I love oxidized silver. Sure, it fades or wears off over time, but that dramatic shading, the depth it adds to a piece, the way it highlights the highs and lows of a piece – I. Love. It.

Retailers didn’t like it though…at first.

They’d pick up my line, even request certain items to be made in bright silver instead of the oxidized because, as they put it, “oxidized silver doesn’t sell”.

I went along for awhile, but started noticing a difference when I’d sell online or at in-person shows. The oxidized silver was selling. Not every time, because nothing sells every time, but it was selling regularly, so I made sure to keep track of sales of both bright and oxidized.

After a few months, I had data that confirmed my feelings.

My stats told me that my sales ratio of bright silver to oxidized silver jewelry was about 50/50. That data was a lot different than the statements I used to hear like “oxidized silver doesn’t sell well”.

How can data in your business build confidence in your own expertise?

I was able to take this data and enter into a retail relationship with a store with greater confidence, because I could tell them which pieces sold better in oxidized silver than bright, and this data was helpful for them to make choices too.

Why did it sell better than anyone thought? That part is a lot more nebulous. It could have been the individual styles were best suited to oxidation. It could be that I used it enough that I established a style and a distinct following of customers. It could be that simply offering it created more of a following for it.

Regardless of the reasons, I looked to what my own stats and what my own data were telling me to make decisions. I relied on what the actual numbers were telling me instead of relying on other people’s vibes and assumptions. I crafted my own expertise specific to my work and moved forward with more confidence.

What could the data of your business do to help you build your own expertise?

*LOL, just kidding I shared a LOT of thoughts.

Ready to dive into your own personalized pricing strategy? See what’s involved and let’s talk!