TGt Meets ... Jo Stroud

As part of our Entrepreneur Week Specials, we've been speaking to Jo Stroud from Fabulous.

Tell us a little bit more about your business?

Fabulous is a retailer of contemporary designer jewellery, carrying new and up-and-coming designers as well as established brands. I set the business up 10 years ago, and I now have four shops, including a Fabulous in Bath, and a very busy ecommerce website.

What inspired you to set up your business?

Ten years ago, there weren’t really any jewellery stores stocking high quality, interesting jewellery – but aimed at women. What I mean is, stores that were designed in a browseable, fashion-led way. Most jewellery stores focused on watches and engagement rings only, and were staffed by people in suits, working on commission! I wanted to create a more fun and engaging environment for browsing and enjoying jewellery. 

What do you think attracts people to starting their own business?

I think it’s the combination of believing you can do something better than, or different from, what exists already; and wanting the freedom and satisfaction of working for yourself rather than someone else.

What’s the biggest challenge you’ve faced?

Retail is tough – it’s been a difficult few years on the high street, with the credit crunch and recession, and many of the costs – like business rates – going up and up, year after year. So I would say the economic conditions have been the biggest challenge.

Do you have a motto or favourite motivational quote?

Ironic you should ask that, when we have just launched our first own-brand of jewellery – Mantra by Fabulous – which is all about positive affirmations and inspiring phrases! I have just had a Norman Vincent Peale quote engraved on my ‘myMantra’ pendant – ‘Change your thoughts and you change your world’, to remind me to always think positively.

What advice would you give someone looking to take the plunge and start a business?

Do some proper research first into your target market, so you really understand them; and make sure you have a crystal clear proposition for your business – i.e. a statement of what your business offers and delivers, and how it goes about it. This will be the map which guides you when you are making decisions for the next few years. Then go for it! For me, Fabulous still doesn’t feel like a day’s work, even 10 years in.

What’s the biggest challenge facing business leaders today?

I think it is to make sure your business stays relevant. There are so many difficult and serious things happening in the world, and you need to make sure you remain aware of that, and that your business adapts accordingly. For example, we have seen a real move towards customers wanting jewellery with meaning – that inspires, uplifts and motivates – rather than jewellery that just looks pretty or decorative, and I think this is a reaction to people’s lives sometimes being quite challenging.

What’s been your biggest achievement to date?

I would say reaching our 10 year anniversary, and celebrating this by launching our first own-brand collection – designed in-house by me and my team. We have plans for more in-house collections over the next few years.

When you’re not busy running your business, how do you like to spend your down time?

I keep pretty fit – running mostly, and have madly signed up to next year’s London Marathon, raising money for Breast Cancer Now.  But I also love eating out – I am a real foodie, and keep an eye on Bath’s ever-growing restaurant scene, loving my days down here. I live in Warwickshire, where I have my two other stores, so discovering new places in Bath when I come down is a real treat.