25. Michael Arthur

Revenue: $5.2 million
Growth: 107.6%
Founders: Michael Fallah (36)
Head Office: Sydney
Employees: 5
Industry: Retail and consumer products
Website: https://michaelarthur.com.au
Year Founded: 2014

How it started

Starting a jewellery apprenticeship aged 16, Michael Fallah founded his business — Michael Arthur — to take advantage of a gap in the market for custom engagement rings and wedding rings, quickly building up 300,000 followers online, with the majority on Instagram.

Fallah attributes getting ahead of his competitors to jump on social media as crucial to that success.

Growth

COVID-19 was a big challenge for the business. Fallah tells SmartCompany that the business spent $65,000 in more than seven months to create a new website in the downtime, which allowed him to sell custom-built rings that render an image with the different choices, checking out within 60 seconds.

And the financial results justify it as a roaring success. In the 2019-20 financial year, the business finished with $2.62 million in revenue, more than doubling to $5.19 million in 2020-21.

Where to next?

Next, Fallah is set to add 24/7 online chat and support on the website to support his goals of growing the business worldwide. That means adding to his team, specifically across marketing to boost the online sales.

Already, Fallah is predicting revenue to reach $7 million in the current financial year. One member of the sales team was promised a diamond if she beat her targets for the year, with Fallah noting, “she smashed it and now rocks a diamond bracelet every day”.