It’s time to dispel the doom and gloom of the last couple of posts (and the last – and probably next – month of our lives) and think and act pro-actively! Here’s our offering for taking positive next steps, thanks to DD (Darling Daughter)! (What would I ever have done without her in my life, my gift from God?!)
DD (Darling Daughter) has a dramatic flair and, now that she’s 10 and we’re having some financial difficulties, she has decided that it’s time for her to engage in commerce. Of course, she wanted to do the traditional lemonade stand. Unfortunately, as a Maddie fighting to grow my start up in a tough economy and an industry that keeps undercutting prices (translation and interpreting/language services) while still preserving some quality of life (read as “carving out time to chauffer DD to playdates, the library, etc. and actually have a conversation with her from time to time”), a lemonade stand is too labor and time-intensive for me!
So, thanks to the many compliments we have gotten on the flip flops she made for herself and for me, together, we have come up with a different plan: designing and making pretty flip flops!
So, having identified that there is a potential market, the first step in teaching my daughter about the nuts-and-bolts of business then was this question: “How much do we need to pay for the materials?”
We immediately got to work sourcing the flip flops to use as a base for her designs and found fantastic wholesalers with a high-quality product. We did the same for the water balloons she uses to make the flops pretty.
She added the cost of the two together and then I asked her the next logical question: “Is it enough to charge customers just for the cost of materials?” Her answer was initially yes, but, after some reflection, she realized that the time it took her to make them was not being compensated. So, we came to a very simple formula: materials cost + time = retail price.
Then, of course, the next big question: “How much money will you be able to keep after you pay your Maddie back for the materials?” A discussion on profit, and, more importantly, what to do with the profit, ensued. She decided she would save the money she got to keep in order to pay for dance classes (she is really talented and loves dance and her school is both good and not super-expensive, but dance is currently high on our budget chopping block) and for next year’s school E-Camp.
But, the old hippie-born-out-of-her-time in me couldn’t help but add, “And how about giving back to your community?” She decided (with my prodding) that she would keep half of her profits and donate the other half to a local charity, Pantry of Hope, a local food bank in our community. (Yes, I do firmly believe in a “market globally, act locally” type of ethical business…and I’m pretty sure – though my own business hasn’t proven it yet – that that’s the way to grow a solid business. And, yes, I’m pretty sure my activist days are over but I believe in handing the torch to the next generation.)
We’ve worked things a bit backwards, however: we have a product (the pretty flip flops) that she can make independently of me, sources for materials, a designer/assembler (DD herself). What we do NOT have is a name! Can any of you help us out? We have had to rule out FunFlopz/FunFlops, Neosquash (an expression she and her friend from school made up at school), and a few others because a quick Google search determined we would be infringing at the very least on first use and, at worst, trademarks, etc.
Please comment with your ideas for a business/website/product name; rate this post; and, of course, follow The Maddie Files! (Even better, please be our first guest blogger!)
Wishing all of you Peaceful Parenting!
The Original Maddie 🙂
PS DD is selling these FABULOUS, CUSTOM-DESIGNED flip flops for the low INTRODUCTORY price of USD $3.00 per pair (plus shipping/handling via US Mail), for our WordPress, Facebook, and Twitter friends!
If you’d like to order a pair of the FABULOUS flip-flops, and support a young entrepreneur and her community, please send an e-mail to email@example.com or to firstname.lastname@example.org. Please write “Flip flop order” in the Subject line. Also include: your flip flop size, color preference, and any preference in balloon color(s)!
Payment accepted via PayPal.