Have you ever seen something you really wanted, ran home, checked your piggy bank, and found that you're $20.00 short? Have you ever wished there were some way to make money, like own your own business?
My name is Elizabeth Burke. I'm an 11-year old homeschooled student and I've had that feeling plenty of times. But instead of just wishing, I took action. It all started . . . hold on. That sounds like a long story coming on, and I'm sure you don't want to listen to it, so I'll make it shorter. While shopping in a fabric store in October 1997, my 6-year-old sister, Kathryn, spied a leash for Beanie BabiesÒ . The leash was made of ribbon, a lanyard hook, and little metal rings. Kathryn pouted all the way home since we didn't buy it.
Later that night, Mom said to me, "You could make a leash for William and Kathryn for the holiday season." A few days later, we bought all the materials needed to assemble a leash with hot glue. We cut, folded, and glued for a little while, and found that we had excess supplies, unless I wanted to give my siblings about 10 leashes each. Then a light bulb went off in my head. I could sell them! I sold them to my 4-H homeschoolers club, my religion class, soccer teammates, family, friends, and just about anyone I talked to. Many people liked them and bought several as holiday gifts. My friend Emma Kaminski then asked me if she could be my business partner. So I said yes and . . . . . let's just say business skyrocketed from there.
First, Emma and I named our business E2 (E Squared [Emma and Elizabeth]) and then changed it to Burke and Kaminski Accessories. We did this was because of government regulations. E2 is a fictitious (not real) name and would have to be registered with the state. We just weren't ready for that.
The leashes went through several design phases before settling on a leash that had a thicker material and an adjustable collar. The leash can be used on a small stuffed animal or Beanie BabyÒ very easily. Since this was a 4-H project, we were able to secure a $150 loan from the First National Bank in Newtown and opened up a checking account. We paid the loan off in 3 months and the account is still open today! We organized the leashes into sets of 12, two of each color (red, yellow, blue and our spring line - pink, white, and green). We began selling the sets of leashes to stores that sold Beanie BabiesÒ for $36 wholesale. There were 6 or 7 stores in our area that bought some, including a hospital gift shop. We even sold leashes to Showboat, a large and successful casino in Atlantic City, New Jersey. Sadly, in October 1998, Emma decided to quit because she was going into high school. I decided to continue the business and started by calling local elementary schools about selling the leashes in their holiday shops. My marketing strategy was to allow the schools to return any leashes they did not sell. I sold 123 leashes to the four schools that decided to offer them in their holiday shop.
As of today I have decided to close down the business, after I sell the 200 leashes in my closet. My business sales for the 16-month project were over $1500 with a profit of approximately $500. I have decided to invest this money in a money market or put it in mutual funds.
My story is a story of success. Many businesses don't turn out this way, but don't let that discourage you. If you are going to start your own business, be prepared to lose money but hope for the best.
Before this business, I had two other successful business enterprises. Not as successful as Burke's Accessories, of course, but still successful. One was selling lemonade and cookies at a school bus stop, and the other was selling Tootsie Pops at a soccer field. Both businesses were considerably profitable. These businesses taught several lessons. You have to invest, be willing to lose, and make sure your price isn't too high. Good products mean good business, and remember, always work with a smile.
|
