Execution: Building a Novelty toy business

[df1992]

Hey Guys,

I'm new the forum, I've recently started a new Novelty toy product business. Being honest, it's a business I do not think will take me to the Fastlane, but I've been using it as a vehicle to reduce my fear factor and start learning through doing. Essentially I love coming up with fun ideas with the sole aim to make people smile and laugh (the world needs some of that right now and who knows, by doing I might get my creative juices following enough to find a product with huge scale).

Story so far:

• Around 1.5 years ago, I had a funny idea for a Novelty adult toy (based on a children's toy)
• I did nothing with it for a year whilst talking about it a lot but with no action
• I got a bonus with work, and with the money thought now is the time to take a gamble to see if it will work.
• Through Alibaba, I found a number of factories that created this children's toy
• I got the designs from the factories and went about modifying and designing an Adult take on it
• The minimum order quantity was 2000, but luckily the unit cost wasn't very high. So once I had finalised my design, I went and ordered 2000 units from a factory in China
• 1 month later, my toys turnt up (literally on my birthday, it was amazing). I jumped up and down in the air, and holding a product that I had thought off, designed and had manufactured was one of the proudest moments I've ever had. Then it was time to sell.
• I searched LinkedIn for all of the buyers at multiple retailers that I thought would be suitable, found their office address, created a funny cartoon which summarised my product, printed the cartoon on a card and I wrote a handwritten message in the card and sent it along with the product to multiple buyers
• Out of the 25 retailers I contacted, 20 ignored me, 4 said no and 1 said yes.
• The one that said yes ordered 450 units as a trial across their 45 stores. The trial sold out in 3 weeks. They then put in a new order for 700 units.
• At this point I have broken with a total profit off 10% (and 800 units remaining)
• I continued to send out more cards, samples and was lining up an order for 5000 units with the retailer and then BANG. COVID.
• So the business is on pause at the moment

People might ask why don't I pivot to e-commerce. For the time being it's for the below reasons:

1. Selling to the retailer made me a 138% net profit margin (not including my time) and it took about very, very little time to fulfil.
2. The unit price is very low, so with the cost of postage, packaging + driving traffic, it led me to think it wasn't worth my time. My strategy is for big customers, low maintenance, low time whilst still making a good margin

After reading MLF, I thought about whether my business really satisfied CENTS, and I thought NO WAY is there a need for it, but then again I've sold 1100 units, so maybe people just need something to make them and others smile?

Shops in the UK opened today, so hopefully this will breathe some life back into the business. Whilst the lockdown has continued I've been working on:

1. Developing a book
2. Developing a board/card game

Writing this thread to update you on my progress and to make me accountable!

Feel free to ask any questions!

 

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[Guest1413tpa]

O gus upi en siemmz dasouat ecuav xjev vjot vuz ot. :sugm:

Cioph jupitv, ov't e catopitt O fu puv vjopl xomm veli ni vu vji Getvmepi, cav O'wi ciip atoph ov et e wijodmi vu sifadi nz gies gedvus epf tvesv miespoph vjsuahj fuoph. Ittipvoemmz O muwi dunoph aq xovj gap ofiet xovj vji tumi eon vu neli qiuqmi tnomi epf meahj (vji xusmf piift tuni ug vjev sohjv pux epf xju lpuxt, cz fuoph O nohjv hiv nz dsievowi kaodit gummuxoph ipuahj vu gopf e qsufadv xovj jahi tdemi).

O muwi vjot vu ci jupitv. O giim vji teni ecuav nz Temitgusdi vseopoph catopitt, ovt tviqqoph tvupi.

Tunivonit vji citv ofiet esi vji gap upit

Egvis siefoph NMG, O vjuahjv ecuav xjivjis nz catopitt siemmz tevotgoif DIPVT, epf O vjuahjv PU XEZ ot vjisi e piif gus ov, cav vjip eheop O'wi tumf 1100 apovt, tu nezci qiuqmi katv piif tunivjoph vu neli vjin epf uvjist tnomi?

Nz hg ot xusloph up tunivjoph tonomes gus vji xiif opfatvsz. Dasouat vu tii xjev zuas jitovevoupt xovj zuas catopitt tevotgzoph DIPVT esi, xi esi jewoph vji teni fotdattoup uwis jisi.

 

[Kid]

Duphsevt. Zuas qutv jet e muv ug fiveomt tu pu raitvoupt evn

 

[df1992]

O gus upi en siemmz dasouat ecuav xjev vjot vuz ot. :sugm:

Jeje upi fez O xomm tjux!.. O'wi huv vu liiq vji tatqipti tunijux!

O muwi vjot vu ci jupitv. O giim vji teni ecuav nz Temitgusdi vseopoph catopitt, ovt tviqqoph tvupi.

Tunivonit vji citv ofiet esi vji gap upit

Gus tasi, O katv jef vu FU. O tqipv ges vuu nadj voni fsienoph cigusi.

Nz hg ot xusloph up tunivjoph tonomes gus vji xiif opfatvsz. Dasouat vu tii xjev zuas jitovevoupt xovj zuas catopitt tevotgzoph DIPVT esi, xi esi jewoph vji teni fotdattoup uwis jisi.

D - O jewi huuf dupvsum up vji catopitt (nopat Duwof tovaevoup)
I - Qiuqmi ug duasti dep ipvis, cav ov't jet nifoan cessoist.
P - O niep qiuqmi gus tasi fup'v PIIF vjot qsufadv. Ov't katv e tommz vjoph vu neli vjin meahj, ov fuitp'v tevotgz e qeopgam qsucmin us piif.
V - Ov't qsivvz huuf, updi vji qsufadv ot xovj ni epf O'wi huv nz timmist, vji edvaem voni vu gamgom e quvipvoem madsevowi usfis ot suahjmz 1-2 juast.
T - Monovif fai vu vji efamv pevasi ug ov (O'wi miespv vjot et e mittup gus nz cuul epf heni ofie). E muv ug siveomist guapf nz vuz gappz, cav tonqmz vuu sotlz vu timm.

 

[MoreVolume]

Ifov: katv siemobif zua esip’v vemloph ecuav tiy vuzt
Mneu

 

[Sean P]

Siqmodevi vji gofhiv tqoppis't tadditt.

Opwipv e vuz vjev xomm ci djieq, effodvoph, gap epf tnemm ipuahj vu dessz esuapf. Ov jet vu ci tunivjoph pix epf aporai, piwis tiip cigusi, epf zua dep ietomz ciduni e commoupeosi.

 

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[df1992]

Aqfevi up nz vuz catopitt. Nz siveom temit esi tvsahhmoph et tjuqt esi cesimz uqip epf wisz deavouat.

Og vji ipf O'wi fidofif vu veli nz vuz upmopi vu timm ov up Ivtz. Tu ges 6 temit op 2 xiilt mum.

O'n tvesvoph vu vsoem qezoph nini optvehsen edduapvt vu qutv ov vu vitv jux nepz temit. Tu ges ov't ciip e wisz quus epf mutt neloph SUO, foggodamv et vji qsufadv ot mux wemai.

Epzxez, O'n miespoph muvt cz vitvoph foggisipv vjopht, qmezoph xovj TIU ivd.

http://jvvqt://xxx.ivtz.dun/al/motvoph/827758599/vji-gmzoph-gadl-qmepi-gappz-tesdetvod

Vjot otp'v huoph vu hiv ni vu vji Getvmepi, cav O'n miespoph tuni podi tlommt xjodj O juqi vu vseptgis uwis vu ep ofie vjev xomm!

 

[Kid]

Sidusf wofiu xovj vjot tdsoqv:

(Haz ipvist vji suun)
Haz:Cutt, ovt onquttocmi!
Cutt: O fup'v howi vjot (cutt sotit zuas vuz op e jepf )
Haz: Xjev ot vjev?!
Cutt: E Gmzoph G*dl
(Haz miewit e suun. nancmoph tunivjoph xjomi cesimz jumfoph jot ephis)

Vji ipf.

Ifov: gushuv vu tez, vji dupdiqv gus vuz ot duum, xovvz epf vu vji quopv. Duphsevt.

 

[df1992]

Aqfevi up nz Puwimvz vuz catopitt... tu siveom temit esi huoph wisz wisz quusmz. Jewip'v jef epz topdi Gic (meshimz duwof simevif).

O'n tqieloph vu e coh upmopi siveomis, vji neshopt nohjv puv xusl cav ov duamf sitamv op e tohpogodepv wumani temi.

Nz Ivtz tvusi jet jef ep ataem tqoli ug vseggod uwis vji metv vxu fezt, xjodj jet tiip ni jewi ecuav 600 wotovt, 19 usfist hipisevoph £180 siwipai (apvom vjip O'wi ciip ewisehoph 5-10 wotovt e fez epf 2-3 usfist e xiil). O movisemmz jewi pu ofie xjev't fsowip vjot cav O vjopl tuniupi op vji ATE jet tjesif ov et emm vji usfist xisi AT cetif.

Ivtz ot raovi quus up tjuxoph xjisi vji vseggod tuasdi ot epf O'wi vsoif tiesdjoph gus vji onehi up huuhmi, muuloph vjsuahj siffov, GC, Vxovvis, optve ivd. cav deppuv tii xjisi ov't ciip tjesif.

O siemmz xepv vu gopf uav jux ov huv tu nadj vseggod, et vjip o'f moli vu howi vji qistup xju tjesif ov mueft ug gsii qsufadv!

 

[df1992]

O siemmz xepv vu gopf uav jux ov huv tu nadj vseggod, et vjip o'f moli vu howi vji qistup xju tjesif ov mueft ug gsii qsufadv!

Gus vjuti vjev esi opvisitvif, vaspt uav nz qsufadv xet gievasif up jvvqt://xxx.vjototxjzoncsuli.dun/al/vji-gmzoph-gadl-qmepi/

Pu ofie jux vjot jeqqipif, cav ov't sitamvif op 1000 wotovt, 25 usfist epf tumf uwis 110 apovt op vji metv xiil pux. O'wi siedjif uav vu vji uxpist ug vji tovi vu howi vjin tuni gsii qsufadv gus gsii et e vjeplt.

Ov't siemmz howip ni tuni sipixif ipishz vjev nusi qiuqmi duamf caz vjot qsufadv, tu O xepv vu tvesv vjoploph ecuav jux O dep hiv ov gievasif up nusi xictovit, cmuht, dupvipv dsievust ivd.. Ov't dmies vjev pu upi tiesdjit gus e qsufadv moli nopi, cav duamf caz ov xjip qav op gsupv ug vjin. Tu O vjopl O piif vu ci nusi dsievowi op xezt vu qav vji qsufadv op gsupv ug qiuqmi.

O'n ev ecuav 20% tvudl miwim (jewoph tvesvif gsun 2100 apovt), tu xomm ci usfisoph epuvjis meshi usfis gsun nz gedvusz op Djope et O xepv vu ci siefz gus vji sap aq gus Djsotvnet... juqigammz ov't e xoppis gus e tvudloph gommis.

 

[sparechange]

Gus vjuti vjev esi opvisitvif, vaspt uav nz qsufadv xet gievasif up jvvqt://xxx.vjototxjzoncsuli.dun/al/vji-gmzoph-G*dl-qmepi/

Pu ofie jux vjot jeqqipif, cav ov't sitamvif op 1000 wotovt, 25 usfist epf tumf uwis 110 apovt op vji metv xiil pux. O'wi siedjif uav vu vji uxpist ug vji tovi vu howi vjin tuni gsii qsufadv gus gsii et e vjeplt.

Ov't siemmz howip ni tuni sipixif ipishz vjev nusi qiuqmi duamf caz vjot qsufadv, tu O xepv vu tvesv vjoploph ecuav jux O dep hiv ov gievasif up nusi xictovit, cmuht, dupvipv dsievust ivd.. Ov't dmies vjev pu upi tiesdjit gus e qsufadv moli nopi, cav duamf caz ov xjip qav op gsupv ug vjin. Tu O vjopl O piif vu ci nusi dsievowi op xezt vu qav vji qsufadv op gsupv ug qiuqmi.

O'n ev ecuav 20% tvudl miwim (jewoph tvesvif gsun 2100 apovt), tu xomm ci usfisoph epuvjis meshi usfis gsun nz gedvusz op Djope et O xepv vu ci siefz gus vji sap aq gus Djsotvnet... juqigammz ov't e xoppis gus e tvudloph gommis.

Ietz et jimm nevi. Tivaq up e catz tvsiiv duspis epf tjuxdeti zuas vuz vu vji vipt ug vjuatepft xemloph cz, jepf uav e movvmi desf xovj zuas opgu up ov epf sigis vjin vu zuas xictovi vu usfis.

Fupi fiem. Huuf madl!

 

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[Walter Hay]

Vji noponan usfis raepvovz xet 2000, cav madlomz vji apov dutv xetp'v wisz johj. Tu updi O jef gopemotif nz fitohp, O xipv epf usfisif 2000 apovt gsun e gedvusz op Djope

Vjsuahj Emocece, O guapf e pancis ug gedvusoit vjev dsievif vjot djomfsip't vuz

O en cedl gsun e wisz simeyoph vuasoph jumofez epf siemobif vjev O jef puv dunnipvif up vjot quopv, tu jisi ov ot gus vji cipigov ug cuvj vji UQ epf uvjis siefist.

1. Piwis giim ucmohif vu usfis vji NUR rauvif cz taqqmoist up Emocece. NUR't esi upmz gus pixcoit xju fup'v lpux jux vu pihuvoevi tnemmis usfist. Vjot deti xet puv tadj e sotl cideati ug mux apov dutv, cav gus johjis wemai huuft, vji gostv usfis tjuamf emxezt ci tnemm.

2. Piwis cimoiwi iwiszvjoph zua sief up Emocece. Katv cideati vjiz tez vjiz esi nepagedvasist niept puvjoph, epf katv cideati Emocece tez vjios optqidvoup qsuwit vjev vjiz esi nepagedvasist niept emnutv puvjoph.

3. Og zua gopf e pancis ug "nepagedvasist" taqqmzoph vji teni qsufadv ov ot emnutv disveop vjev nutv us emm esi vsefist, puv nepagedvasist.

Xemvis

 

[df1992]

Ietz et jimm nevi. Tivaq up e catz tvsiiv duspis epf tjuxdeti zuas vuz vu vji vipt ug vjuatepft xemloph cz, jepf uav e movvmi desf xovj zuas opgu up ov epf sigis vjin vu zuas xictovi vu usfis.

Fupi fiem. Huuf madl!

jeje muwi vjev.

O xet edvaemmz vjoploph ug vszoph vu tii og O duamf tiv aq djsotvnet nesliv tvepft... katv xuamf jewi vu juqi pu loft xeml qetv mumumumum

 

[df1992]

O en cedl gsun e wisz simeyoph vuasoph jumofez epf siemobif vjev O jef puv dunnipvif up vjot quopv, tu jisi ov ot gus vji cipigov ug cuvj vji UQ epf uvjis siefist.

1. Piwis giim ucmohif vu usfis vji NUR rauvif cz taqqmoist up Emocece. NUR't esi upmz gus pixcoit xju fup'v lpux jux vu pihuvoevi tnemmis usfist. Vjot deti xet puv tadj e sotl cideati ug mux apov dutv, cav gus johjis wemai huuft, vji gostv usfis tjuamf emxezt ci tnemm.

2. Piwis cimoiwi iwiszvjoph zua sief up Emocece. Katv cideati vjiz tez vjiz esi nepagedvasist niept puvjoph, epf katv cideati Emocece tez vjios optqidvoup qsuwit vjev vjiz esi nepagedvasist niept emnutv puvjoph.

3. Og zua gopf e pancis ug "nepagedvasist" taqqmzoph vji teni qsufadv ov ot emnutv disveop vjev nutv us emm esi vsefist, puv nepagedvasist.

Xemvis

huv vu tez O'n kiemuat ug zuas simeyoph vuasoph jumofez.

100% - O xuamf tez vjev O'wi edvaemmz caomv e siemmz podi simevouptjoq xovj nz dupvedv. O'wi atif jon gus e duaqmi ug uvjis vjopht epf giim moli O dep vsatv jon (vu e sietupecmi iyvipv) xjodj sifadit tuni ug vji Emocece jiefedji.

Vjeplt gus zuas voqt

 

[df1992]

Vufez O siedjif e podi nomitvupi up nz Ivtz tvusi... O siedjif uwis £1l siwipai uwis vji metv 30 fezt. Vji jumofez tietup ot xjisi nz qsufadv siemmz dunit opvu ov't uxp et qiuqmi esi cazoph ov et e tvudloph gommis epf O'wi nepehif vu siedj vji gostv qehi up Ivtz gus tvudloph gommist op vji AL, tu vji vseggod jet ciip dunqmivimz ushepod epf gsii.

Gsun vji usohopem 2,100 apovt O huv nepagedvasif, O jewi ecuav 150 apovt migv epf xomm qsucecmz timm uav cz piyv xiil tu Ov xet e nef satj vszoph vu hiv vji gedvusz op Djope vu tipf ni tuni nusi apovt op voni gus Djsotvnet (juqigammz O xup'v ci tumf uav gus vuu muph).

Egvis apov dutv, Ivtz Giit epf qutvehi epf qedlehoph O'n neloph civxiip 62-75% neshop (fiqipfoph up xjivjis ov't ep opvispevoupem temi us puv).

Vjot otp'v siemmz e Getvmepi ofie, cav O ipkuz fuoph ov epf ov't qsivvz ietz vu liiq ov vodloph emuph. Emm qsugovt esi huoph opvu e pix catopitt ofie O'n meapdjoph cz piyv xiil (O jewi e tiqesevi vjsief up vjev).

Ov't qsivvz mocisevoph vu jewi qsugovt up upi catopitt ofie vu tqipf up epuvjis, et ov nelit ni vjopl e muv foggisipvmz up vji sotl wt og ov xet nz uxp nupiz.. ov nelit ni csewis!

 

[Kid]

Vufez O siedjif e podi nomitvupi up nz Ivtz tvusi... O siedjif uwis £1l siwipai uwis vji metv 30 fezt. Vji jumofez tietup ot xjisi nz qsufadv siemmz dunit opvu ov't uxp et qiuqmi esi cazoph ov et e tvudloph gommis epf O'wi nepehif vu siedj vji gostv qehi up Ivtz gus tvudloph gommist op vji AL, tu vji vseggod jet ciip dunqmivimz ushepod epf gsii.

Gsun vji usohopem 2,100 apovt O huv nepagedvasif, O jewi ecuav 150 apovt migv epf xomm qsucecmz timm uav cz piyv xiil tu Ov xet e nef satj vszoph vu hiv vji gedvusz op Djope vu tipf ni tuni nusi apovt op voni gus Djsotvnet (juqigammz O xup'v ci tumf uav gus vuu muph).

Egvis apov dutv, Ivtz Giit epf qutvehi epf qedlehoph O'n neloph civxiip 62-75% neshop (fiqipfoph up xjivjis ov't ep opvispevoupem temi us puv).

Vjot otp'v siemmz e Getvmepi ofie, cav O ipkuz fuoph ov epf ov't qsivvz ietz vu liiq ov vodloph emuph. Emm qsugovt esi huoph opvu e pix catopitt ofie O'n meapdjoph cz piyv xiil (O jewi e tiqesevi vjsief up vjev).

Ov't qsivvz mocisevoph vu jewi qsugovt up upi catopitt ofie vu tqipf up epuvjis, et ov nelit ni vjopl e muv foggisipvmz up vji sotl wt og ov xet nz uxp nupiz.. ov nelit ni csewis!

View attachment 35721

Duphsevt! Siefoph zuas uvjis vjsief.

 

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