Members JayEhl Posted January 31, 2022 Members Report Posted January 31, 2022 @ToddW you hit on all the points, I couldn't have said it better, 100%. This includes the stage in my life/career of IT and I, too, am mulling over options for when I retire. Hopefully sooner, than later. :D Quote
Members ToddW Posted January 31, 2022 Author Members Report Posted January 31, 2022 Thanks @JayEhl! Been doing Telecom for over 30 years which is fast paced, high stress on a 24x7 basis. Not that starting a business is easy, I have a lot of experience in building a business, building a brand.. and great at cost control.. Telecom is a low margin business and highly competitive.. My biggest fear is differentiating my stuff from all the Etsy stuff and getting the volume needed to be a business. That was the core reason for the Kickstarter question which feels like an avenue not explored here. Its not for everyone (as mentioned) but seems attractive for what I want to do.. Quote
CFM tsunkasapa Posted January 31, 2022 CFM Report Posted January 31, 2022 Having already retired after 30+ years building houses, and 13 of road construction (talk about a young man's game), I am totally happy doing one project at a time. Even when I make the shooting bags to take to the rendezvous, none of them are the same. I've had a lifetime of production work, and I never want that to enter into what I do now. Quote Hoka Hey! Today, tomorrow, next week, what does it matter?
Members ToddW Posted January 31, 2022 Author Members Report Posted January 31, 2022 hey.. more power to you and looking to do what I love, as you are. I have tried to model out the number of units I need to move to generate the level of income I want in this period of my life. I don't need to make what I make now, but I do need a certain level of income. My modeling keeps pointing to a volume that is higher than selling 1 wallet a day.. Thats just me and clearly you have found a sweet spot for you.. Anyway, I appreciate the variety of responses.. Quote
Members Tugadude Posted January 31, 2022 Members Report Posted January 31, 2022 59 minutes ago, ToddW said: You beat me to that.. 5% doesn't seem crazy and the exposure is pretty good. For me personally, I want to ultimately transition this from a hobby to something I can make money at. if you look at Etsy, there are a TON of leather goods which is hard to hammer through. Looking at the ones that have moved out of low volume to a real business, a brand and following was created. SaddleBack is a good example of that. That is not for everyone, but .. for me.. I want to ultimately be able to do this full time which requires volume. I follow some on Youtube, (Stock and Barrel and Little King Goods) that I "believe" make more on their Youtube channels than they make doing Leather goods. I am not a YouTube kinda of guy so need to get volume on my goods. I am no where near that today but trying to lay the groundwork to get there.. I don't believe I can do the volume hand cutting and hand sewing everything (my hands already hurt) so moving to lasers, clickers and sewing machines which I have already seen is not for a lot here. I love this site for the honest feedback so don't want to step on toes. My questions on machines, patents, lasers, kickstarter all have an angle towards making higher volume goods. I am laying all that groundwork now.. My goal is to do R&D myself and work on the design, style, packaging, branding, etc... and have the volume built by employees or other channels of help. Does that take the craft out it?? I guess some could argue so, but I believe that a great quality product at a great price has a place. Do I want to be a walmart.. no.. Do I want to be Hermes...no..I want to be in the middle with great quality leather, great quality hardware, great designs, great consistent quality on sewing and cutting.. Sorry for the long story.. As mentioned, not everyone will agree but at the heart of this, I want my love of leather and my current hobby to evolve into a business that can support my family. I am a telecom guy professionally and want to roll into something that I love doing as I get into the latter part of my career. Working in Tech has become a young mans game.. Never be sorry for a lengthy post. It is full of good stuff. People aren't forced to read it all, but I'm happy I did. Maybe your goal should be to become the affordable option to Hermes? Quote
Members ToddW Posted January 31, 2022 Author Members Report Posted January 31, 2022 cool.. I used Hermes as an extreme but "really" not my style with a few exceptions.. but the point is definitely valid in a very high end wallet or bag at great price. Not in the segment I will be creating or selling but Tecovas and Thursday Boot is what I wanted to strive for. Great quality, Great Leather, Great Style at a Good Price.. They built a brand and got to volume. All started somewhat in a garage or by a few friends and grew the brand into something big. I don't need big, but need some strong volume.. My research has shown all had a Kickstarter when they were ready.. If you google "Thursday Boot", they launched their business on Kickstarter. They targeted $50K in sales and hit over $200K. Boots are made in Leon (as is Tecovas). I don't have that grandiose plans but using it for a model for what I want to do. Quote
Members JayEhl Posted January 31, 2022 Members Report Posted January 31, 2022 You're on the right path. History is littered with people who didn't plan! Quote
CFM chuck123wapati Posted January 31, 2022 CFM Report Posted January 31, 2022 2 hours ago, ToddW said: cool.. I used Hermes as an extreme but "really" not my style with a few exceptions.. but the point is definitely valid in a very high end wallet or bag at great price. Not in the segment I will be creating or selling but Tecovas and Thursday Boot is what I wanted to strive for. Great quality, Great Leather, Great Style at a Good Price.. They built a brand and got to volume. All started somewhat in a garage or by a few friends and grew the brand into something big. I don't need big, but need some strong volume.. My research has shown all had a Kickstarter when they were ready.. If you google "Thursday Boot", they launched their business on Kickstarter. They targeted $50K in sales and hit over $200K. Boots are made in Leon (as is Tecovas). I don't have that grandiose plans but using it for a model for what I want to do. How many kickstarters are successful? And what happens if your not one of them? Not being negative but this is an important part of the decision also isn't it? Quote Worked in a prison for 30 years if I aint shiny every time I comment its no big deal, I just don't wave pompoms. “I won’t be wronged, I won’t be insulted, and I won’t be laid a hand on. I don’t do these things to other people, and I require the same from them.” THE DUKE!
Members Tugadude Posted January 31, 2022 Members Report Posted January 31, 2022 4 minutes ago, chuck123wapati said: How many kickstarters are successful? And what happens if your not one of them? Not being negative but this is an important part of the decision also isn't it? It is absolutely a legitimate question. According to this article 39.3% of campaigns receive full backing. And as I indicated, many receive that many times over. And some fail, just like any endeavor. https://www.statista.com/statistics/235405/kickstarter-project-funding-success-rate/#:~:text=As of December 2021%2C the,gone into successfully launched projects. Quote
Members Tugadude Posted January 31, 2022 Members Report Posted January 31, 2022 I think it is also important to note the following: This was taken from the article I linked. My underlining. Supplementary notes Every Kickstarter project must be fully funded before its time expires or no money changes hands. A project on Kickstarter is counted as successful when the funding goal has been reached within the given time limit. Project creators have to be permanent U.S. residents to be eligible to start a Kickstarter project but projects can be backed from outside the United States. Quote
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