6 months ago
In the first report in the occasional series Get Hired!, Jessica Doyle shares some tips for taking charge of your own financial future but starting-up a business.
WASHINGTON (WUSA) -- If you have been struggling to find a job, here's a concept to consider: become your own boss. If that sounds too good to be true, you should know the dream of starting-up a business is attainable even in tough economic times. More than half the companies on the Fortune 500 list were launched during downturns, according to research by the Kauffman Foundation.
How do you turn your pet project or interest into a business? Three local entrepreneurs share the secrets of their success.
Inspiration
At first their business models seem different, but both Do-Rites and The Big Bad Wolf share remarkably similar inspirations.
Dana Brewington founded Do-Rites in Chevy Chase, a disposable dog diaper company, after her own dog, Mr. Chips, was diagnosed with diabetes and began having accidents. She searched for an acceptable product among baby diapers but was unsatisfied with their ability to stay on a dog throughout the day. That's when Brewington, a lawyer, decided to design her own doggie diaper, tapping skills she learned years ago in the fashion business.
Pennye Jones-Napier had a dog named Artemis who was also stricken with diabetes. In her efforts to care for the pet, she discovered many of the commercial pet foods contained corn, which is metabolizes as sugar. She decided there had to be a better way to feed her dog and others' pets. Jones-Napier vowed with partner Julie Paez to leverage her nutritional knowledge by creating a pet store like none they had ever seen before. They opened The Big Bad Wolf in Takoma Park.
Opening a Unique Store
Jones-Napier says, "We have everything from great dry food to food in cans, to a great selection of raw foods." That's right, a raw food diet for dogs and cats. The store is unique in other ways, from its current mascot, a pit bull named YaYa, to its wide variety of green pet products. Paez says, "We really look for items that are reclaimed out of the waste stream." Those products include dog leases made from recycled climbing rope and green clothing.
Inventing a Unique Product
Dana Brewington also hit upon a unique concept when she invented her line of diapers for dogs. It has straps that go over the dog's head to keep the disposable diaper in place with the help of Velcro. It had a place to custom cut the hole for the dog's tale. The diapers also come in a variety of colors and can be ordered with special motifs for holidays.
Setting Goals
The Big Bad Wolf has had a plan to launch franchise opportunities for three years and the partners have just begun taking applications. Jones-Napier says, "We want to be able to offer people a way to open their own green, sustainable businesses, to be their own bosses and to be proud of what they do every day."
As for Brewington, she's selling her products on her website now. In the future she says of her diapers that she is "looking to place them in stores. This is a high-end diaper. I'm not sure that it's appropriate for PetSmart, but maybe. I won't pooh-pooh that idea, no pun intended."
The pet industry is expected to grow to $48 billion in sales this year. It has more than doubled in revenues in the last decade and continued growth is forecast for the future.
Read Jessica's Blog: www.thefinancialista.com
Tips for starting a business
- Find inspiration from your life
- Become an expert on your new business
- Research growth potential within the industry
- Offer a unique product that consumers want or need to buy
- Set attainable goals
Written by Jessica Doyle
9NEWS NOW & wusa9.com
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