The Foot Fetish Millionaire
The Business Idea:
SwitchFlops are sandals with interchangeable, decorative, Velcro straps.
For women who want to look like they have a closet full of sandals for the cost of 1 pair. One pair of sandals, $35, can can magically turn into another pair by swapping the decorative, Velcro straps, $12 each. Perfect for shoe addicts on a budget.
Projected revenue for 2010 = $30 million
Lindsay Phillips had her million dollar idea while in a high-school art class at 16. Decorating porcelain sandals was an art class project, turned hobby that turned into objects of pride that her parents used as decoration around their house until one day someone got so excited by the colorful slippers that she tried to put them on. Before launching into business Phillips wisely worked in fashion and manufacturing then was surprised when she was able to patent the design (me too).
Today, Lindsay Phillips, has 35 employees and has plans to open an office in UK or Europe. At 23 she’s running a $30 million company with a bit of help from a seasoned CEO she hired.
Bax To Business:
Phillips’ of Switch Flops is tapping into 2 major trends…
1. Frugal Chique
When times are tough economically people look for ways to maintain their fashion standard at a discount.
2. Mass Customization
Henry Ford once said about his Ford Model T “Customers can have any color they want as long as it’s black.”
Today, customers want and expect to have an array of choices to personalize their purchase or experience.
Example: the popular Flip Cam lets customers customize their camera with a skin of their choice or upload a picture to personalized the skin.
Sorry, Canada. Our coldish winters mean Switch Flops doesn’t consider us much of a market. AHHH, but what about personalized boots. Quick, someone get on it!