Archives for January 2013

Oh, to be a Princess in waiting!

If you’re one of the 2 billion people from around the world who watched Will and Kate’s  Royal Wedding, you’re probably just  as excited to hear the recent news confirming Kate’s pregnancy and getting the first peak at her baby bump.

This week’s Forbes article (yes, even the business-savvy intellectuals can’t seem to get enough of the story) highlights the marketing opportunity for the baby gear industry. Kate’s family has already introduced royal-themed baby products that say “Little Prince” and “Little Princess” on their party website, including paper plates and invitations. And the debate has begun: is the family crossing the line, cashing in on their daughter’s good fortune? Or are they just running a business?

And what about the rest of us, who aren’t related to the expecting mother — despite trying to replicate her perfect hair and buying knockoffs of her iconic dresses.  Is the royal pregnancy fair game?  Fisher Price already sells the Royal Potty.  Will Bugaboo introduce a new royal carriage with a Union Jack print?

As CEO — of my new family, as well as my budding business — I want to control or do everything myself. Maybe I have bigger control issues than others, or maybe it’s a question of trust, but regardless of the source, I’ve learned that total control just isn’t possible. As a new business leader I’m somewhat of a newborn baby in need of help.

We all have our strengths, but for the tasks that we’re not as versed in, it makes sense to hire some help — to outsource.

Building GooGooGear, I found that certain projects were too time consuming, or I simply didn’t know how to do them. I built my website on my own (with a little design help from amazing consultants, of course!), but I have no idea how to build a mobile app. So that needs to be outsourced. Of course, that’s easier said than done. I’ve been reading about the different formats (native vs. HTML 5) and talking to friends and experts. I’m trying to educate myself to a level where I can make an informed decision when I do outsource this task, where I have enough trust in someone else to feel comfortable giving up control. I still have so much to learn before I find the right fit.

As a new mother, I’ve also had to give up some control on the home-front. While I wish I could control the environment my daughter will grow in, protect her at all costs, I haven’t been able to do it on my own. Giving up control was very tough at the beginning. I researched my options (nanny vs. daycare), questioned other new moms, listened to experienced mom, and learned about all the standards and warning-signs to look for. But it was still hard to get comfortable with “outsourcing” the care of my daughter. Would the babysitter know how to soothe her? Would the daycare providers keep her just as safe? Realistically, I knew my daughter was in good hands, but as with anything that you’ve created on your own, no matter all the work you’ve done to make sure your cherished product is in good hands, it’s tough to let go.

I’ve learned that financial plans always need to include a line item for miscellaneous/unexpected costs. Just like the unexpected costs of having a baby, there are also unexpected costs of having a business.

I was able to find a great consultant to help me revamp this website, but the original estimate unfortunately doubled when the consultant was finally able to get into the heart of the site and found that I had created all sorts of hard codes that couldn’t be fixed with the click of a button or a the “global replace” function. I guess I learned the hard way that fake-hacking can be costly; that the starting price could quickly double.

Of course, the same is true for baby items.  A $3 soothing tool can quickly cost you $25.  Over the holidays, I misplaced Amelia’s pacifier.  Luckily, I had a back-up, but it was the last one, and that’s a scary thought when your child depends on a pacifier to fall asleep.

So it was time to buy a new batch.  But I couldn’t find Amelia’s preferred “Playtex Latex Binky (non-angled)” in any store — or online!  Turns out that there are scores of other parents in my shoes, hunting for replacement Binkies, posting on Facebook, demanding an explanation from Playtex.  How dare they discontinue this item?!?!  I turned to eBay, of course – home of all odds and ends for sale.  Success! Someone is selling Amelia’s Binkies, in an unopened package!! Joy quickly turns to sticker shock when I see the “buy now” option at $50. What??? Yes, that’s for a package of 2 Binkies, but that used to cost only $6!  I try some quick math, estimating how much it will cost me to try all sorts of different pacifiers that Amelia will most certainly reject, and the cost of lost sleep.  But this financial model doesn’t work. I can’t honestly pay $50 for something I used to buy for $6.  I move on and decide to order the angled version of the Playtex Latex Binky that still available for $6.  Maybe she won’t notice? Maybe she won’t ever lose her last pacifier and I won’t have to resort to these new ones?

I’ve been able to minimize the cost this time around, but I guess with babies — companies and children, alike — it’s important to expect the unexpected costs. All right, back to the growth hacking.