- Avg. revenue /month$2,618
- Avg. sessions /month1,237
- Avg. profit /month$1,578
- Inventory value$8,000
Why this business was started
Initially I set out to solve a personal problem which was a better way to keep myself organized. The Lookie Loops pouch for glasses ended up being so useful that friends & acquaintances wanted their own. Then they referred their friends, and voila, I had a business that was created organically by people embracing a solution to their needs.
The reason of selling this business
The business is ready for the next stage but I’m not the one to take it there. My passion is in creating something new. My enjoyment is in filling a need, not in building an international business. I don’t want Lookie Loops to be stuck in a trap with ‘founder syndrome’. At this point I’ve made significant investment of time & resources into the company and I want to benefit from what I’ve done at a sufficient level to allow me to do my next thing, whatever that will be.
What's involved in running this business
Two major areas of focus are PRODUCT (Production, Inventory & Distribution) and MARKETING (Customer Acquisition and Building Loyalty)
PRODUCT Production - Lookie Loops started out with each item made personally by me. When demand became too great, I expanded to include local pieceworkers. Then in Year #3 expanded to US-based mass manufacturing. I have proven I can take a custom item into mass production without any loss of quality.
Inventory - When the company started out I needed to have an inventory ready-made in order to make sales that funded the next round of inventory. But I have evolved to having some digital-on-demand products, so I don’t need to have as much inventory. Lookie Loops can produce custom products and a good portion of the product line can be produced per order.
Distribution - Our sales channels include the LookieLoops.com website, email marketing, Facebook business page and shopping, Instagram shopping, Google shopping and Google My Business.
MARKETING Customer Acquisition - We regularly conduct research to understand what our customers want, need and like about our products. We incorporate that into social media campaigns and email list building campaigns to stay connected.
Building Loyalty - Lookie Loops has established a consistent presence on social media, although there is opportunity to grow it significantly. I stay in touch with a regular newsletter. Our latest customer return rate is over 27%.
Traffic and Performance
- Avg. revenue /month$2,618Verified
- Avg. sessions /month1,237Verified
- Avg. profit /month$1,578
- Inventory value$8,000
- Profit Margin57%
- Avg. sales /month118
- Shopify plan
- Inventory warehouse
- E-mail marketing software & apps
- Facebook (although this has not been consistent)
- Pieceworker to assist in production (approx)
Logo and branding assetsColor PNG files of various logo images (black / white / brand colors) for both of our trademarked products. With and without trademark images and tag lines. Any social media cover photos or ad graphics to be included as well. All photos to be transferred by secure online means (Dropbox, etc.) Two of our accessories are trademarked entities and those trademarks will also be transferred to the new owner.
Personal support after sale30 days of training in product construction (if desired) and answers to specific questions regarding products, the Shopify store, etc. I will make myself available by Zoom or other conferencing methods, as well as e-mail. Training construction documents will be transferred if desired. I will make YouTube training videos during this 30 days if desired.
Product photosColor PNG files of products in both PNG and JPG formats (where applicable) will be transferred. Any product photos used in social media will be transferred if desired. All photos to be transferred by secure online means (Dropbox, etc.)
SuppliersPositive working relationship with professional cut & sew house in LA. They have produced 2 products in quantity for Lookie Loops and would be willing to take on construction of other products. They do pattern making & digital design as well as production of finished goods.
How to grow this business
Strategic alliances have great potential for the next 5 years. Partnering with a cruise line for the crossbody bags and wallets / partnering with an online eyewear company for our glasses pouch / partnering with an online book reseller or Amazon for our book pouch, etc. Alliances like these would broaden the sales and distribution network of the company.
Concurrently, a new owner could continue to innovate within existing product lines - introducing one per year. There is potential to take greater advantage of social media advertising and marketplace presence, perhaps hiring a social media associate. Custom-made products with company logos, team logos, or custom messages can increase the sales volume dramatically.
For a small investment a new buyer will get a business that is ready to launch into growth. The product line is already designed, developed & proven. Manufacture methods have been explored and proven. The market has already been proven viable.
One year ago 85% of the business was in-person sales (art shows, craft events, etc.) with the remainder being e-commerce. COVID-19 has totally flipped that on its head, with 98% of sales being online and an anticipated increase of 50% YOY. This year has shown that the business easily adapts to societal trends.
The company has proven multiple concepts: for the product, for manufacture, building identity and brand, generating demand, providing adaptability and distribution with customers now in 48 states. The product line has national appeal but also leaves a huge market that we have barely begun to touch.
This total package is ready to springboard to the next level. By broadening the product line and customer base, revenue could expand from triple to quadruple within the year.
Skills to have
The skills used to launch this company do not have to be replicated in a new buyer. Whereas the handcrafted ‘maker’ side of the business is what jump started our brand, that could be contracted out. Much more essential, in my opinion, is having expertise in distribution networks and marketing.
A new owner should, though, have an eye for trends and especially colors and fabrics if they are going to keep the line as a fabric-based accessories line. Expanding into leather or other materials would require its own expertise in production, but is a distinct possibility.
Having expertise available to maintain the website and social media - and keep it dynamic - will also be important.
Our features for a secure experience
- Verified revenue and traffic
- Secure messaging platform
- Escrow payment system
- Dedicated migration team
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The revenue and traffic data that you see on each listing is pulled directly from its Shopify account. This means that the data has been verified. Exchange reviews and monitors listings for thorough and accurate information.
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Take time to inspect the business
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Safe store transfer
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