Reed Smoot and his brother JC had a great money making idea that led to creating a line of products called Zoobie Pets that are sold in more than 30 different countries and over 1,000 stores. These brothers noticed that the toddlers in their family liked to carry blankets and pillows with them everywhere they went and so they used that idea to create cute fuzzy zoo animals that each has a blanket inside of it. So toddlers can carry a cute animal toy that is also a pillow and blanket.
Reed, 29, and JC, 26, of Provo, Utah, started the company with Ryan Treft, 26. They became extremely successful entrepreneurs. The first year of sales for their Zoobie Pets reaped over one million dollars in revenues. Who would know that catering to the toddler community could be so lucrative.
What made them successful?
- They had a clever product that was unique and appealing.
- They attended a Toy trade show in 2007 and received orders from over 100 stores as well as signing up several international distributors.
- They limited their sales to high-end stores like FAO Schwartz and Harrods.
- They only allowed purchases in container loads so that the distribution system was controlled.
- They adhered to safety rules in manufacturing their products
- Reid Smoot actually moved to Shanghai, China to oversee manufacturing of their toys.
These Zoobie Pets sold well last year and are predicted to be very popular Christmas presents for 2008. What a great money making idea by some very young entrepreneurs.