TC Pets™ Puts the Stuff in Stuffed Animals!
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Lisa Lloyd, owner of Treasure Chest Pets, went swimming with The Sharks at a time when her business was treading water. On October 6, she appeared on the ABC show, Shark Tank, and confidently negotiated a deal with two of the “shark” investors, Barbara Corcoran and Daymond John. The investment contract will provide her business with the supportive experience of the investors, substantial investment capital and improved distribution and manufacturing services, in exchange for equity in her company.
Through this unique experience, TC Pets™, stuffed animal organizers with hidden storage compartments, will be able to provide plenty of supply for the increased demand. Lisa Lloyd shares her “Behind the Brand” success story with The Giggle Guide®. Who knows, maybe there is a shark coming soon to the TC Pets™ collection!
When was your brand born, and what was the initial inspiration?
“TC Pets™ are a patented line of organizers with secret compartments that look like fun stuffed animals for girls and boys. They feature attachable pillow heads to snuggle up with and specially designed bodies that organize and store treasures on the inside and out!
TC Pets was the original brain child of Sandra Castillo in Corpus Christi, TX. She approached me through my company Lloyd Marketing Group to assist her in licensing the invention. After a lot of thought, I decided to license her patent from her, redesign the product and manufacture/market it. We incorporated and went to work on that in October of 2007. We had our first container of goods and began selling in November of 2008.”
What was the biggest challenge you faced when starting?
“The R & D and sourcing the manufacturing was a major challenge. When you look at something so simple on the market, the chances are it was a LOT of work to make it that simple. Figuring the body size, shape, style, design, fabric…etc. was a LOT of work. Finding a manufacturer that could get it down to the right cost without sacrificing quality or safety was another HUGE challenge.
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What is one thing you would have done differently?
“I didn’t know a lot about freight at the time. I didn’t consider the logistics and costs associated with “cube dimensions.” As a result I lost a lot of money learning that I needed to keep the size of the boxes down to avoid getting hit with surcharges on the shipping. I was paying for a 39-pound box on something that only weighed 12 pounds. When we figured it out and fixed it, it was less then a third the cost!
I also learned that there is a big difference between hand samples and production pieces. I was very unhappy with the results of one of our pets when it got to my warehouse and it was too late to do anything about it. Somhow it changed between the hand samples I approved and the production line in China. It took 6 months to get reimbursed from the factory for the defects, but I can never recover that first impression with all the customers who bought them.
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What do you feel are the three biggest keys to your success?
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Incredible determination and perseverance. There are many more bad days then good days when you are getting started. The vision for the future of that business is what kept me going when the circumstances said I should think otherwise.
MONEY. You can not build a company without money. You need it to put into the company and you need it to pay your own bills while the company is not making money in the beginning. I was fortunate to have family who helped and I did a Private Placement with investors to get it all going in addition to my own investment.
Time. It doesn’t happen overnight. I gave it three years to begin seeing results and, fortunately, it has only taken two. If I didn’t have that perspective, I might have abandoned the whole thing before it had a chance to succeed.
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Do “green” or eco-friendly concerns influence your business decisions?
“As I learn more about what it means to children and the environment to “go green” it is of more concern. The challenge I see with it is that most people, while they would love the “feel good” of green, they are not willing to pay the higher cost associated with manufacturing it, at least not on a big enough scale, and that makes it difficult to build into the business. We are working on a “green” frog though. Should be ready by first quarter 2010.
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What is one new trend you’re seeing in the marketplace?
“Plush is an interesting category. Most innovation comes on the design side, however lately there has been a trend in functional plush and Internet tie-ins.
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What types of marketing has been most effective for your business?
“Publicity has been necessary without a big advertising budget. The only expense I have really committed to has been trade shows, and it has been quite effective.
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How does your business make use of the Internet?
“We have a wholesale site and are just launching a retail site, although, it is not a focus.
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What is the biggest challenge your business faces today?
“Supply and demand. I have a container on the water from China right now and it is almost entirely sold out. I can’t order my next container until the receivables come in from this one…but still need more inventory. I am not complaining though, this is a good problem to have!
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What is one change/addition that’s had a positive impact for your business in the last year?
“I found a great factory and have listened to our customers, adding new designs that have been most requested. This is a big boost for us My appearance on Shark Tank is already having a BIG impact too.
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What is your one piece of advice for someone entering the children’s marke?
“Do your homework. Plan your work and work that plan. It is what keeps you going when you wouldn’t normally know what to do next!
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More About Treasure Chest Pets
Regarding her Shark Tank deal, Lisa Lloyd shared with us that, “The deal hasn’t closed yet and despite not having a contract, Daymond (John) has made numerous introductions and put his team to work for me in many ways. I am so grateful for the privilege of having been on the show and earned the trusted relationship of my favorite Shark.” It looks like there are smooth waters ahead, as Lisa has already filmed a follow-up success story to air on a future Shark Tank.
TC Pets™ are the first organizers that make putting things away fun! They are a patented line of organizers with storage compartments that look like fun stuffed animals for girls and boys. They feature attachable pillow heads to snuggle up with and specially designed bodies with compartments that organize and store treasures on the inside and out! The line currently includes Accessory Chest Dog, Treasure Chest Monkey, and Media Chest Bear. All retail for $19.99.
For more wholesale information, visit www.tcpets.net. Consumers can visit www.mytcpets.com. For information about the Shark Tank episode featuring TC Pets™, see http://abc.go.com/shows/shark-tank/episode-guide/episode-108/301700?page=2
The Giggle Guide™ ongoing series, “Behind the Brand” looks at both brand leaders and budding brands. What brand would you like to hear more about? Let us know. Editorial Director David Gaunt, .
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