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The Next Big Idea? SwitchFlops, the $30 Million School Project
At 16, Lindsay Phillips came up with the idea for a flip-flop with interchangeable straps during art class. Today, she's running a $30 million company.
Posted 9/ 1 10 at 4:00 PM | The Next Big Idea?, Sales, Leadership, Starting a Business, Home-based Business, Consumer Products & Services, Retail, Inventions & Innovations, The Next Big Idea?
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Back-to-school season is upon us, and even the best students need a little motivation to trade the beach, summer camp and carefree days for the classroom. But what if you could turn a school project into a $30 million business? That's exactly what Lindsay Phillips, the creator of SwitchFlops, did.Now 25, Phillips came up with the idea for SwitchFlops at 16, as part of a high school art project. Today, her company -- Lindsay Phillips -- employs 35 full-time staffers and is projected to bring in $30 million in revenue this year.
The idea is simple -- SwitchFlops are sandals with interchangeable straps. So instead of buying several pairs of sandals, customers can instead own one sandal with multiple straps. In the wake of the Great Recession, a 3-in-1 shoe (or, heck, 50-in-1) is tailor-made for shoppers on a budget.
The basic sandal itself costs $35, and additional straps are $12. Officially launched in 2007, SwitchFlops are now sold in more than 4,000 stores around the world, and Phillips' line has evolved into other footwear like ballet flats, wedges and espadrilles. The company also makes shopping bags, scarves and sandals for children. Lindsay Phillips, the company, is currently building an overseas office.
It didn't hurt that Phillips, at the ripe-old age of 23, had the wisdom to know what she didn't know -- and brought aboard a CEO, Jeffrey Davidson, 50, who has a lot of experience in growing companies.
Which isn't to take away anything from Phillips, who had the initiative and vision at age 16 to craft her art into something with commercial potential. She made some flip-flops -- ceramic flip-flops that had straps with "fun, funky buttons" on them. "It made sense when I came up with this idea," says Phillips, who grew up in Tampa, Fla. "Everyone wore flip-flops to school, all the time."
Her parents proudly displayed the colorful sandals in their house. And guests noticed. One woman even tried to put them on. "They're ceramic," Phillips told her, but the teenager suddenly had the idea that she should make some actual flip-flops.
"I bought some fun buttons and tried to put them on some sandals, but they kept falling off when I'd go to the beach, so I came up with Velcro, and started lining it to the shoes," says Phillips, who gave out her prototype sandal straps to family members and friends.
It was just a hobby at first, until a relative said, "This is really an amazing idea. You need to patent this."
"I'm 16," Phillips replied. "I really don't know what a patent is. Can you help me?"
She wound up going to a sympathetic but skeptical patent attorney, who told her to do some research and make sure there wasn't anything similar already on the market. If she couldn't find anything, he said he would work with her. She did her research, turned up nothing, and to the attorney's astonishment, he couldn't find anything either. They began the process of applying for a patent. It took four years.
Phillips finished high school and started college in the meantime. She majored in art history at Rollins College and minored in communications, instead of focusing on business. "My parents told me to study what I enjoy because I'd probably do business for the rest of my life," she says.
But her innovation was always top of mind. Phillips worked summers at Polo Ralph Lauren's leather goods division in New York, honing her merchandising and manufacturing skills, and traveled to Europe in a Semester at Sea program -- until she was ready to unleash her creation to the world.
The patent was granted in 2004, and after that, Phillips partnered with her mom, Liz, and began looking for a manufacturer. SwitchFlops made their first real retail appearance in January 2007 at the Surf Expo Trade Show in Orlando.
"We started with 10 straps," Phillips says. "Basic colors, but we wanted to start off with the basics, and it's been very successful. We find our typical customer owns three pairs of shoes and 10 straps, and for them to be able to go and customize them -- well, they get very excited and really enjoy doing it. We really think it's all about versatility and value."
Phillips has managed to tap into the growing customization zeitgeist. While people have always wanted to stand out from the crowd, technology has really allowed consumers to tailor products to their own tastes in recent years -- and businesses are increasingly offering an interactive, design-your-own experience.
As marketing guru Randy Gage, author of Why You're Dumb, Sick & Broke... and how to get Smart, Healthy & Rich, notes, "I was always told, 'Find a need and fill it,' but that's actually bad advice because people don't usually do what they need, but what they want. Better advice is, 'Find a want and fill it.'"
Phillips, of course, has managed to do just that. "SwitchFlops allow you to express yourself," she says. "Everyone wants to be a little unique, and while we might have the same bag, we don't want it to be exactly the same."
Phillips recalls meeting one of her customers who had eight pairs of her shoes and 30 straps, and seeing women staring at her displays like kids in a candy store, as they selected straps and matched them up with shoes. "It's amazing to be in the store and watch it happen because everyone picks out something different," she says.
And being different, of course, is the whole idea.
Geoff Williams is a regular contributor to AOL Small Business. He is also the co-author of the book Living Well with Bad Credit.
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Comments (Page 1 of 6)
Why don't you show the product?
For many years I thought about starting my own business but the question that I always asked myself was “What could I do and what could I afford”? When I read about this Home Business Oportunity: ( http://tinyurl.com/HomeBizPlan ) it sounded easy enough to start up and definitely affordable. It had everything I was looking for. There are no franchise charges, expenses are limited because you could work from home and there was great potential for unlimited income. It also appealed to me since I knew this business could assist parents in getting the help they need for their child in school and as a parent, I could relate to that. For these reasons, I knew this was the business for me.
It's the New and better looking Loni Anderson of today!
I don't care for flip flops at all,they are uncomfortable.It's nice she got rich off her idea,but her prices are unreal.Just the 12.00 for straps would buy you a real pr of shoes!I am an Air Force and seek ing someone .I need a woman who can love me back ...I also uploaded my hot photos on uniformedmate.c omunder the name of IOIO555..It's the largest and best club for seek ing Army, Navy, Marines, Air Force, Police Force, and the admirers of those who wear the uniform.I just hope you don't mind me being a soldier ...Please Check it out!I'm serious
I love it !!! A PERSON who still has dreams !!! Kenny Nash here...recording artist/writer and still living mine. PEOPLE continue to CHASE YOUR DREAMS BECASUE THEY CAN BE CAUGHT! We are living in tough times right now but they will pass as they always do......... This gal is proof that dreams do come true!
Kenny Nash
youtube KENNY NASH "DESIRE"
Dear Lindsey, your look, product and what you have accomplished is very impressive and worthy of taking ones shoes off to try your product. I have a question I was wondering about for you if I may ask, "What role or position do you walk in with the company CEO now, what are your responsibilities, etc.?
Mr MD
Idea? 100% Green? Will help many? You Bet !!!!!!!!!!!!!!!!!!
My green motor build that is currently underway and it is 100% Green and clean. (Investors?)
This motor and water as a fuel source program I am developing will use seawater as a fuel to energy and an abundance of fresh drinking and irrigation water. The future will allow Alaska to have greenhouses for year round produce and with more work all other food stuffs can be grown there at will. Yes, if there, then anywhere. Alaska has a special place in me to one day help them with local food production and a future for those who can't see one. God Bless them. KRK Atas.CA
The Motor will run anything from a motorized skateboard to a ocean liner. Yea, cool. Many facilities and production lines are going to be needed. Where else, right here in America. I would hope to have a facility in every state. Even my third world state of California. Don't get me started on what the state has done to us.
One day when my Industry is producing retail sales, I only hope our Government will stand up and protect what's coming up from good old American ingenuity for The American Dream.
There is nothing wrong with being an Exceptional Country.
There is no Prize for showing up (parents and schools).
Schools need to be redesigned for our kids to be successful in the real world.
I am grateful for the gifts, of being an American and having the God Gifted Talent to do what I do.
America needs our help now more then ever as she is under attack from outside and from with in.
Cutting state unions out and shrinking government is the answer to the next Technology Boom and America's way to get a huge influx of jobs and out of debt.
The Tomorrow we are designing and building has an unlimited future and Space it's self, will have no boundaries.
Big oil will become extinct from the big world market, as Supply and Demand will fall for oil.
Nothing personal.
It's just a matter of funds and time for me now, oil company. Corn, fungus... will produce CO 2 when used. Food as a fuel source (?) is at best moronic. Well look at what has happened with shortages government / tax payer money used, 600 billion. If I had .0001% of that money, America would change rapidly, this year.
The American Dream Would take ROOT all over our country in spite of our government. (I'm in CA, yea)
I like you, your smart, you stick with your ideas and your very pretty, but smart. If your not married mail me back and lets chat. I love a woman with a high IQ.
Bye for now and keep up the great work and fun Lindsay.
Warren
Phillips, of course, has managed to do just that. "SwitchFlops allow you to express yourself," she says. "Everyone wants to be a little unique, and while we might have the same bag, we don't want it to be exactly the same."I am an Air Force and single at present .I need a woman who can love me back ..I also uploaded my hot photos on Uniformedmingle .c om under the name of hoho212..It's the largest and best club for seeking Army, Navy, Marines, Air Force, Police Force, and the admirers of those who wear the uniform.I just hope you don't mind me being a soldier ...Please Check it out!I'm serious.
Report spam! Don't Just give it a negative vote,REPORT IT!
FIRST, FOR SOME REASON THE VOTING TABS FOR EACH COMMENT ARE BELOW THE ---LINE--- OF THE COMMENT. START FROM THE TOP AND YOU'LL SEE THE TERRIBLE LAYOUT. WATCH OUT FOR THIS!
I liked that she went through the patent process! Yikes. 4 years is average too. I'm in the middle of it right now on a part of a wine rack design of all things. Only part of it is shown on my site right now. I hate being in limbo like this. I've been advised to wait until after the patent is granted to market the rest of it so we will see.
If you have an idea for something simply search around the net and on the USPTO to see if someone hasn't done it already. You might be surprised. Read alot about the patent process and NEVER take the bait of what is called patent submission companies. All they will ever do is take your money. The USPTO even warns about them. Wishing continued success to the creative Ms. Phillips!
Paul
the link to 'switchflops' in the first paragraph is broken, but i'm very interested in this product, especially since it was created by someone my age!
I could not agree more! You can buy twenty pairs of flip flops at a good sale for that price....I am just a practical girl I guess.
I agree... way over priced for this recession we are in.
You must wear some real fine clothes if you're buying flip flops for $1.75 a pair.
I have these shoes and they are more substantial, comfortable and supportive than rubber flip-flops you wear through in a couple of months. This is my second summer with them and they still look good.
To Poot. I've never seen a pair of flip-flops that go with 'fine clothing'
http://www.switchflops.net/ http://justoffmainstreetsalon.com/switchflops.aspx http://www.switchflops.com/retail-locations/ This should give you a few places to look
"The basic sandal itself costs $35, and additional straps are $12." For flip-flops??? These aren't priced for people who are 'on a budget'! It's a fun idea, but WAY over-priced.
Her site is just being hit hard at the moment because of the article. That's all. Give the girl a break.