This week, I read about Uber's co-founder Garrett Camp reportedly paying $72.5 million for a mansion in the 90210, a record high for Beverly Hills real estate.
Wait, wasn't it only months ago that Uber went public with their IPO, stating that the company "may not achieve profitability"? In fact, revenues surged last year by more than 40% to $11.3 billion, but somehow Uber actually lost $1.8 billion (yes, 1.8 BILLION DOLLARS) in 2018 (reference).
Straight up: I don't understand these economics.
There is work being done, and someone is being rewarded financially, but where is the money coming from? And are the right people getting paid the right amount? And, if the service is of value to people, why are they not paying the amount for the service that is necessary for it to thrive? Or, is the money getting lost somewhere along the way? So many questions!
I don't know if I will receive a satisfactory answer to this (apparently) problematic model, but what is has done is reaffirmed my confidence in how we do things here at dignify.
At dignify, we have a product: kantha blankets. The product is good (we think, and thousands of blankets & happy customers later, it seems you agree!).
We buy the quality product from a reliable, trustworthy source, at a price that we have agreed upon. We've determined that the set price is reasonable to compare with global offerings and customer value. Then, dignify prices & sells the product directly to interested customers.
The price we (dignify) set for our kantha blankets is a number set to pay the bills, enable our ability to grow, and to turn a profit. In short: to sustain continuing business. Most businesses need to create a business model that allows for a consistent profitability, since few entrepreneurs are able to put their business on the stock market and make money from perceived value (rather than actual value).
There's nothing "old fashioned" about an internet shop where I don't see customers' faces. There is no Open/Closed sign, and what passes in & out of our office most frequently are 1s and 0s. But, the old fashioned model of have-a-thing-and-sell-it-for-a-price-and-make-money is one in which I am happy & proud to participate.
Six years ago, my family unknowingly set ourselves on a journey toward starting a children’s clothing company.
It didn’t start with a business plan, it started with a single choice — a simple “no”.
On April 25th, 2013, the four of us — me, my husband, & our two daughters — were sitting together at the table, eating lunch. The news was on, which, in hindsight, was really unusual; we are not typically TV watchers, especially during a mealtime. I don't remember why the TV was on, but I do remember getting out of my chair, picking up my daughter, and walking closer to the television.
I received a big shipment of blankets a few weeks ago, and on Instagram I posted this photo of me with the pallet of 16 large boxes towering over me.
Subsequently, I received several DM questions about when the new blankets would be added to the site. The answer is not now but also always — both are true!
This seemed like a good time to give you all a tour into our dignify back room to explain more of how we make this colorful business work.
I've joked for many years that I think of parenting as "a slow death to self".
The death to self part (or maybe, less dramatically, a minimizing of self) is obvious : as a parent, your own "needs" & desires shuffle down a little lower on the list of importance when you have a dependent. (With the notable exception of that oxygen mask on an airplane, where I'm told you're supposed to put yours on first!).
The "slow" part is maybe a bit more arguable... When a child arrives in a parent's life, things change pretty quickly! But, in my experience, it has overall been a slow process of giving myself up for others, with acute times of change that are particularly noticeable.