This entrepreneur mom faced challenges when buying used baby gear, so she started a business. She offers four tips for entrepreneurs.
In 2015, when Kristin Langenfeld became a mom, she was dismayed by the restricted choices for purchasing secondhand baby items.
"Although the items are very expensive, they are not used for long periods. A baby only uses a swing for a few months, and then it becomes unused," Langenfeld stated.
In 2016, Langenfeld left her career in Big Tech to focus on founding GoodBuy Gear, a managed marketplace for used baby and kid items.
Langenfeld, who has an electrical engineering degree and has specialized in mobile identity authentication throughout his career, found it strange to start a company in the retail recommerce space. However, it was a personal pain point that motivated him to do so.
GoodBuy Gear began with a modest email list of 20 families. Now, according to Langenfeld, the site has a vast customer base of tens of thousands who engage in buying and selling activities on a monthly basis.
To guarantee the safety, quality, and non-recall of items, you require a trusted third party. Additionally, this service offers the convenience of eliminating the need to spend half your day communicating with strangers on marketplaces like Amazon or Craigslist.
If you have a passion for solving a problem and are willing to pivot and start small, you can turn it into a successful business opportunity, according to Langenfeld.
According to Langenfeld, the initial aim of the company was to function as a peer-to-peer marketplace. However, when they visited people's homes, they were met with the response, "I have so many other things that I want to sell."
Buy Buy Baby, a national retailer run by Langenfeld, partnered with GoodBuy Gear earlier this year. This partnership allows GoodBuy Gear customers to exchange 25 different baby products at all Buy Buy Baby locations for store credit. Langenfeld discovered the shopping trends that led to this partnership.
"The trend that cannot be ignored is recommerce, and the percentage of customers embracing the secondhand resale world ranges from 12% to 30% in some categories, particularly baby and kid gear," Langenfeld stated.
GoodBuy Gear currently has branches in Texas, Colorado, and Pennsylvania, and intends to open outlets in Washington, D.C., New York, and California in the near future.
To hear all four of Langenfeld's strategies for turning a personal pain point into a successful business opportunity, watch the video.
To receive the 8-week course on financial freedom, Money 101, click here. For the Spanish version, Dinero 101, click here.
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