Four ways to use a personal pain point to build a successful business


When Kristin Langenfeld became a mom in 2015, she was annoyed by the restricted options for shopping for made use of little one equipment.

“The objects are particularly expensive, but they really will not get utilised for really lengthy. A child can use a swing for a make any difference of months, and then what do you do with it?” Langenfeld mentioned.

Langenfeld decided to depart her occupation in Big Tech to focus on getting a answer. She co-established GoodBuy Equipment in 2016, a managed marketplace for used little one and kid items.

“I have an electrical engineering diploma and I have specialized in cellular identity authentication for all my occupation, so it seems quite weird to go and start off a corporation in the retail recommerce place. But it was definitely a personal agony level,” Langenfeld reported.

GoodBuy Equipment started off with an e-mail list of just 20 households. These days, Langenfeld claims, there are tens of 1000’s of customers who acquire and promote on the web page every thirty day period.

“You want to have a third bash that you can have faith in to assure that individuals items are protected, they’re excellent-checked, they are not recalled. And then you also get the usefulness of not possessing to spend fifty percent your day heading back and forth with random strangers on Facebook [Marketplace] or Craigslist.

Enthusiasm for fixing a trouble can develop into a effective enterprise opportunity, if you commence small and are eager to pivot, Langenfeld explained.

“The first edition of the business was trying to be a peer-to-peer market, and when we showed up at people’s houses they reported, ‘I have so much other matters that I want to sell,'” Langenfeld said.

Previously this calendar year, GoodBuy Gear released a partnership with countrywide retailer Get Invest in Child, which is operate by Mattress Bathtub & Past. GoodBuy Gear customers can trade in 25 unique child solutions at all Acquire Purchase Newborn locations in trade for shop credit. Langenfeld solid the partnership by tracking purchasing trends.

“The trend that can’t be disregarded is recommerce and how a lot of consumers definitely are embracing the secondhand resale planet,” Langenfeld explained. “Especially in toddler and child gear, where some categories it ranges from 12% to 30% of the solutions are truly previously being acquired secondhand.”

GoodBuy Equipment has spots in Texas, Colorado, and Pennsylvania, and has plans to develop to Washington, D.C., New York and California afterwards this 12 months.

Look at the video clip to hear all four of Langenfeld’s procedures for turning a particular agony position into a successful business opportunity.

Indication UP: Cash 101 is an 8-week understanding class to financial freedom, sent weekly to your inbox. For the Spanish edition, Dinero 101, simply click listed here.

Look at OUT: Supersaver who banked 78% of his profits and no more time has to care about income: How I did it with Acorns+CNBC

Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.



Resource connection