Sales began to fall as competitors copied the TOMS slip-on shoe, and the one-to-one donation model was no longer viable. By 2014, the company’s estimated value was $625 million. For every pair of TOMS sold, the company gave another pair to a child in need. He combined entrepreneurship with charity, bringing the canvas shoe style worn widely in Argentina to the United States. TOMS Shoesīlake Mycoskie was traveling in Argentina in 2006 when he realized many children were too poor to have shoes. In 2021, Blakely sold stakes in the company to Winfrey and Reese Witherspoon. Spanx now generates more than $300 to $400 million per year in revenue. The talk show host helped propel the small business into the spotlight in 2000. She learned to write a patent, found a hosiery mill to make her product, designed attention-grabbing packaging and got the product into the hands of Oprah Winfrey. Armed with scissors, she snipped the feet off a pair of control-top pantyhose, and the concept of Spanx was born.īlakely didn't have a business or fashion background, but she forged ahead with $5,000 in savings. She wanted a smoother look under her clothing. Sara Blakely came up with the idea for her company’s body-shaping garments while getting dressed for a party. Grammarly now supports more than 30 million users per day, providing over 100 billion writing suggestions a month. The Grammarly online editor quickly became a profitable small business, racking up 1 million daily users by 2015. In this case, the pivot from plagiarism checker to grammar tool paid off handsomely. “Sometimes your bold pivot may not be your ideal career, but it’s a launchpad to something even better,” she wrote. It is the kind of persistence championed by executive career coach Diana YK Chan. Instead of giving up, the founders shifted their technology to help people improve their writing. The platform wasn’t the trio’s first business venture - My Dropbox, a tool to prevent plagiarism, failed to gain traction. Led by Ukrainian-born entrepreneurs Max Lytvyn, Alex Shevchenko and Dmytro Lider, Grammarly was launched in 2009. Those who are looking for ideas to start their company or have a concept they’re ready to run with can take inspiration from the following small businesses that evolved into industry giants. Starting a small business can be risky, but it can also deliver huge rewards. Several prominent companies began as small ideas before blowing into everyday life. Some entrepreneurs stumble upon a concept when they're not looking, while others refine ideas until they resonate.
When it comes to finding a winning idea for a small business, there's no set path to follow.
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