A student-led business at Vanier Collegiate generated nearly 40-per-cent more in net income than originally projected, which allowed the group to make a large charitable donation and take home some nice profits.
Keychain wristlet company Beadlink Creations — “Hanging on to what matters” — was one of two student-run businesses during this year’s Entrepreneurship 30 class. The groups held their board of directors’ meetings on Jan. 24 and summarized how their Junior Achievement projects went.
Jewelry-focused Unity Jewels — “Something for everyone” — was the other business.
Silicone keychain wristlets
Beadlink Creations planned to sell 200 silicone keychain wristlets — there were three different variations — but exceeded expectations by hawking 240 items, the company’s report said.
Furthermore, the students had expected to net $2,001 in income but took in $2,761.14, a difference of $760.14. After donating 15 per cent — $414.24 — to KidSport Moose Jaw, the company was left with $2,347.39 in net income. This allowed the eight members to receive $293.42 each.
“We’re really happy (with netting more money). That means more money for our charity,” said co-president Timi Konu.
A functional product
The group’s main goal was to provide people with functional and fashionable products while still having fun and creating a professional work environment, said co-president Adysen Moser. The group succeeded and capably filled and delivered all orders.
“This semester gave us all a very good learning opportunity and gave us many skills we can use for our futures. Our biggest takeaways were to keep working hard no matter the situation that may arise,” she added.
Tucker Schwartz, the “jack of all trades” member, said the products’ superior build quality, wide array of colours, customization options, overall design and lower cost helped them stand out on the market.
The beaded keychains didn’t break after a week either, while so far, customers haven’t complained about faulty products, he added.
One reason the wristlets didn’t snap or fall apart is because members learned to double the string and double the knots, said Konu.
Health and safety
Members removed all their personal items from the production table to avoid clutter and any risks that could compromise the creation process, said Gabrielle Orino, head of design. Furthermore, they were prohibited from playing with production tools that might cause injury, such as scissors.
“And (we) ensured that not one single member swallowed a bead,” Orino chuckled, “which is a good thing because we (don’t always) have the mental capacity to stop our impulses.”
The group successfully maintained a safe environment and had adequate quality control measures to ensure excellent quality of products, while in the future, they would consider making beaded lanyards and bookmarks, she added.
Selling the product
Many — if not most — customers took advantage of the company’s ability to customize the bracelets, including corporate purchasers such as Tourism Moose Jaw and Saskatchewan Polytechnic, said Konu.
While members were unable to sell their products through their website — using it mostly to announce their sale locations — they succeeded with direct, personal sales, she continued. The group even considered approaching sports teams and selling them colour-specific products.
The group attempted to complete orders quickly but found it sometimes took longer than expected because they were missing beads or behind in production with older orders, said Markus Simmer, head of production. Moreover, while they had “a few” poor-looking bracelets, members only had to remake about six of them.
Nathan Manzanilla, head of finance, reported that some members forgot to write receipts when they sold products, so he taught everyone how to do so. He also provided them with a template in case they misremembered.
He added that he was thrilled with the diverse income stream the company had, which helped generate more profits.
Feedback
Katherine Gagne, a rep from Junior Achievement (JA), commended the students — especially for their charitable donation — and noted that they were among 500 other youths participating in the provincial program this year. She encouraged them to put this experience on their resumés since it would be attractive to employers.
Crystal Payant with South Central Community Futures told the students that bookkeeping is important since 80 per cent of businesses that fail do so for lack of proper financial accounting.
