Crib Sheet #64: ToyConomy’s Shannon McAfee.

Could this be more clever?  We knew that our kids cared about a favorite toy for all of two seconds before moving onto the next favorite, but to launch a business celebrating tiny attention spans is pure genius.  Check out how Shannon does it, and find out her lessons learned which can surely help us all.

What business did you start up?

TOYconomy – an online kids’ toy rental service to help parents and caregivers “Spend Less, Play More!” I believe in the value of play and finding the right toys, games, or other products to meet each child’s developmental needs and interests. However, toys can be costly and they also have a tendency to take up all of the space in your house. So, TOYconomy was created to meet both needs – the need for play and the need for parents to save money (as well as space and resources!). Renting toys is simply a more economical and eco-friendly way to entertain and educate kids.

What motivated you to do it?

I was tired of spending money on toys that my kids played with for a month or two and then watching them pile up in different areas of our house. I wanted a way to cut down on the clutter while still providing my kids products that would stimulate imagination and promote learning.

After Christmas in 2009, I realized that with all the money we were spending on toys for our kids, they actually attached to very few of them. I thought it would be great to be able to test the toys and send them back when my kids lost interest. I researched online for companies that might offer a toy rental service and only found a couple in the U.S. One focused on baby toys with a monthly subscription and the other offered themed toy buckets. I really wanted a service where I could choose the products I wanted without being tied into a recurring subscription. Since I couldn’t find exactly what I wanted, I decided to start my own company.

How many children do you have, and how old are they?

I have three girls, ages 7, 4, and 2.

How long have you been running your business?

My business was established in March 2010, but I have made many changes since then. I believe that I have now created a solid website and rental service and that was completed in December 2010.

How long did it take you to start becoming profitable and/or successful, however you choose to measure success?

I am in the early stages of my business but I have orders coming in every month. In January, I completed my first large toy-rental service order for a company event where they provided a babysitting service for their employees’ kids. The fact that there are people who are willing to put their trust and money into my rental service makes me feel that I have already succeeded.

How did your family react to you starting your own business?

My husband has been 100% supportive. I could not have come as far as I have without him.  And my kids love being the “testers” for new products.

Easiest part of your job?

Hardest part of your job?

Finding that balance between work and family.

What skill would you most like to improve?

Every skill! I believe that there is always room for improvement. I have never owned a business before so it is an ongoing learning process for me. I wish I had a mentor.

What tools or advice do you wish you knew then that you know now?

In the summer of 2010, I hired a web design company to create a website for me. They created a visually appealing website, but it was not very functional or practical for my business model. I wasted a lot of time and money. I am now working with someone who has helped me get the website to where it needs to be. I am so thankful that I found him and only wish I had started working with him sooner.

What is the accomplishment you are most proud of?

A couple of weeks before Christmas, a local news reporter called me and wanted to interview me for the evening news. It was a very proud moment for me to know that he felt my company was newsworthy. It was an amazing experience and one for which I will always be grateful.

Can you recommend 3 essential websites for moms in, or going into, business?

Incfile.com – I used this website to form my LLC. They were very easy to work with and had reasonable rates.
Twitter.com – I would highly recommend to anyone starting a business that they create a business twitter account. I have formed so many connections through twitter – it opens up the door for great networking opportunities.
Elance.com – this is a great way to find people to help you build your company without having to hire full-time employees.

Favorite part of a typical day?

My favorite part of the day is when I can sit down, one-on-one, with one of my kids and spend quality time with them – reading a book, playing a game, or just watching them play. It is really amazing what you can learn about your child just by observing his/her play time.

And a few more questions, considering that American Express should be featuring more mom entrepreneurs…

Childhood ambition? To become a teacher.

Time of day you get the most work done? At night after the kids are in bed

Last purchase? Pull ups – hopefully my last package ever!

Favorite book or magazine? Till We Have Faces by C.S. Lewis

Inspiration? Music – I always find inspiration when listening to music

Least likely to…..go skydiving.

My life…..is an ongoing adventure.