How to Add Meaning to Your Products | Entrepreneur Tips
Five years ago, while we were designing PEGAI and its business model, we wanted to add an impact and a meaning to our leather crafts that people will enjoy in years to come. While we were brainstorming, we became inspired by TOMS Shoes’ One-on-One Business Model. The TOMS Shoes’ One-on-One Business Model works like this: for every pair of shoes they sell, they give one pair to the underprivileged. So with that, we decided to donate a dollar from each sale of PEGAI crafts to a charity that will support underprivileged children with their education. Education is the most powerful thing one can acquire in their life. Benjamin Franklin once said, “An investment in knowledge pays the best interest.” So, after deciding what our business model will be, we tried to find an organization that will help us with our cause. Luckily, we found Save the Children Organization as our choice of partnership. We started donating a dollar towards this cause for every product we sold since the beginning. Initially, we started with three children sponsorship programs. Now, we are at 200 children who we help on an ongoing basis. We also have another charity in our portfolio helping us to do so with a similar model. The organization basically covers the fundamental needs of underprivileged children - food, shelter, healthcare, and education. We thought of this idea based on our own experiences. We looked back in our life and in our travels in some parts of the world, and we noticed that children didn’t have access to any kind of these fundamental needs, especially in education. In my experience, every step and every level of education I completed enabled me to go to the next level. It helped me accomplish and unleash some more of my potential. So, I want more people to have access to this so that they can also accomplish and discover their own potential and make the world a better place, maybe even better than we can. With our limited resources, we decided to do this kind of work and that made our products more meaningful not only to us and to our craftsmen that were with us, but also to our customers who purchase our products and discover this fact after they make that decision. Believe me, it’s worth making such a decision and incorporating this into your business model because in a sense, it makes our business seem moral. Nine out of ten stores don’t make it after their first five years. But as for PEGAI, we have enjoyed good business growth in our first five years. Of course, nothing's for certain. But anytime anything goes wrong and this business doesn’t survive, those donations we have made will still be there. No one can take that away even if we lose everything at the end. That is the immortal aspect of the business. The legacy of our business will always be there even after everything falls apart. So, consider doing the one-on-one business model, choose a charity, and add meaning to your products. Believe me, it’s very worth it. Your customers will love you and remember you for your good causes. I hope you enjoyed this week’s article. Let me know in the comments section below or on social media with the #TannerLeathersteinEntrepreneurTips on how you plan to add meaning to your products. Always remember that in everything you do, always do it for good. Cheers!