CURRENT PROJECT | LITKIT
LITKIT delivers experimental and independently published literature, writing devices, and creative prompts to writers and lit lovers.
MY ROLE: Founder and Creative Director. Involved in all aspects of decision-making, from conception to current iteration.
THE CHALLENGE: LITKIT was initially intended to be a 12-month project, launched via Kickstarter. The identified goal was the creation of a fully-operational subscription-box service, which could be managed via mobile device. Limitations included an annual administrative/operating budget of less than $3000 (excluding labor-hours and inventory cost).
SUCCESSES: The campaign raised approximately ten times the original goal. After funding, our subscribers received their first delivery within thirty days. Adhering to the original budget, we’ve emphasized carefully curated, high-quality product and personalized service in lieu of advertising spend, and seen it pay off; in fact, our orders are obtained solely through unsolicited reviews and word-of-mouth. Leveraging the lessons of predecessors, LITKIT was also designed with scalability in mind, which allowed us to transition gracefully from a small artistic endeavor, to a fully-functional business.
FIRSTS: This was my first legal partnership, my first successful crowdfunding campaign, and my first time designing a business centered on fulfillment of physical product.
LESSONS LEARNED: Partnership contracts are essential - and it pays to double and triple-check all legal agreements and filings. Delegation of specialty tasks (especially legal administration, accounting, and tax services) is absolutely essential for a start-up, even when bootstrapping. Lastly, while most advisors seem to emphasize the value of maintaining a back-up plan, it is equally important to anticipate and plan for success; a business strategy which fails to account for accelerated growth can literally cripple a start-up.
Interested in learning more about this project? Click here.