I will make a guess that you will soon see a mimish storage beanbag invented by Andrea Soto at many parents’ houses, daycare centers and colleges. Why? The idea is ingenious – reduce the clutter in your home and add a comfortable seat while doing it. What parent wouldn’t say yes to that? You can store everything from toys, blankets, scarves and more. It’s as easy as fill, zip, and sit. Andrea’s patented invention has already received a lot of publicity – winning “best new lifestyle product” (Bloggers’ best out of over 70 products!) at NY NOW show in August and snagging a win from the “Shark Tank” sharks at the Katie Couric show. Andrea Soto takes after her family’s entrepreneurial spirit and I hope you can learn something new from her experience in this interview.
What does “mimish” stand for?
Mimish is our daughter Camila’s nickname. When thinking about my business name, I wanted to somehow pay tribute to my mother and her sisters who grew up poor and became very successful entrepreneurs. My daughter has a very strong character, and so I named the business for her, because she’s the next one in a line of strong women.
How did you first come up with the idea for Mimish and the beanbag storage chair?
I was working as a child therapist and I used beanbags in my therapy sessions with autistic children. I had two young kids and a very messy house. One day, while the kids were playing on the beanbags, it clicked. What if you could put all this stuff inside these beanbags, and out of sight?
Was it your first invention?
Yes. But there are more on the way.
Congratulations on getting the patent! What was the patent process like?
The process is long and detailed. Oftentimes, you have to go back and forth a few times with the patent examiners office, so you have to have a great attorney to shepherd you through the process. The more experienced the attorney, the better. And we had a good one. He helped us every step of the way and made it easy.
What are your sales channels? What’s the reaction from buyers so far?
We sell our products on our website mimishdesigns.com as well as wayfair.com and in various outlets through the buys we’ve met. We’ve gotten amazing responses from buyers, especially at the NY Now trade show, where we received a couple of awards.
I love the idea of extra storage, of practical use of space. Do you apply your organizational or design skills in other products or ventures?
Yes. The driving force of our company is to make products for children, solutions for parents. We design practical products which also look good in any room in the house.
What do people like the most about the beanbag?
The concept. But also the colors and fabrics we have are really beautiful and make a great accent to any furniture situation.
How long and how much capital did it take to get it off the ground from the original concept?
It has taken about two years and $30,000 to get to where I’m at right now. Most of the investment has been in marketing and promotion.
I’m glad to hear you’re making the product in the US, but how do you counter the cheaper manufacturing costs for products made overseas?
I can’t lie, it IS cheaper outside the US. It does, however take a bigger chunk of investment if I decide to take that step. I’m starting small and right now I have a great manufacturer in Chicago who I get along with very well. I plan on continuing with them until the next opportunity presents itself.
Where would you like to see Mimish in the future?
Designing products for major retailers and small, hip stores over the world. I’d like to see our products in everyone’s house, apartment, and dorm room.
Which marketing channels are most important to you?
Blogs, magazines, television exposure, and face to face contact with buyers. Trade shows are indispensable for the last one.
What’s been the most challenging moment with the business so far? What lessons did you learn?
The most challenging thing has been reducing my costs. The bigger fish want more margins. So it’s a general issue of trying to balance expanding the business without shooting myself int he foot.
What has been the biggest success of Mimish so far?
We won a couple of awards at NY Now for best new product, and were featured on the Katie Couric show “Mothers of Invention” segment with the Shark Tank judges, airing on September 20, 2013.
How have the women in your family influence where you are today?
My mom and aunts built their own businesses from scratch. They put their passion and hard work into their businesses and have been very successful. They are powerful personalities but they listen and genuinely care about the people around them. They are very generous with their employees and are good a creating a positive business environment for everybody.
As a mom of two, how do you manage your time between family and work?
It’s challenging, but I basically have time when my kids are at school. Then I start working after they go to bed. My husband is a musician who has a crazy schedule, but he works in TV and has a good deal of time off during the summer.
What advice would you give to moms that want to launch their own business?
Surround yourself with people whose opinion you admire, and don’t be afraid to ask them how they feel about what you’re doing. Stay humble, and know that you can’t do it alone. It takes many people’s time and sacrifice to build a business. To keep the energy, you must have a passion for what you are doing.
What’s next for you?
I’m currently designing and developing new products to launch soon.
If I asked your kids, what kind of mom you are, what would they say?
That I am a giving, loving, and cuddly mom. And they definitely know the rules! What Mommy says, goes!
