Fidget craze a money- spinner for these kids
The latest school- yard fidget spinner craze is keeping the kids entertained — and giving some a taste for small business.
Two North Shore boys are cashing in on the popularity of the hand- held gadgets — by importing them from America and China and selling them to school mates.
Belmont Intermediate students Toby Cotter, 12, and Zephyr Lovelock, 11, invested their pocket money in 20 fidget spinners three weeks ago.
After quickly selling out, the boys decided to make the most of the craze and doubled their order.
Since then their “school- bag industry” has been thriving and the pair have been taking orders, finding the best deals online, collecting cash and distributing their wares.
Their mark- up is enough to make a profit but still undercuts big- store competition.
Toby said the process had taught him to take risks and his parents had coached him in the basics of business.
“For our second order we decided to pay more for the fastest shipping because we didn’t want to have any left over if the fad ended,” Toby said.
“We know this isn’t going to be forever so we are looking ahead to the next big thing.”
The boys were coy about what they paid for the spinners but sold them for $ 10 each and said in some cases there was a 50 per cent mark- up.
They said the ones they purchased were of better quality than similarly priced gadgets for sale in $ 2 style shops. Other retailers sold the spinners for up to $ 20.
Zephyr found the cheapest fidget spinner wasn’t always the best value for money for their customers and the pair read reviews before placing an order.
“We didn’t want to buy the cheapest ones out there if they were [ bad] quality,” he said.
“Some are a lot slower and a lot smaller than others so we look at all of the reviews carefully.”
Zephyr’s mother Angela Lovelock said the process had been positive with the boys feeling motivated by their success.
“They have seen that is it possible at their age to have their own small business,” she said.
“It i s not just about the fidget spinners but about how they can use what they have learned and look forward to the next big thing.”
Zephyr has held the national snowboarding title for his age group for four years and Angela Lovelock said he was always looking at ways to fundraise for overseas training.
“He has the nationals in Cardrona later in the year but in January he really needs to be training in Colorado to get more experience on the world stage.
“The more money he can save the more training he can do,” Angela Lovelock said.