"No matter how small of an idea you think you have you never know how big it really can become," commented 21-year-old Kristy Taylor during an interview with YOUNG MONEY about the "small company" she started.
Founded in January 2000 by Kristy Taylor and her husband Chris, SkinCareRx.com helps consumers make educated choices about their skin care. Initially based in Dr. Mark Taylor’s dermatologist’s office, a renowned and respected dermatologist in Salt Lake City, Utah, the pair has recently outgrown their office space and has since moved into a separate office with additional warehousing space.
Dr. Taylor, who specializes in laser resurfacing, serves as an adviser and co-owner for the company. Typically, when someone needs a second opinion about a skin care product they usually have to either pay a doctor for a consultation or visit a facial clinic for help. With SkinCareRx.com, you can find high quality skin care products along with receiving expert consultation in minutes via their Web site.
"The initial idea came to me when I life-guarded for three years and noticed how my skin was being affected by the sun so as a result I became interested in my own skin care, " says Kristy.
After working three years for Dr. Taylor’s dermatology practice, Kristy’s interest in skin care escalated to a point of laying the groundwork for market research on Web sites that offered skin care consultations as well as high quality and high potency skin care products.
To her surprise and excitement, her search for web sites providing skin care consultation and guidance in a timely manner was few and far between. Kristy then approached Dr. Taylor about her idea and asked if she could sell his skin care products over the Internet.
"We originally created the site to help consumers solve their skin problems, then we developed the idea further by making all of the dermatologist’s products available on the Web," says Kristy. "The key was to offer products that were guaranteed to work such as physician products but not as strong as prescription products," added Kristy.
However, SkinCareRx.com does not answer any medical questions because of the liability. The original design of the company was to provide information to customers about skin care. Customers began asking Kristy about skin care products that would relieve certain ailments they were experiencing such as Melasma, Rosacea and Aging Skin.
In its first year, SkinCareRx posted a profit, which most "dotcom’s" have yet to accomplish. Gross sales in 2000 reached approximately $200,000 with Christmas time sales representing a large portion of those sales. In 2001 the company has projected gross sales of $1.1 million. The company, on average, receives just over 20 orders per day.
At age 21, Kristy Taylor still feels a little nervous about advising older women about skin care seeing she cannot relate to their skin care concerns and problems. But thanks to the growth of SkinCareRx.com in 2000 she has been able to hire a couple of older women to assist middle aged customers on their skin care concerns and needs.
According to Chris Taylor, SkinCareRx.com is not the typical company where a customer calls and speaks to a random representative, or waits for two days for an e-mail response. "We’re really on top of things," says Chris who also owns and manages a successful Internet consulting firm, Atlantis Consulting, LLC. Starting SkinCareRx.com was not an overnight success on all fronts.
"I went several months without paying myself so we could have the cash flow to maintain and grow our business," says Kristy. "I have also had to balance the business with school which has challenges in of itself."
Kristy recently decided to take the most recent semester off at the University of Utah and plans to return to school on a part-time basis next year.
Source: YOUNG MONEY staff
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