Woman’s vision-saving idea makes $250k

It might seem like a simple upgrade to the humble eyepatch but this woman's idea is changing the lives of children who suffer from this condition.

This article was created in sponsorship with Westpac

While the uncertainty of lockdowns and a slower economy made 2020 a trying time for many, Maddy Scavone, 31, saw it as her opportunity to plan and launch her side hustle, Speckles For Kids.

An orthoptist, (someone who specialises in diseases and injuries in and around the eye) the Melbourne woman regularly worked with young children who suffer from amblyopia. Occurring in one in four kids, the condition means vision in one eye is better than the other, with a ‘patching’ treatment usually required to strengthen the weaker eye. 

However, Ms Scavone commonly noticed that kids wouldn’t wear the conventional, “bandaid-like” patches and that’s when she realised there was a gap in the market for child-friendly vision products. The increase in e-commerce sales driven by the pandemic gave her confidence to launch Speckles For Kids while operating from home. 

“The brain is basically getting a blurry image from one eye so it will turn off the eye that's getting the blurry image,” she explained. 

“Therefore, the visual pathway from the eyes to the brain doesn't actually develop, and you need to patch the good eye to encourage the brain to use the eye with the poorer vision.”

“It's often not picked up soon enough and it's quite difficult to change the visual pathway after the age of eight.”

Starting her business in February 2020 pre-COVID, Ms Scavone set out with the goal to create less barriers for her patients to use their patches. Priced at $40 for a pack of 50, her patches come in a multitude of colourful patterns and designs, as well as a reward chart to keep children motivated to wear them. And while her idea may seem simple, it has been life-changing for children who are now keeping up with their treatment. 

“I wanted to make it a fun and a less clinical experience which seemed to take off really well,” she said. 

However, while there was high demand for her product, Ms Scavone said navigating the finances and business administration of maintaining a business was a learning curve. 

She recommends “solo business owners look at outsourcing tasks they can’t do or spend too much time doing, like fulfilment or marketing which can save you time and allows you to ultimately make better products,” Ms Scavone said.

Like many other business owners, COVID-19 came with its curveballs, including delays in freight deliveries and an increase in shipping and material costs. This meant she had to take extra care to factor the additional costs into her profit margins as Ms Scavone didn’t want to increase the price of her products. 

“We had to really plan ahead with our freight deliveries because shipping containers are currently in such high demand making it hard to get our products into the country, or alternatively we’d have to spend extra money on air freight,” she says. 

“If you're starting a business now, you need to plan ahead with your stocks and ordering so you can maintain good profit margins that allow for price increases and for delays.” 

Ms Scavone also made sure to communicate these delays to her customers and offered a presale option, which she says was well-received. 

“Most customers were happy to put an order in knowing they were guaranteed that stock,” she said. 

“It’s important to have different ways to get through times when your product is out of stock because it will happen due to unforeseen circumstances like COVID-19. That way you can still get sales in.”

Ensuring separation between her personal and business-related finances, Ms Scavone took the first step of setting up a business account for all her future transactions. 

Using Westpac Live - the bank's online app - meant she could keep all her details in one system and manage her business finances.

“It’s like a one stop shop,” she said. “I’ve got my personal and business details in one system and can apply for an extra loan down the track too.”

Having a profit-first mindset was also essential for Ms Scavone, a move which helped her generate $250,000 in sales during the first year of operation.

“I now know how many sales I need to make to cover the cost of the inventory that I've purchased but also the ongoing costs of my warehouse and things like advertising or shipping.”

How to turn your side hustle into a full-time job:

1. Create a business plan 

Business plans are an essential first step to help you really understand what it will take to get your business idea up and running. Think about your goals, objectives and working budget - factoring in startup costs and expected revenue.

2. Consider keeping your personal and business transactions separate 

If you’re thinking about going at this full time, setting up a business account will help you to get a clearer understanding of your cash flow. Attached to your business account can be useful tools such as Westpac’s Biz Invoice to help you create, send and manage invoices, which can save you time and allow you to focus on day-to-day operations.

3. Seek expert advice

We know that four in five Australians are thinking about starting a side hustle but taking the first step to launch your business can feel daunting. Don’t be afraid to ask for support from a business advisor, banker, accountant or an industry professional who may be able to offer their guidance.

4. Devise a marketing and sales strategy

You may have a great business idea but chances are it won’t be successful if you don’t generate awareness around it. Consider which channels you will use to reach your target audience - this could be through paid advertising, social media, word of mouth or PR.

Now that Speckles For Kids is more than a year old, Ms Scavone says the most rewarding part of her job is seeing kids actually use her products to help treat their amblyopia and reading the relieved reviews of parents. 

“We've had some really amazing feedback saying that our eye patches are a game changer,” she said.

“Parents have said their child is actually excited to put on their patches and no longer feel self-conscious. I think we’ve done it in a really fun way. 

“Every time I read those reviews it makes me feel like all the hard days, or the times when things weren’t going right, were worth it.”

This article was created in sponsorship with Westpac