As someone who has always despised carrying bulky wallets or purses and was never quite comfortable with her ID photos and cash being displayed on the rubber wallets attached to the back of phones, sophomore Elizabeth Latunski was in desperate need of a new and improved way to carry extra cash and cards.
Ultimately finding a supplier that combined every element she was looking for in a phone wallet—cloth rather than rubber, a cover to conceal the cash, and a secure adhesive—Elizabeth, as the manager of her Intro to Business group, then began brainstorming names for their company.
“[When coming up with a name, it was] a lot of not being able to think of anything, and then a google search,” Elizabeth said. “Plutus is the Greek God of wealth, so a pocket for your money is what we were thinking of it as.”
With a unique name and a unique approach to a common product, Elizabeth and her group members—Kimberly Mullins, marketing; Will Gesik, finance; David Galloway, sales; Michael Frazer, supply chain—delved deeper into the dynamics of working as a group, formulating a company in the midst of COVID-19 chaos, and ultimately broadcasting their vision-turned-reality to a wide audience.
“We’re just starting off our business,” Elizabeth said. “The past month or so, we’ve been going over economics and stuff like that, and now we’re really getting into making the business. Kimberly is talking to FX right now, Michael is ordering everything we need, Will is keeping track of [sales], and David is just making a list of everyone’s emails who are ordering. We’re still trying to figure everything out.”
Because COVID-19 restrictions play a part in virtually every aspect of life, there are speculations with every group as to the logistics of safely delivering their products. But, a concrete launch date for the groups has not been decided, so there is plenty of time to discuss all aspects of ordering their supplies and delivering them.
As for getting the word out about their one-of-a-kind phone wallet, Elizabeth mentioned that their main “brand,” per se, was the unique feature of having the security of the cover. Hoping to entice those who have the same mindset as Elizabeth and her group members, being that money security is their main priority, Pocket Plutus is confident in the safe and secure aspects of their product.
Additionally, with a website, an Instagram, posters around the school, and TCT and FX coverage, Pocket Plutus has spent a considerable amount of time marketing their product—and it has paid off. With over 30 presales as of Monday, Nov. 9, profits are projected to be high; Pocket Plutus will be donating 15% of their sales to Save the Children, a non-profit organization that aids impoverished children in getting the education that they deserve.
With a unified mindset that they are extremely privileged to go to school at FHC, Pocket Plutus chose Save the Children as their required Corporate Social Responsibility (CSR) in order to give back to those less fortunate than themselves.
“You have to give back to the community as [part of the project],” Elizabeth said. “We are donating 15% of our total profits to Save The Children. There have been a lot of problems related to COVID-19, which is what [we had in mind] when picking that.”
Considering some of the unknown circumstances when it comes to COVID-19, one of Pocket Plutus’ main priorities throughout the project and beyond is customer satisfaction.
Because they want to give back to the community as much as possible, Elizabeth laid out their extensive plans for packaging and delivering as safely as they can in order to build trust with their customers, ultimately maximizing profit for both themselves and Save the Children.
“We have to talk to Mr. Lowe [about delivery options], to be completely honest,” Elizabeth said. “He hasn’t really given clear answers [yet] because he doesn’t have clear answers [himself] about how delivery would work with COVID-19. We are going to be wearing masks, because, you know, ‘corona,’ and we’re also going to be wearing gloves when handling everything just to minimize any potential sickness.”
With a solid foundation and a strong grasp on the ins and outs of starting a company, Pocket Plutus is in the early stages of taking orders and delivering them. With a philanthropic group mindset and a strong regard for safety and security, their phone wallets are a unique take on carrying cash—and it’s for a much larger cause.