This Aspect Hustle Highlight Q&A options New York Metropolis-based entrepreneur Josh Turner, 34. Turner is the founding father of Stand4Socks, a sock firm that, for each pair offered, donates one other to somebody in want. The B Company has distributed greater than 750,000 pairs throughout the UK, Europe, and most lately, Ukraine. Stand4Socks now sees greater than $1 million in income a yr. Responses have been edited for size and readability.
Picture Credit score: Courtesy of Stand4Socks. Josh Turner.
What was your day job or main occupation while you began your facet hustle?
I have been entrepreneurial for the reason that age of 8, beginning little companies all through my early years of life. Once I was nonetheless in class, I did membership nights, eBay, energy promoting, and so forth., and this laid the muse for being a lifetime entrepreneur.
Being dyslexic, I ultimately had the chance to spend so much of time with Richard Branson, one of the crucial well-known British entrepreneurs who additionally has dyslexia, and he has been an actual inspiration all through my life.
I studied enterprise at college, and once I began my profession, I went to an entrepreneur accelerator program referred to as NEF (New Entrepreneurs Basis). I used to be positioned in a giant company job and, sadly, fired inside six months on Christmas Eve. I by no means needed to work in a giant firm, however as I seemed for an additional job whereas on welfare advantages, I had the chance to launch this facet undertaking. Within the UK, they provide somewhat extra cash to start out an organization on welfare. That was the place to begin — being near homelessness — however the further time and money I needed to pursue this once I misplaced my job was the launchpad.
When did you begin your facet hustle, and the place did you discover the inspiration for it?
In 2015, TOMS Shoes was enormous on the time for its “purchase one, give one” idea, and I noticed how the mash-up of enterprise and charity was really an attainable and scalable idea. I appreciated the thought of a hybrid mannequin of doing good as you do enterprise, not the old-fashioned definition of “generate profits, then give to charity.” Rubber wristbands like Livestrong had been additionally fashionable on the time, elevating cash, exhibiting help and spreading consciousness. Nonetheless, on the finish of the day, they had been simply rubber wristbands, and I figured there needed to be a extra significant and sustainable technique to put on your values. That is when the thought clicked: Why not use colourful socks to indicate what we stand for?
We began in 2015 doing donations linked to the United Nations World Objectives. You put on one sock, and we plant 10 bushes. One other sock helps gender equality and educates a toddler in Afghanistan. A 3rd reduces baby mortality; gross sales of the infant blue sock would assist vaccinate youngsters towards measles. One HIV and AIDS design wasn’t fashionable in the midst of 2016, so I began donating them to homeless shelters. I used to be fast (and stunned) to study that all through this donation course of, many shelters informed me nobody ever donates socks — but socks are essentially the most requested merchandise. Homeless individuals stroll as much as 10 miles a day, and never having contemporary socks can result in very extreme foot well being points. That is when the penny dropped. I noticed we had been placing a lot effort into supporting causes worldwide, however we had missed one thing near dwelling: homelessness. We nonetheless do 10% of different causes (Ukraine, dyslexia, NHS socks, and so forth.). However now, the vast majority of our “purchase one, give one” mannequin helps individuals experiencing homelessness, which we use broadly to assist refugees, individuals in Ukraine, kids in poverty, older individuals and extra.
Picture Credit score: Courtesy of Stand4Socks
What had been a few of the first steps you took to get your facet hustle off the bottom?
On the time, I used to be a 23-year-old millennial who noticed the facility of the web and the way large of an element that may very well be on the success of my enterprise. One of many first issues I did was study to code and build a website; this was earlier than even having socks or a manufacturing facility. In my thoughts, I assumed getting socks could be simple (seems it wasn’t) and studying to code could be one of many tougher enterprise challenges to beat. Secondly, I could not afford a graphic designer or actually any exterior experience. So, I took it upon myself to study graphic design utilizing Illustrator and easy methods to design socks. I used YouTube to study each issues, not programs, as a result of I could not afford them.
I saved up my welfare cash to make use of on journey to go to large commerce exhibits to discover a manufacturing facility for sock manufacturing. I went to Paris, Hong Kong and Turkey for commerce exhibits, staying in hostels and taking low-cost buses (on the time I could not afford direct flights or motels). I’d converse with individuals on website and say, “We’re from Stand4 Socks,” and we might obtain the identical response: That they had by no means heard of us. They knew of the massive manufacturers, however not us, as a result of we did not have a manufacturing facility but. Whereas not shocking, it introduced a problem for 23-year-old me, because it was a little bit of a chicken-and-egg scenario to get a manufacturing facility to consider in us. After loads of hard work, we ultimately landed a manufacturing facility that believed in us, one which we nonetheless have a longstanding relationship with now. They took an opportunity on us when nobody else did. And now the individuals there are like household — they even got here to my wedding ceremony!
Are there any free or paid assets which were particularly useful for you in beginning and operating this enterprise?
As I discussed earlier, YouTube was huge for us. I incessantly name it my co-founder. It taught me something I wanted to study. Being dyslexic, I study greatest from visuals and at my very own tempo. If I acquired misplaced, I might rewind or discover one other video on the subject. Shopify has additionally been a game-changer, particularly as we have grown. It allowed us to launch an internet site rapidly. As we expanded, we added apps and options to compete with larger firms, which took time however has helped us scale successfully.
When you might return in your enterprise journey and alter one course of or method to avoid wasting you time, power or only a headache, what would it not be, and the way do you want you’d performed it in another way?
To save lots of time and power, I’d get a grip on our monetary numbers earlier. I’ve had mentors who emphasize monetary particulars, and my dad has an accounting background. I’ve had occasions after we almost ran out of cash as a result of we donated socks earlier than gross sales got here in or spent an excessive amount of on inventory with out satisfactory cash flow. Utilizing the accounting software program Xero has been phenomenal for our enterprise. It permits me to see our stability sheet in seconds, evaluate yr on yr and month on month, offering real-time monetary insights and comparisons. As a substitute of getting simply annual enterprise plans and money move forecasts, we are actually capable of evaluation our numbers on a weekly or month-to-month foundation, empowering us to remain intently attuned to the numbers. This, in flip, has created alternatives for us to take extra calculated dangers, know when issues are tight and alter technique when wanted.
Picture Credit score: Courtesy of Stand4Socks
Relating to this particular enterprise, what’s one thing you’ve got discovered notably difficult and/or shocking that individuals who get into one of these work needs to be ready for, however doubtless aren’t?
We had been lucky sufficient to pitch on the UK’s model of Shark Tank referred to as Dragon’s Den. One of many largest obstacles we discovered was how we introduced and understood our monetary numbers. As somebody with dyslexia, dealing with many various numbers beneath stress was troublesome, particularly after we had been thrown a ton of questions all of sudden. Since filming in 2019, we have grown considerably and acknowledged the worth of getting a grip on our numbers year-round versus ready till year-end. That is one thing we weren’t aware of within the earlier levels of our enterprise, however have grown to acknowledge how great a distinction it may make.
Are you able to recall a particular occasion when one thing went very incorrect? How did you repair it?
Given how surprising the pandemic was, challenges in our enterprise escalated rapidly, regardless of being an internet enterprise. Our manufacturing facility shut down, and our provide chain was severely disrupted. We got here up with the thought of launching a particular “Assist for Well being Heroes” sock to help frontline employees and to deal with the PPE hole with high quality socks. We began by launching a pre-sale as a technique to help frontline employees and hold our lights on, with the caveat to prospects that they doubtless would not get the socks for 3 months. We offered over 30,000 pairs of socks in that interval, which helped hold our enterprise alive and help a worthy trigger. It actually taught us the energy of our prospects and mission and confirmed that somewhat creativity can go a great distance.
How lengthy did it take you to see constant month-to-month income? How a lot did the facet hustle earn?
It took about 5 years earlier than we had constant month-to-month income. For the primary 5 years, I put a majority of my time into this enterprise, however my earnings got here from freelance work with digital advertising consulting for manufacturers and different large firms. I really discovered these abilities from constructing my enterprise, and that is how I used to be capable of maintain myself and the enterprise within the early days. I labored from my mother’s shed for the primary 5 years, which helped me hold prices low and save as much as ultimately transfer out and proceed to develop the enterprise. This time interval was invaluable for studying how the enterprise operates, enabling extra speedy and sustainable progress within the subsequent 5 years.
What does progress and income appear like now?
We’re now a persistently seven-figure enterprise yearly and worthwhile. We have remained bootstrapped, although, and have not taken any outdoors funding. Our focus is to prioritize sustainable progress, our backside line and profitability. With our enlargement to the U.S. market, we count on 3x progress of the entire world enterprise, and 10x within the subsequent 5 years is what we’re working in direction of.
What do you get pleasure from most about operating this enterprise?
What I get pleasure from most about my enterprise can be what makes it the toughest: Nobody tells you what to do. On one hand, you need to determine the whole lot your self. There is not a playbook; nobody is handing you a to-do checklist. However alternatively, that is precisely what makes it so rewarding. You get to set the route, belief your intestine and comply with your instincts, rightly or wrongly. When working for a big company, I usually noticed inefficient decision-making. At this stage in my profession, being so junior, I had no say, although my intestine was telling me there was a greater means. Working my very own enterprise offers me a possibility to take dangers and course right in actual time. Generally these dangers result in flops, however different occasions, they’ve led to nice success. The sense of freedom to construct one thing your means is what retains me going.
What’s your greatest piece of particular, actionable enterprise recommendation?
Benefit from the journey. It is going to be means tougher than you suppose while you set out, but additionally far more rewarding than you’d ever count on. Do not get overly caught up in milestones — recognize the method.
Additionally, the reply is all the time “no” in case you do not ask the query. So many individuals cease themselves from reaching out due to the concern of being rejected. But when the reply is already “no” in your head, and also you attain out and get a “no,” then nothing’s modified. Do not be afraid to achieve out to individuals since you would possibly simply get a sure.
Picture Credit score: Courtesy of Stand4Socks
That mindset has taken me to some wild locations. Probably the most surreal examples? I ended up spending per week with Sir Richard Branson on his non-public Necker Island. That have did not come from deep connections or privilege: It got here from asking daring, usually unreasonable questions and strolling by doorways some might have felt they’d no enterprise knocking on.
Richard gave me a bit of recommendation that has caught with me: “Rent individuals smarter than you, after which get out of their means.” It is good in concept, however while you bootstrap and live in locations like New York Metropolis, you usually cannot afford to rent these individuals. So my method has been to study simply the fundamentals — whether or not growth, sock design, marketing, and so forth. — after which delegate successfully. Do not attempt to be an professional in the whole lot, however have sufficient foundational information to information somebody who’s.
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