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 not too long ago, Ukraine. Stand4Socks now sees greater than $1 million in income a 12 months. Responses have been edited for size and readability.
Picture Credit score: Courtesy of Stand4Socks. Josh Turner.
What was your day job or main occupation whenever you began your aspect hustle?
I have been entrepreneurial because the age of 8, beginning little companies all through my early years of life. After I was nonetheless in class, I did membership nights, eBay, energy promoting, and so forth., and this laid the inspiration for being a lifetime entrepreneur.
Being dyslexic, I ultimately had the chance to spend so much of time with Richard Branson, some of the 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 known as NEF (New Entrepreneurs Basis). I used to be positioned in an enormous company job and, sadly, fired inside six months on Christmas Eve. I by no means wished to work in an enormous firm, however as I seemed for an additional job whereas on welfare advantages, I had the chance to launch this aspect mission. Within the UK, they offer a bit of more money to begin an organization on welfare. That was the start line — 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 aspect hustle, and the place did you discover the inspiration for it?
In 2015, TOMS Footwear was big on the time for its “purchase one, give one” idea, and I noticed how the mash-up of enterprise and charity was truly an attainable and scalable idea. I appreciated the concept of a hybrid mannequin of doing good as you do enterprise, not the old fashioned definition of “become profitable, then give to charity.” Rubber wristbands like Livestrong had been additionally in style on the time, elevating cash, exhibiting assist 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 solution to put on your values. That is when the concept clicked: Why not use colourful socks to indicate what we stand for?
We began in 2015 doing donations linked to the United Nations International Targets. You put on one sock, and we plant 10 bushes. One other sock helps gender equality and educates a baby in Afghanistan. A 3rd reduces baby mortality; gross sales of the newborn blue sock would assist vaccinate youngsters in opposition to measles. One HIV and AIDS design wasn’t in style in the midst of 2016, so I began donating them to homeless shelters. I used to be fast (and shocked) to be taught that all through this donation course of, many shelters instructed 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 spotted we had been placing a lot effort into supporting causes worldwide, however we had missed one thing near residence: 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, youngsters 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 aspect 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 huge of an element that could possibly be on the success of my enterprise. One of many first issues I did was be taught to code and construct a web site; this was earlier than even having socks or a manufacturing unit. In my thoughts, I believed getting socks could be straightforward (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 be taught graphic design utilizing Illustrator and how you can design socks. I used YouTube to be taught 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 huge commerce reveals to discover a manufacturing unit for sock manufacturing. I went to Paris, Hong Kong and Turkey for commerce reveals, staying in hostels and taking low-cost buses (on the time I could not afford direct flights or resorts). I’d communicate with individuals on web site and say, “We’re from Stand4 Socks,” and we might obtain the identical response: They’d by no means heard of us. They knew of the large manufacturers, however not us, as a result of we did not have a manufacturing unit but. Whereas not shocking, it introduced a problem for 23-year-old me, because it was a little bit of a chicken-and-egg state of affairs to get a manufacturing unit to consider in us. After numerous arduous work, we ultimately landed a manufacturing unit 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 marriage ceremony!
Are there any free or paid assets which have been particularly useful for you in beginning and operating this enterprise?
As I discussed earlier, YouTube was huge for us. I often name it my co-founder. It taught me something I wanted to be taught. Being dyslexic, I be taught greatest from visuals and at my very own tempo. If I bought misplaced, I may 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 a web site shortly. As we expanded, we added apps and options to compete with greater corporations, which took time however has helped us scale successfully.
Should you may return in what you are promoting journey and alter one course of or strategy to save lots of you time, power or only a headache, what wouldn’t it be, and the way do you would like you’d finished it otherwise?
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 once 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 sufficient money stream. Utilizing the accounting software program Xero has been phenomenal for our enterprise. It permits me to see our steadiness sheet in seconds, evaluate 12 months on 12 months and month on month, offering real-time monetary insights and comparisons. As an alternative of getting simply annual enterprise plans and money stream forecasts, we are actually in a position to assessment our numbers on a weekly or month-to-month foundation, empowering us to remain carefully 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
In terms of this particular enterprise, what’s one thing you’ve got discovered notably difficult and/or shocking that individuals who get into this sort of work needs to be ready for, however probably aren’t?
We had been lucky sufficient to pitch on the UK’s model of Shark Tank known as Dragon’s Den. One of many largest obstacles we found was how we introduced and understood our monetary numbers. As somebody with dyslexia, dealing with many various numbers beneath strain was tough, particularly once we had been thrown a ton of questions suddenly. 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 will probably make.
Are you able to recall a selected occasion when one thing went very improper? How did you repair it?
Given how sudden the pandemic was, challenges in our enterprise escalated shortly, regardless of being a web-based enterprise. Our manufacturing unit shut down, and our provide chain was severely disrupted. We got here up with the concept of launching a particular “Assist for Well being Heroes” sock to assist frontline staff and to deal with the PPE hole with high quality socks. We began by launching a pre-sale as a solution to assist frontline staff and hold our lights on, with the caveat to prospects that they probably 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 assist a worthy trigger. It actually taught us the power of our prospects and mission and confirmed that a bit of creativity can go a great distance.
How lengthy did it take you to see constant month-to-month income? How a lot did the aspect 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 and marketing consulting for manufacturers and different huge corporations. I truly discovered these expertise from constructing my enterprise, and that is how I used to be in a position to 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 fast and sustainable progress within the subsequent 5 years.
What does progress and income appear to be now?
We’re now a persistently seven-figure enterprise yearly and worthwhile. We have remained bootstrapped, although, and have not taken any exterior funding. Our focus is to prioritize sustainable progress, our backside line and profitability. With our growth to the U.S. market, we count on 3x progress of the entire international enterprise, and 10x within the subsequent 5 years is what we’re working in the 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, it’s a must to work out the whole lot your self. There is not a playbook; nobody is handing you a to-do record. However however, 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 typically noticed inefficient decision-making. At this stage in my profession, being so junior, I had no say, despite the fact that my intestine was telling me there was a greater approach. Operating my very own enterprise offers me a chance 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 approach is what retains me going.
What’s your greatest piece of particular, actionable enterprise recommendation?
Benefit from the journey. It will be approach tougher than you suppose whenever you set out, but in addition far more rewarding than you’d ever count on. Do not get overly caught up in milestones — admire the method.
Additionally, the reply is at all times “no” when 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 may 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 personal Necker Island. That have did not come from deep connections or privilege: It got here from asking daring, typically unreasonable questions and strolling by doorways some might have felt that they had 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 approach.” It is sensible in principle, however whenever you bootstrap and live in locations like New York Metropolis, you typically cannot afford to rent these individuals. So my strategy has been to be taught simply the fundamentals — whether or not improvement, sock design, advertising and marketing, and so forth. — after which delegate successfully. Do not attempt to be an skilled in the whole lot, however have sufficient foundational data to information somebody who’s.
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