This Facet 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 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 once you began your facet hustle?
I have been entrepreneurial because the 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 on., 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 vital 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 wished to work in a giant firm, however as I seemed for one more job whereas on welfare advantages, I had the chance to launch this facet undertaking. Within the UK, they offer a bit more money to start out an organization on welfare. That was the place to begin — being near homelessness — however the additional time and cash 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 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 really an attainable and scalable idea. I favored the thought of a hybrid mannequin of doing good as you do enterprise, not the old fashioned definition of “earn a living, then give to charity.” Rubber wristbands like Livestrong have been additionally widespread on the time, elevating cash, displaying help and spreading consciousness. Nevertheless, on the finish of the day, they have 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 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 Targets. You put on one sock, and we plant 10 timber. One other sock helps gender equality and educates a baby in Afghanistan. A 3rd reduces baby mortality; gross sales of the child blue sock would assist vaccinate children towards measles. One HIV and AIDS design wasn’t widespread 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 noticed we have 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 on.). However now, nearly all 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 have been among 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 ability of the web and the way large 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 facility. In my thoughts, I assumed getting socks can be simple (seems it wasn’t) and studying to code can be one of many more durable 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 learn how to 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 large commerce reveals to discover a manufacturing facility 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 inns). I’d converse with individuals on website and say, “We’re from Stand4 Socks,” and we would obtain the identical response: That they had 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 facility but. Whereas not stunning, 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 quite a lot of arduous work, we finally 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 marriage ceremony!
Are there any free or paid assets which have been particularly useful for you in beginning and working this enterprise?
As I discussed earlier, YouTube was huge for us. I continuously 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 received 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 larger firms, which took time however has helped us scale successfully.
In case you may return in your enterprise journey and alter one course of or strategy to avoid wasting you time, power or only a headache, what wouldn’t it be, and the way do you would like you’d achieved it otherwise?
To avoid wasting 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 sufficient money movement. 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 movement forecasts, we are actually capable of assessment 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
In relation to this particular enterprise, what’s one thing you have discovered notably difficult and/or stunning that individuals who get into such a work needs to be ready for, however probably aren’t?
We have 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 found was how we introduced and understood our monetary numbers. As somebody with dyslexia, dealing with many alternative numbers underneath strain was tough, particularly after we have 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 conscious about within the earlier phases of our enterprise, however have grown to acknowledge how large a distinction it may well make.
Are you able to recall a selected occasion when one thing went very improper? How did you repair it?
Given how surprising the pandemic was, challenges in our enterprise escalated shortly, regardless of being a web-based 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 solution to help frontline employees and hold our lights on, with the caveat to clients 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 help a worthy trigger. It actually taught us the power of our clients and mission and confirmed that a bit creativity can go a good 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 and marketing consulting for manufacturers and different large firms. I really realized 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 finally transfer out and proceed to develop the enterprise. This time interval was invaluable for studying how the enterprise operates, enabling extra speedy and sustainable development within the subsequent 5 years.
What does development and income seem like now?
We’re now a constantly seven-figure enterprise yearly and worthwhile. We have remained bootstrapped, although, and have not taken any outdoors funding. Our focus is to prioritize sustainable development, our backside line and profitability. With our enlargement to the U.S. market, we anticipate 3x development 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 working 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 must work out all the things your self. There is not a playbook; nobody is handing you a to-do checklist. However then again, that is precisely what makes it so rewarding. You get to set the path, belief your intestine and observe 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 method. 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 method is what retains me going.
What’s your greatest piece of particular, actionable enterprise recommendation?
Benefit from the journey. It will be method more durable than you assume once you set out, but in addition far more rewarding than you’d ever anticipate. Do not get overly caught up in milestones — admire the method.
Additionally, the reply is all the time “no” in the event you do not ask the query. So many individuals cease themselves from reaching out due to the worry 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 succeed in 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. One of the surreal examples? I ended up spending every 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 via doorways some might have felt they’d no enterprise knocking on.
Richard gave me a chunk of recommendation that has caught with me: “Rent individuals smarter than you, after which get out of their method.” It is sensible in principle, however once 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 on. — after which delegate successfully. Do not attempt to be an professional in all the things, however have sufficient foundational data to information somebody who’s.
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