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 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 facet hustle?
I have been entrepreneurial for the reason that age of 8, beginning little companies all through my early years of life. After I was nonetheless at school, I did membership nights, eBay, energy promoting, and so forth., and this laid the inspiration for being a lifetime entrepreneur.
Being dyslexic, I finally had the chance to spend so much of time with Richard Branson, probably the most 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 an enormous company job and, sadly, fired inside six months on Christmas Eve. I by no means needed to work in an enormous firm, however as I appeared for one more job whereas on welfare advantages, I had the chance to launch this facet venture. Within the UK, they provide a bit extra cash 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 Sneakers 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 “make cash, then give to charity.” Rubber wristbands like Livestrong have been additionally fashionable on the time, elevating cash, exhibiting help and spreading consciousness. Nonetheless, on the finish of the day, they have been simply rubber wristbands, and I figured there needed to be a extra significant and sustainable method to put on your values. That is when the thought clicked: Why not use colourful socks to point out 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 timber. One other sock helps gender equality and educates a baby in Afghanistan. A 3rd reduces little one mortality; gross sales of the newborn blue sock would assist vaccinate children in opposition to 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 be taught that all through this donation course of, many shelters advised me nobody ever donates socks — but socks are probably the most requested merchandise. Homeless folks stroll as much as 10 miles a day, and never having recent socks can result in very extreme foot well being points. That is when the penny dropped. I spotted we have 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 folks experiencing homelessness, which we use broadly to assist refugees, folks in Ukraine, kids in poverty, older folks and extra.
Picture Credit score: Courtesy of Stand4Socks
What have been a number 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 massive of an element that might 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 believed getting socks can be straightforward (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 methods 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 massive 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 accommodations). I’d communicate with folks on web site 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 offered 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 imagine in us. After a whole 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 folks there are like household — they even got here to my marriage ceremony!
Are there any free or paid sources which have been particularly useful for you in beginning and operating this enterprise?
As I discussed earlier, YouTube was huge for us. I ceaselessly name it my co-founder. It taught me something I wanted to be taught. Being dyslexic, I be taught finest from visuals and at my very own tempo. If I received 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 a web site rapidly. As we expanded, we added apps and options to compete with larger firms, which took time however has helped us scale successfully.
In the event you might return in your small business journey and alter one course of or method to avoid wasting you time, power or only a headache, what wouldn’t it be, and the way do you want you’d accomplished 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 instances once we practically 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 money circulation. Utilizing the accounting software program Xero has been phenomenal for our enterprise. It permits me to see our stability sheet in seconds, examine 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 circulation forecasts, we at the moment are in a position to overview 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 the case of this particular enterprise, what’s one thing you have discovered significantly difficult and/or stunning that individuals who get into this sort of work ought to be ready for, however seemingly 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 greatest obstacles we came upon was how we offered and understood our monetary numbers. As somebody with dyslexia, dealing with many various numbers beneath strain was tough, particularly once we have been thrown a ton of questions unexpectedly. 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 levels of our enterprise, however have grown to acknowledge how large a distinction it may possibly make.
Are you able to recall a particular occasion when one thing went very flawed? How did you repair it?
Given how surprising the pandemic was, challenges in our enterprise escalated rapidly, 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 staff and to deal with the PPE hole with high quality socks. We began by launching a pre-sale as a method to help frontline staff and maintain our lights on, with the caveat to prospects that they seemingly would not get the socks for 3 months. We offered over 30,000 pairs of socks in that interval, which helped maintain our enterprise alive and help a worthy trigger. It actually taught us the energy of our prospects 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 revenue got here from freelance work with digital advertising and marketing consulting for manufacturers and different massive firms. I really discovered these abilities 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 maintain 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 fast and sustainable progress within the subsequent 5 years.
What does progress and income appear to be now?
We’re now a constantly 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 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 work out all the pieces your self. There is not a playbook; nobody is handing you a to-do checklist. However however, 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, although my intestine was telling me there was a greater method. Operating 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 instances, they’ve led to nice success. The sense of freedom to construct one thing your method is what retains me going.
What’s your finest piece of particular, actionable enterprise recommendation?
Benefit from the journey. It should be method more durable 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 — respect the method.
Additionally, the reply is all the time “no” for those who 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 folks 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 by means of doorways some could have felt that they had no enterprise knocking on.
Richard gave me a bit of recommendation that has caught with me: “Rent folks smarter than you, after which get out of their method.” It is good in concept, however whenever you bootstrap and live in locations like New York Metropolis, you typically cannot afford to rent these folks. So my method has been to be taught simply the fundamentals — whether or not growth, sock design, advertising and marketing, and so forth. — after which delegate successfully. Do not attempt to be an skilled in all the pieces, however have sufficient foundational data to information somebody who’s.
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