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 bought, donates one other to somebody in want. The B Company has distributed greater than 750,000 pairs throughout the UK, Europe, and most just 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 if 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 many others., 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, one of the vital well-known British entrepreneurs who additionally has dyslexia, and he has been an actual inspiration all through my life.
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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 appeared for an additional job whereas on welfare advantages, I had the chance to launch this aspect undertaking. 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 aspect 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 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 “generate income, then give to charity.” Rubber wristbands like Livestrong have been additionally widespread on the time, elevating cash, displaying 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 option 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 World Objectives. 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 youngster mortality; gross sales of the infant 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 stunned) to study 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 recent 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 many others.). 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 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 massive 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 construct an internet site; this was earlier than even having socks or a manufacturing unit. 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 study graphic design utilizing Illustrator and design socks. I used YouTube to study each issues, not programs, as a result of I could not afford them.
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I saved up my welfare cash to make use of on journey to go to massive commerce exhibits to discover a manufacturing unit 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 inns). I’d communicate with individuals on website 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 offered a problem for 23-year-old me, because it was a little bit of a chicken-and-egg scenario to get a manufacturing unit to imagine in us. After lots of 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 sources which were particularly useful for you in beginning and working 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 study. Being dyslexic, I study 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 an internet site rapidly. As we expanded, we added apps and options to compete with larger corporations, which took time however has helped us scale successfully.
For those who may return in your corporation journey and alter one course of or strategy to avoid wasting you time, vitality or only a headache, what wouldn’t it be, and the way do you want you’d achieved it in a different way?
To save lots of time and vitality, 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 after 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 movement. Utilizing the accounting software program Xero has been phenomenal for our enterprise. It permits me to see our stability sheet in seconds, examine 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 evaluate 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 have discovered notably difficult and/or shocking that individuals who get into this sort of work needs to be ready for, however possible aren’t?
We have been lucky sufficient to pitch on the UK’s model of Shark Tank known as Dragon’s Den. One of many largest obstacles we came upon was how we offered and understood our monetary numbers. As somebody with dyslexia, dealing with many alternative numbers beneath stress was troublesome, 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 aware of within the earlier phases of our enterprise, however have grown to acknowledge how great a distinction it will probably make.
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Are you able to recall a selected occasion when one thing went very unsuitable? How did you repair it?
Given how sudden the pandemic was, challenges in our enterprise escalated rapidly, 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 help frontline staff and to deal with the PPE hole with high quality socks. We began by launching a pre-sale as a option to help frontline staff and hold our lights on, with the caveat to prospects that they possible would not get the socks for 3 months. We bought 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 a bit 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 massive corporations. I truly realized these expertise 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 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 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 pieces your self. There is not a playbook; nobody is handing you a to-do listing. However then again, 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, though my intestine was telling me there was a greater manner. Operating my very own enterprise offers me a chance to take dangers and course right in actual time. Typically these dangers result in flops, however different instances, they’ve led to nice success. The sense of freedom to construct one thing your manner is what retains me going.
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What’s your greatest piece of particular, actionable enterprise recommendation?
Benefit from the journey. It should be manner more durable than you assume if 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 at all times “no” should 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 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. One of the crucial surreal examples? I ended up spending every 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 way of doorways some could have felt that they had 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 manner.” It is good in principle, however if you bootstrap and live in locations like New York Metropolis, you usually cannot afford to rent these individuals. So my strategy has been to study simply the fundamentals — whether or not improvement, sock design, advertising and marketing, and many others. — after which delegate successfully. Do not attempt to be an knowledgeable in all the pieces, however have sufficient foundational information to information somebody who’s.
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