In Episode #295, Nathan interviews Aman Advani, a man who’s bringing technological innovation to the fashion industry. Aman’s the founder of Ministry of Supply, a company that’s employing engineers alongside fashion designers to bring performance technology into the wear-to-work clothing space. Listen in as Nathan and Aman talk minimum wage, which numbers to focus on, and just how Ministry Of Supply made 14x their Kickstarter goal.
- Favorite Book? – Good To Great
- What CEO do you follow? — John Carlson
- What is your favorite online tool? — Boomerang
- Do you get 8 hours of sleep?— No
- If you could let your 20 year old self know one thing, what would it be? —In building a business, all the easy things are hard and all the hard things are easy
Time Stamped Show Notes:
- 01:30 – Nathan’s introduction
- 01:58 – Welcoming Aman to the show
- 02:08 – Ministry Of Supply generates revenue through selling products
- 02:40 – Company launched on Kickstarter in 2012, raising $429k – 14x their goal
- 03:34 – Sampler package sold for $150
- 03:53 – “We didn’t factor in packaging or shipping…we joke that we probably lost money”
- 04:24 – Shipped over 100k units
- 04:55 – Started with a repeat rate of 10-20% over 22 days – that’s now doubled
- 05:50 – Team of 20 people
- 06:00 – Taken $7 million in outside financing through 2 priced rounds and 1 convertible note
- 06:40 – Currently focused on growth: they aren’t profitable
- 07:05 – Hoping to be profitable later this year
- 07:30 – Made $500k in sales in 2012
- 07:35 – Nathan guesses around $4 million in topline revenue in 2015
- 08:40 – Aman would rather focus on numbers like margins and repeat rate than revenue
- 10:05 – A direct sales model; not subscription
- 10:44 – Around 50k customers so far
- 11:00 – Focusing on optimising gross margin
- 12:00 – “We’re infusing technology into a fairly stagnant fashion business”
- 13:00 – Acquisition: currently investing in podcast advertising and direct mail
- 13:40 – Currently have two brick-and-mortar stores that are a significant investment
- 14:15 – “What’s your position on $15 minimum wage?”
- 15:30 – We’ll automate certain tasks and re-allocate humans to higher-value tasks
- 16:10 – Optimising inventory turnover – “A good rate for us would be 4-5 turns a year”
- 16:57 – Connect with Aman on Linkedin
- 19:25 – Famous Five
3 Key Points:
- Choose to focus on numbers that mean something to you.
- Put people in the highest-value positions you can. Make the most of your workforce.
- You don’t need to be immediately profitable – but know when you’re going to be profitable
- Freshbooks – The site Nathan uses to manage his invoices and accounts.
- Host Gator – The site Nathan uses to buy his domain names and hosting for cheapest price possible.
- Leadpages – The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
- Audible – Nathan uses Audible when he’s driving from Austin to San Antonio (1.5 hour drive) to listen to audio books.
- Show Notes provided by Mallard Creatives