In Episode #336, Nathan interviews Steven Mazur, co-founder and CEO of Ash & Anvil, a clothing company for short guys. Steven co-founded the company last year and he’s excited about how many dedicated customers their store already has. Tune in to hear how Steven’s getting inventory orders right; the importance of connecting with the entrepreneurs around you; and why everything always takes longer than you think.
- Favorite Book? –How to Win Friends & Influence People
- What CEO do you follow? — Andy Dunn
- Favorite online tool? — Wunderlist
- Do you get 8 hours of sleep?— No
- If you could let your 20 year old self know one thing, what would it be? — Everything takes longer than you think it will
Update: 2 years after appearing on The Top Entrepreneurs, Steven ended up on Shark Tank getting a great deal with Mark Cuban.
Check Ash and Anvil out on Shark Tank Here.
Time Stamped Show Notes:
- 01:20 – Nathan’s introduction
- 01:51 – Welcoming Steven to the show
- 02:06 – “I’m 5’ 6”, my business partner’s 5’ 8” – we decided to be the ones to make clothes for shorter guys”
- 02:56 – Started with an IndieGoGo campaign with a $10k goal, and ended up generating $26k in pre-orders
- 03:40 – The bestseller is their blue gingham shirt
- 04:55 – The price of the shirt is $69 – what are the margins on that?
- 05:20 – Base unit cost at a low volume is around $25
- 05:35 – Around a 55% gross margin at this point
- 06:00 – First run of shirts was 1000 units
- 06:35 – Steven doesn’t have a figure for net margin at this point
- 07:30 – How do you handle the challenge of ordering the right amount of inventory?
- 07:50 – The company is self-funded
- 08:31 – “It always takes longer than you think to order”
- 08:53 – Founded in 2015
- 09:11 – The team is currently just Steven and his co-founder Eric
- 09:37 – The most important metrics for them are revenue, number of customers, and re-order rate
- 10:50 – Close to having 1000 unique customers at the moment
- 11:24 – The next order is 1,250 shirts
- 12:10 – Average customer buys 1.5 shirts
- 12:32 – Total revenue in 2015 was $50k
- 13:30 – What’s Venture For America?
- 14:00 – It’s a startup programme that places entrepreneurs in struggling American cities, like Detroit, and helps them connect with investors and other start-ups
- 16:03 – “It’s been a big part of our story”
- 10:45 – Connect with Steven at Ash & Anvil
- 18:40 – The Famous Five
3 Key Points:
- It takes 10 years to build an overnight success: focus on the long-term and be patient
- Engage with the smart people around you. Be part of your community and your ecosystem
- Start the company that you want to exist – but check that other people want it too
- Host Gator – The site Nathan uses to buy his domain names and hosting for cheapest price possible.
- Freshbooks – The site Nathan uses to manage his invoices and accounts.
- 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