This is a really fantastic opportunity to enter the eCommerce market with a funky and fun sock brand. Over the past decade (maybe more?) the “cool” sock trend has grown quickly, with more and more people looking to showcase their personality on their feet.
This brand has seen fast success, making several hundred dollars in monthly profit while working just part time. Imagine what would happen if you took this to the next level…
Want all the details? Watch the video below and have the seller walk you through it all.
Tell us a little about yourself. What’s your background? How did you start with this business?
My name is Matt and I am a digital marketing and eCommerce professional that has been working full time for many medium sized businesses that have served both local and national markets for the past 8 years.
I started this business as a side hobby because I love fun socks and I saw an opportunity in the market. This is when my Sock Business was born. For the past year I have grown the business significantly, putting the right foundation and framework in place to scale this business from working with suppliers to get the product to me in 5 days and to fulfilling my own inventory. We have also continued to grow our wholesale program every month.
You currently hold inventory and run fulfillment yourself. Would it be possible to use your supplier as a drop-shipper if the new owner didn’t want to manage in-house storage and fulfillment?
My suppliers would allow you to drop-ship, however, lead time would be around 2-3 weeks to get the product into the customers hands. I built this business on the speed of delivery. If someone places an order before 5pm, it will go out the same day and in the customers hands within 2-3 days. Our competitors fall short on this promise. To replenish inventory it takes around 5 days for me to get it in from our suppliers in China.
How much time does it take to run the business, who else is needed on the team, and what, if anything, is automated?
Because I have a full time position that occupies a majority of my time, I try to spend around 1-2 hours a day on fulfillment, building out email campaigns and customer service tickets. I have run this business as a one person shop, but you could easily bring on team members to help in certain areas. For example, social media / email marketing. If you spend more hours on this business, which I don’t have while managing a FT position as well as being a Dad and coaching soccer the opportunities are endless.
Have you run paid advertising for your business? If so, what platforms have worked the best and what is the ROAS?
Yes we have run paid Ads on Facebook and the ROAS can vary month to month but generally stays between 2x-3.7x.
What would you recommend to a new owner in order to continue growing the business?
Work with influencers to get more user generated content so you can use it in advertisements. Building out a more strategic digital marketing plan on Google Adwords and Facebook during 4th quarter will see high rewards. Another opportunity is to focus on the wholesale side of the business which has been growing monthly and to also focus on the wedding industry and building partnerships with venues to get your brand in front of customers earlier on in the process.