Andrew Henderson is the host of the Nomad Business Show, a weekly radio show that interviews successful entrepreneurs. Andrew has started several successful businesses in the US (and now around the world), including an $11 million broadcasting business that he started in his apartment at age 19.
Nomad Business Show – Episode #1
Guest: Phil Moldavski
Company: Nice Laundry
Andrew interviews Phil Moldavski, one of the co-founders of online business Nice Laundry. Nice Laundry sells colorful mens socks, shipped in groups of six or eighteen pairs for one flat price. Mashable called them the “Warby Parker for socks” while Thrillist called it the “secret to a winning sock drawer”.
Andrew and Phil discuss:
- How Nice Laundry was founded – and why
- How two guys in Washington created a business selling nothing but brightly-colored socks for men
- How Nice Laundry acquires new customers through social media and other channels
- “What’s your relationship with your sock drawer?” How Nice Laundry did business research
- Whether or not there is an adoption problem among men who are afraid to wear such crazy socks
- How Nice Laundry plans to compete with Macy’s and Nordstrom – and win
- How to craft the perfect crowd funding pitch – and how Nice Laundry raised four times their Kickstarter goal
- “If you build it, they will NOT come” when raising capital
- The advantages of buying socks online vs. at the mall
- Advantages of being a vertically integrated manufacturer
- How Nice Laundry handles quality control, with a hands-off supply chain
- How Nice Laundry has a tiny return rate – while leveraging the postal system
- Why these socks are manufactured in South Korea and shipped from New Jersey
- Phil’s predictions on the discount sock vs. high-end retail market for socks
- The service angle a SAAS company has to have to beat traditional retailers
- Why Nice Laundry doesn’t plan to sell women’s socks any time soon
- The interesting reason “sex appeal” isn’t a priority in his business
- … and more!
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