EP2: Hitting Your First Million - Tactics from Bombas Socks & Rhone Apparel.
“Getting to that first million is pure hustle” - Allen Burt This week on The Commerce Lab, we’re talking about one of the most important milestones of every business, especially in the ecommerce industry. There are several reasons why it is significant to reach your first million in revenue. First of all, this will show your market fit at scale. It’s a revenue level that will allow you to pull profit and capital, and give you the momentum to push towards the next milestone of $5M, $10M, etc. Finally, reaching the milestone of your first million is an integral achievement in the eyes of investors. In this episode, you’ll hear from two leaders in the ecommerce industry who have made it to their first million and beyond. Learn the strategies that they utilized to build a firm business foundation, and how they used that momentum to continue building. “I like to believe I have a really good understanding of what makes the customer tick when buying a product.” - Dave Heath, Bombas Socks Nate Checketts is the founder of Rhone Apparel, a performance brand for the modern man. Nate discusses the importance of building relationships as you build your brand and the hustle of the first million. Learn the strategies that Nate and his team implemented in regards to building a team at the right time, and the necessity of becoming more comfortable with self-promotion. “In the early days, you want people that will work their tails off and feel as committed to the vision as you do.” - Nate Checketts Rhone Apparel Dave Heath, founder of Bombas Socks, leveraged a brand to meet a humanitarian need. Designed for optimum comfort, Bombas implements a “buy one, give one” strategy, donating pair-for-pair to the homeless population. While Bombas gained notoriety on a season premiere of Shark Tank, Dave discusses the systems that were already in place that led to sustainable growth. Listen to this conversation to learn more about systems, and organic virility, or, the ability for your product to stand on its own. Some Topics we talk about in this episode: Introduction - 0:00 Nate Checkett’s Journey - 3:25 How to Do Ramp Up Post Million - 9:24 Dave Heath, Bombas Socks - 12:12 Strategies and Process Bombas Used to Get from $0-1M - 13:42 Systems to Prepare for an Influx - 17:27 Shifting Strategy to Account for the Growth - 19:52 Wrap-up and Takeaways - 23:57 How to get involved Join the community of brand owners and industry influencers in the Facebook group The Commerce Lab or visit thecommercelab.com. Visit www.bluestout.com for more information If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!