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Aman Advani, a man who\u2019s bringing technological innovation to the fashion industry. Aman\u2019s the founder of Ministry of Supply, a company that\u2019s 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.

Famous 5
Favorite Book? \u2013 Good To Great
What CEO do you follow? \u2014 John Carlson
What is your favorite online tool? \u2014 Boomerang
Do you get 8 hours of sleep?\u2014 No
If you could let your 20 year old self know one thing, what would it be? \u2014In building a business, all the easy things are hard and all the hard things are easy

Time Stamped Show Notes:
01:30 \u2013 Nathan\u2019s introduction
01:58 \u2013 Welcoming Aman to the show
02:08 \u2013 Ministry Of Supply generates revenue through selling products
02:40 \u2013 Company launched on Kickstarter in 2012, raising $429k - 14x their goal
03:34 \u2013 Sampler package sold for $150
03:53 \u2013 \u201cWe didn\u2019t factor in packaging or shipping...we joke that we probably lost money\u201d
04:24 \u2013 Shipped over 100k units
04:55 \u2013 Started with a repeat rate of 10-20% over 22 days - that\u2019s now doubled
05:50 \u2013 Team of 20 people
06:00 \u2013 Taken $7 million in outside financing through 2 priced rounds and 1 convertible note
06:40 \u2013 Currently focused on growth: they aren\u2019t profitable
07:05 \u2013 Hoping to be profitable later this year
07:30 \u2013 Made $500k in sales in 2012
07:35 \u2013 Nathan guesses around $4 million in topline revenue in 2015
08:40 \u2013 Aman would rather focus on numbers like margins and repeat rate than revenue
10:05 \u2013 A direct sales model; not subscription
10:44 \u2013 Around 50k customers so far
11:00 \u2013 Focusing on optimising gross margin
12:00 \u2013 \u201cWe\u2019re infusing technology into a fairly stagnant fashion business\u201d
13:00 \u2013 Acquisition: currently investing in podcast advertising and direct mail
13:40 \u2013 Currently have two brick-and-mortar stores that are a significant investment
14:15 \u2013 \u201cWhat\u2019s your position on $15 minimum wage?\u201d
15:30 \u2013 We\u2019ll automate certain tasks and re-allocate humans to higher-value tasks
16:10 \u2013 Optimising inventory turnover - \u201cA good rate for us would be 4-5 turns a year\u201d
16:57 \u2013 Connect with Aman on Linkedin
19:25 \u2013 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\u2019t need to be immediately profitable - but know when you\u2019re going to be profitable
Resources Mentioned:
Freshbooks - The site Nathan uses to manage his invoices and accounts.
Host Gator \u2013 The site Nathan uses to buy his domain names and hosting for cheapest price possible.
Leadpages \u2013 The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
Audible \u2013 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

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