Ep 189 Nathan Rothstein, the co-founder at Project Repat, a custom quilt blanket design shop. Listen as Nathan and Nathan talk about not only the latter’s business numbers but also how they’re affecting American manufacturing.
YOUR $100: Remember to subscribe to the show on itunes then text the word "nathan" to 33444 to confirm that you've done it to enter to win $100 every Monday on the show. Do this now. Stop reading this and do it!
Click here to join the top tribe and instantly learn how Nathan made his first $10k at 19 years old: http://nathanlatka.com/startertribe
Top Entrepreneurs join Nathan Latka daily inspired by, Art of Charm, Pat Flynn, John Dumas, Entrepreneur on Fire, Chalene Johnson, Lewis Howes, School of Greatness, HBR Podcast, the StartUp podcast, Mixergy, Andrew Warner, AskGaryVee, and the great hosts of BiggerPockets!
3 Key Points:
- Without the help of a big company like Groupon it’s a mystery whether Project Repat would have nearly as much success as they do today. They were able to be featured for less cost because they were a social good company.
- The market for repurposed t-shirts as quilt already existed, but Project Repat excels because they have affordable pricing and has more ad spend.
- Nathan uses the online tool Klaviyo to more effectively use his email list to reach new customers.
Time Stamped Show Notes:
- 01:00 – Nathan’s introduction to today’s show
- 01:39 – Rothstein joins the show.
- 03:01 – Rothstein’s business partner was in Nairobi where Project Repat was inspired.
- 04:09 – Project Repat makes money by repurposing old t-shirts into keepsake quilt blankets. 04:38 – Depending on the size, each quilt costs from 75 to 250$.
- 05:25 – After expenses, Project Repat clears about 35-45% margin on each quilt.
- 06:05 – They’ve made about 1,000 quilts per week in 2016.
- 07:10 – Project Repat’s goal is 7.5 million in topline revenue.
- 08:22 – Project Repat was part of a social good accelerator called Better Ventures in 2012 – they’ve contributed to the revival of the textile industry in the U.S..
- 09:33 – It was difficult to get investment money for a quilt business. Rothstein and his partner had to sleep in the office at times.
- 10:21 – They ran into a big boon when they Groupon featured them without taking a percentage because they were a social good business.
- 12:02 – In 2012-2013, Project Repat acquired a lot of customers through flash sales.
- 13:17 – Project Repat spent about 750K on Facebook advertising last year.
- 14:00 – Repurposing t-shirts into quilts isn’t a new idea, but Project Repat expanded the market by making their products more affordable and visible through advertisements.
- 15:00 – Rothstein spends from 5-7$ to get a new email. Last year they got about 50K emails and 7.5K customers from their list.
- 15:32 – Project Repat uses Klaviyo to expand their email marketing list.
- 17:36 – Find out what Nathan’s doing after selling his business Heyo at nathanlatka.com/whatsnext on February 4th.
- 18:37 – Famous Five
- Favorite Book? – Do the Kind Thing
- What CEO do you follow?— Howard Schultz and Hamdi Ulukaya
- What is your favorite online tool?— Klaviyo
- Do you get 8 hours of sleep?— No
- If you could let your 20 year old self know one thing, what would it be?— Be more open to different stages of life – everyone’s going through their own thing. Throughout the course of your life you’ll be doing different things.
- Edgar – Nathan uses Edgar instead of other scheduling tools for Twitter because Edgar cycles through content over and over (buffer/others you have to re-input content over and over – time consuming). In the last several months, Edgar has driven Nathan over 3728 clicks that he didn’t have to work or pay for.
- Project Repat – Nathan’s business
- Howard Schultz and Hamdi Ulukaya – CEO’s Nathan follows
- Do the Kind Thing – Nathan’s favorite book
- Klaviyo – Build your email list, Nathan’s favorite online tool.
Listen to The Top if you want to hear from the worlds TOP entrepreneurs on how much they sold last month, how they are selling it, and what they are selling - 7 days a week in 20 minute interviews! Join the Top Tribe at http://NathanLatka.com/TheTop
The Top is FOR YOU if you are:
A STUDENT who wants to become the CEO of a $10m company in under 24 months (episode #4)
STUCK in the CORPORATE grind and looking to create a $10k/mo side business so you can quit (episode #7)
An influencer or BLOGGER who wants to make $27k/mo in monthly RECURRING revenue to have the life you want and full CONTROL (episode #1)
The Software as a Service (SaaS) entrepreneur who wants to grow to a $100m+ valuation (episode #14).
Your host, Nathan Latka is a 25 year old software entrepreneur who has driven over $4.5 million in revenue and built a 25 person team as he dropped out of school, raised $2.5million from a Forbes Billionaire, and attracted over 10,000 paying customers from 160+ different countries.
Oprah gets 60 minutes or more to make her guests comfortable to then ask tough questions. Nathan does it all in less than 15 minutes in this daily podcast that's like an audio version of Pat Flynn's monthly income report. Join the Top Tribe at http://NathanLatka.com/TheTop