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SaaS Interviews with CEOs, Startups, Founders

What if you knew data behind the fastest growing SaaS companies today? Each morning join Nathan Latka as he spends 15 minutes interviewing SaaS founders. You'll learn how SaaS CEO's launched their startup and grew it into a business. SaaS Founders range from bootstrapped to funded, MVP to 10,000 customers, pre revenue to pre IPO.
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Now displaying: Page 1
Jun 17, 2016

Aman Advani, a man who’s bringing technological innovation to the fashion industry. Aman’s the founder of Ministry of Supply, a company that’s 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? – Good To Great
What CEO do you follow? — John Carlson
What is your favorite online tool? — Boomerang
Do you get 8 hours of sleep?— No
If you could let your 20 year old self know one thing, what would it be? —In building a business, all the easy things are hard and all the hard things are easy

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