Fresh Sock Co takes the hassle out of sock shopping and ensures that you have a different fresh design, delivered to your door every month. Featuring completely original designs, with a little story and personality to them, Fresh Sock Co socks are made from a high quality 75% cotton blend, which means they stay fresh wear after wear.
We sat down with Co-Founder and Activator Entrepreneur in Residence Asher Hunter. This is his entrepreneurial story.
Where did you get the idea for your business
The original idea for a sock subscription business based on the simple premise that I loved putting on a fresh pair of socks, but was often met with disappointment when opening the sock drawer. I wanted fresh socks, but couldn’t be bothered shopping for them. I thought there might be other people in the same boat. However, the idea really started to take shape when my business partners came onboard. Angus added energy and enthusiasm that helped turn the idea into a reality. We then asked Russ to help with the logo and some of the sock designs. After he came back with initial sketches it was a no-brainer to bring him on as a partner in the Fresh Sock Co.
How did you get your business started?
Finding someone who could make a sock we were happy with was no easy task. We committed ourselves to creating a durable sock that wore well and the colours didn’t fade. It took over a year of back and forth with different suppliers to find the right one. But we finally found one in that could meet both our quality and design requirements. After we getting sample we were happy with, it was a matter of building an eCommerce website. To be honest, Shopify made this fairly easy for us. From there we made our first bulk order. We thought we were onto something, but we were also clear and comfortable with the worst case scenario – “we’ll all have a lifetime supply of socks”. Not that bad really.
What lessons have you learned on your business journey
HEAPS!!! Some big things: keep track of your inventory, so you don’t get caught without stock. And heaps of small things: using a “shop now” call to action leads to a higher conversion rate than a “sign up” call to action when advertising on Facebook. The overarching lessons can be boiled down to “TEST, LEARN, ADAPT, REPEAT”. You need to be clear on what it will take to be proven wrong and keep an eye out for it (I’m pretty sure this is one of Ray Dalio’s principles). For example, we initially thought that are target audience would be males, but our customer data showed that the majority of sales were gifts purchased by women. This proved us wrong and we shifted our marketing strategy accordingly.
How important is it to have a business mentor?
It’s very important to learn from people that have been there before you. This doesn’t have to be a formal relationship with a mentor, but more of a mindset to continuously learn and be open-minded. This can come from a variety of sources – books, websites, conferences, informal conversations, formal coaching, etc
What are your top 3 tips for starting a business?
- Be clear about the customer need you’re addressing.
- Start small: focus on your core offering and get it off the ground.
- Just do it: commit to it and start doing small things that will get you on the way. Momentum is a powerful motivator.
How would you describe your life as an entrepreneur in 3 words?
Fun, Stimulating, Free
What book are you reading now?
I have a few on the go… I like to switch between books. Principles by Ray Dalio, Snow Crash, Michael Connelly (big fan of the Harry Bosch series), Randomistas and Homo Deus.
Which soundtrack best represents your life?
I’m not a massive music buff… but I love Dire Straits.