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What It's About
A family connects and launches a new hustle during the pandemic.
Words of Wisdom
Hank suggests working with social media influencers as a product marketing strategy: “Influencers have been the most helpful. Many in the 5k-20k range are happy to post for free materials or minimal costs, and it seems like their followers are more willing to act.”
Fun Fact
3M, one of the worlds largest producers of N95 masks, have doubled their sales due to the coronavirus. This, in addition to the cloth masks sold in stores and privately mean masks have become a billion dollar industry in 2020.
Notes from Chris
Episode 1466
Like many in mid-2020, Hank Eckardt was feeling the effects of coronavirus lockdown. He was already accustomed to video calls, with Hank, his sister, and their mom living in three different cities. That was fine, but the social isolation from everyone else made things tough. Hank is a diligent mask wearer, and so is his mother and sister. But they found most mask designs pretty bland and boring. Of course, there were the custom designed ones like those sold on Etsy but they were often very expensive. So, the trio devised a way to brighten up the average mask that was simple, cost effective and interchangeable between masks: magnetically backed charms, the kind you stick to a shirt or backpack. They envisioned a range of designs with different colors, shapes and logos making them custom and personal for the wearer. They were positive the idea would work and moved quickly, springing into action. The first thing they needed was a name and they settled on MaskMags. To improve the momentum, Hank tried something he’d heard a little about, social media influencers. His tactic was to contact those with followings in the five to twenty thousand range. He thought they probably weren’t inundated with offers and would be more receptive to MaskMags. He was right, turns out influencers with this size following were attracted to the offer of some free product in exchange for promotion. Since the cost of these was very minimal it was a huge win for the MaskMags family team. Once again this all happened very quickly and by the time September—their first month in business—ended, they’d sold five hundred dollars worth. The company Hank's sister works for heard about MaskMags and asked for the option of a custom order. Since they already had the manufacturer and knew the costs involved they agreed and were able to produce a fully customized mask magnet in a matter of weeks. This order pushed their revenue up even further. By adding more customization revenue, they can rely less on pre-ordered designs and be guaranteed they aren’t wasting money. Which is good since they have no intention of flying half mask.MENTIONED IN THIS EPISODE:
- Learn more about John's at his website, MacAdam.blog.
- Accidental Side Hustle Becomes Decorative Family Business: Tired of seeing others get credit for her designs, a Georgia graphic designer turns her talents into a business that now employs her whole family.
- The Clothes Dryer That Changed a Family Forever: When this government employee is let go from his job, he stumbles upon a reselling opportunity that would end up helping his family ride the coming recession—and eventually earn six figures in a single year.
- Musicians Tune Up Classical Concerts For Families: Two professional musicians (who are also new moms) start a series of family-friendly classical music concerts.
Quote of the Day
"Influencers have been the most helpful. Many in the 5k-20k range are happy to post for free materials or minimal costs, and it seems like their followers are more willing to act."
—Hank Eckardt #SideHustleSchool
