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What It's About
After a search for high-quality accessories at an affordable rate left them empty handed, a couple filled the need themselves.
Business Model
Skills Required
Complexity
Profit Potential
Words of Wisdom
This has been an incredibly successful endeavor for Sharee and Gregg, and they've brought in $72,000 this year alone! And that profit is nothing to argue with, but I just want to present an alternative to someone else who’s starting down this road. Sometimes a new side hustler will spend a lot of time preparing only to not have their side hustle pan out. It can be really discouraging!
So how can you prevent this? Well, to start, you could think smaller. Instead of creating an entire line of products, you could start with one and then build from there, or you could even consider pre-selling your product using a crowdfunding platform like Kickstarter. This way you can validate your product and get the money you need.
Fun Fact
The company's name came from the name of a row of homes within the Brooklyn Navy Yard that Gregg used to visit when he was growing up that is now being revamped into a shopping community. Originally, our company was mainly vintage, so they chose that name as it represented something old and beautiful that, with a little love, is being made new again.
Notes from Chris
Episode 340
Today’s story comes from Sharee Davis-Foster and Gregg Foster in Atlanta, Georgia. By day, Sharee works as a criminal defense attorney and Gregg is a digital operations manager. Their side hustle is Admiral Row, a men’s and women’s accessories company offering high-quality vintage, handmade and modern pieces at affordable prices. The business started when Sharee moved to Atlanta right after law school. She was studying for the bar and looking for work. One day, when Sharee and Greg were shopping at a local outdoor mall, they noticed that a lot of the accessories they liked were outside of their price range, even though they all looked alike and weren’t high quality. After wondering why no companies in the market seemed to have higher quality materials and more affordable accessories, they decided to take a stab at it themselves. The idea was to make a site with the best modern, high-quality vintage pieces. They would search locally for high-quality vintage pieces, find great local artists for the handmade pieces, and get the best in modern accessories from wholesale suppliers. Admiral Row began by stocking a few products, selling them, and using the money to either increase their stock or develop new products. And since 2012, their profits have risen from $2,500 to over $72,000 in 2017! Next, they hope to take the business full-time and are planning on expanding the wholesale business into additional states, improving their offerings (including launching a wedding category), and improving their online presence. MENTIONED IN THIS EPISODE:- Admiral Row: Check out Sharee and Gregg's full lineup on their website!
- Udemy: The online learning platform that Gregg used to learned more about SEO
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