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What It's About
Rental duds that land jobs!
Business Model
Reselling
Skills Required
Sourcing & Fashion Sense
Complexity
Medium
Profit Potential
High
Words of Wisdom
Discover who your market is and, just as importantly, isn’t. That took a bit of trial and error getting it right for Joshua and he's still fine-tuning his message. It took him a while to turn down customers who wanted to shop at Macy’s, but it’s just not what he does.
Fun Fact
The fashion industry is one of the largest in the world and particularly in the US. Spending on fashion is 4% of total spending in the US with an estimated value of close to $400 billion dollars a year.
Notes from Chris
Episode 786
Joshua Davis was your regular cash strapped college student. Even eating at McDonald's was a luxury. He prided himself on frugality, and once stretched twenty dollars of disposable income through a whole semester. But, despite his penny-pinching personality, he had one vice. Joshua valued looking good and loved to wear nice clothes. The problem was he could barely ever afford them. One day, during his freshman year, he found a designer shirt on sale at Macy’s: at an original list price of eighty-five dollars, it had been marked down to fourteen—an absolute steal! He desperately wanted the shirt, but barely had enough money for gas to get home, let alone to buy clothes he didn’t really need. There was something about that shirt, though. His instincts told him others would be as enthralled with it as he was. So he decided to place a gamble. He signed up for a Macy’s credit card on the spot and was given a four hundred dollar limit. With that, he bought thirty shirts and rushed back to his dorm. There, he listed twenty-nine shirts for sale on eBay, keeping one for himself. Within a week, he’d sold them all and had doubled his money after paying off the credit card. Joshua had cottoned onto something big. He soon became hooked on flipping clothes for fun and profit. Flipping was profitable, but it was also a lot of work. Visiting stores, finding the best deals, and buying products all took time and headspace. Then, he had to list each item individually on eBay, as well as package and ship them as they sold. On top of that, although Joshua had a good idea for what would sell, not every sale was a success. Sometimes he would just break even. That was all about to change when a new opportunity fell into his well-dressed lap, one that would enable him to use his eye for style for something beyond flipping clothes. Joshua’s best friend’s dad, Rodney, had recently become unemployed for the first time in twenty years. He was going to have to look for work, and that meant interviewing. For his entire career, he’d been a builder. When it came to applying for different kinds of jobs, he had no idea how to present himself, and certainly wasn’t clothes-minded. Enter Joshua the style guru to the rescue. After receiving a call from his friend asking for help, he grabbed some clothes from his inventory and headed straight over to help Rodney dress to impress. When he got there, he noticed a change in Rodney. Losing his business had taken a toll on him. He was feeling down and lacked confidence. After Joshua worked his magic, Rodney’s spirits lifted, he carried himself more confidently, and in no time at all, he had landed a new job. This impromptu fashion consulting caused Joshua to realize that he had a gift. One that he could use to help people and boost their self-confidence. For his next phase of hustling, he strolled down the catwalk to become a fashion consultant. Joshua is now able to take on Monogram Styling full-time and earns a solid six figures per year doing it. He currently serves fifty-eight private individuals and an additional forty corporate clients. In any given month he’ll bring on one or two new clients, and typically works with around eight clients at any one time. From his days in the dorm room, surrounded by clothes waiting to be shipped out, to his mobile showroom that he now brings to customers’ homes and offices, he continues to turn heads wherever he goes.MENTIONED IN THIS EPISODE:
- Monogram Styling: Looking to dress to impress? Head on over to Joshua's website to learn more
- Police Officer Funnels Frustration Into Six-Figure Hustle: A style-savvy police officer creates a fashionable subscription service serving men and women nationwide
- Clothing Boutique Burns Down, Rebuilds to 4 Locations: This contractor went from flipping refurbished clothes on the side to starting her own boutique. After the store burns down in a fire, she carefully reads her insurance policy to discover she’s entitled to an additional $30,000 payment
- College Bartender Turns Online Shopping Into Accidental Side Hustle: In the prehistoric age before easy online shopping, a bartender discovers a way to supplement the tips she lost during a recession by reselling clothing to her friends
Quote of the Day
"I can talk about fashion in a way that is very accessible to most people. If you can demystify a concept and speak with passion, you can build trust very quickly with an eager audience."
—Joshua Davis #SideHustleSchool
