This week I was inspired by Rebecca Kaden's recent Twitter thread about "what sets series A companies up for board meeting success." We are not a series A company. We don't have a board of directors, but I think this could be an excellent exercise to put ourselves through at such an early stage.
I’m sure you have a strategy/timeline of each product for Minted NY and Minted Health but it seems like you all are spread out too far with all of the products in the pipeline. I know they will all do well and all have a place under the Minted umbrella but I think taking a hard look about a natural progression in product manufacturing would be wise. You all will gain efficiencies with each product lifecycle but lose efficiencies if working on a million items at once with a small crew.
Props if y’all have worked through it already. I’ll be first in line for plenty of these items in the pipeline.
Surely having a few products on sale 24/7 to keep revenue coming in and help keep people invested and interested in the business more would help. And not just completely new products every drop that sell out?
Seems like some of the things under yellow and red are growing pains of being a new business if that gives you any relief. One thing is are you only looking at business lines with Chase? My friend and I each have an LLC for some side arbitrage and the businesses are less than a year old but we've still been able to find some lines. If you haven't yet, I would strongly recommend looking into other banks and online loaners!
This is a huge step of course and one that will take many more years but, have you ever thought or planned on one day bringing a branch over to other countries, say the UK! This making it easier to reach UK customers but also attract more people to Minted... I understand that this is a massive massive step however and will take many a year, but has it ever slightly come across your mind?
I really love the product lines that do eventually drop, but I feel like it does take too long for a product to drop. From the time we see the first sample it seems like 3/4 a year later we can finally purchase it, if it doesn’t sell out right away. I’m sure you’ve already thought about this, but it’s definitely time to expand.
In terms of money going out the door for extended periods, think about what it might look like to pre-sell products for each drop, IE saying “I’m going to make X-number of this shirt, here’s the link to pre-sale” or saying “the pre-sale is open for 24 hours, you can only buy in that timeframe”. That way you have money in hand prior to release for manufacturing/samples/shipping, etc. This way you also know exactly how many of each product you need with no overhead. With this pre-sale method customers are also waiting on a product they have already paid for, rather than waiting for you to manufacture, which may take some pressure off of you as well.
I remember a bit ago you mentioned the major headache with moving into a larger warehouse was the sheer amount of labor involved to transfer all the products, tools, etc. You host run clubs, why not host a volunteer-based "Minted Moving Day" or something like that? People can sign up on a Google form, or even apply on a job listing site which could require a resume or background check for added safety before they receive the details. Drinks/snacks and/or a commemorable limited edition moving tee could be provided as a little incentive. Besides alleviating financial and logistical stress, it also creates hype and no doubt people would post about it which leads to free marketing. Plus it's a community volunteer event, so the incentives pay for themselves almost. A shot in the dark as it would essentially rely on trusting randos with your children (everything at Minted), but I wanted to throw the idea out on this official-unofficial board meeting.
Hey Marcus. Not looking for a job from you, but curious in general how you would map out hiring employees with a business the size of Minted. Also considering you don't appear to be a "growth over everything" minded person. Salaried or hourly? Would hiring more employees require HR assistance? What incentives/benefits would be on the table for new hires? And how the heck do you pay anyone enough so they can live in NYC??
For the cash issue, this article immediately came to mind about supply chain financing: https://www.hbs.edu/faculty/Pages/item.aspx?num=51013. Might not be a viable solution now since Minted New York is a young business, but something to consider in the future.
Not sure if you have Microsoft for business, but Power Apps has pre-built, no code AI that could mitigate the surplus DMs issue.
First off, appreciate you taking the time to prepare The Minted Minutes. It is extremely valuable and reminding me of Shoe Dog but in real time. Priceless.
Secondly few thoughts that came to mind while reading this weeks minutes:
1. Does Minted have a documented project timeline/ roadmap that outlines the key milestones to be hit on a quarterly or annually basis to help manage expectations and resourcing constraints?
2. Has Minted looked at other lines of credit? I have found and personally invested in business crowdfunding efforts, specifically through Kickstarter, which has provided the business owners with funding well above there goal in some cases to further their creative projects/ businesses. Aryneli on Instagram recently went through a kickstarting effort where she was able to fund her project 300% + over her original goal. Worth looking into.
3. Has Minted look for resourcing needs on sites such as Upwork? I have found that there skilled people out there willing to do a job for a reasonable amount of money which will mitigate having to hire some one full time. Specifically for a social media manager it may be beneficial to hire someone just to organize your messages in order of importance to lessen the load or responses needed
YOU’RE DOING GREAT!!! sometimes looking too far ahead will get you stressed out about things that end up not even being a big deal when you get to them. Keep problem solving, maximize the efficiency of the 24 hours in front of you (down to the minute if you can) and keep putting one foot in front of the other. Also...enjoy each part of the process while you’re in it (: things are going to change so fast (for the better, of course) so look around at what’s in front of you and pay special attention to the things you could see your future self being oddly nostalgic for 🖤 that way, you’ll have lived the journey to its fullest, and not missed a single second 🤠
I absolutely love this brand😍 I was wondering if you are dropping the hoodie again and when? I missed out last time it dropped and I really want a new chance to cop😩 Hope you have a nice week ❤️
Just tell Shawn to awake the BEAST 😂😂 ETA 7 mins!! IYKYK
I’m sure you have a strategy/timeline of each product for Minted NY and Minted Health but it seems like you all are spread out too far with all of the products in the pipeline. I know they will all do well and all have a place under the Minted umbrella but I think taking a hard look about a natural progression in product manufacturing would be wise. You all will gain efficiencies with each product lifecycle but lose efficiencies if working on a million items at once with a small crew.
Props if y’all have worked through it already. I’ll be first in line for plenty of these items in the pipeline.
Surely having a few products on sale 24/7 to keep revenue coming in and help keep people invested and interested in the business more would help. And not just completely new products every drop that sell out?
Seems like some of the things under yellow and red are growing pains of being a new business if that gives you any relief. One thing is are you only looking at business lines with Chase? My friend and I each have an LLC for some side arbitrage and the businesses are less than a year old but we've still been able to find some lines. If you haven't yet, I would strongly recommend looking into other banks and online loaners!
This is a huge step of course and one that will take many more years but, have you ever thought or planned on one day bringing a branch over to other countries, say the UK! This making it easier to reach UK customers but also attract more people to Minted... I understand that this is a massive massive step however and will take many a year, but has it ever slightly come across your mind?
I really love the product lines that do eventually drop, but I feel like it does take too long for a product to drop. From the time we see the first sample it seems like 3/4 a year later we can finally purchase it, if it doesn’t sell out right away. I’m sure you’ve already thought about this, but it’s definitely time to expand.
Marcus—
In terms of money going out the door for extended periods, think about what it might look like to pre-sell products for each drop, IE saying “I’m going to make X-number of this shirt, here’s the link to pre-sale” or saying “the pre-sale is open for 24 hours, you can only buy in that timeframe”. That way you have money in hand prior to release for manufacturing/samples/shipping, etc. This way you also know exactly how many of each product you need with no overhead. With this pre-sale method customers are also waiting on a product they have already paid for, rather than waiting for you to manufacture, which may take some pressure off of you as well.
Good luck.
-LW
I remember a bit ago you mentioned the major headache with moving into a larger warehouse was the sheer amount of labor involved to transfer all the products, tools, etc. You host run clubs, why not host a volunteer-based "Minted Moving Day" or something like that? People can sign up on a Google form, or even apply on a job listing site which could require a resume or background check for added safety before they receive the details. Drinks/snacks and/or a commemorable limited edition moving tee could be provided as a little incentive. Besides alleviating financial and logistical stress, it also creates hype and no doubt people would post about it which leads to free marketing. Plus it's a community volunteer event, so the incentives pay for themselves almost. A shot in the dark as it would essentially rely on trusting randos with your children (everything at Minted), but I wanted to throw the idea out on this official-unofficial board meeting.
Hey Marcus.
I’m the founder of a fitness/supplement company based in NJ called ALVA.
I’d like to help you out and think I can solve a lot of your logistical issues.
www.alvafitness.com
Hit me up!
Hey Marcus. Not looking for a job from you, but curious in general how you would map out hiring employees with a business the size of Minted. Also considering you don't appear to be a "growth over everything" minded person. Salaried or hourly? Would hiring more employees require HR assistance? What incentives/benefits would be on the table for new hires? And how the heck do you pay anyone enough so they can live in NYC??
For the cash issue, this article immediately came to mind about supply chain financing: https://www.hbs.edu/faculty/Pages/item.aspx?num=51013. Might not be a viable solution now since Minted New York is a young business, but something to consider in the future.
Not sure if you have Microsoft for business, but Power Apps has pre-built, no code AI that could mitigate the surplus DMs issue.
First off, appreciate you taking the time to prepare The Minted Minutes. It is extremely valuable and reminding me of Shoe Dog but in real time. Priceless.
Secondly few thoughts that came to mind while reading this weeks minutes:
1. Does Minted have a documented project timeline/ roadmap that outlines the key milestones to be hit on a quarterly or annually basis to help manage expectations and resourcing constraints?
2. Has Minted looked at other lines of credit? I have found and personally invested in business crowdfunding efforts, specifically through Kickstarter, which has provided the business owners with funding well above there goal in some cases to further their creative projects/ businesses. Aryneli on Instagram recently went through a kickstarting effort where she was able to fund her project 300% + over her original goal. Worth looking into.
3. Has Minted look for resourcing needs on sites such as Upwork? I have found that there skilled people out there willing to do a job for a reasonable amount of money which will mitigate having to hire some one full time. Specifically for a social media manager it may be beneficial to hire someone just to organize your messages in order of importance to lessen the load or responses needed
YOU’RE DOING GREAT!!! sometimes looking too far ahead will get you stressed out about things that end up not even being a big deal when you get to them. Keep problem solving, maximize the efficiency of the 24 hours in front of you (down to the minute if you can) and keep putting one foot in front of the other. Also...enjoy each part of the process while you’re in it (: things are going to change so fast (for the better, of course) so look around at what’s in front of you and pay special attention to the things you could see your future self being oddly nostalgic for 🖤 that way, you’ll have lived the journey to its fullest, and not missed a single second 🤠
I absolutely love this brand😍 I was wondering if you are dropping the hoodie again and when? I missed out last time it dropped and I really want a new chance to cop😩 Hope you have a nice week ❤️