Secret Academy Episode - Randall PichAbout:
When Randall Pich started playing in a band at the age of 13 he realized in order to support the band's touring he needed to design and sell apparel. Seeing the potential in selling t-shirts and having a knack for designing, he decided to start his own t-shirt business. Per his parents' wishes, Randall attended college but was simultaneously working as a personal trainer and selling fitness themed t-shirts on the side. A few years into college, he realized that he was spreading himself too thin and decided to quit college and give away all his personal training clients to pursue his apparel company Live Fit full time. Today, Live Fit is sold in over 100 retail stores and is set to hit $8M in sales.
Lesson's in Today's Interview:
- Achieving $1M in sales in the first year of business
- Using his experience with owning multiple skate brands in high school
- How personal training contributed to his business success
- Reasons he decided that college was a waste of time for him
- Capitalizing on the potential of social media
- When he realized he needed to take his business full-time
- Starting his business with $300 and never accruing any debt even until now
- Who were his first employees and what their responsibilities were
- Having over 100 retail stores worldwide, but maintaining 99% of their sales directly online
- Coming up with new designs is key to their growth
- What is a good margin
- Regrets and things he could have done differently with Live Fit
- Advice for those wanting to start their own apparel company
- Keep your options open and be aware of the world around you
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