In your own words, what does your company do?
At Million Dollar Collar we make the best-looking casually worn dress shirts on the market. Look around, most men don’t wear neckties anymore, yet no brand has addressed the issue of the collapsing collar. So, after looking like a slob at my beach wedding, I decided to invent a fix. It’s like a collar stay, except it’s 9” long and it goes down the front of the shirt in the buttons/holes part. We call it Million Dollar Collar®. MDC, can be added to any shirt you already own, to improve the look of that shirt. It is sewn in, and lasts the life of your shirt. To further expose the world to our product, we started a dress shirt line called, goTIELESS®, the only shirt designed to be worn TIELESS®. We started with the best-selling dress shirt in America, we improved the fabric to a buttery soft bamboo stretch that is wrinkle-resistant, we added a convertible cuff, and of course, Million Dollar Collar is already in the shirt. The first round has quickly sold through almost 50% and we’ve reordered in the first 90 days. The shirts are $69.99 or 2 for $110.
Monthly revenue: $15,000
~% Churn: N/A
~% Net profit: 25%
Initial cost/investment to start the company: $200,000
Number of team members: 3
Number of founders:3
Started 2016, January
How does the company make money?
Million Dollar Collar is sold in packs of 5, 10, 20, or 50 through our website and in every Amazon Marketplace worldwide. Prices range from $13.99 to $89.99 depending on the pack.
3 strategies that have worked to attract and retain customers?
Because MDC is so demonstrable, we went right to YouTube Fashion Influencers to get our product known in the market. They did a great job of sharing their experience with their audience.
We are very customer service centric here. I’ve sold houses, cars, and diamonds so building a relationship is crucial to success in these industries. While we don’t speak to many clients, if there is a question or an issue, we are very quick to jump on and make it right the best we can.
I hate being overwhelmed with emails, so we are very conscious of not spamming people’s inboxes. We use a combination of text, email, and snail mail to communicate with our clients.
3 things that you’ve learned about hiring and retaining great talent?
We are still pretty much the founding team, but in my other businesses, I typically relied on a friend or referral. This can be a challenge, as we are typically underpaying and getting a favor, which means I cannot be overly demanding of my expectations. This has led to some very awkward conversations.
I am currently looking into VAs and have learned from others that the tasks need to be very detailed to ensure the job gets done correctly.
I was a very competitive soccer player, and I tried coaching, but I cannot get my thoughts on how I see the field, across to teach to others. My fear is that is how it would be in hiring, so I have been slow to do it.