Recruiting und Training bei 2-Mio-E-Com-Marke

0:00Unternehmer/Gast I sell cowboy hats and custom hats. Sweet. Uh we do around 2 million in revenue right now. I'd like to be at five. Okay. Um what's stopping me is so everything is mostly through social media. We've got about 780,000 organic followers. Cool. Um we are doing some paid ads getting a 12 to 18 row as on the ads. Great. >> And the issue is is I've got this big red shiny button on my desk and any moment I can just slam it and just double the content like you say. Uh-huh.

0:28I can double the paid ads. >> Sure. But I can't make the hats. Okay. So it's a supply constraint. But it takes years to take somebody and make them into a master hat maker. Mhm. And the issue is is as much as we could say it's a recruiting problem. Sure. Uh hat making is not like an inherent skill. So it's you it's you could bring in a person that does artistry. You could bring in a person that does anything like that and all of a sudden if they don't have the vision for it, they can't shape a hat. And so you need the hat making combined with the customer service in order to be able to talk to the clients. So at this point

0:58>> So what's the price of the hat? Right now anywhere from 800 to 1200. Okay. Got it. So there's a super high-end kind of like artisanal For sure. you know, hats. They're all custom, etc. And we do like end-to-end like full virtual. So >> Yeah. every single person normally when they buy a hat goes into a hat store. And the issue is is that hat stores are all locally based and it's a dying trade. Yeah. >> And so what I did is I harnessed the power of social media and then we do all the video calls and everything virtually with people. Yeah. So people feel like they're watching the video that they love on social media Yeah. and it's made just for them. Yeah.

1:34So it's totally a recruiting issue. Totally. >> [laughter] >> Yeah. Um and I mean fundamentally if you're like I have unlimited demand for this stuff virtually, right? You can just slam the button and just get double the sales, but you can't deliver on it. Um it's a also kind of like the sales thing different in terms of delivery, but it's going to be a recruiting and recruiting and training issue. Um the fact that I the thing that that is underutilized right now is the fact that it's a dying trade. Mhm. That to me is where the really exciting alpha is.

2:01Because if you tell me, "Okay, there's all these people who are dying on the vine who can barely make ends meet, and then I'm over here printing money with the exact same skill set they have, I'll bet you So, wrong. There you go. Uh I'll bet you you could probably pay them better if they're making thousand-dollar hats. But I'm in Kentucky. Yeah. >> No one wants to be in Kentucky, besides us. >> [sighs and snorts] >> No one wants to be in Kentucky for what you pay them now. That's true.

2:27So, compensation is you can be over-compensated or you can be under-compensated. Okay. So, if you are supply constrained, and you are making money hand over fist, Mhm. you are under-pricing your your your talent. Mhm. Okay. >> So, it's like how much more would I need to pay somebody in order to that get them to be one, willing to move to Kentucky, and two, be willing to go through the training for it. If I can get them to do that, do I still have a good margin? If so, great.

2:54Alex And it's like, okay, well, if I pay them 30% more, uh we'd be good to go. Okay, well, what does 30% look like in terms of if we change nothing about price? What does 30% look like if we pass through the price to the customer? Does it change anything about our acquisition? Mhm. If so, then jack the price, jack the talent, and then you're good to go. How would you jack the talent? Like just I mean, cuz I don't feel like recruiters can find hat makers. Maybe I'm wrong. I don't know. I think they can totally find hat makers. You think so? I mean, I would just Google hat maker, and then I would call all the business owners. I'm just being like this is how I would do it. I'd just But they're business owners. And so, if they have the opportunity to Cuz the thing is, they're probably not making anything. Yeah.

3:30Alex >> And so, many of them are artists. Mhm. They don't have business sense. And so, if they can make the money they want to make and do the thing they want to do, that's a dream life. It's a pretty good offer. But then they have to work for me, and then the ego thing gets in the way. Yeah, but not for all of them. Okay. Like you need what? Three more, five more, 10 more? I would say like two to three more to get to five to seven. Yeah, I know. So, So, I'll I'll I'll I'll make a point cuz I think this is this is important. So, you guys met my team today. Mhm.

4:02Alex Does it now make sense that they don't make $100,000 a year? Yes? Like the people that you talked to make between, you know, 200 Well, two No, probably higher than that. So, probably 300-ish on the low end all the way to 750-plus, right? The people that you spoke with. And so, if I said, "Hey, no one wants to come to Vegas who already has like a huge amount of, you know, marketing knowledge cuz anyone who's really good at marketing can make more than Well, there's plenty of marketers who can make a million dollars a year in revenue and take home 200, you know, 250 with all the headache. It's like, "Well, I can pay you double that and you can still with high-level business owners all day." And for some people, it's like, "That's pretty good deal." Okay. And so, I could I would I would This would be horrible if I was just trying to be like, "How do I pay kind of as little as I can?" And then be like surprised that no one wants to come here. But you have the margin and you have the pricing power, so use it. So, one last question. Yeah. Can I hit the big red button and then that way

4:57>> No, supply first. And supply first. Get the people first. >> Well, you have margin, right? Like 40 to 45%. >> margin. Okay. Cuz I'm just wondering if I hit the big red button, then I have more money and then I can afford >> Well, how much capacity do you have right now? Are you fully like Are you fully tapped out? Right now currently when someone buys a hat from us, the soonest they'll be getting their hat is like October or November. So, >> So, you'd just be pushing out delivery when you Push out delivery technically.

5:22Yeah. The industry does delivery at 6 months to a year for a custom hat. We're still technically 2 months under. I know, it's crazy. Yeah. Yeah, I hate I hate using latency, but I do think that there's no difference between 6 and 8 months. It's just forever. Okay. >> [laughter] >> I'm just Yeah. What is and that's like at about the 3 to 4 month like you get you have to essentially just slowly grab everyone off the ledge. >> Yeah. Yeah. No, I think I mean, if you want to slam your big red button just so you can just jam some cash in, I that that doesn't really bug me. Pushing from 6 days going to change absolutely nothing about the conversion process.

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