How To Start A Sock Business: Building Kimchi Socks’ Boutique Factory — Part 2
Building the sock factory dedicated to supporting startup sock entrepreneurs and organizations with small sock production needs.
I decided to go with Kickstarter’s platform to launch my campaign, and I am setting a goal to raise $100,000 to build this boutique sock factory. Kickstarter is all-or-nothing. If I don’t meet my goal, I won’t receive any money. So, the moment my project goes live I am pretty much burning my ship and I must conquer, or Kimchi Socks dies. To increase my chances of success, I am currently working on building an email list, partnering with influencers, and with organizations more prominent than me to promote and endorse my project. If you are interested in helping me have a successful campaign, please message me on my Twitter. For those of you who don’t know what Kickstarter is, I included a quick video that explains to you what this great platform is.
Money Will Be Used For
The bulk of the funds will be used to purchase the machines in the above photo. One sock knitting machine can produce 250~380 pairs in 24 hours. I want to start out with five machines so I can have the capability to produce 1,250 pairs of socks in 24 hours. A production line with five sock knitting machines would cost about $21,750. When I achieve my $100,000 crowdfunding goal and purchase my sock production line equipment, I will be left with $78,250 to secure a factory location, buy raw material, and cover various administration task.
Why Am I Doing This?
Already I have been asked why don’t I outsource? Why do you want to have your sock factory? I grew up as a kid that love to build things with my own hands, and if I didn’t understand how something works, I would take apart a TV, radio, VHS player, camera, or anything I could get my hands on. After I study the individual parts, I then put the items back together with hopes of the thing still working, and if not, I took it apart again, and try to figure it out. This fueled my passion as a child to be able to do for myself and not have to depend on someone else to do for me. That’s how I am looking at my sock business. I am taking my time to take apart all of the various parts of the sock industry and the most significant role that I want control over is producing my socks for Kimchi Socks and CoinMarketSox. Additionally, I want to become a producer of a product that experts are estimating to have a 6.7% increase over the coming years. Therefore, your contribution in exchange for rewards I am giving to you is helping me secure my future career path to becoming a sock manufacturer, retailer, and content creator.
So, that’s it for this post, and my part three will be me going over the several rewards I am offering to people who contribute to my crowdfunding campaign. To stay updated on my progress of launching this campaign you can join our e-mail list, join our Telegram, follow us on Twitter, follow my Medium, and you can even DM me on my Twitter. Thank you for your time, and if you believe in what I am trying to do, please share this post so more people can find out what I am working here. I appreciate you and talk to you again soon.
