I Make $1M/Month From Bed

Summary

In this insightful video, entrepreneur Colin explains how he built a multi-million dollar bed sheet business, 'Sheets and Giggles,' from the comfort of his bed. He shares his journey from working multiple jobs to finding success with a unique marketing strategy that includes leveraging platforms like Kickstarter, social media, and podcast sponsorships. Colin emphasizes the importance of branding, direct consumer sales, and personal engagement with customers, offering practical advice on validating business ideas and building a strong online presence.

Takeaways

• 🛏️ The founder of Sheets and Giggles turned his bed into an office and made $1 million a month selling bed sheets online.
• 💡 Colin, the CEO, started his company after being fired twice and laid off once, which motivated him to work for himself.
• 🚀 In the first 30 days, the company made $284,000 with a strategy that included getting $450 customers at a $100 average order value (AOV) on the first day.
• 📈 The business model emphasizes starting with a solid business model before choosing a product, which Colin calls 'founder market fit'.
• 📊 A key strategy for validating business ideas is to create a brand identity map, financial model, and then seek validation from respected individuals.
• 💌 Colin advises selling before building, using tactics like wireframes, ideas, and signup forms to capture emails and gauge interest.
• 🔑 To achieve a successful launch, aim for 30% of the campaign goal on day one, using an email list to convert potential customers.
• 📝 Engaging personally with customers and social media is crucial for building a connection and understanding their needs.
• 🎨 Differentiating the brand involves using real friends as models to convey authenticity and chemistry in marketing materials.
• 🛍️ The company has expanded its product line from sheets to include comforters, pillows, and even mattresses, with a wide range of sizes and colors.
• 🌐 Marketing strategies include leveraging Facebook, Instagram, Google, Amazon ads, and surprisingly, sponsoring podcasts and YouTube channels that resonate with the brand's audience.

Q & A

How did Colin start his journey with Sheets and Giggles?

Colin started Sheets and Giggles after being fired twice and laid off once. He was tired of working for others and wanted to carve his own niche. He incorporated the company in October 2017, shipped the first box in October 2018, and reached $1.2 million in sales by November 2020.

What is the business model of Sheets and Giggles?

Sheets and Giggles is a direct-to-consumer brand that primarily sells through their website, sheetsgiggles.com, which is built on a Shopify backend, and also on Amazon. They sell a variety of bedding products, including sheets, comforters, duvet covers, pillowcases, and more.

What was Colin's initial marketing strategy to validate his business idea?

Colin's initial marketing strategy involved building a brand identity map and a financial model to visualize the company. He then sent these to people he respected for validation. He also captured 11,000 emails with a pre-launch offer, which helped him validate the demand for his product.

What advice does Colin give for finding a business idea?

Colin advises to build a business model first that aligns with one's skills and passions. He suggests finding what he calls 'founder market fit,' which is a business that fits within your existing skill sets and interests.

How did Colin differentiate Sheets and Giggles in a crowded market?

Colin differentiated Sheets and Giggles by using his friends as models to create authentic and relatable content. He also focused on not ironing the sheets, as a way to stand out and be unique in the market.

What is the significance of the name 'Sheets and Giggles'?

The name 'Sheets and Giggles' is significant because it is spell sharable, memorable, and denotes what the company does. It also has good SEO and is available as a .com domain, which is important for American consumers.

What tools and platforms does Colin use to run his business?

Colin uses Shopify for his e-commerce platform, Google Analytics and AdWords for marketing, Rebuy for upselling, AfterShip for post-purchase upsells, and Okendo for reviews. He also uses various Shopify apps for order tracking and a chatbot with AI for customer service.

How does Colin engage with his customers and audience?

Colin engages with his customers and audience by responding to every social media comment and customer care email himself. He also writes all the email copy and website content, ensuring a personal connection with his audience.

What is the role of the Mile High Workshop in Colin's team?

The Mile High Workshop is a part of Colin's team that helps lower local recidivism and homelessness rates in Denver. Colin appreciates having them as part of his team, as it aligns with his company's values.

What advice does Colin give to his past self and others in a similar situation?

Colin advises to keep working hard, as kindness plus hard work plus intelligence leads to good things. He emphasizes the importance of staying persistent and believing in one's abilities.

How does Colin maintain a work-life balance while working from home?

Colin maintains a work-life balance by working from different environments, such as his bed or by the river. He also spends time outdoors with his dog, which he finds to be a healing and wellness activity.