What does it take for a t-shirt company to become a brand that is recognized on a global scale? If you are having trouble finding the key to rising above your competitors, here are some insights from a success story that will broaden your perspective.
Dustin Paisley is the co-founder of the Calgary-based apparel brand Local Laundry and he's here to tell us how he turned it into something more than just clothing.
Local Laundry is a company that builds community. They have raised over $175,000 for local charities. They're also always looking for ways to reduce their environmental impact.
“The company was started off of a Google search, which was ‘how to start a t-shirt company?’” — Dustin Paisley [0:06:20]
Dustin dives into the highs and lows of growing the business from a t-shirt company to where it is today – a globally recognized brand. The brand now offers a variety of ethically-made products including tees, socks, and hats.
You'll hear the story of a small business rising to success and how Local Laundry survived the pandemic by adjusting its offer. Dustin also shares how he navigates day-to-day operations with his team.
“It’s important for us to showcase that just because you are a small business does not mean you can’t have an impact.” — Dustin Paisley [0:21:43]
We learn about weekly cash flow and how Dustin applies the knowledge he gained from working in the banking sector to business ownership.
We're excited to be sharing a Calgary success story that is brimming with real-life insights and practical advice to enhance your financial or entrepreneurial journey. Thanks for listening!
KEY POINTS FROM THIS EPISODE:
Dustin's experience of studying entrepreneurship at Mount Royal University.
Why he’s interested in creating positive change in the community through business.
Moving from on-demand/no inventory to having to stock some inventory.
The bootstrapping process behind funding the company.
How the YYC design kick-started Local Laundry’s rise to success.
Surviving 2020 and the difficult decisions it elicited.
Shifting from a retail-only business to dressing Shaw Mobile employees across the country.
What it has meant to build a community in Calgary.
Why Calgary scores high on connectedness despite not being a tech hub.
Choosing to remove all the latest tools to run everything via spreadsheets.
Two fundamental recommendations for anyone looking to start a business.
The value of contacting your bank before they contact you.
The malleable nature of entrepreneurship.
The value of validating your assumptions.
Navigating imposter syndrome.
LINKS MENTIONED IN TODAY'S EPISODE:
Please note that the information contained in this interview is not financial advice but for entertainment purposes. I am not a financial advisor and make no warranties or representations concerning the accuracy or suitability of the information contained in this interview. I recommend that any and all investment decisions be made with the advice of accredited investment advisors.