WEBVTT - Getting sued by your own customers (Ft. Tanja Filipovska from MADMIA) 0:00:04.120 --> 0:00:07.080 Hi, I'm Britney Saunders and welcome to Big Business, the 0:00:07.080 --> 0:00:09.680 place where business is far from boring, and today I'm 0:00:09.680 --> 0:00:13.040 recording on gadigul Land. Now I somehow manage to build 0:00:13.039 --> 0:00:16.000 an empire from the garage underneath my house, and I'm 0:00:16.040 --> 0:00:18.239 here to share it all with you, from the winds, 0:00:18.560 --> 0:00:22.080 the huge mistakes, the challenging times, and the funny moments 0:00:22.120 --> 0:00:25.480 in between. So, whether you're in business yourself already, perhaps 0:00:25.520 --> 0:00:27.200 you're not in the game at all, Maybe you're just 0:00:27.240 --> 0:00:29.880 looking for some inspo, or you simply just want to hear. 0:00:29.760 --> 0:00:31.840 The tea, this is the podcast for you. 0:00:32.640 --> 0:00:35.360 Coming up on today's episode, I'm joined by a very 0:00:35.440 --> 0:00:39.200 special guest who turned seven thousand dollars and a dream 0:00:39.760 --> 0:00:44.640 into a thirty million dollar global SoC empire. She's never 0:00:44.640 --> 0:00:48.040 paid an influencer yet, mad Mia sells ten pairs of 0:00:48.040 --> 0:00:51.640 socks a minute and has collabs with Barbie Disney and 0:00:51.760 --> 0:00:55.840 Harry Potter. From lawsuits to warehouses around the world, including 0:00:55.920 --> 0:00:58.880 one in a country that's currently trying to sue her. 0:00:59.360 --> 0:01:02.800 Tanya is powerhouse with a wild business story. 0:01:03.240 --> 0:01:05.160 Tanya, welcome to Big Business. 0:01:05.360 --> 0:01:06.759 Thank you thanks for having me. 0:01:06.920 --> 0:01:10.440 This is your first studio interview exactly how are you feeling. 0:01:10.800 --> 0:01:14.240 No, I'm not stressed at all, not I'm just yeah, 0:01:14.440 --> 0:01:17.360 just walk up. I usually don't drink coffee, but today 0:01:17.400 --> 0:01:18.280 I'm having a coffee. 0:01:18.400 --> 0:01:19.560 I love it. I love it. 0:01:20.080 --> 0:01:22.839 I'm not your target market, so I'm learning all about 0:01:22.840 --> 0:01:23.760 your business today. 0:01:23.959 --> 0:01:25.560 But tell us what is madmea. 0:01:26.520 --> 0:01:31.240 Well, we design the most colorful, fun socks with toys 0:01:31.240 --> 0:01:35.040 and accessories. And what is good about mad Meir It's 0:01:35.240 --> 0:01:39.800 full of color. It's just so loud, it's crimps color. 0:01:39.880 --> 0:01:42.640 Whatever you go on the street, everybody gets stopped and say, 0:01:42.680 --> 0:01:45.319 oh my good, what is going on with this socks? 0:01:45.520 --> 0:01:47.840 And that is why the brand works for kids and 0:01:47.960 --> 0:01:51.520 Parasit empowers them. It makes the kids stand out, it 0:01:51.560 --> 0:01:55.080 makes them feel confident. And I always compare it it's 0:01:55.160 --> 0:01:57.600 like wearing a pair of Madmere socks is like going 0:01:57.640 --> 0:02:01.120 to Disneyland. Yeah, it's like color for You're lots of 0:02:01.200 --> 0:02:05.080 fun and everybody's like happy and and that's yeah. So 0:02:05.200 --> 0:02:06.400 we I am the sock queid. 0:02:07.080 --> 0:02:07.800 I love it. 0:02:07.960 --> 0:02:11.600 I love and the fact that we like I think 0:02:11.680 --> 0:02:16.280 myself invented this new category. So it's not just a sock, 0:02:16.320 --> 0:02:20.800 it's a lifestyle brand. And we don't create socks. We 0:02:21.000 --> 0:02:24.200 create a whole experience when you wear the pair ofs 0:02:24.320 --> 0:02:27.600 and they come with toys, access to shoelaces and whatnot, 0:02:27.960 --> 0:02:30.800 and kids love it. It's just something that yeah, I'm 0:02:30.880 --> 0:02:32.200 very proud of, very proud. 0:02:32.280 --> 0:02:33.799 I love that, and I think that's so important. 0:02:33.960 --> 0:02:35.239 I think a lot of people when they want to 0:02:35.240 --> 0:02:38.320 start a business, they like the idea of starting a business. 0:02:38.400 --> 0:02:40.800 And let's say, for example, if you are making socks, 0:02:40.840 --> 0:02:42.639 it's great to want to make socks, but I love 0:02:42.680 --> 0:02:45.040 that you have such like a mission and a message 0:02:45.080 --> 0:02:47.560 behind why you make the socks, Like you're not just 0:02:47.600 --> 0:02:50.960 making socks because they're comfortable and you wear them, you 0:02:51.000 --> 0:02:53.520 know you've got the whole like brand message of them 0:02:53.560 --> 0:02:54.880 being fun, empowering. 0:02:54.919 --> 0:02:57.040 They will make everyone feel confident. 0:02:56.800 --> 0:02:59.680 Believe it or not. Like every week we get customers 0:02:59.760 --> 0:03:02.960 like parents writing us like I can't believe and I 0:03:02.960 --> 0:03:04.600 want to cry now when I talk about it. I 0:03:04.639 --> 0:03:07.560 was like, it's like it's like I can't believe that 0:03:07.680 --> 0:03:10.480 a pair of socks have changed my daughter's life. Where 0:03:10.520 --> 0:03:13.240 it's like I don't know why I'm always so emotional 0:03:13.280 --> 0:03:16.240 because she's like she goes to school she's the coolest 0:03:16.320 --> 0:03:18.720 kid at school now with these socks. They make us 0:03:18.720 --> 0:03:21.119 so happy and I love that. 0:03:21.600 --> 0:03:24.200 Ah that's don't you make us all cry in the 0:03:24.240 --> 0:03:26.640 studio here, But I think that's amazing. Like it's so 0:03:27.240 --> 0:03:31.079 inspiring to see an owner be so passionate about their 0:03:31.120 --> 0:03:33.840 product because, like, as I'm sure you know, business is 0:03:33.880 --> 0:03:37.600 so tough. Ever I know, but I think as long 0:03:37.640 --> 0:03:40.200 as you stay really aligned to why you're doing what 0:03:40.240 --> 0:03:42.760 you're doing, and if it's people you know emailing you 0:03:42.840 --> 0:03:46.280 saying my daughter has so much confidence because of your socks, 0:03:46.320 --> 0:03:49.280 I think that's your reason why you're doing what you're doing. 0:03:49.360 --> 0:03:52.200 Exactly, And it's not for me and everybody who knows 0:03:52.240 --> 0:03:54.760 me all my stuff. It's not about the money. I 0:03:54.800 --> 0:03:57.560 don't care how much money we make, how many Like 0:03:57.680 --> 0:03:59.800 I just want to make a difference. I want to 0:04:00.080 --> 0:04:02.240 eat something that one day so I will be like, 0:04:02.360 --> 0:04:05.520 oh my god, she did this socks and these are 0:04:05.560 --> 0:04:08.160 her socks, and whoever, there will be probably many other 0:04:08.200 --> 0:04:10.640 people who will do this socks in the future, but like, 0:04:10.880 --> 0:04:13.240 she's the one and I'm so happy for it. 0:04:13.360 --> 0:04:14.880 You know, I think I'm being honest with you. 0:04:14.920 --> 0:04:18.000 I think you've already done that, but you're saying one 0:04:18.080 --> 0:04:19.320 day I'm going to get to that point. 0:04:19.880 --> 0:04:21.000 But I think you've already done it. 0:04:21.400 --> 0:04:23.719 I did, but I'm still like sort of like, you know, 0:04:24.480 --> 0:04:26.440 I still don't believe it, Like I still can't believe it. 0:04:26.520 --> 0:04:29.000 I have bad day, Like in business, you know how 0:04:29.040 --> 0:04:31.400 it is. Sometimes you're doing so good, but then I 0:04:31.440 --> 0:04:35.320 go home like I'm shit, Like I'm shit. I'm like, 0:04:35.520 --> 0:04:39.400 I'm like, I'm like the worst business woman ever. 0:04:40.400 --> 0:04:41.280 Everyone hates me. 0:04:41.320 --> 0:04:43.919 I'm like, I'm not good. And my partner is like, 0:04:43.960 --> 0:04:47.600 what are you talking about? Like fifty years ago, I 0:04:47.920 --> 0:04:51.240 came to Australia as a international students who study master's degree. 0:04:51.240 --> 0:04:54.120 I came here with literally no money. He's like, look, 0:04:54.120 --> 0:04:57.799 what are you built? No, No, I'm not good today, 0:04:58.000 --> 0:05:01.919 I'm not good. So sometimes like we find hard to 0:05:01.960 --> 0:05:05.159 believe how far we've come in the business because we 0:05:05.200 --> 0:05:07.839 are so involved and we don't we don't stand back, 0:05:08.040 --> 0:05:10.800 we don't Yeah we don't see that thing, yeah exactly, 0:05:10.880 --> 0:05:13.760 but other people do, which is good. I think all 0:05:13.960 --> 0:05:19.200 Medmea customers and fans do it. And I have the biggest, 0:05:19.279 --> 0:05:23.320 the most loyal people that they just follow Medimea love it. 0:05:23.400 --> 0:05:26.000 And it's not as as I say, too many people, 0:05:26.000 --> 0:05:28.719 we don't work with influences like we don't, we don't, 0:05:29.200 --> 0:05:32.440 we don't, We don't even hire them, we don't even engage. 0:05:32.520 --> 0:05:35.640 Because we have a customers who supporter us, why not 0:05:36.080 --> 0:05:39.359 embrace them and make them when we we we We 0:05:39.560 --> 0:05:42.680 just moved in a new warehouse and I built like 0:05:42.720 --> 0:05:45.600 a big studio. Photo shoots every two weeks with the 0:05:45.600 --> 0:05:48.159 photo shoots, and we invite our customers to come and 0:05:48.400 --> 0:05:50.600 be a part of the photo shoots because we don't 0:05:50.680 --> 0:05:54.520 want we want because who else, who better is going 0:05:54.600 --> 0:05:57.760 to perform at the photo shoot then your customers who 0:05:57.800 --> 0:05:59.600 already love and are obsessed with the brand. 0:05:59.800 --> 0:06:02.279 So we are definitely in our era of the customer 0:06:02.320 --> 0:06:03.919 as well at FATE, and that's something that. 0:06:03.920 --> 0:06:05.320 We're really host seeing on. 0:06:05.760 --> 0:06:08.800 Yeah, we dabble a little bit in influencer marketing and 0:06:08.800 --> 0:06:10.480 I'd love to chat with you about that. 0:06:10.640 --> 0:06:12.640 But I think it's really great that you. 0:06:12.880 --> 0:06:17.960 Are focusing on community because yes, whilst influencers are great 0:06:18.000 --> 0:06:21.800 and like they can generate sales, it is so clever 0:06:22.080 --> 0:06:25.360 to invest in your community and the people that support 0:06:25.400 --> 0:06:29.280 you already, you know, rather than giving influencers, more free stuff, 0:06:29.560 --> 0:06:33.159 which is all well and good. I am all for 0:06:33.400 --> 0:06:36.120 you know, getting your community involved with your brand for 0:06:36.200 --> 0:06:39.159 your photo shoots. Yeah, because they're only going to see 0:06:39.160 --> 0:06:41.159 that and be like wow, like I already love this brand. 0:06:41.200 --> 0:06:43.920 I love their socks, and now they're showing that they 0:06:43.960 --> 0:06:45.680 love their community and customers. 0:06:45.680 --> 0:06:46.960 It makes them feel val shoot. 0:06:47.080 --> 0:06:49.359 You should see them when they come to office for 0:06:49.360 --> 0:06:52.480 a photo shoot. It's like their dream coming true. They're 0:06:52.720 --> 0:06:55.440 so happy. Their parents are happy to see their kids 0:06:55.440 --> 0:06:58.000 being so happy, and it's just the best. They have 0:06:58.120 --> 0:07:00.720 the best time of their life. It's all about and 0:07:00.760 --> 0:07:03.280 we don't like we don't just take photos. We have 0:07:03.760 --> 0:07:07.080 the best food and the west parties and the best music, 0:07:07.120 --> 0:07:09.040 and we dance and we just have so much fun. 0:07:09.120 --> 0:07:11.040 So it's not just come and do a photo shoot 0:07:11.040 --> 0:07:13.200 and we'll use your photos and videos for market. No 0:07:13.640 --> 0:07:17.520 we can't. Yeah, I can't have experience. And they kind 0:07:17.520 --> 0:07:19.880 of design the socks with all the designers now and 0:07:19.920 --> 0:07:22.760 everybody like going in the office and it's just and 0:07:22.760 --> 0:07:26.120 and and and the interesting thing is the parents become 0:07:26.200 --> 0:07:29.520 our friends. So it's like I have so many parents, 0:07:29.640 --> 0:07:32.920 is like, and then sometimes like I have this customer 0:07:32.960 --> 0:07:35.320 who is like number one fan of man Mia. She 0:07:35.400 --> 0:07:37.760 has all her socks everything else. We do it and 0:07:37.800 --> 0:07:40.680 it's like at night when I pous on social media, 0:07:40.720 --> 0:07:42.960 which I still do it myself on Instagram. I post 0:07:43.000 --> 0:07:45.480 and if she doesn't comment, I'm like, say it, why 0:07:45.480 --> 0:07:50.840 don't customer? She's sorry, She's like sorry, sorry, I'll post later. 0:07:50.880 --> 0:07:53.040 I promise you I'll comment later. I'm like, please do 0:07:53.520 --> 0:07:55.480 and she like we just love it. Like we're just 0:07:55.520 --> 0:07:58.640 all like talking and communicating with the with the customers, 0:07:58.640 --> 0:08:01.680 with the parents, and and pay events. I mean, yeah, 0:08:01.720 --> 0:08:03.880 it's just so such a good community we create and 0:08:03.920 --> 0:08:05.600 I'm so proud of it, to be honest, And I'm 0:08:05.640 --> 0:08:07.600 proud of it because they helped me and support me 0:08:07.640 --> 0:08:10.200 do everything. Every design we do, I call them, I'm like, 0:08:10.240 --> 0:08:12.040 what do we do? Yeah? Like what do you think? 0:08:12.080 --> 0:08:12.680 What's in? What? 0:08:13.200 --> 0:08:14.360 Feedback is everything? 0:08:14.440 --> 0:08:16.120 It's the best, it's the best. 0:08:16.440 --> 0:08:22.040 Now you bought the company that you were employed at exactly, Yes, 0:08:22.120 --> 0:08:23.360 that is iconic. 0:08:23.600 --> 0:08:27.040 Can you talk us through how that all came to be? 0:08:27.440 --> 0:08:32.000 So? I started Masters in Design and after getting out 0:08:32.040 --> 0:08:34.440 of UNI, I was looking for a job and I 0:08:34.520 --> 0:08:38.920 landed a job with the startup company who was started 0:08:38.960 --> 0:08:42.880 by somebody else and had an investor, very wealthy investor, 0:08:43.040 --> 0:08:46.880 silent investor from Australia and they needed a designer to 0:08:46.920 --> 0:08:49.400 design some socks for them, and the idea was to 0:08:49.480 --> 0:08:52.199 design playing socks. So I got the job. I thought 0:08:52.240 --> 0:08:57.120 it's exciting and we it was the market was kids socks. 0:08:57.520 --> 0:09:00.480 But as soon as I got the job, like this 0:09:00.520 --> 0:09:04.200 is this is just you can't be just socks. We 0:09:04.280 --> 0:09:06.680 need to bring something else to the just wanted to 0:09:06.679 --> 0:09:11.319 do playing just playing socks, Yes, gotcha, adults for kids 0:09:11.679 --> 0:09:12.400 mostly kids. 0:09:12.559 --> 0:09:12.760 Yeah. 0:09:13.559 --> 0:09:17.000 So I started designing socks. But then three months in 0:09:17.040 --> 0:09:20.800 to my role, I was doing everything, not just designing, marketing, sales, 0:09:22.000 --> 0:09:24.840 everything you possibly think of. The investor called me and said, 0:09:25.600 --> 0:09:27.760 I have the guys who started the company, but I 0:09:27.800 --> 0:09:30.600 don't think they're doing a good job because you do everything. 0:09:30.720 --> 0:09:33.360 How about I get you around the whole show for me. 0:09:33.679 --> 0:09:36.000 I'm like, Okay, that's a dream job for me. I 0:09:36.000 --> 0:09:38.520 would love to and he's like, we'll see how it goes. 0:09:38.559 --> 0:09:41.720 Few start, maybe you'll you'll you'll own the business. And 0:09:41.760 --> 0:09:45.080 I'm like, wow, this is exciting, very good opportunities. So 0:09:45.920 --> 0:09:48.439 for two years I worked for him. Right, we own 0:09:48.480 --> 0:09:48.959 the business. 0:09:48.960 --> 0:09:52.439 So you didn't go in as an owner, No, you 0:09:52.480 --> 0:09:54.440 were just like what were you working as? 0:09:54.480 --> 0:09:59.800 Did you have a designer, packing, marketing, everything around, everything, everything, everything? 0:09:59.840 --> 0:10:03.160 And I was still working from home and then two 0:10:03.280 --> 0:10:07.480 years in and I was like on a minimum salary wage, 0:10:07.520 --> 0:10:12.120 you can possibly think, but I was doing not just everything. 0:10:12.320 --> 0:10:14.640 I would also say to my investor, we need to 0:10:14.679 --> 0:10:18.160 go to China. I get some stock, find new factories, manufacturer. 0:10:18.160 --> 0:10:19.520 He's like, we don't have a budget for it. You 0:10:19.600 --> 0:10:22.040 spend everything, we don't have money. And I'm like, you 0:10:22.040 --> 0:10:25.199 know what, how about I pay for everything and then 0:10:25.280 --> 0:10:27.200 if we make money, you'll pay me back. And he's like, 0:10:27.320 --> 0:10:30.680 you're crazy. Do it. So I'll go to China, pay 0:10:30.720 --> 0:10:34.320 everything myself, find new new manufacturers, everything I need to do, 0:10:34.640 --> 0:10:37.280 come back and when we make the money in the business, 0:10:37.280 --> 0:10:39.520 he will pay me back. And he got to the poort. 0:10:39.840 --> 0:10:41.800 He's an investor and he was saying you should pay 0:10:41.840 --> 0:10:44.000 for it. Yes, Is he still your investor? 0:10:44.120 --> 0:10:44.240 No? 0:10:45.920 --> 0:10:49.679 That's weird, yeah, very weird. So many questions. 0:10:49.760 --> 0:10:52.600 I love. I mean, we are still good friends. He's 0:10:52.640 --> 0:10:56.640 a big supporters. But I'm not gonna come better because 0:10:56.760 --> 0:11:00.000 everything that I am today. He helped me. Yes, because 0:11:00.800 --> 0:11:05.640 but however, he built his business babe back in the 0:11:05.679 --> 0:11:08.760 eighties when there was no marketing, there was no social media. 0:11:08.840 --> 0:11:11.800 He never believed in that. A very old school so 0:11:11.840 --> 0:11:13.600 he when I say to him, Hey, we need a 0:11:13.600 --> 0:11:15.360 marketing budget, He's like, what is that? 0:11:16.160 --> 0:11:17.800 Like what do you what do you mean? 0:11:18.320 --> 0:11:20.920 What do you mean? And I was like, okay, great, okay, 0:11:20.960 --> 0:11:23.600 move on and then yeah, So he got to the 0:11:23.640 --> 0:11:28.439 point that two years in, I was like, can you 0:11:28.559 --> 0:11:31.560 Chris my salary? Like, I'm working in such like, I 0:11:31.600 --> 0:11:35.240 have a very bad pay I get my pay for 0:11:35.440 --> 0:11:38.840 from my pocket for any events, travelers, everywhere I'll go. 0:11:39.040 --> 0:11:40.920 I'm like, can you incrias my salary? He's like, how 0:11:40.920 --> 0:11:43.480 about I give you forty nine percent shares for free? 0:11:43.880 --> 0:11:48.199 Like what, but you keep the shitt salary. I'm like, okay, great, 0:11:48.240 --> 0:11:50.520 But that was good. So it was a good step 0:11:50.559 --> 0:11:51.319 into the business. 0:11:51.400 --> 0:11:54.439 At this point, the original owners they were out of 0:11:54.480 --> 0:11:54.720 the peace. 0:11:54.800 --> 0:11:56.880 They were out within three months. 0:11:56.920 --> 0:11:59.280 So they walked away within the worst three months that 0:11:59.280 --> 0:12:02.080 you were there. Yeah, they can killed them just working. 0:12:01.760 --> 0:12:04.839 On a salary. The investor held all the shares in 0:12:04.880 --> 0:12:07.240 the company. Yes, then you worked your bum off for 0:12:07.280 --> 0:12:10.160 two years and then your investor goes, hey, I want 0:12:10.160 --> 0:12:12.920 to give you forty nine percent of this company for free. 0:12:13.000 --> 0:12:15.920 Yes, don't walk away, he said, don't walk away, but 0:12:15.960 --> 0:12:19.240 I'll give you forty nine percent of shares for free. 0:12:19.640 --> 0:12:20.080 Wow. 0:12:20.400 --> 0:12:23.520 And I said that sounds wonderful. That's why not too. 0:12:23.480 --> 0:12:24.199 Good to be true? 0:12:24.320 --> 0:12:28.360 Yeah? Yeah, but I worked really hard. When I say hard, 0:12:28.400 --> 0:12:31.160 would I look back, would I do this again? No? 0:12:31.280 --> 0:12:34.440 Because it was so hard. I had to build the 0:12:34.559 --> 0:12:37.560 Instagram account with non marketing budget, I had to make 0:12:37.600 --> 0:12:40.360 sales online with non marketing budget. I had to do 0:12:40.600 --> 0:12:44.280 everything pretty much just being me, just there. 0:12:44.520 --> 0:12:48.199 I think that's what existing the crazy things about starting 0:12:48.200 --> 0:12:50.959 a business from scratch and doing it all yourself. It's 0:12:51.000 --> 0:12:53.640 funny that you say that I would never do it again, 0:12:53.800 --> 0:12:56.120 because I feel the same about all the stuff that 0:12:56.240 --> 0:12:59.280 I did, maybe in the first you know, four years 0:12:59.360 --> 0:13:00.600 of when I was fate. 0:13:00.679 --> 0:13:01.600 I look back. 0:13:01.440 --> 0:13:03.680 Now and I go, oh, my goodness, I could never 0:13:03.720 --> 0:13:05.920 do that again, and I think I'm so glad I'm 0:13:05.920 --> 0:13:08.160 not doing that right now. But when you're in that moment, 0:13:08.559 --> 0:13:11.440 you don't think that way because you're building and grinding 0:13:11.480 --> 0:13:13.600 and hustling, and I think you can see where this 0:13:13.679 --> 0:13:16.160 thing can go. So you just really do put in 0:13:16.200 --> 0:13:18.679 all that groundwork, and you get to the stage where 0:13:18.679 --> 0:13:20.840 you're right now where you're thinking, I would never do 0:13:20.920 --> 0:13:23.120 that again, but you're so glad that you did. 0:13:23.040 --> 0:13:26.800 It right exactly. No, everything I did and the way 0:13:26.840 --> 0:13:29.440 I did it, I don't regret it because I learned 0:13:29.600 --> 0:13:32.840 so much from it, and the fact that I don't 0:13:32.880 --> 0:13:36.360 have a business degree. I have a designer degree, but 0:13:36.400 --> 0:13:39.800 I've learned everything else in business, and I run the 0:13:39.800 --> 0:13:42.480 business myself right now pretty much everything, and the business 0:13:42.480 --> 0:13:46.959 is still up to today. It's just the best thing 0:13:47.000 --> 0:13:48.560 that can ever happen to me. 0:13:48.679 --> 0:13:50.160 And so when did all of this happen? 0:13:50.320 --> 0:13:53.520 Like roughly, So this was like two thousand and let's 0:13:53.520 --> 0:13:57.240 say seventeen, I got forty nine percent shares. 0:13:57.400 --> 0:13:57.920 Wow. 0:13:58.679 --> 0:14:03.720 A year later, the business were just starting to make money. 0:14:03.840 --> 0:14:06.480 We didn't make money back then. It was very hard, 0:14:06.840 --> 0:14:09.160 and he was putting a lot of money investing in 0:14:09.200 --> 0:14:12.320 the business in terms of stock and new designs and 0:14:12.320 --> 0:14:16.000 new developments, product developments and everything else. So when we 0:14:16.280 --> 0:14:21.480 just started making money, and I met my partner at 0:14:21.520 --> 0:14:25.440 the time and we were planning to have some kids 0:14:25.640 --> 0:14:31.080 and some kids kids, And then I said to him, 0:14:31.120 --> 0:14:35.200 to my investor, I'm like, like, you don't care about me. 0:14:35.800 --> 0:14:38.640 You know, it's my baby. Why don't you sell it 0:14:38.680 --> 0:14:41.160 to me? Just give me the rest of the business 0:14:41.240 --> 0:14:44.320 and walk away. He's super wealthy, he's retired now, he 0:14:44.400 --> 0:14:46.840 doesn't need the money, and I'm like, what, just sell 0:14:46.880 --> 0:14:49.080 it to me, and he's like, let me think about it. 0:14:49.160 --> 0:14:51.280 And anyway, two weeks later he calls me. It's like 0:14:52.080 --> 0:14:55.400 I always knew it's your baby, and I think, who 0:14:55.480 --> 0:14:57.720 is the better person to buy the business of me 0:14:57.840 --> 0:14:59.800 than you? So he agreed to sell it to me. 0:15:00.000 --> 0:15:03.080 You bought the sixty yes, and what was the revenue 0:15:03.080 --> 0:15:04.240 of the company at that time? 0:15:04.920 --> 0:15:08.840 Very little? Yeah, No, No, it was more. Actually it 0:15:08.880 --> 0:15:11.000 was more. It was like around nine hundred thousand dollars 0:15:11.040 --> 0:15:12.240 turn to noah. 0:15:12.520 --> 0:15:13.120 Yeah. 0:15:13.320 --> 0:15:15.520 I think that's the thing that people always get confused 0:15:15.520 --> 0:15:17.000 with when you're like, oh, I've got a business and 0:15:17.040 --> 0:15:18.200 it turns over nine. 0:15:18.120 --> 0:15:20.200 Hundred thousand dollars a year, It's like, you don't get nine. 0:15:20.080 --> 0:15:22.800 Hundred no, No, it all comes down in the WORL was 0:15:22.920 --> 0:15:24.640 just becoming profitable. Let's say that. 0:15:25.040 --> 0:15:25.280 Wow. 0:15:25.600 --> 0:15:32.120 Yeah, I have a question that I'm curious about. And 0:15:32.160 --> 0:15:33.480 I don't know if I'm going to get in trouble 0:15:33.480 --> 0:15:35.520 for asking you this, And I don't know if you 0:15:35.520 --> 0:15:37.600 can tell me, but I'm going to ask you anyway 0:15:37.760 --> 0:15:39.440 you can tell me if you can't ask this question? 0:15:39.880 --> 0:15:40.480 How does it. 0:15:40.480 --> 0:15:45.120 Work having other businesses pictures and logos on your product? 0:15:45.360 --> 0:15:46.400 For example, Disney? 0:15:48.080 --> 0:15:48.760 What do you mean? 0:15:48.880 --> 0:15:51.200 Sorry, Like, do you have to get like some sort 0:15:51.240 --> 0:15:53.840 of special license to have Disney on your socks? 0:15:54.720 --> 0:15:58.040 I actually work with Disney. Wow, I work with Disney. 0:15:58.120 --> 0:16:00.720 I work with Warner Brothers who work Withney Claudian. We 0:16:00.800 --> 0:16:04.760 work with Universal Studios, and we pay a licensing fee 0:16:04.920 --> 0:16:07.840 to be able to use their logos, their their characters, 0:16:07.880 --> 0:16:08.560 their assets. 0:16:08.720 --> 0:16:11.880 Yeah, and then do they make like a percentage of 0:16:12.320 --> 0:16:13.800 sales because you're using it? 0:16:13.920 --> 0:16:16.160 Or with the licensing you know, is that you have. 0:16:16.120 --> 0:16:19.680 A minimum amount of guarantee that you pay to licensing brands, 0:16:19.680 --> 0:16:24.720 but then that is sort of gets deducted per they 0:16:24.760 --> 0:16:28.040 get percentage prepare of sock salt. But that's already like 0:16:28.200 --> 0:16:31.920 sort of like you pay upfront, but then deductor they take. 0:16:31.760 --> 0:16:32.520 A little royalties. 0:16:32.600 --> 0:16:32.760 Yeah. 0:16:32.800 --> 0:16:34.720 I've always been so curious by that, you know, because 0:16:34.720 --> 0:16:37.440 we see so many brands and businesses do collaborations with 0:16:37.560 --> 0:16:40.240 like Lilo and Stitch or whatever it is, and the 0:16:40.280 --> 0:16:42.600 business owner in me is always so curious. And when 0:16:42.640 --> 0:16:45.600 I was jumping on your website, I'm seeing Powerpuff Girls, 0:16:45.960 --> 0:16:51.360 Stitch Inside Out, and Mickey Mouse, like You've got absolutely everything, 0:16:51.360 --> 0:16:54.040 and I've always been so curious, like how does that work? 0:16:54.160 --> 0:16:55.640 So it's interesting to know. 0:16:56.200 --> 0:16:59.320 Well, first when I back in the day's first collaboration, 0:16:59.440 --> 0:17:01.840 we did it. I don't even know if you remember 0:17:01.920 --> 0:17:05.160 Jojo Siwa. Yeah, the cute see Little Bows. We did, 0:17:05.240 --> 0:17:07.240 so we did arrange for her. That's how it started. 0:17:07.280 --> 0:17:10.359 It was the Nickelodeon. But then after them. Since I 0:17:10.400 --> 0:17:13.719 was a little girl, I always dreamt of like working 0:17:13.720 --> 0:17:16.680 with Disney, and then it took me well of a 0:17:17.119 --> 0:17:19.679 year to get them, get in touch with them then 0:17:19.720 --> 0:17:20.160 to start. 0:17:20.240 --> 0:17:22.680 Obviously when you went in as an employee, they didn't 0:17:22.680 --> 0:17:25.920 have like these existing relationships with no big companies because 0:17:25.920 --> 0:17:26.240 I were. 0:17:26.160 --> 0:17:26.720 Just doing the plane. 0:17:26.760 --> 0:17:28.680 So they did it. And to be honest with Disney, 0:17:28.720 --> 0:17:31.199 I started working maybe two years ago. Okay, so I 0:17:31.400 --> 0:17:33.800 just like it took me a long time. 0:17:34.080 --> 0:17:36.000 Yeah, do you kind of have to like pitch yourself 0:17:36.000 --> 0:17:37.760 to them and be like, hey, this is me, I 0:17:37.800 --> 0:17:40.760 want to use your designs on my socks exactly. 0:17:40.960 --> 0:17:43.720 But then you have to yeah, but it's it's not 0:17:43.840 --> 0:17:48.040 just yeah, yes, yes, you can say that, but then 0:17:48.200 --> 0:17:51.680 you have to open up you financials as well, show 0:17:51.760 --> 0:17:54.480 them how well you are establishing the market, how well 0:17:54.520 --> 0:17:56.840 you can do and what you can bring to the table. 0:17:56.880 --> 0:18:00.720 Then no one else can and yeah and there like 0:18:00.960 --> 0:18:04.320 let's say a few meetings. If they accept you, yeah, 0:18:04.359 --> 0:18:07.040 they will radio proposal and say hey, we want to 0:18:07.040 --> 0:18:09.159 work with you. So this is these are terms. If 0:18:09.160 --> 0:18:12.640 you're happy with it, we go ahead. But working with Disney, 0:18:13.000 --> 0:18:16.480 especially with Disney, has been one of the biggest success 0:18:16.480 --> 0:18:20.000 for men. Miir to be honest and so proud to 0:18:20.080 --> 0:18:22.639 say that we are the first Australian brand is going 0:18:22.720 --> 0:18:25.360 to be launching in August in Disnel and Paris. 0:18:25.720 --> 0:18:26.440 Wow. 0:18:26.480 --> 0:18:28.520 So I'm very proud, very excited. 0:18:28.600 --> 0:18:31.399 Are you doing everything You're doing the most? 0:18:31.800 --> 0:18:35.000 I'm trying. I'm trying, and we are the first Australian 0:18:35.040 --> 0:18:36.680 brand that is going to be an Old Toys r 0:18:36.760 --> 0:18:37.840 US stores in Asia. 0:18:38.320 --> 0:18:42.320 Wow, everywhere You're and you figured all this out on 0:18:42.359 --> 0:18:42.720 your own. 0:18:43.280 --> 0:18:46.800 Yes, after making so many mistakes. 0:18:46.359 --> 0:18:48.240 What's one of the biggest mistakes you've ever made in 0:18:48.240 --> 0:18:50.160 your business journey if you can. I know we make 0:18:50.160 --> 0:18:52.160 mistakes all the time as business owners, But is there 0:18:52.240 --> 0:18:54.840 one that you've done where you've been like, wow, yeah, 0:18:54.880 --> 0:18:55.879 I'm never doing that again. 0:18:56.760 --> 0:19:00.239