Interview with Matthew Conklin, founder of Lucid Socks. Conklin is a young entrepreneur from Tampa, Florida. Who is involved in many ventures such as Lucid Socks, a unique socks brand, Utoya Organics, a company that works with herbal CBD infusions, and a few other e-commerce companies. We had an interesting conversation with Conklin where we got to know about his journey to success.
Thank you so much for joining us! Can you tell us a story about what brought you to start your business?
It all started when I was 24 years old. I was working full-time at a warehouse and I simply hated it. After all, there’s no joy in living paycheck to paycheck with no room for advancement. So after getting free from work, I used to look for ways to make money online with little investment.
Although I didn’t find anything solid, I still quit my job and decided that I will start a new business where I can be my own boss. A few days later, I was invited to a trading show in Las Vegas. There were many booths, with at least 3 to 4 companies from every industry except for the textile (socks) industry. This is where I realized I want to start my own brand of socks with a unique touch. I took this idea home and opened my own brand of socks called Lucid Socks in Tampa, FL.
How did you get your idea or concept for the business?
To be honest, my idea was inspired by the Dollar Shave Club, which is a one-of-its-kind venture that company that delivers razors and other personal grooming products at their customers’ doorstep monthly in exchange for a subscription fee. I thought that the concept was perfect and decided to start something similar but with a different product i.e. socks.
The reason I chose socks was that they are an easy purchase that people usually put off for as long as they can – at least I do. I wear them till they’re completely torn and I feel lazy in going out just to buy a pair of socks. After speaking to different people, I realized that almost everyone does this, so I came up with the solution. Now when customers subscribe to Lucid Socks, they get socks delivered to their doorstep monthly without any hassle!
How many people work for you currently?
Currently, we have a small team comprising of a marketing head, a designer, a tech programmer and of course myself. We plan to expand and include more skilled individuals in our team in the near future, but for now, we’re doing just fine.
What advice would you have for other new entrepreneurs?
The only advice I have for them is: follow your dreams! Do not let negativity from your surroundings or your past steer you away from achieving your dreams. It is possible to achieve anything with dedication, hard work, and research.
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Most importantly, don’t be afraid to ask for advice. I can say this for sure that I wouldn’t be where I am today if I hadn’t asked for advice from people who I look up to.
How much potential market share can you achieve in the next 3 years?
The global stock market is huge! It crossed $9 billion in 2019 and in the next three years, we hope to achieve at least a 0.02% market share.
What are the best and worst purchases you’ve ever made?
I love to travel often and see what different parts of the world have to offer; so the best purchase I have made has to be plane tickets. Having the ability to travel easily is honestly a blessing.
On the other hand, the worse purchase I’ve ever made was an Xbox. I think I’ve hardly played it once!
Who supported you the most in your life?
Having s strong support system is crucial in life. For me, my mother is my support system. She has been there for me my whole life. I have put her through hell but she never gave up on me and I can’t thank her enough for that.
Which books do you read and recommend to get inspiration and motivation?
I believe books have the ability to inspire and motivate us which is why we should adopt the habit of reading. Some of my favorites are: Think and Grow Rich, the Rich Dad Poor Dad series, and The Law of Attraction.
What are your future plans?
We recently collaborated with FabFitFun and it was a great experience so in the future, we would like to collaborate with bigger companies. I would also love to see Lucid Socks on everyone’s feet!
Apart from this, I am also involved in a few other business ventures so my plan for the future is to work hard and see these ventures grow to their full potential.
How people should contact you?
I am available on email. People can drop me a message at [email protected].
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