"Never stop grinding" -Loopey Laces Founder shares startup secrets and tips!
Introduce us to your business, how you got the idea, and how you sourced any materials.
After months of brainstorming and researching different options for how to find a niche in the sock/footwear market, we realized that there was a tremendous opportunity here at Wake Forest. After learning of a custom shoelace business which sells exclusively Nike shoe designs, we developed the idea to create shoelaces imbued with sorority letters to complement the Chuck Taylor Converse shoes that Wake Forest sorority members traditionally wear. After we had the idea conceptualized, we researched textile manufacturers and quickly discovered that one of the largest shoelace manufacturers in the U.S. was located right in North Carolina.
How did you go about manufacturing your product, as that is a major obstacle for many entrepreneurs?
After we had the initial shoelace design mock-ups completed, we researched both domestic and international manufacturers who were capable of producing a product to our specifications that met our high quality expectations. We were skeptical to overcomplicate the process and manufacture the laces overseas so chose to pay a premium for higher quality laces domestically produced right in North Carolina. After a lot of back-and-forth with the manufacturer we figured out what needed to be done on our end to get the laces produced in a timely manner. Keeping the manufacturing process in the U.S. made this stage easier for us and let us hit crucial deadlines which allowed us to get our shoelaces produced on time.
How do you handle the logistics and inventory management of a startup, not knowing how much product you will need at a time in the early stages of starting a business?
We keep track of our inventory using Quickbooks and Square which both have sections to enter our inventory and track how much we have at any given time. Once certain products get down to a specific quantity in stock, we get alerts that let us know we need to re-order that product. We use a 3PL logistics company to handle all of our shipping and handling needs. Using a third party logistics company has allowed us to spend our time working on other aspects of the company while also keeping shipping costs low for customers. It has made our entire logistics branch of the company much more automated and simplified for us.
Tell us about the backend of your business and if there is any online tools or apps you use to stay organized?
We use a number of tools and apps to allow for the backend of our business run smoother and more efficiently. Our eCommerce website is all done through Shopify. Shopify links with our Quickbooks account to track the accounting and inventory management of all sales. Quickbooks is a fantastic tool for us to use as well because there are a ton of different apps that effortlessly integrate with this software such as Square. Anytime we have debit or credit sales at one of our pop-up shops, we are able to accept bank cards and ring up customers using this app. The accounting and inventory management of every transaction have been built to automatically be transferred upon sale. Other tools we used to stay organized from a calendar point of view are tools such as Google Calendar to keep track of orders that need to be fulfilled at certain future dates or HootSuite which allows us to automatically release content on specific dates at specific times.
How have you been able to get the word out about your product? Any direct or online marketing tips?
We have used a number of different methods to spread the word about our products. We have used Facebook and Instagram ads hyper targeted at specific demographics to reach our exact customers. Additionally, we produce sponsored content articles to drive consumers directly to our blog on our website which increases overall exposure to our products online. There is also a more direct approach we take to marketing our products. Our personal networks help us get in direct contact with college students who have strong connections at their schools who work as ambassadors and help sell our products for commission.
What is the best piece of advice you’ve ever received?
The best piece of advice I’ve ever received is to never stop grinding. There is always more to be work to be done whether it’s trying to get our products into new spaces, contacting new customers, or networking with business professionals in the field that can provide me with valuable advice and potential partnership opportunities.
What tips do you have for entrepreneurs, from funding a startup, to making a website and selling product?
I would advise new entrepreneurs to keep their head up and never back down from a foreign obstacle. Everyday a new challenge arises and it’s crucial to look at these challenges as temporary obstacles that can be overcome with hard work and perseverance. With the expansion of modern technology and the internet today, you can find an answer to almost anything you don’t know. The internet is a fantastic resource that helps us learn how to overcome challenges we have never experienced before. The other main piece of advice I’d give entrepreneurs is to constantly network and ask questions. You can learn valuable information from other business professionals who have had success in their fields in the past. Part of being an entrepreneur is constantly learning how you can make continuous improvements to your business every day.
Lastly, what should consumers know about your product that is different from what is already on the market?
Our sorority shoelaces are the first and only product of its kind on the market. We have built a product that is new and refreshing in a Greek market saturated by the same bevy of products. Our shoelaces are a unique, cost-efficient product that allow sorority girls to unify themselves by showing their sorority pride with every step.
In the collegiate world with do-it-all students ID’s ranging from allowing access to buildings to buying snacks for a late night study session, the sticky wallet craze has officially set in. We retail 18 available lines of sorority phone wallets that are clean and perfect for a small gift.
Our new sorority Nylon Bracelets are made of stretchable, multi-colored nylon with a silver coated, engraved clasp holding it together. This blend of jewelry meets lace is not available anywhere else. We are only carrying four initial lines due to the cost of production: Chi Omega, Kappa Kappa Gamma, Delta Delta Delta, and Kappa Delta. These are in extremely high demand so get your orders in now!
Now licensed by 50 schools in the NCAA, our game day shoelaces are perfect for college sports fans who want to lace up with their team! These laces are the perfect addition to your tailgating outfit!
Thanks so much for talking with us!
-The Create Team
Check out Loopy Laces on Instagram at @loopeylaces
