328: Building a $50M Underwear Empire off $20K with Joanna Griffiths from KNIX

Joanna Griffiths CEO Knixwear CEO of global intimates brand Knixwear Joanna Griffiths sits down with Nathan Chan to reveal how she took $20k to and made $50m in revenue last year.  In this wonderfully inspiring episode, Griffiths’ discusses how she became an “accidental entrepreneur” with Knixwear. Initially begun as a passion project to create high-quality leak-proof intimates, Griffiths’ put aside her initial goal to run her own media company and instead decided to take the plunge into entrepreneurship.    In school, her business plan won a competition, and she used the $20k prize to begin chasing her dream of solving a universal problem. After years of trials and errors, including a first-time sample order of 40,000 pairs of underwear, Knixwear quickly found it’s feet and is now a $50m a year company. Knixwear has 85 employees globally, and Griffiths’ still reels at the idea that her company sells an item every 6 seconds.  Listen in as Griffiths’ discusses the lows and the highs of being a first-time business owner, TV advertising, and why she always chooses the path of risk so she doesn’t look back and wonder “what if”.  Key Takeaways How Griffiths’ original plan to run her own media company led her to pursue her MBA How her intimates brand Knixwear began as high-quality leak-proof underwear Why Griffiths dedicated her time to solving this universal problem, and why she feels she is an accidental entrepreneur as a result Why she chose to take a chance rather than risk looking back with regret Griffiths’ discusses her initial business funding: she won a business plan competition at school and received $20k  How she used the $20k for product development, launching, and crowd-funding Griffiths’ reveals that the first order was the biggest mistake, but she values progress over perfection Knixwear has passed $50m annual revenue, and that they sell an item every 6 seconds Griffiths’ discusses the early days of wholesale business, and the struggles first-time entrepreneurs face How she identified her target market and shaped her product accordingly