Episode from the podcastFoundr Magazine Podcast with Nathan Chan

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

Released Tuesday, 13th October 2020
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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

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From The Podcast

We interview hard to reach entrepreneurs. (Mark Cuban, Tim Ferriss, Sophia Amoruso, Tony Robbins, Barbara Corcoran, Gary Vaynerchuk, & many more). Unlike most podcast interview series Nathan Chan literally started from knowing nothing. He was just an average guy working in a 9-5 job he utterly hated. He knew nothing about entrepreneurship, nothing about startups, nothing about marketing, and nothing about online or how to build a business. So from launching Foundr Magazine he's gone out and spoken to some of the most successful entrepreneurs and founders in the world to find out exactly what it takes to become a successful entrepreneur, so YOU can learn from them. Why this podcast? Because we're asking the same questions you want to know as an entrepreneur on their journey to building an extremely successful business. We're on the front-lines facing the daily battles you are. How do I get more customers? How do I scale my business? I want to start a business, but just don't know where to start? How did this person get millions of customers and make millions of dollars and have a such a massive impact on the world? Some of these entrepreneurs are very well known, and some not known at all and that’s the cool part! Here we will share with you our best interviews from Foundr magazine showcasing this persons processes, failures, critical lessons learnt and actionable strategies showing YOU how to build a successful business. This is NOT your AVERAGE everyday entrepreneurship podcast. We've also interviewed many successful game changing podcasters like Jim Kwik, Pat Flynn, Lewis Howes, Jordan Harbinger, Joel Brown & many more!

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Episode Details

Length
51m 45s
Explicit
No
Episode Type
Full

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