An American teenager had a brilliant business idea. Now he makes $1 million per year from selling his products
17-year-old Brennan Agranoff from Portland, USA, has had an amazing business idea that now brings him $1 million per year, CNN reports.
Agranoff started his custom socks business, HoopSwagg, at the age of 13. He noticed that most kids in his high school were wearing plain Nike athletic socks, so he decided to make them more interesting and print custom designs on such simple socks.
Once he got the idea, Agranoff started doing his research and he looked up logistics, such as machinery and the technology needed to print images on the fabric. He then presented the idea to his first two investors – his parents. “They thought the concept was a little out there,” he said. Nevertheless, his persistence brought him a $3,000 loan.
HoopSwagg launched in the family garage and, after a rather slow initial year, the socks, described by Agranoff as being suitable “for everyone from 6-year-olds to 80-year-olds”, became popular on social media.
The company is now shipping between 70 and 100 orders per day, and it recently announced its first acquisition: competitor TheSockGame.com, which will increase the company’s portfolio by 300 designs, as well as enlarge the customer base.
Once sales rocketed, the company had to move out of the garage, so the family built a 1,500-square-foot building that would accommodate everything from production to shipping. It also saw the addition of Agranoff’s mother as a full-time employee, as well as 17 part-time employees.
Agranoff taught himself to code in order to manage his business‘ website, as well as developing the designs – which range from melting ice cream cones to the Portland International Airport carpet.
The socks are priced at $14.99 and Agranoff said that once he graduates high school, he will focus on HoopSwagg full-time.