Waaay back during my Tulane days in which I was a raging alcoholic, traded drunk and really didn’t care about anyone cuz I was so arrogant due to all the easy drunken money I was making, I lived with this dude Matt Holland (’Fattie Mattie’ to those of us who know him well)…
I’ve now cleaned up, can’t drink for shit and discovered I could make tons more of near risk-free profits by cutting through the BS and trying to lower the 90% figure of traders who lose $. Fattie Mattie is also banking with his new site, FenwayGifts.com, which sells Boston/Red Sox memorabilia.
Check out the interview I recently did with him:
1. What made you start your site?
I began the FenwayGifts.com in 2005 with no cash, just a random idea to make New York license plates that had YNKEH8R embossed on them, sold thousands…I decided e-commerce because of the freedom it offers to be anywhere in the world and still being able to conduct business. I made some of my first sales online while I was in Germany, had a buddy send out the shirts and I made soem cash while I was asleep. Physical store locations are a lot of money and are risky, e-commerce is cake. Its low risk, minimal investment and overall not too complicated to run.
E-commerce is still in its infancy…It is getting more popular every year and it allows a store to have a world-wide audience…to me e-commerce is the only way to run a business.
2. What have you learned about running the business?
-It is better to work less than to work more. Overworking will hurt your business and your life. Working hard is important at times, but working efficiently is what your goal should be.
-Find an angel. It took me three years to find an angel to give my company the true launch I know it could be. If you dont have any money, and your credit is good- head to the bank, if your bank says ‘No’ get a BUSINESS credit card and put the costs on that…worst case scenario is your business goes broke…going bankrupt as a business is much better than going bankrupt as an individual.
-Always negotiate costs. saving money is making money- its cliche but correct.
-Play for pennies. When you are working with a high volume of products or even with stocks every penny counts.
3. Any mistakes you made along the way?
-Hiring a web designer….I use Volusion now…if I had known before about the simplicity of starting an ecommerce site, I would have saved thousands.
-Trying to do too much. Find yourself an accountant or take on a partner for the things you dont like doing or dont have much experience in. It will take off a lot of pressure.
-Pick your potential partners carefully. If you take on friends as partners, understand that your relationship may cease to exist in the future.
-Dont live with your partners, just to save cash. Stay away from them outside of your business relationship.
4. Why is Harrison’s Roast beef so addictive?
Its something with the secret sauce. Perhaps laced with coke? Im not sure.
5. Why did the red sox fuck it all up? Has it hurt business that they suck?
Yeah it hurts business, but the great thing about being in the sports apparel and souvenir business is that there are plenty of teams to make products for…The Sox are king in boston, but there are the Patriots and the Celtics and a lot of great college teams in new england. Christmas sales are 1 month away- Im not very worried.
Tags: Interviews, Q&A
