How to Retain Talent

"I definitely learned my lesson on this one," he says. "If you want retention, you've got to make them feel a part of the team." He adds that employees should have an equity share in their company if it's successful. 'Do you want a small piece of a huge buyer? Do you want a big piece of a small pie?' is his top tip for retaining talent.

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Entrepreneur Nick Mertz on Challenges of E-commerce, In-House Operations, and Hiring the Right People.

Today's episode of The Unofficial Shopify Podcast brings you Nick Mertz, the reclusive yet unstoppable e-commerce juggernaut behind $100 million in revenue. This unstoppable entrepreneur has generated over $100 million in revenue with ventures like Rugged Apparel, Adam's Polishes, and Pins & Aces. How does he do it? Discover his strategies for hiring, in-house operations, and mastering growth.

Timestamped overview

[00:01:21} Podcast featuring successful e-com entrepreneur Nick, discussing challenges and successful ventures, including Leno's Garage.

[00:04:38} Started e-com business in college selling survival bracelets, sold it after a few years.

[00:08:59} Starting an e-commerce business does not require a lot of money. Differentiation is key to success in a competitive market. Validating the idea is important before starting.

[00:12:21} Stick with it, have grit, and don't expect overnight success. One mannequin company survived the 2008 recession while 90% of competitors went out of business. Some products have TikTok booms, but persistence is necessary to turn it into a business.

[00:13:50} Two successful products: beer sleeve and liquor stick, with a focus on innovation and marketing. Dealing with copycats involves legal action.

[00:20:39} Small brand collab with Bud Light - no license, no royalty, just make cool stuff and use it. Unlimited
beer sent. Those brand collabs legitimized the brand leading to other collabs. Some licensed stuff, like NCAA.

[00:24:38} Starting as a side project, Pins and Aces grew to become a real business by hiring key people while maintaining a fun culture. Hiring slowly and firing quickly is important for building a strong team.

[00:27:19} Employees have equity in the company and a bonus program; giving opportunities for growth leads to retention.

[00:33:55} DIY approach has drawbacks like lost packages, missing inventory, shipping wrong item, but offers personal touch and control over shipping experience.

[00:38:58} New products, collaborations, growing brands, relaunching Hooga Lab, and moving to a new building.

[00:41:33} Stay focused on your product and niche, even if it doesn't sell immediately. Grinding it out for at least 6 months can lead to success.