We had the chance to chat with Mario Barrett (MBA ‘14), a West Point graduate and veteran, about his new venture, Sockwork: Socks With A Purpose. Mario started Sockwork with his wife, Tina Longo, in April of 2014. Mario recently graduated with the Class of 2014, so we wanted to catch up with him to learn more about this exciting new business now that he’s finished the program.
Tell us a little about Sockwork: Socks With A Purpose.
MB: At Sockwork: Socks With A Purpose, a sock subscription means more than never having to remember to buy socks. The venture is a sock of the month club with a great twist, in that customers get to help support this veteran-owned company and be part of creating ongoing funds to organizations that assist military veterans. Sockwork sends our customers two high-quality pairs of socks each month and allows the customer to customize their order between fun and professional styles.
In the short-term, we want to build our subscriber base to a point where it makes sense to manufacture our own line of socks here in the USA. For the long-term, we want to do two things. First, we want to create a community effect with our socks. Our socks mean something and the people that wear them not only love great socks but support a worthy cause. Second, we want to pioneer a new business model for other veteran-owned businesses to follow. This will help ensure that needed money reaches veteran charities even during times when war and the needs of people who served may be less visible to the public.
What key things do you want prospective customers to know about Sockwork?
MB: We supply socks from Richer Poorer, a brand known for high-quality and fashion appeal. Having these socks delivered serves as a personal convenience or thoughtful pampering gift for a loved one. Premium socks last and add comfort to daily life, and they’re a product that everyone uses.
In addition to the time and money savings, a sock subscription allows people a simple way to devote some of their dollars to support people who served their country. Sockwork supplies a percentage of the money from its sock of the month subscribers to a rotating selection of veteran charities. As the network of veteran entrepreneurs grows, the volume of their donations will increase, a tried and tested method for creating lasting change.
As shoppers look for ways to make socially-conscious decisions, this company has created a hassle-free option for making a difference. Buying socks has become easier and more meaningful, thanks to the heart-centered monthly sock club, Sockwork: Socks With a Purpose.
How has your education in the Texas MBA Program influenced or helped your approach to running Sockwork?
MB: Coming from the Army, I didn’t know much about finance, accounting, or just about anything in the business world. If we had started this business two years ago, I wouldn’t have thought about tracking the cost of every variable, pricing, building a marketing plan, or how to differentiate ourselves from the competition.
The Texas MBA program provided me with the skills of how to evaluate a business model and understand if it is viable or not. I’ve learned about the importance of margin and breaking down costs to the most granular level to track profitability. My marketing classes introduced me to the basics of brand awareness and my strategic management classes taught me how to apply a Five Forces analysis to differentiate our company from competitors and execute more effectively. All in all, the Texas MBA program gave me the tools to approach this business in a much more cautious and methodical manner.
To learn more about Sockwork, visit www.sockwork.com