(DALLAS)–As a small business owner, Quincy Roberts has an unusual background. He went from singing Puccini, Verdi and Mozart arias on stages across the United States to owning Dallas-based Roberts Trucking Inc., a commercial hauling company. Similarly, Tom Browning was working for the federal government in 2012 when he and a partner decided to launch Foot Cardigan, a subscription sock company that has experienced meteoric growth in just four years.
Both entrepreneurs attended the Goldman Sachs 10,000 Small Businesses program in Dallas, and they hope that what they learned will help them grow even more in the future. The program teaches small business owners about financing, marketing, negotiating and leadership skills. The program is taught using 11 instructional modules at the Dallas County Community College District’s Bill J. Priest Institute for Economic Development, located near downtown Dallas.
Browning, who has a doctorate in public administration, worked for the U.S. Department of Health and Human Services before becoming an entrepreneur. The 10,000 Small Businesses program gave him a lot of tools that he needed but didn’t have in order to run a business. He said, “I was definitely better prepared and more informed about how to do my prior job!”
Browning, who appeared on ABC’s “Shark Tank” in 2015, said revenue growth at Foot Cardigan “has been stratospheric.” His company is on track to hit $5 million in revenues this year. Sales have grown 400 percent every year, year over year, since he and his partners launched the company. Foot Cardigan now employs a total of 20 people, in addition to freelancers.
Foot Cardigan’s customers pay a monthly subscription, and they get a set of original, creatively-designed socks delivered to their home or business. Browning said one of the biggest challenges for the company is keeping track of the 30,000 subscribers, nationally and internationally, every month. “Subscribers don’t choose the socks, so we have to make sure we have enough variety,” he added. His customers live in more than 25 countries.
Roberts’ company experienced similar growth. He said his company went from owning only two trucks in 2004, when he took over the business from his grandfather, to 21 trucks today. In addition, Roberts has about 200 subcontractor trucks. Revenues at his company grew from just $150,000 that year to more than $10 million this year.
Since he participated in the 10,000 Small Businesses program 18 months ago, Roberts said his company grew from 14 employees to 27, and his revenues went from $7 million to today’s $10 million.
10,000 Small Businesses helps entrepreneurs maximize their potential
One of the biggest takeaways from the program, Roberts said, was the legal module, where he learned about human resources. “When you’re starting a business, there is no class that teaches you about human resources, how to be in compliance and all the laws that one must follow,” he said.
“I was able to ask questions and get answers from lawyers who were very knowledgeable about human resources. After that, I found out I wasn’t fully in compliance in some areas, so I hired a consultant,” Roberts added. “Shortly after that, I was audited by the U.S. Department of Labor. They didn’t find any errors, but if it hadn’t for that class, I might not have come out of that audit as well as I did.”
Roberts stated that one of the biggest challenges he faced running a business was learning how to delegate tasks. “During the program, I learned about leadership. When I started, I was doing everything – driving trucks, being a mechanic, procuring contracts. We have grown enough over time to the point that I am able to delegate some of those tasks to employees.”
Roberts, who graduated with the program’s first class, or cohort, in Dallas, added that the financial module helped him get a better understanding of cash flow, balance sheets and ratios. “Just that bit of information helped me prepare for how to talk to bankers so that I could obtain lines of credit,” he said.
Roberts said his operatic background helped him over the years. “The word ‘opera’ means work. It takes so many people to put on an opera – from the singers to the backstage personnel to the production staff and directors. There are many moving pieces to it,” he stated. “Running a business is similar, especially a trucking company, where you have truck drivers, mechanics and so forth. Being involved in opera helped me be a better leader where impeccable teamwork gets the job done.”
Browning, who joined the second cohort, said the program gave him a lot of business tools and metrics that helped him understand and operate a business much more efficiently. “More importantly,” Browning said, “The people in the class have become a network of advisors, and we do a lot of business with a few of them today.”
A milestone for the program
In June, the program celebrated the graduation of its 20th class from LaGuardia Community College in New York City, where 10,000 Small Businesses got its start.
Browning and Roberts both went to New York for the event and attended a panel discussion about the state of small businesses with 10,000 Small Businesses co-chairs Lloyd Blankfein, CEO of Goldman Sachs; Warren Buffett, investor and CEO of Berkshire Hathaway; Michael Bloomberg, CEO of Bloomberg L.P.; and Jack Dorsey, founder and CEO of Twitter..
Browning said he appreciated one of Buffett’s comments about customers. “He said his advice to small business owners is to not only strive for customer satisfaction but also to delight the customer,” Browning said. “Foot Cardigan always has seen as its mission to surprise and delight customers each month with our socks and our customer service. It felt good to hear that someone as knowledgeable and experienced as him affirm that simple truth for any business, which is how important it is to delight customers.”
“It was fantastic to meet other entrepreneurs from around the country,” said Roberts. “Just to be in the room with all those entrepreneurs at that level with all those bigwigs made me proud to be there and proud to see how much my company has grown. There was a lot of wisdom out there.”
Browning said he would encourage other small business owners to enroll in the program. “Without question, it has proven to be of great, great value, and it is worth the investment in time and energy. It is an investment. Anyone operating a small business is going to have more work than they can do,” he said. “It can be hard to set aside one day a week, but I would encourage business owners to take the opportunity, if they have it, and dig into the program.”
“The program would help business owners catapult their companies to the next level, no matter what level they are,” said Roberts.
The program was brought to Dallas in May 2014 in collaboration with DCCCD by Dr. Joe May, the district’s chancellor. Applicants must be owners or co-owners of a business that has operated for at least two years; have at least $150,000 in revenue; and must employ a minimum of four people. Program participants attend an orientation, followed by 11 classes. They also attend networking events and develop a growth plan for their companies. Some business owners can gain access to loans and capital that may not be available to them through traditional channels.
For more information about the 10,000 Small Businesses program at DCCCD, contact Cristin Thomas at cjthomas@dcccd.edu.
