CEO of Casetify shares his No. 1 ‘super underrated’ business tip
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Wesley Ng figured out the fundamentals of working a business by looking at his dad and mom operate their restaurant in Hong Kong.
“It was not venture-backed clearly,” the 41-12 months-previous claimed with a chortle. “What is actually the most crucial point to have to endure? Earnings.”
Ng now operates his have enterprise, Casetify, with the similar philosophy. Headquartered in Hong Kong, the tech accessory manufacturer is most very well-recognized for its wide vary of stylish cellphone situations.
In accordance to the business, it introduced in more than $125 million in revenue in 2020, with a compound once-a-year progress level of above 70%.
It will come down to just one point — remaining profitable. Being lucrative, was tremendous underrated until finally recently.
Wesley Ng
Co-founder and CEO, Casetify
To date, Casetify reported it has marketed more than 15 million cellphone instances all over the world.
“It will come down to a single point — being lucrative. Getting rewarding, was super underrated until eventually not long ago,” he informed CNBC Make It in a virtual job interview.
“For some organizations, they have to melt away [money] to mature their organizations, but not all corporations. I never imagine in B2Cs [business-to-consumer] you have to have to melt away so a lot to mature. If that’s what you have to have, I don’t consider you’re heading in the right way,” Ng added.
“Master about jogging a business from your mother and father. Operate a business enterprise that would make money and is worthwhile. Which is the way to go.”
Ng shares much more top rated guidelines on how he turned his aspect-hustle into a multimillion-dollar company.
1. Bootstrapping
Casetify was very first introduced as an e-commerce system back in 2011 that will allow customers to customize telephone cases with Instagram shots.
It has since expanded into selling tech extras, while collaborating with worldwide artists, corporations like Disney, and now K-pop groups like Blackpink.
“Our people wished some thing a lot more than just customization, they needed to use it like a personalized billboard, a innovative canvas … and specific who they are.”
Wanting back, Ng said he never ever would have anticipated this achievements for a business enterprise that he and his co-founder started “in a extremely lean way” with an preliminary capital of $200,000.
We are normally accomplishing matters and operating out of the passions of the company, instead than the shareholders. That is two different items.
Wesley Ng
Co-founder and CEO, Casetify
With world inflation and impending economic headwinds, Ng explained Casetify has been “lucky” not to be closely venture-backed, or it would have established the corporation up for “unrealistic aims.”
“We are often executing issues and functioning out of the pursuits of the business, rather than the shareholders. Which is two diverse factors,” he discussed.
“We did not overly spend in points in exchange for pointless advancement. So very luckily, we are wholesome but we remain very cautious.”
Even so, Casetify has formidable plans — it aims to open 100 retail shops in the upcoming two yrs, Ng mentioned. There are presently 19 retailers globally, exactly where shoppers can style their individual cell phone cases and “get it in just 30 minutes,” he additional.
Casetify was initial commenced marketing customizable mobile phone conditions, but it has because expanded to collaborations with global artists.
Casetify
In June 2021, the enterprise reportedly raked in “eight-figures” in its extremely initial spherical of fundraising soon after functioning for 10 yrs.
“So if you look at it, we technically you should not need to have [to raise funds]. It can be additional like a strategic investment,” Ng mentioned.
When requested about the firm’s valuation, he mentioned that it’s “close to a billion” right after the dollars injection in 2021 — allowing for Casetify to edge one move closer to unicorn standing.
As for his company’s profitability, Ng answered without missing a beat: “That’s not a problem. It has to be [profitable].”
2. Overshare your troubles
For Ng, who has a background in broadcast style and design, jogging his have business naturally arrived with a slew of challenges.
The most important hurdle? Discovering the ropes of the manufacturing sector.
“How can we attain all this know-how in a quick time and implement it to the enterprise? Just one of the competencies that entrepreneurs will have to have is that ability to study a little something in a pretty limited time and be suitable about it,” he shared.
One particular miscalculation he recalled earning was the buy of his first industrial printer, which turned out to be a incorrect buy.
It’s about give and just take … you’ll be amazed how a great deal you know you can learn from other people’s knowledge.
Wesley Ng
Co-founder and CEO, Casetify
“We dropped about $50,000 … But we nevertheless preserve that equipment right here as a reminder, we discovered that we need to just humbly go and talk to for assistance from men and women who have encounter in manufacturing.”
Conversing overtly, or even “oversharing” your issues as an entrepreneur, is a lesson Ng now holds carefully to his coronary heart.
“I fulfill business people all around the globe and there is certainly a little something about these in Asia, [we’re] not as open when it will come to the problems that we have. It appears like you are weak, correct?”
“But that is quite critical. Be open with conversing about the difficulties, chat about your learnings,” he claimed. “It is about give and take … you are going to be astonished how considerably you know you can learn from other people’s knowledge.”
3. Entrepreneurship ‘not for everyone’
As an entrepreneur himself, Ng admits that it is a title that’s been “glorified.”
“It really is crucial, which is how you convey disruption and improvement to the world. But you have to request you, is that actually some thing that suits you? It is not for anyone.”
Ng claimed the very best way to find out if it truly is for you is to “function intently with a founder” or be a part of a compact commence-up to understand how rough it is.
Casetify is now eyeing world expansion of its retail merchants, where prospects can layout their possess phone situation “suitable on location and get it in just 30 minutes,” said Wesley Ng, its CEO.
