Wesley Ng discovered the basics of working a industry by way of staring at his folks run their eating place in Hong Kong.
“It used to be no longer venture-backed clearly,” the 41-year-old stated with fun. “What is an important factor to need to live on? Earnings.”
Ng now runs his personal industry, Casetify, with the similar philosophy. Headquartered in Hong Kong, the tech accent logo is maximum well known for its wide selection of stylish telephone circumstances.
In keeping with the corporate, it introduced in additional than $125 million in earnings in 2020, with a compound annual enlargement fee of over 70%.
It comes down to 1 factor — making money. Earning profits, used to be tremendous underrated till lately.
Wesley Ng
Co-founder and CEO, Casetify
Thus far, Casetify stated it has bought greater than 15 million telephone circumstances international.
“It comes down to 1 factor — making money. Earning profits, used to be tremendous underrated till lately,” he instructed CNBC Make It in a digital interview.
“For some firms, they have got to burn [money] to develop their companies, however no longer all firms. I don’t believe in B2Cs [business-to-consumer] you want to burn such a lot to develop. If that is what you want, I don’t believe you are on the right track,” Ng added.
“Find out about working a industry out of your ma and pa. Run a industry that makes cash and is winning. That is the option to cross.”
Ng stocks extra most sensible tips about how he became his side-hustle right into a multimillion-dollar industry.
1. Bootstrapping
Casetify used to be first introduced as an e-commerce platform again in 2011 that permits consumers to customise telephone circumstances with Instagram pictures.
It has since expanded into promoting tech equipment, whilst participating with world artists, firms like Disney, and now Okay-pop teams like Blackpink.
“Our customers sought after one thing extra than simply customization, they sought after to make use of it like a private billboard, an artistic canvas … and specific who they’re.”
Having a look again, Ng stated he by no means would have anticipated this luck for a industry that he and his co-founder began “in an overly lean method” with an preliminary capital of $200,000.
We’re at all times doing issues and working out of the pursuits of the corporate, moderately than the shareholders. That is two various things.
Wesley Ng
Co-founder and CEO, Casetify
With world inflation and drawing close financial headwinds, Ng stated Casetify has been “lucky” to not be closely venture-backed, or it could have set the corporate up for “unrealistic objectives.”
“We’re at all times doing issues and working out of the pursuits of the corporate, moderately than the shareholders. That is two various things,” he defined.
“We didn’t overly put money into issues in change for pointless enlargement. So very thankfully, we’re wholesome however we stay very wary.”
Even so, Casetify has bold plans — it targets to open 100 retail shops within the subsequent two years, Ng stated. There are lately 19 shops globally, the place consumers can design their very own telephone circumstances and “get it inside half-hour,” he added.
Casetify used to be first began promoting customizable telephone circumstances, however it has since expanded to collaborations with world artists.
Casetify
In June 2021, the corporate reportedly raked in “eight-figures” in its first actual spherical of fundraising after working for 10 years.
“So for those who take a look at it, we technically don’t want [to raise funds]. It is extra like a strategic funding,” Ng stated.
When requested concerning the corporate’s valuation, he stated that it is “just about 1000000000” after the money injection in 2021 — permitting Casetify to edge one step nearer to unicorn standing.
As for his corporate’s profitability, Ng spoke back with out lacking a beat: “That isn’t a query. It needs to be [profitable].”
2. Overshare your issues
For Ng, who has a background in broadcast design, working his personal corporate naturally got here with a slew of demanding situations.
The most important hurdle? Studying the ropes of the producing trade.
“How are we able to achieve all this data in a little while and use it on the industry? Probably the most talents that marketers will have to have is that talent to be informed one thing in an overly few minutes and be proper about it,” he shared.
One mistake he recalled making used to be the acquisition of his first commercial printer, which became out to be a incorrect acquire.
It is about give and take … you can be stunned how a lot you realize you’ll be informed from other folks’s revel in.
Wesley Ng
Co-founder and CEO, Casetify
“We misplaced about $50,000 … However we nonetheless stay that device right here as a reminder, we discovered that we will have to simply humbly cross and ask for assist from individuals who have revel in in production.”
Speaking overtly, and even “oversharing” your issues as an entrepreneur, is a lesson Ng now holds carefully to his center.
“I meet marketers around the globe and there is something about the ones in Asia, [we’re] no longer as open in the case of the issues that we’ve got. It sort of feels like you are susceptible, proper?”
“However that is essential. Be open with speaking concerning the issues, discuss your learnings,” he stated. “It is about give and take … you can be stunned how a lot you realize you’ll be informed from other folks’s revel in.”
3. Entrepreneurship ‘no longer for everybody’
As an entrepreneur himself, Ng admits that it is a name that is been “glorified.”
“It is crucial, that is the way you deliver disruption and growth to the sector. However you must ask your self, is that in reality one thing that matches you? It isn’t for everybody.”
Ng stated one of the best ways to determine if it is for you is to “paintings carefully with a founder” or sign up for a small start-up to be informed how tricky it’s.
Casetify is now eyeing world enlargement of its retail shops, the place consumers can design their very own telephone case “proper on spot and get it inside half-hour,” stated Wesley Ng, its CEO.