Wesley Ng learned the basics of running a business by watching his parents run their restaurant in Hong Kong.
“It was not venture-backed obviously,” the 41-year-old said with fun. “What’s a very powerful thing to must survive? Profits.”
Ng now runs his own business, Casetify, with the identical philosophy. Headquartered in Hong Kong, the tech accessory brand is most well-known for its big selection of classy phone cases.
In keeping with the corporate, it brought in greater than $125 million in revenue in 2020, with a compound annual growth rate of over 70%.
It comes right down to one thing — being profitable. Being profitable, was super underrated until recently.
Wesley Ng
Co-founder and CEO, Casetify
Up to now, Casetify said it has sold greater than 15 million phone cases worldwide.
“It comes right down to one thing — being profitable. Being profitable, was super underrated until recently,” he told CNBC Make It in a virtual interview.
“For some firms, they must burn [money] to grow their businesses, but not all firms. I do not think in B2Cs [business-to-consumer] you have to burn a lot to grow. If that is what you wish, I do not think you are heading in the precise direction,” Ng added.
“Study running a business out of your mom and pop. Run a business that makes money and is profitable. That is the solution to go.”
Ng shares more top recommendations on how he turned his side-hustle right into a multimillion-dollar business.
1. Bootstrapping
Casetify was first launched as an e-commerce platform back in 2011 that permits customers to customize phone cases with Instagram photos.
It has since expanded into selling tech accessories, while collaborating with global artists, firms like Disney, and now K-pop groups like Blackpink.
“Our users wanted something greater than just customization, they wanted to make use of it like a private billboard, a creative canvas … and express who they’re.”
Looking back, Ng said he never would have expected this success for a business that he and his co-founder began “in a really lean way” with an initial capital of $200,000.
We’re at all times doing things and operating out of the interests of the corporate, slightly than the shareholders. That is two various things.
Wesley Ng
Co-founder and CEO, Casetify
With global inflation and impending economic headwinds, Ng said Casetify has been “fortunate” to not be heavily venture-backed, or it might have set the corporate up for “unrealistic goals.”
“We’re at all times doing things and operating out of the interests of the corporate, slightly than the shareholders. That is two various things,” he explained.
“We didn’t overly spend money on things in exchange for unnecessary growth. So very fortunately, we’re healthy but we remain very cautious.”
Even so, Casetify has ambitious plans — it goals to open 100 retail stores in the subsequent two years, Ng said. There are currently 19 stores globally, where customers can design their very own phone cases and “get it inside half-hour,” he added.
Casetify was first began selling customizable phone cases, but it surely has since expanded to collaborations with global artists.
Casetify
In June 2021, the corporate reportedly raked in “eight-figures” in its very first round of fundraising after operating for 10 years.
“So if you happen to have a look at it, we technically don’t need [to raise funds]. It’s more like a strategic investment,” Ng said.
When asked concerning the company’s valuation, he said that it’s “near a billion” after the money injection in 2021 — allowing Casetify to edge one step closer to unicorn status.
As for his company’s profitability, Ng answered without missing a beat: “That is not a matter. It needs to be [profitable].”
2. Overshare your problems
For Ng, who has a background in broadcast design, running his own company naturally got here with a slew of challenges.
The largest hurdle? Learning the ropes of the manufacturing industry.
“How can we gain all this data in a short while and apply it to the business? Considered one of the talents that entrepreneurs should have is that ability to learn something in a really short time and be right about it,” he shared.
One mistake he recalled making was the acquisition of his first industrial printer, which turned out to be a improper purchase.
It’s about give and take … you will be surprised how much you recognize you possibly can learn from other people’s experience.
Wesley Ng
Co-founder and CEO, Casetify
“We lost about $50,000 … But we still keep that machine here as a reminder, we learned that we should always just humbly go and ask for help from individuals who have experience in manufacturing.”
Talking openly, and even “oversharing” your problems as an entrepreneur, is a lesson Ng now holds closely to his heart.
“I meet entrepreneurs all over the world and there is something about those in Asia, [we’re] not as open in relation to the issues that we’ve got. It looks as if you are weak, right?”
“But that could be very vital. Be open with talking concerning the problems, speak about your learnings,” he said. “It’s about give and take … you will be surprised how much you recognize you possibly can learn from other people’s experience.”
3. Entrepreneurship ‘not for everybody’
As an entrepreneur himself, Ng admits that it is a title that is been “glorified.”
“It is important, that is the way you bring disruption and improvement to the world. But you might have to ask yourself, is that basically something that matches you? It isn’t for everybody.”
Ng said one of the best solution to discover if it’s for you is to “work closely with a founder” or join a small start-up to find out how tough it’s.
Casetify is now eyeing global expansion of its retail stores, where customers can design their very own phone case “right on spot and get it inside half-hour,” said Wesley Ng, its CEO.
