CEO of Casetify shares his No. 1 ‘super underrated’ business tip
Wesley Ng figured out the fundamentals of running a business enterprise by observing his mom and dad operate their cafe in Hong Kong.
“It was not undertaking-backed certainly,” the 41-yr-outdated stated with a laugh. “What is the most critical detail to have to survive? Gains.”
Ng now operates his have business, Casetify, with the same philosophy. Headquartered in Hong Kong, the tech accent manufacturer is most properly-acknowledged for its wide selection of stylish cellular phone instances.
It arrives down to a person issue — being financially rewarding. Getting profitable, was tremendous underrated until just lately.
Wesley Ng
Co-founder and CEO, Casetify
In accordance to Ng, Casetify is on track to provide in $300 million in income this calendar year. To date, Casetify explained it has sold much more than 15 million phone conditions worldwide.
“It will come down to 1 issue — being financially rewarding. Becoming financially rewarding, was super underrated until eventually just lately,” he informed CNBC Make It in a virtual job interview.
“For some corporations, they have to burn [money] to develop their enterprises, but not all firms. I you should not imagine in B2Cs [business-to-consumer] you need to have to burn so a great deal to grow. If that is what you have to have, I never imagine you happen to be heading in the suitable path,” Ng included.
“Master about running a enterprise from your mother and dad. Operate a business that would make dollars and is lucrative. Which is the way to go.”
Ng shares additional top tips on how he turned his aspect-hustle into a multimillion-dollar company.
1. Bootstrapping
Casetify was initially released as an e-commerce system back again in 2011 that enables buyers to personalize cellular phone instances with Instagram images.
It has considering that expanded into promoting tech accessories, when collaborating with global artists, businesses like Disney, and now K-pop teams like Blackpink.
“Our consumers preferred something more than just customization, they required to use it like a personalized billboard, a artistic canvas … and express who they are.”
Wanting again, Ng reported he hardly ever would have envisioned this accomplishment for a business enterprise that he and his co-founder started out “in a quite lean way” with an preliminary funds of $200,000.
We are usually undertaking issues and functioning out of the passions of the organization, relatively than the shareholders. That is two unique factors.
Wesley Ng
Co-founder and CEO, Casetify
With world-wide inflation and impending economic headwinds, Ng stated Casetify has been “privileged” not to be intensely venture-backed, or it would have set the firm up for “unrealistic targets.”
“We are constantly undertaking things and functioning out of the interests of the company, somewhat than the shareholders. Which is two distinct matters,” he discussed.
“We did not overly spend in issues in trade for unwanted progress. So very luckily, we are balanced but we stay really careful.”
Even so, Casetify has bold designs — it aims to open up 100 retail shops in the upcoming two decades, Ng claimed. There are now 21 shops globally, exactly where consumers can layout their personal phone conditions and “get it within 30 minutes,” he extra.
Casetify was to start with commenced selling customizable telephone circumstances, but it has because expanded to collaborations with world wide artists.
Casetify
In June 2021, the firm reportedly raked in “eight-figures” in its extremely to start with spherical of fundraising just after functioning for 10 a long time.
“So if you glance at it, we technically never need [to raise funds]. It really is a lot more like a strategic investment decision,” Ng claimed.
When questioned about the company’s valuation, he mentioned that it truly is “shut to a billion” right after the hard cash injection in 2021 — enabling Casetify to edge one particular step closer to unicorn position.
As for his firm’s profitability, Ng answered without missing a defeat: “That is not a dilemma. It has to be [profitable].”
2. Overshare your difficulties
For Ng, who has a background in broadcast design and style, operating his have firm obviously arrived with a slew of challenges.
The most significant hurdle? Learning the ropes of the manufacturing business.
“How can we get all this know-how in a small time and use it to the business? 1 of the competencies that entrepreneurs should have is that means to understand something in a really shorter time and be proper about it,” he shared.
1 miscalculation he recalled making was the order of his initial industrial printer, which turned out to be a mistaken invest in.
It is really about give and get … you are going to be surprised how considerably you can discover from other people’s knowledge.
Wesley Ng
Co-founder and CEO, Casetify
“We missing about $50,000 … But we nonetheless keep that device in this article as a reminder, we acquired that we should really just humbly go and talk to for enable from folks who have encounter in production.”
Chatting brazenly, or even “oversharing” your challenges as an entrepreneur, is a lesson Ng now retains intently to his heart.
“I meet up with entrepreneurs all over the globe and there is some thing about people in Asia, [we’re] not as open when it arrives to the challenges that we have. It seems like you’re weak, correct?”
“But that is quite vital. Be open with talking about the issues, converse about your learnings,” he reported. “It is about give and get … you may be shocked how substantially you can learn from other people’s expertise.”
3. Entrepreneurship ‘not for everyone’
As an entrepreneur himself, Ng admits that it is really a title that’s been “glorified.”
“It is critical, that’s how you provide disruption and improvement to the globe. But you have to request by yourself, is that actually a thing that suits you? It really is not for everyone.”
Ng explained the best way to uncover out if it’s for you is to “work closely with a founder” or sign up for a little start off-up to learn how hard it is.
Casetify is now eyeing international growth of its retail outlets, wherever shoppers can style and design their possess cellular phone circumstance “proper on place and get it within just 30 minutes,” reported Wesley Ng, its CEO.