CEO of Casetify shares his No. 1 ‘tremendous underrated’ enterprise tip

Wesley Ng discovered the basics of working a enterprise by watching his mother and father run their restaurant in Hong Kong. 

“It was not venture-backed clearly,” the 41-year-old stated with amusing. “What’s a very powerful factor to should survive? Income.” 

Ng now runs his personal enterprise, Casetify, with the identical philosophy. Headquartered in Hong Kong, the tech accent model is most well-known for its big selection of stylish cellphone instances. 

In keeping with the corporate, it introduced in additional than $125 million in income in 2020, with a compound annual progress price of over 70%.

Thus far, Casetify stated it has offered greater than 15 million cellphone instances worldwide. 

“It comes down to 1 factor — being worthwhile. Being worthwhile, was tremendous underrated till lately,” he instructed CNBC Make It in a digital interview. 

“For some corporations, they should burn [money] to develop their companies, however not all corporations. I do not assume in B2Cs [business-to-consumer] you want to burn a lot to develop. If that is what you want, I do not assume you are on course,” Ng added. 

“Study working a enterprise out of your mother and pop. Run a enterprise that makes cash and is worthwhile. That is the way in which to go.”

Ng shares extra prime recommendations on how he turned his side-hustle right into a multimillion-dollar enterprise.  

Casetify was first launched as an e-commerce platform again in 2011 that permits clients to customise cellphone instances with Instagram photographs.

It has since expanded into promoting tech equipment, whereas collaborating with international artists, corporations like Disney, and now Okay-pop teams like Blackpink. 

“Our customers wished one thing extra than simply customization, they wished to make use of it like a private billboard, a artistic canvas … and specific who they’re.” 

Wanting again, Ng stated he by no means would have anticipated this success for a enterprise that he and his co-founder began “in a really lean method” with an preliminary capital of $200,000. 

With international inflation and impending 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 all the time doing issues and working out of the pursuits of the corporate, somewhat than the shareholders. That is two various things,” he defined.

“We didn’t overly put money into issues in change for pointless progress. So very thankfully, we’re wholesome however we stay very cautious.” 

Even so, Casetify has bold plans — it goals to open 100 retail shops within the subsequent two years, Ng stated. There are at present 19 shops globally, the place clients can design their very own cellphone instances and “get it inside half-hour,” he added.

In June 2021, the corporate reportedly raked in “eight-figures” in its very first spherical of fundraising after working for 10 years. 

“So should you have a look at it, we technically do not want [to raise funds]. It is extra like a strategic funding,” Ng stated. 

When requested concerning the firm’s valuation, he stated that it is “near a billion” after the money injection in 2021 — permitting Casetify to edge one step nearer to unicorn standing. 

As for his firm’s profitability, Ng answered with out lacking a beat: “That is not a query. It needs to be [profitable].”

For Ng, who has a background in broadcast design, working his personal firm naturally got here with a slew of challenges.

The largest hurdle? Studying the ropes of the manufacturing trade. 

“How can we achieve all this data in a short while and apply it to the enterprise? One of many expertise that entrepreneurs will need to have is that means to be taught one thing in a really quick time and be proper about it,” he shared. 

One mistake he recalled making was the acquisition of his first industrial printer, which turned out to be a incorrect buy. 

“We misplaced about $50,000 … However we nonetheless hold that machine right here as a reminder, we discovered that we should always simply humbly go and ask for assist from individuals who have expertise in manufacturing.”

Speaking brazenly, and even “oversharing” your issues as an entrepreneur, is a lesson Ng now holds intently to his coronary heart. 

“I meet entrepreneurs all over the world and there is one thing about these in Asia, [we’re] not as open in the case of the issues that we have now. It looks like you are weak, proper?”

“However that is essential. Be open with speaking concerning the issues, speak about your learnings,” he stated. “It is about give and take … you will be stunned how a lot you recognize you possibly can be taught from different folks’s expertise.” 

As an entrepreneur himself, Ng admits that it is a title that is been “glorified.” 

“It is necessary, that is the way you convey disruption and enchancment to the world. However it’s a must to ask your self, is that actually one thing that matches you? It isn’t for everybody.” 

Ng stated one of the best ways to seek out out if it is for you is to “work intently with a founder” or be part of a small start-up to learn the way powerful it’s.