CEO of multimillion-dollar company Casetify shares his No. 1 'super underrated' business tip

Wesley Ng learned the fundamentals of moving a concern by watching his parents tally their edifice successful Hong Kong. 

"It was not venture-backed obviously," the 41-year-old said with a laugh. "What's the astir important happening to person to survive? Profits." 

Ng present runs his ain business, Casetify, with the aforesaid philosophy. Headquartered successful Hong Kong, the tech accessory marque is astir well-known for its wide scope of trendy telephone cases. 

According to the company, it brought successful much than $125 cardinal successful gross successful 2020, with a compound yearly maturation complaint of implicit 70%.

To date, Casetify said it has sold much than 15 cardinal telephone cases worldwide. 

"It comes down to 1 happening — being profitable. Being profitable, was ace underrated until recently," helium told CNBC Make It successful a virtual interview. 

"For immoderate companies, they person to pain [money] to turn their businesses, but not each companies. I don't deliberation successful B2Cs [business-to-consumer] you request to pain truthful overmuch to grow. If that's what you need, I don't deliberation you're heading successful the close direction," Ng added. 

"Learn astir moving a concern from your ma and dad. Run a concern that makes wealth and is profitable. That's the mode to go."

Ng shares much apical tips connected however helium turned his side-hustle into a multimillion-dollar business.  

Casetify was archetypal launched arsenic an e-commerce level backmost successful 2011 that allows customers to customize telephone cases with Instagram photos.

It has since expanded into selling tech accessories, portion collaborating with planetary artists, companies similar Disney, and present K-pop groups similar Blackpink. 

"Our users wanted thing much than conscionable customization, they wanted to usage it similar a idiosyncratic billboard, a originative canvas … and explicit who they are." 

Looking back, Ng said helium ne'er would person expected this occurrence for a concern that helium and his co-founder started "in a precise thin way" with an archetypal superior of $200,000. 

With planetary inflation and impending economic headwinds, Ng said Casetify has been "fortunate" not to beryllium heavy venture-backed, oregon it would person acceptable the institution up for "unrealistic goals."

"We are ever doing things and operating retired of the interests of the company, alternatively than the shareholders. That's 2 antithetic things," helium explained.

"We did not overly put successful things successful speech for unnecessary growth. So precise fortunately, we are steadfast but we stay precise cautious." 

Even so, Casetify has ambitious plans — it aims to unfastened 100 retail stores successful the adjacent 2 years, Ng said. There are presently 19 stores globally, wherever customers tin plan their ain telephone cases and "get it wrong 30 minutes," helium added.

In June 2021, the institution reportedly raked in "eight-figures" successful its precise archetypal circular of fundraising aft operating for 10 years. 

"So if you look astatine it, we technically don't request [to rise funds]. It's much similar a strategical investment," Ng said. 

When asked astir the company's valuation, helium said that it's "close to a billion" aft the currency injection successful 2021 — allowing Casetify to borderline 1 measurement person to unicorn status. 

As for his company's profitability, Ng answered without missing a beat: "That's not a question. It has to beryllium [profitable]."

For Ng, who has a inheritance successful broadcast design, moving his ain institution people came with a slew of challenges.

The biggest hurdle? Learning the ropes of the manufacturing industry. 

"How tin we summation each this cognition successful a abbreviated clip and use it to the business? One of the skills that entrepreneurs indispensable person is that quality to larn thing successful a precise abbreviated clip and beryllium close astir it," helium shared. 

One mistake helium recalled making was the acquisition of his archetypal concern printer, which turned retired to beryllium a incorrect purchase. 

"We mislaid astir $50,000 … But we inactive support that instrumentality present arsenic a reminder, we learned that we should conscionable humbly spell and inquire for assistance from radical who person acquisition successful manufacturing."

Talking openly, oregon adjacent "oversharing" your problems arsenic an entrepreneur, is simply a acquisition Ng present holds intimately to his heart. 

"I conscionable entrepreneurs astir the satellite and there's thing astir those successful Asia, [we're] not arsenic unfastened erstwhile it comes to the problems that we have. It seems similar you're weak, right?"

"But that is precise important. Be unfastened with talking astir the problems, speech astir your learnings," helium said. "It's astir springiness and instrumentality … you'll beryllium amazed however overmuch you cognize you tin larn from different people's experience." 

As an entrepreneur himself, Ng admits that it's a rubric that's been "glorified." 

"It's important, that's however you bring disruption and betterment to the world. But you person to inquire yourself, is that truly thing that fits you? It's not for everyone." 

Ng said the champion mode to find retired if it's for you is to "work intimately with a founder" oregon articulation a tiny start-up to larn however pugnacious it is.