Wesley Ng learned the basics of running a business by watching his parents run their own restaurant in Hong Kong.
“Obviously it was not supported by the enterprise”, said the 41-year-old laughing. “What is the most important thing to survive? Profits.”
Ng now runs his business, Casetify, with the same philosophy. Based in Hong Kong, the tech accessories brand is best known for its wide range of fashionable phone cases.
According to the company, it brought in more than $125 million in revenue in 2020, with a compound annual growth rate of over 70%.
It’s about one thing – being profitable. Being profitable, it was super underrated until recently.
Wesley Ng
Co-founder and CEO, Casetify
To date, Casetify said it has sold more than 15 million phone cases worldwide.
“It comes down to one thing — being profitable. Being profitable, it was super underrated until recently,” he told CNBC Make It in a virtual interview.
“For some companies, they should be burned [money] to grow their businesses, but not all companies. I don’t think in B2C [business-to-consumer] you have to burn so much to grow. If that’s what you need, I don’t think you’re going in the right direction,” Ng added.
“Learn about running a business from your mom and dad. Run a business that makes money and is profitable. That’s the way to go.”
Ng shares more top tips on how he turned his side hustle into a multi-million dollar business.
1. Bootstrapping
Casetify first launched as an e-commerce platform in 2011 that allows customers to customize phone cases with Instagram photos.
It has since expanded into selling tech accessories while collaborating with global artists, companies like Disneyand now K-pop groups like Blackpink.
“Our users wanted something more than just customization, they wanted to use it as a personal billboard, a creative canvas … and express who they are.”
Looking back, Ng said he would never have expected this success for a business he and his co-founder started “in a very lean way” with a seed capital of $200,000.
We are always doing things and acting out of the interests of the company, not the shareholders. They are two different things.
Wesley Ng
Co-founder and CEO, Casetify
With global inflation and economic headwinds looming, Ng said Casetify has been “lucky” not to have been heavily backed by ventures, or it would have set the company up for “unrealistic goals”.
“We are always doing things and acting out of the interests of the company, rather than the shareholders. Those are two different things,” he explained.
“We haven’t overinvested in things in return for unnecessary growth. So, fortunately, we’re healthy, but we remain very cautious.”
Still, Casetify has ambitious plans — it aims to open 100 retail stores in the next two years, Ng said. There are currently 19 stores worldwide, where customers can design their own phone cases and “pick up within 30 minutes,” he added.
Casetify originally started selling customizable phone cases, but has since expanded into collaborations with global artists.
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In June 2021, the company reportedly raised “eight figures” in its first fundraising round after operating for 10 years.
“So if you look at it, technically we don’t need it [to raise funds]. It’s more like a strategic investment,” said Ng.
When asked about the company’s valuation, he said it’s “close to a billion” after the cash injection in 2021 — allowing Casetify to move one step closer to unicorn status.
As for his company’s profitability, Ng replied without missing a beat: “That’s not a question. It should be [profitable].”
2. Share your problems
For Ng, who has a background in broadcast design, running his company naturally came with a host of challenges.
The biggest obstacle? Learning the ropes of the manufacturing industry.
“How can we acquire all this knowledge in a short time and apply it in business? One of the skills that entrepreneurs must have is the ability to learn something in a very short time and have right for him,” he said.
One mistake he recalled making was buying his first industrial printer, which turned out to be the wrong purchase.
It’s about give and take … you’d be surprised how much you know you can learn from other people’s experience.
Wesley Ng
Co-founder and CEO, Casetify
“We lost about $50,000 … But we still have that car here as a reminder, we learned that we just have to be humble and ask for help from people who have experience in manufacturing.”
Speaking up, or even “diffusing” your problems as an entrepreneur, is a lesson that Ng now holds close to his heart.
“I meet entrepreneurs all over the world and there is something for those in Asia, [we’re] not so open when it comes to the problems we have. You look weak, don’t you?”
“But this is very important. Be open to talk about problems, talk about your lessons,” he said. “It’s about give and take … you’d be surprised how much you know you can learn from other people’s experience.”
3. Entrepreneurship ‘not for everyone’
As an entrepreneur himself, Ng admits it is a title that has been “glorified”.
“It’s important, it’s how you bring disruption and improvement to the world. But you have to ask yourself, is it really something that’s right for you? It’s not for everyone.”
Ng said the best way to find out if it’s for you is to “work closely with a founder” or join a small start-up to learn how hard it is.
Casetify is now looking at global expansion of its retail stores, where customers can design their own phone case “on the spot and receive it within 30 minutes,” said Wesley Ng, its CEO.
