19 min listen
EP 462: $8.8M 2015 Sales of iPhone Repair Parts with CEO Chris Koerner
EP 462: $8.8M 2015 Sales of iPhone Repair Parts with CEO Chris Koerner
ratings:
Length:
21 minutes
Released:
Oct 29, 2016
Format:
Podcast episode
Description
Chris Koerner, founder and CEO of LCDcycle – a company that recycles broken iPhone screens and supplies wireless repair shop with wholesale electronic parts. Aside from being a motivational speaker and winner of the Entrepreneur of the Year award, Chris is a guy who appreciates the haters. Famous Five: Favorite Book? – Delivering Happiness What CEO do you follow? – Elon Musk Favorite online tool? — Flipboard Do you get 8 hours of sleep?— I try but I don’t If you could let your 20 year old self know one thing, what would it be? – “Tell myself to appreciate the haters” Time Stamped Show Notes: 01:46 – Nathan introduces Chris to the show 02:31 – LCDcycle was founded in 2013 02:43 – Chris opened a smartphone repair shop in college in 2010 02:51 – Sold it for $ 30,000 03:50 – They started in Alabama 04:10 – They got more customers in the Texas market 04:45 – The supply parts to repair shop 04:58 – First year revenue 05:08 – Did $ 2.1 million for the first full year 05:13 – For 2014, they did $ 4.8 million and $ 8.8 million in 2015 05:36 – They are doing cold-calling to get customers 05:57 – Uses a lead generation tool to scrape the repair shops details 06:25 – Gross margin average is 31% 06:55 – Team size is 12 07:08 – They are self-funded 07:31 – Started with $ 30,000 07:41 – Chris asked his family and friends for a loan 08:16 – Total volume of parts shipped 08:27 – About million parts 08:45 – Most of their shipments are iPhone screens 08:53 – Average price point for the shops 09:17 – Spending $ 23 for raw material 10:15 – 8% net margin 10:30 – Supplies are coming from China 10:49 – LCDcycle sells new screens and buying the broken screens from the repair shops 11:05- Broken screens are being sent to China 11:27 – Their revenue is shrinking this year to $ 6.5 million 11:41 – There’s a shortage in supplies last year so there was a spike in sales 12:25 – They’re supplying to 700-800 unique shops 12:36 – Reorder rate 13:45 – Chris raised money last year 14:21 – Chris would sell to a bigger company 15:20 – Connect with Chris through his Facebook 17:30 – The Famous Five 3 Key Points: You have a good chance of developing a great company—you just need to be willing to navigate through the failures. Believe in yourself. Expansion—even in the face of risk—is worth it. Always appreciate the haters. Resources Mentioned: Toptal – Nathan found his development team using Toptal for his new business Send Later. He was able to keep 100% equity and didn’t have to hire a co-founder due to quality of Toptal developers. Host Gator – The site Nathan uses to buy his domain names and hosting for the cheapest price possible. Freshbooks – The site Nathan uses to manage his invoices and accounts. Leadpages – The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+ Audible – Nathan uses Audible when he’s driving from Austin to San Antonio (1.5 hour drive) to listen to audio books. Assistant.to – The site Nathan uses to book meetings with one email. Facebook – Chris’ personal Facebook account. Show Notes provided by Mallard Creatives
Released:
Oct 29, 2016
Format:
Podcast episode
Titles in the series (100)
EP 84: How to Spend $.05 Per Click and Make $2 On that Same Click with Bazi Hassan: Nathan Latka brings you top entrepreneurs daily inspired by Tim Ferriss, Pat Flynn, John Dumas, Entrepreneur on Fire, Chalene Johnson, NPR, HBR, the StartUp podcast, Art of Charm, Dave Ramsey, Planet Money, APM Marketplace, Mixergy, Seth Godin, #AskGaryVe by SaaS Interviews with CEOs, Startups, Founders