The Koerner Office - Business Ideas and Small Business Deep Dives with Entrepreneurs How I Built a $10M Business⏐Ep. #114
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Jan 6, 2025 Discover the journey from a small iPhone repair operation to a thriving $10M e-commerce business. The speaker shares valuable lessons on recognizing good ideas and the critical role of product-market fit. Learn about strategic decisions that fueled growth, such as innovative sales strategies and relocating for better logistics. Challenges like funding and managing cash flow are explored, along with the importance of balancing passion with practical business needs. Plus, hear why the speaker turned down a million-dollar investment opportunity!
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Early iPhone Repair Business
- CJ started an iPhone repair business in 2010 after learning about a successful shop.
- Initially slow, the business grew after a grand opening event with the mayor, eventually expanding to four locations.
Retail Location Importance
- For retail businesses, prioritize location over saving money on rent.
- A good location reduces marketing costs and piggybacking on high-traffic areas like McDonald's can be beneficial.
LCD Cycle's Origin
- CJ's iPhone parts business, LCD Cycle, started after a customer inquired about buying broken iPhone screens.
- Recognizing the potential, CJ contacted Chinese manufacturers via Alibaba, ordered a first batch, and started the business.