The Koerner Office - Business Ideas, Advice & Deep Dives - TKOPOD.COM

How I Built a $10M Business⏐Ep. #114

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!

31:57

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Episode notes

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Quick takeaways

The importance of strategic planning and community engagement in launching and growing a successful business cannot be overstated.

Recognizing market opportunities and trusting one's intuition over external funding decisions can preserve autonomy and align with personal business values.

Deep dives

Foundation of a Business

The journey of starting a business often begins with inspiration and ambition. In 2010, the speaker discovered the lucrative world of iPhone repair through a peer who was successfully operating a business and generating significant monthly revenue. This sparked an idea that led him to explore the possibility of launching a similar venture while leveraging his existing knowledge and resources. A critical step was developing a formal business plan with the help of the Small Business Development Center, underscoring the importance of strategic planning in establishing a successful enterprise.

Intro

7min

Building Trust and Finding Opportunities in E-Commerce

10min

Strategic Decisions for Business Growth

4min

Navigating Growth, Cash Flow, and the Challenges of Funding

9min

Navigating Entrepreneurship: Balancing Passion and Practicality

2min

In this episode, I'm talking about my first major business, an iPhone parts business called LCD Cycle, that I ran for seven years. I'll discuss how it started from a small iPhone repair business and grew to a multi-million dollar e-commerce operation. I'll share some key business frameworks I learned along the way, such as the importance of location, recognizing good ideas, and the fact that it's never too late to start a business. I also talk about the importance of product market fit and that businesses don't always fail, sometimes founders just run out of energy. Finally, I discuss my decision to turn down a million dollars in investment.

Timestamps below. Enjoy!
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00:00 Introduction and Overview
00:37 The Beginnings: iPhone Repair Business
04:18 Launching the iPhone Parts Business
07:28 Scaling and Success
10:21 Frameworks and Lessons Learned
15:46 Navigating Market Saturation
16:02 The Rocket Ship Growth of LCD Cycle
16:44 Innovative Business Strategies
18:38 The Power of Customer Feedback
19:10 Strategic Relocation to Dallas
20:47 Expanding Distribution Centers
21:13 Financial Challenges and Solutions
23:11 The Turning Point: Seeking Investment
24:39 The Unexpected Answer
25:54 Winding Down the Business
27:34 Reflecting on the Journey
30:22 Final Thoughts and Advice

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