How I Built a $10M Business⏐Ep. #114
How I Built a $10M Business⏐Ep. #114  
Podcast: The Koerner Office - Business Ideas and Small Business Deep Dives with Entrepreneurs
Published On: Mon Jan 06 2025
Description: 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!---Watch this on YouTube instead here: tkopod.co/p-ytAsk me a question on or off the show here: http://tkopod.co/p-askLearn more about me: http://tkopod.co/p-cjkLearn about my company: http://tkopod.co/p-cofFollow me on Twitter here: http://tkopod.co/p-xFree weekly business ideas newsletter: http://tkopod.co/p-nlShare this podcast: http://tkopod.co/p-allScrape small business data: http://tkopod.co/p-os---00:00 Introduction and Overview00:37 The Beginnings: iPhone Repair Business04:18 Launching the iPhone Parts Business07:28 Scaling and Success10:21 Frameworks and Lessons Learned15:46 Navigating Market Saturation16:02 The Rocket Ship Growth of LCD Cycle16:44 Innovative Business Strategies18:38 The Power of Customer Feedback19:10 Strategic Relocation to Dallas20:47 Expanding Distribution Centers21:13 Financial Challenges and Solutions23:11 The Turning Point: Seeking Investment24:39 The Unexpected Answer25:54 Winding Down the Business27:34 Reflecting on the Journey30:22 Final Thoughts and Advice