Since 2018, We've Experienced 40% YoY Growth [$3M/Year]

Michael Shenkerman

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Published: December 23rd, 2022

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Michael Shenkerman

Founder, SEATYLOCK

$250K

revenue/mo

Founders

Employees

SEATYLOCK

seatylock.com

from 21007 Superior St 21007 Superior St, Chatsworth, CA 91311

started January 2012

$250,000

revenue/mo

Founders

Employees

Discover what tools Michael recommends to grow your business!

Discover what books Michael recommends to grow your business!

Playing to Win: How Strategy Really Works A. G. Lafley

Good to Great: Why Some Companies Make the Leap...And Oth... Jim Collins

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Want more updates on SEATYLOCK? Check out these stories:

1. We Increased Our Sales By 200% And Launched A New Product This Year (2020) ➜

2. How I Started An Innovative Bike Lock Generating Over $1M/Year (2019) ➜

This is a follow up story for SEATYLOCK. If you're interested in reading how they got started, published almost 5 years ago, check it out here.

Hello again! Remind us who you are and what business you started.

I’m Michael and I’m the CEO and owner at SEATYLOCK.

Seatylock makes high-end bike locks. All our products are unique and some features in each product are patented.

Our current flagship product is the Foldylock Compact. We sell them directly to our customers on Amazon com and our website. They sell locally in physical stores as well in the US and Europe.

We are experiencing tremendous growth in sales in the past 3 years. And we believe that the main reason for that growth is the quality of the products we make.

The Foldylock is viewed by many to be the best Folding bike lock made to this day and we keep improving it as time goes by

Tell us about what you’ve been up to. Has the business been growing?

I am happy to share that Seatylock has experienced rapid growth. Since 2018, the company has grown by 30 - 40% annually.

Our sales on Amazon boosted thanks to those great reviews we’re getting from our customers.

In order to get those reviews we use the software.

About 2 weeks after their purchase, customers receive an email asking for their feedback.

All of our products are the Best Rated Bike brand on Amazon.com, and all of them are approved for Sold Secure safety standards.

Our Foldylock is the Bestseller and highest-rated folding lock on Amazon.com (4.7 out of 5).

That's probably due to the continuous effort we put into improving our product Our goal is that our customers will enjoy the best-designed lock that is super safe, comfortable, and smooth. See our reviews on Amazon here.

Regarding Amazon, a large part of our sales come from that channel, and our advice for entrepreneurs that want to start selling on Amazon will be to put effort into producing a great product, With attention to all its small details. It also should be very clear to the customer how to use, install, and use the product. There shouldn't be any questions on their part.

In the past year, we launched a new Foldylock, Foldylock Forever, which is the only folding lock in the world that is Sold Secure gold. That makes him the safest folding lock on the market.

Followed by a successful Kickstarter campaign, we believe this will be our next best seller, as it is such great news for all bikers out there that want to enjoy maximum safety with the minimum effort Here is a link to our Kickstarter campaign.

What have been your biggest challenges in the last year?

Over the last year, and as the company continues to grow, it becomes more and more challenging to stay focused on the important things without getting distracted by all those little things that come along with growing.

Basically, put your effort and energy resources into what matters.

What have been your biggest lessons learned in the last year?

Focus.

This was definitely the biggest lesson we learned. You should concentrate on the product, the vision, and the audience niche.

What’s in the plans for the upcoming year, and the next 5 years?

My goal is to make the best products in the bike lock market. Also, to evolve as much as possible both personally and as a company, reach new audiences and destinations, and spread the word about Seatylock.

In the long run, we are very excited to launch new products and create a precedent in the lock market as well as in the safety standard. That is why I suggest you follow us and keep updated because we are constantly trying to innovate!

Our goal is to continue producing the best locks, the safest, the smoothest, that are well designed.

In order to make a difference, we always pay attention to the small details.

As the Hebrew saying goes, "God is in the details."

Well, we are proud to follow that belief. We always strive to improve what you hadn't expected.

Seatylock's locks have patents, which makes us different from other lock brands.

What’s the best thing you read in the last year?

The latest book was written by Yuval Noah Harari “21 lessons for the 21st Century.”

Highly recommended.

Advice for other entrepreneurs who might be struggling to grow their business?

My advice for beginner entrepreneurs is to look for their competitive advantage over existing or competing products in the market. That they won't go ahead with existing things, and won't try to do better and cheaper.

First of all, they have to think about their competitive edge, in what way they will be different from the rest of the market, and from there they will develop.

Second, be focused, and be sure you have a good business model.

Where can we go to learn more?

If you have any questions or comments, drop a comment below!