We Increased Our Sales By 200% And Launched A New Product This Year

$2M
revenue/mo
3
Founders
18
Employees
product
SEATYLOCK
from Tel Aviv-Yafo, Tel Aviv District, Israel
started January 2012
$2,000,000
revenue/mo
3
Founders
18
Employees
680K
alexa rank
1.09K
followers
263
followers
401
subs
market size
$2.4B
avg revenue (monthly)
$2M
starting costs
$44.3K
gross margin
36%
time to build
8 months
average product price
$20
growth channels
Direct sales
business model
Brick & Mortar
best tools
Refersion, Kickstarter, Facebook Ads
time investment
Full time
pros & cons
30 Pros & Cons
tips
4 Tips
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email
customer service
financing
reviews
productivity
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Start A Bicycle Accessories Business

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 times goes by

how-we-increased-our-sales-by-200-and-launching-a-new-product-this-year

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how-we-increased-our-sales-by-200-and-launching-a-new-product-this-year

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

2020 was very good for us. Sales are up by almost 200% compared to 2019.

Many things can change in an instant and our biggest challenge as a company is knowing how to adapt to these situations. Because this situation is as new to us as to the whole world, we learned it while in motion.

As the situation changed a lot and people are now buying more than ever online, so we have invested heavily in that direction.

Our production team/facility had to be doubled since we have more products to produce. A new very special product will be launched in November this year.

Keeping customers happy is especially important for us and we do so by simple delivering them with the best products we can make

how-we-increased-our-sales-by-200-and-launching-a-new-product-this-year

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

The Covid-19 brought with it a lot of changes and we learned to adapt to those changes. Whether this is reflected in shipments situation around the world and in the online shopping market.

Many things can change in an instant and our biggest challenge as a company is knowing how to adapt to these situations. Because this situation is as new to us as to the whole world, we learned it while in motion.

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!

Have you read any good books in the last year?

I read a book called The White Tiger by Indian author Aravind Adiga. This novel provides a darkly humorous perspective of India's class struggle in a globalized world as told through a village boy. The novel examines issues of religion, caste, loyalty, corruption, and poverty in India. Ultimately, the boy becomes a successful entrepreneur, establishing his own company.

First of all, it fascinates me to read about countries, history, and culture. As an entrepreneur and company owner myself, I connected to a story where the book’s protagonist unfolds his journey until he becomes a successful entrepreneur, from a slum to a high class and all on his own.

As kitschy as it may be, with hard work and strong will you can do anything.

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

My advice for beginners 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.

Are you looking to hire for certain positions right now?

We are increasing our technical and production team in the China factory.

Where can we go to learn more?

-  
Michael Shenkerman,   Founder of SEATYLOCK
Pat Walls,  Founder of Starter Story

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