I simply talked to a man who flipped a ping pong joint right into a $50M tech firm.
It’s a loopy story and I wished to be taught extra.
The corporate’s known as PingPod. It was based in 2020 by David, Max, and Ernesto.
It began with a single spot in NYC. Now they’ve 15 places in 6 cities. And 0 workers.
Right here’s the way it works.
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1/ Determine Out The Mannequin
Rewind to February 2020. The blokes open a ping pong “pod” in NYC. They usually optimize each a part of it.
The lighting, the tables, the pricing, the gear. Tweaking and firming till it’s good.
After just a few months, they’re pulling in $800/day. Bills are working $600/day. That’s a 25% revenue.
It’s working. Time to hit the gasoline.
2/ Scale With Low cost Actual Property
The perfect PingPod is 2,500 sq. ft. In areas with a lot of foot site visitors. And in 2020, there’s loads of it obtainable.
Covid-19 is pummeling the true property market. Landlords are determined to fill their workplace and retail house.
And PingPod is right here to seize it.
Our boys negotiate sweetheart offers in New York, Brooklyn, and Queens. Inside 24 months, they’re at 4 places.
3/ Automate Every little thing
PingPod retains labor prices down by automating the entire expertise. Clients use the app to order a desk, unlock the door, and pay their invoice.
And it will get higher. The app has enjoyable options. You possibly can management the lighting at your desk and watch video replays of your sport.
All this automation means zero workers.
4/ Value It Proper
Reserving a desk will run you $15 – $50 an hour. All of it fluctuates based mostly on timing and site.
For energy gamers, PingPod provides a membership. That ranges from $60 – $120 a month. You’ll get discounted tables, first-in-line entry, and different perks.
No matter you select, PingPod is getting paid.
5/ Horizontal Enlargement
That is all working for the ping pong crowd. However may it work for different stuff? Oh sure.
Subsequent up: pool halls.
In 2023, PingPod scoops up Sharks Pool Membership. They rapidly revamp with the flamboyant app and extra companies.
In below a yr, income is up 76%.
6/ Productize The Tech
Now for the grand finale. Ping pong and pool halls is usually a good enterprise. However the underlying tech is likely to be even higher.
So final yr, the crew launched PodPlay. They’ve taken their total tech stack and turned it right into a SaaS product. They usually raised $10M+ to develop quick.
From health facilities to pickleball courts, PodPlay is hustling to dominate the market.
And it began with a ping pong joint.
Contributed to Branding Technique Insider by Jon Davids, Founder & CEO of Influicity.
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