Imagine what it would take to grow a company 5000%. Most business owners can’t accomplish that in their life, let alone a year. What’s the secret sauce? Well, let’s ask local entrepreneur, Mac Frederick, owner of Phone Repair Philly. Not only was Mac able to grow his company 5000% in 18 months, but did so while focusing on his main company, Momentum Digital, which he grew 2000% in the same time frame.
In the summer of 2015, Mac left his job at Google and traveled to Philadelphia to start his own legacy. He formed both businesses that October, and with only $1000 in each account. Car-less, Mac found a local co-working space, and started building his digital presence for both companies. By minimizing startup costs on labor, technology, inventory and additional overhead, Mac was able to create a lean working environment while bootstrapping all expenses.
As phone calls, requests and customers started flowing in, Mac quickly realized he needed to scale the business with hiring and expanding the operation. Within 6 months he was at the top of Google, and started doing $20k per month within a small co-working office cubicle, netting over a 50% profit margin. However, this was not sustainable, so Mac hired a manager to basically run and control the service and operations of the business, while Mac handled the marketing and business development. Within ten months Phone Repair Philly was dominating all local searches, social media, and repair services. At that point Mac had outgrown the office space so he moved PRP to his first retail brick and mortar, hired another tech, and within 2 months, was doing $40k/month. Six months later, Mac has grown the phone repair company into 3 locations and 10 employees, while growing Momentum Digital into 2 locations and 10 employees. He credits the WeWork co-working company and their shared offices space to a lot of his success and growth.
So far Mac has been reinvesting the profits back into both companies while leveraging their strengths together by increasing his digital traffic and networking online with other local entrepreneurs. When asked “Whats next?”, Mac replied “Just keep growing and moving forward”. He’s now looking for a technical partner for Momentum Digital and a 4th location for Phone Repair Philly.
*Article originally posted on CBSlocal.com.