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 referred to 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 staff.
Right here’s the way it works.
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1/ Determine Out The Mannequin
Rewind to February 2020. The fellows 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 a number of 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. toes. In areas with a lot of foot visitors. And in 2020, there’s loads of it accessible.
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 may management the lighting at your desk and watch video replays of your sport.
All this automation means zero staff.
4/ Worth It Proper
Reserving a desk will run you $15 – $50 an hour. All of it fluctuates based mostly on timing and placement.
For energy gamers, PingPod affords 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 might it work for different stuff? Oh sure.
Subsequent up: pool halls.
In 2023, PingPod scoops up Sharks Pool Membership. They shortly revamp with the flowery app and extra providers.
In beneath a 12 months, income is up 76%.
6/ Productize The Tech
Now for the grand finale. Ping pong and pool halls generally is a good enterprise. However the underlying tech is perhaps even higher.
So final 12 months, the crew launched PodPlay. They’ve taken their whole 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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