In your own words, what does your company do?
I am Marina, a co-founder of GIN e-bikes, a thriving electric bike business located in the UK, originally from Ukraine. As Head of Marketing and Branding, my role involves devising and implementing strategies that promote our products and elevate our brand’s image.
Together with my fellow co-founder, Rahul, who hails from India, we lead GIN e-bikes. Rahul is responsible for overseeing product development and technology, leveraging his vast expertise and knowledge to propel our company’s growth and success.
Our flagship product, GIN X e-bike, is a hybrid electric bike boasting a 250W Bafang motor, Shimano derailleur, 25 MHP maximum speed, 75+ mile range, and Zoom hydraulic brakes. Our customer base comprises daily commuters who rely on our products for their daily transportation needs. In addition, we serve food delivery riders who require a dependable and efficient means of transport for their work. Moreover, we cater to off-road enthusiasts who seek electric bikes that can handle rugged terrain and provide an exhilarating experience.
Our company specializes in the design and development of advanced and high-end micro-mobility solutions that are also affordable. We have started with the production of high-end e-bikes that are offered at an exceptionally reasonable cost.
📈 Monthly revenue: Regarding our monthly revenue, since our establishment in August 2022, we have experienced slight fluctuations. Following the official launch of sales, we initiated a significant PR campaign, offering our flagship product, the GIN X e-bike, for pre-order.
In the first 2-3 months, we received 100 orders, resulting in a monthly revenue of approximately $50,400 -$63,000. Due to the pre-order nature of these sales, we paused all marketing activities to prioritize fulfilling these orders, which required the shipment of the bikes from overseas. Currently, nearly one year since our inception, our monthly revenue ranges between $37,800 – $50,400
📈 ~% Churn: N/A
📈 ~% Net profit: At present, our company is not generating a net profit as we have chosen to reinvest all gross profits into ordering additional bikes and increasing brand awareness. Our current strategy is centered around capturing a larger share of the market, and thus our focus is on expanding our reach and influence rather than profitability. As such, for this year, our priority is not on achieving profitability, but rather on pursuing growth and market dominance
📈 Funding: Our business is entirely bootstrapped, relying solely on personal funds contributed by our founders, and occasionally, we take out small, short-term loans for stock financing purposes
📈 Initial cost/investment to start the company: Regarding the initial cost/investment to start our company, the most significant expense was associated with developing the bike itself. The manufacturing and design process was quite challenging and took approximately 5-7 months, ultimately resulting in an expense of around $50,400. This amount encompassed the costs associated with creating a design, developing a mold, testing, and manufacturing a test batch of bikes. Additional costs, including those associated with registering and establishing the company, as well as other miscellaneous expenses, totaled around $12,600
📈 Number of team members: Currently, our team consists of around 14 individuals who are wholly dedicated to the manufacturing process at our overseas factory. Additionally, we have a team of 3 SEO specialists who work with us on a long-term contract basis. We also employ 2 delivery workers who are responsible for receiving bikes at our warehouse, shipping them to customers, and managing warehouse operations. Finally, my co-founder Rahul and I are the faces of the company and are actively involved in all operational and strategic decision-making.
📈 Number of founders: 2 individuals, Marina and Rahul
📈 Started: 2021, June
How does the company make money?
Our company generates revenue primarily through direct sales of e-bikes, which accounts for approximately 80% of our total revenue. The GIN X e-bike is our flagship product and comes in three variations: the basic model, the model with a cargo rack, and the model with a cargo rack and a pannier bag. In addition, we also offer a range of e-bike accessories, such as padded saddles, mobile phone holders, extra batteries, and bike pumps, which contribute to our overall sales.
Additionally, we have recently introduced the GIN X e-bike 500W, which has a higher profit margin but lower sales due to the fact that 500W e-bikes are still not legal to ride on UK roads and can only be ridden on private property. This product is also available in three variations: the basic model, the model with a cargo rack, and the model with a cargo rack and pannier bag.
💰 Direct sales of 250W GIN X e-bike (presented in 3 variations: the basic model at $1,258.74, the model with a cargo rack at $1,321.74, and the model with a cargo rack and pannier bag at $1,373.40).
💰 500W GIN X e-bike: 3 variations: the basic model at $1,510.74, the model with a cargo rack at $1,573.74, and the model with a cargo rack and pannier bag at $1,636.74.
💰 E-bike accessories: padded saddle $62.87, supercharger $125.31, suspension seat post $100.54, waterproof e-bike cover $37.11, helmet $37.67, mobile phone holder $27.71, anti theft alarm $62.31, u-lock $62.87, and others.
3 strategies that have worked to attract and retain customers?
✅ We successfully promoted our brand by pitching journalists our press release, enabling us to launch based on pre-orders. This approach proved highly effective, resulting in over 40 free online publications in top magazines within the first 2-3 months following the launch, without any associated costs.
✅ We have also collaborated with influencers, not necessarily those with hundreds of thousands of subscribers, to review our bike on their YouTube channels at no cost to them.
✅ We implemented a pop-up on our website, prompting customers to enter their email in exchange for a discount. This initiative resulted in the collection of a substantial database of emails which we utilized by sending useful newsletters about our GIN X e-bike and e-bike tips in general. After entering their email, customers received a welcome email from us, which included a discount of $31.50, information about our story and purpose, and a link to our Trustpilot review page. This welcome email proved to be very effective.
3 things that you’ve learned about hiring and retaining great talent?
✅ Hire for cultural fit: While it’s important to find candidates with the right skills and experience, it’s equally important to hire people who share the company’s values and culture. Having a cohesive team that works well together and shares the same vision can lead to greater productivity and employee satisfaction.
✅ Offer competitive compensation and benefits: In order to attract and retain top talent, it’s important to offer competitive salaries and benefits packages. This can include things like health insurance, retirement plans, and flexible work arrangements.
✅ Provide opportunities for growth and development: Employees want to feel like they have room to grow and advance in their careers. Providing training, mentorship, and opportunities for advancement can help retain top talent and keep them engaged in their work. Additionally, recognizing and rewarding employees for their hard work can go a long way in fostering a positive work environment.