The story of 2 guys who made $13M in a year selling electric bicycles

When you’ve been looking round for an inexpensive electrical bike currently, you’ve nearly actually heard of the Lectric XP e-bike. One yr in the past, the bike didn’t exist, and in the present day they’re so in style that it’s tough to even get your palms on one. Whereas there are plenty of e-bike companies out there doing well right now, few have achieved a lot success so shortly.

Right here’s the story of the way it occurred.

[Update 5/24: OK, now it’s $14 million. Things are moving fast over there!]

Lectric Ebike’s founders Levi Conlow and Robby Deziel met taking part in video video games collectively in center college.

Now each 24, the 2 set their websites on constructing a brand new e-bike firm final yr.

The thought is nothing novel per se; new e-bike firms pop up on a regular basis. The boundaries to entry for a storage startup simply aren’t all that prime as of late.

The tough half is succeeding.

Pooling their money, Levi and Robby have been capable of order 10 prototypes of their Lectric XP e-bike. With fats tires, a 28 mph (45 km/h) prime pace, round 25 miles (40 km/h) of vary, and a folding body for simple transport, the pair hoped that they had settled on the proper bike design for the market.

That they had chosen what they thought can be the final word mixture of components and options, with an $899 price because the cherry on prime. However now it was time to see what the market thought. That was Might 30, 2019 — lower than one yr in the past.

The pair despatched these first 10 prototypes out to 10 totally different YouTube channels and hoped for the very best. As an alternative of taking the standard route of specializing in e-bike channels, they as a substitute principally sought out different niches similar to RV channels that had audiences who may gain advantage from e-bikes however doubtless weren’t but being focused straight.

Because the first reviews hit the web, a trickle of orders quickly become a flood. Levi and Robby had their reply: The general public beloved the Lectric XP.

The bikes have been shortly offered out for months prematurely. Each time the fellows acquired in a brand new cargo, the bikes have been gone nearly instantly.

As more reviews rolled in, the hype solely grew. I made a pair of movies about my experiences on the Lectric XP that acquired greater than 200,000 views. Now there are over 150 video critiques of the Lectric XP on YouTube with a mixed over 3 million views.

In lower than one yr, Lectric Ebikes has made nearly $13 million in income and is on monitor to hit that mark by their one-year anniversary.

So what was the key to success? Like most startups that make it, the reply is normally a mixture of things. On this case, it was like a mixture of influencer advertising and crowd pleasing pricing. As an alternative of spending large bucks on conventional adverts, Levi and Robby merely despatched 10 bikes out into the wild and let actual individuals speak about them.

The bikes in addition to the ordering course of are additionally fairly easy. You desire a bike? You get a motorbike. Don’t count on numerous customization choices. There are solely four accessories available, and two of these are only a spare battery and a spare charger. Racks, fenders, lights… all of them come commonplace. That simplifies the ordering and achievement course of, plus it buys numerous goodwill from clients who don’t wish to be nickel-and-dimed for each little add-on.

Nobody ever stated that the Lectric XP e-bikes have been the very best electrical bicycles on the planet (I consider my wording was, “It’s a great e-bike at an ideal value”), however they have been decently made, provided good efficiency when it comes to pace and energy, and match the approach to life of many individuals who had been contemplating an e-bike however hadn’t but pulled the set off because of price considerations.

In all equity, the Lectric XP doesn’t fairly examine to different budget-oriented e-bikes like Rad Power Bikes or Juiced Bikes. When you put them aspect by aspect, you’ll see {that a} RadMini has an even bigger battery, and a Juiced Scorpion has higher energy and nicer brakes. However such bikes price 60-80% greater than a Lectric XP, and that’s the distinction that has made so many budget-oriented riders say, “That is the e-bike for me.”

The 2-dudes-in-a-garage startup story isn’t distinctive, however reaching this degree of success in below a yr actually is.

So for that, and for the power to supply an honest e-bike at an ideal value, I say, hats off to those guys.

Subscribe to Electrek on YouTube for exclusive videos and subscribe to the podcast.