106: Growing Wireless World to 50+ Stores in the Midwest (with Vince Lubben)

Background on Vince Lubben of Wireless World:

Vince Lubben is the Co-Owner of Wireless World. Vince began working in the wireless sector as a sales executive for CommNet Cellular, when the cell phone industry was young. He saw an opportunity to start his own business and opened his first store in Vermillion, South Dakota in 1999. Today, there are 54 Wireless World outlets and the company has 320 employees. Wireless World is an authorized retailer of Verizon Wireless products and services with store locations in Minnesota, Wisconsin, Iowa, Nebraska, and South Dakota.

Time-Stamped Show Notes:

[2:00] Vince has over 54 stores and about 320 people working for him. He initially began this type of business by being a sales rep for a local cellphone company.
[5:14] Vince talked about having his first cellphone store and then getting an opportunity to acquire more stores.
[9:12] It cost Vince around $10,000 to open up his first store, and then the other stores cost him a total of $50,000.
[12:06] When Wireless World gets a phone sold, they get 7 to 10 percent commission from Verizon.
[13:02] Getting his fifth store in Iowa became overwhelming for Vince, which made him realize that he needed a partner.
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[16:58] Early on in their business, Vince and his partner almost got burned out. They would make difficult sacrifices to keep their business going.
[19:20] For those who want to franchise a business or who are in the process of expanding the business, Vince advises to make sure there is enough money available to get you through the first few months.
[20:50] In some areas, particularly the suburbs, their stores failed and struggled. Vince thought the location was good for their store but they were wrong.
[22:16] Vince gave some good tips when opening up a retail store. Some of the key points include location, signage, and visibility.
[24:28] Vince tells a story about a guy who was stealing cellphones from their store.
[30:06] Vince emphasizes on how business relationships can be critical to success.
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[36:37] Hiring more district managers was a great decision for Vince. Getting competent leaders helped their business in a lot of ways.
[37:28] According to Vince, having a likeable and caring boss, treating people right, and providing a competitive salary will make the employees loyal to the company.
[40:10] Vince learned a lot about perspective and gratitude by visiting Haiti.
[42:01] Vince was acquiring stores as he goes along. When he started the business, he didn’t see himself having 50 plus stores.

Fabulous 4 Questions:

📖 📚 Favorite Book(s)? Next Generation Leader by Andy Stanley, In a Pit with a Lion on a Snowy Day by Mark Batterson, I have lots and pay people to read b/c I know it can change their life.
🙌😎 Favorite Amazon.com purchase? Solar lights and solar batteries for Haiti. I go to Haiti to help with a Mission about 2 times per year.
🌱💸 Favorite Tool that's GROWN your Business? Gmail action folders and snooze button. David allen, The Art of Getting Things Done is a great book.
💭💡 BIGGEST Challenge keeping your Business from GROWING? The internet