Sometimes, a small hobby can become big business.
For Ryan Batcheller and Andrew Duneman, an interest in aquarium supplies turned into one of the fastest growing companies in the state.
Started in 2007 by the entrepreneurial pair, Golden Valley-based
Bulk Reef Supply has been on such a fast track that it recently
landed on the
Inc. 5000 list, coming in at number 258. Over the past three years, the company has soared from initial revenues of about $300,000 to nearly $4 million in 2010.
It all started with "fish chili," according to Batcheller. He made up a fish food for his own aquarium dwellers, and when some friends began asking for samples, he thought about selling it in bulk. From there, the idea blossomed into selling aquarium additives online, at bulkreefsupply.com.
Customers began sending them leads on products, and the pair started hiring and adding items to the site at a rapid pace. After creating some structure through the use of the
Entrepreneurial Operating System, they managed to develop a system of their own that let them handle growth and keep hiring.
Currently, the company features 1,400 products and employs 21 people. Most likely they'll keep up the pace, but Batcheller isn't worried about hitting a wall: "We don't have revenue goals," he says. "We used to, but then we realized that revenue isn't where we'd find success. Instead, we want to be the best in the industry, the top saltwater aquarium supplier in the country. We'll get there."
Source: Ryan Batcheller, Bulk Reef Supply
Writer: Elizabeth Millard