In Episode #379, Nathan interviews Kenneth Lee, founder of TravelFlan. Kenneth has a bachelor’s degree in computer engineering and has developed a business that makes travelling easier. TravelFlan has partnered with major airlines as well as thousands of individual customers to give them a personal digital travelling assistant.
- Favorite Book? – Zero to One
- What CEO do you follow? — Elon Musk
- Favorite online tool? — Evernote
- Do you get 8 hours of sleep?—No
- If you could let your 20 year old self know one thing, what would it be? — Quit school faster.
Time Stamped Show Notes:
- 01:10 – Nathan introduces Kenneth
- 01:30 – TravelFlan
- 01:55 – Customers pay on average $15
- 02:30 – Three sources of revenue
- 03:05 – History of the business
- 03:30 – He and his partner loved to travel
- 04:14 – First-year revenue in 2015 $120k
- 04:50 – They have a free service and a premium service
- 05:15 – 2000 customers
- 05:25 – May 2016 revenue from commissions from airlines was $25k
- 06:00 – Two large airlines use their data
- 06:30 – May total revenue was $50k
- 06:55 – Fundraising
- 07:30 — $5 Million valuation
- 07:40 – Most of the team is in Asia
- 08:25 – Churn is not as applicable in this type of business
- 09:30 – Customer acquisition
- 09:57 – Team of 11 people
- 10:10 – com or Kenneth.email@example.com
- 23:40 — The Famous Five
3 Key Points:
- Start with a very focused business and then expand as you see success.
- If you have a good idea, pursue it immediately.
- Find different ways to make revenue.
- Host Gator – The site Nathan uses to buy his domain names and hosting for cheapest price possible.
- Freshbooks – The site Nathan uses to manage his invoices and accounts.
- Leadpages – The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
- Audible – Nathan uses Audible when he’s driving from Austin to San Antonio (1.5 hour drive) to listen to audio books.