Secret Travel App, $120k 2015 with Kenneth Lee

Kenneth Lee

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.

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Famous 5:

  • 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.lee@travelflan.com
  • 23:40 — The Famous Five

3 Key Points:

  1. Start with a very focused business and then expand as you see success.
  2. If you have a good idea, pursue it immediately.
  3. Find different ways to make revenue.

Resources Mentioned:

  • 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.