In Episode #505, Nathan interviews Johnny Reinsch of Qwil which is a company that provides instant pay for the growing freelancer segment of the work force. He’s the co-founder and CEO and also a cryptocurrency nerd. Listen as Johnny shares how he shifted his career path and why Qwil is different from most startups.
- Favorite Book? – Zero to One
- What CEO do you follow? – Elon Musk
- Favorite online tool? — Toptal
- Do you get 8 hours of sleep?— No
- If you could let your 20-year old self, know one thing, what would it be? – “I didn’t have to go to law school”
Time Stamped Show Notes:
- 01:24 – Nathan introduces Johnny to the show
- 01:57 – Johnny got tired of making rich people richer so he started his own startup
- 02:28 – Johnny shares his learnings from the cryptocurrency company
- 02:50 – Qwil helps freelancers collect their pay on time
- 03:21 – Qwil has a low price point
- 03:40 – Qwil is a transactional based model
- 04:05 – Qwil started summer of 2015
- 04:20 – First year total transaction volume is in low seven figures
- 04:51 – Target transaction volume for 2016
- 05:05 – Qwil’s funding rounds
- 05:45 – It is an equitable note
- 06:07 – “We are not disclosing a round at the moment”
- 07:20 – 2016 total transaction volume
- 07:40 – Qwil has a similar metric with GMD
- 08:51 – Some freelancers won’t release their payment right away
- 11:30 – Qwil offers conveniences to the users
- 13:28 – Profit margin base
- 13:44 – Team size
- 14:10 – Number of contractors who have used Qwil is in the thousands
- 15:21 – “We are trying to make a freelancer’s lifestyle much easier than it currently is”
- 17:10 – Connect with Johnny through his website, blog, and Twitter
- 18:50 – The Famous Five
3 Key Points:
- Be sure to USE and APPLY what you learned well.
- Be in a unique niche where competition is not very tough.
- School does NOT always lead you to your future, don’t let it narrow your scope.
- Acuity Scheduling – Nathan uses Acuity to schedule his podcast interviews and appointments
- Drip – Nathan uses Drip’s email automation platform and visual campaign builder to build his sales funnel
- Toptal– Nathan found his development team using Toptal for his new business Send Later. He was able to keep 100% equity and didn’t have to hire a co-founder due to the quality of Toptal
- Host Gator– The site Nathan uses to buy his domain names and hosting for the cheapest price possible.
- Audible– Nathan uses Audible when he’s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books.
- The Top Inbox – The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens and follow-up with email sequences
- @Qwil – Johnny’s business Twitter handle
- Blog – Johnny’s business Twitter handle
- Qwil.co – Johnny’s business website
- Show Notes provided by Mallard Creatives