EP 379: Secret Travel App, $120k 2015 with Kenneth Lee

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. 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 – travelflan.com or [email protected] 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. 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. Evernote – Kenneth’s favorite online tool Show Notes provided by Mallard Creatives