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 – travelflan.com or Kenneth.firstname.lastname@example.org
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.
Evernote – Kenneth’s favorite online tool
Show Notes provided by Mallard Creatives