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Nick Gray, founder and CEO of Museum Hack. Nick thought museums were SO BORING!! Before he launched Museum Hack, he used word of mouth to advertise his idea and give free museum tours to his friends. Now his business is making over 1 million dollars per year.
Famous Five:

Favorite Book? \u2013 The Power of Full Engagement
What CEO do you follow? \u2014 Jeff Bezos
Favorite online tool? \u2014 Revue
Do you get 8 hours of sleep? \u2014 No. Use SleepTracker.
If you could let your 20 year old self know one thing, what would it be? \u2013 Do less drugs.

Time Stamped Show Notes:
01:40 \u2013 Nathan introduces Nick Gray
02:15 \u2013 How did you get into museums?
02:25 \u2013 \u201cRenegade museum tours.\u201d
02:40 \u2013 Revenue comes from charges for live tours
03:00 \u2013 Launched in 2013
03:10 \u2013 Over 10000 tours sold last year
03:20 \u2013 Total revenue was 1.3 million
03:30 \u2013 Average cost is $75 per tour
03:45 \u2013 Labor cost is $88 per person
04:15 \u2013 Net margin relies on high-end tours
04:40 \u2013 In the beginning, they got new customers from word of mouth
05:25 \u2013 First year revenue was $60k
05:45 \u2013 They want to attract people to keep coming back
06:00 \u2013 They need to up their repeat rate
06:15 \u2013 There are plenty of people to target
06:40 \u2013 He just started paying himself a salary
07:20 \u2013 His mom is his accountant
07:40 \u2013 He is learning to be a better CEO
07:50 \u2013 He supported himself with a full-time job at the beginning of the business
08:15 \u2013 He built up savings and committed to his museum business
08:40 \u2013 His last job gave him a very healthy salary
09:15 \u2013 He has always been a big saver
09:45 \u2013 His advice: Treating your passion like your job, and creating a demand by providing that product for free
10:30 \u2013 Some passions are worthless
10:45 \u2013 His team size is 12 full time and 25 part time, along with remote staff
11:15 \u2013 Expenses are up to $80k per month
11:40 \u2013 The pressure to break even does not worry him
12:10 \u2013 Moms and their lectures on receipts
13:10 \u2013 A connection with Trip Advisor
13:50 \u2013 \u201cIt was just a fluke.\u201d
14:05 \u2013 His goal for this year is 2.2 million
14:15 \u2013 Museumhack.com and NickGray.net
15:45 \u2013 The Famous Five

3 Key Points:
Create a demand for your product by offering it for free.
Treat your passion like your job until you can transition to that passion full time.
Build up your savings, and be willing to take risks.

Resources Mentioned:
Host Gator \u2013 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 \u2013 The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
Audible \u2013 Nathan uses Audible when he's driving from Austin to San Antonio (1.5 hour drive) to listen to audio books.
Toptal \u2013 Great for business people to start building their app
The Power of Full Engagement - Nick\u2019s favorite business book
Revue \u2013 Nick\u2019s favorite online tool
NickGray.net \u2013 Read Nick\u2019s weekly newsletters
Show Notes provided by Mallard Creatives