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Dave Nevogt is the co-founder of Hubstaff, has three kids, and gets more than 8 hours of sleep every night. Hubstaff is a SaaS company that helps virtual teams communicate better through online time tracking. They\\u2019ve just broken $1 million in annual revenue. Tune in to hear how Dave\\u2019s managing disagreements with his co-founder, a tight breakdown of his unit economics, and why you should be taking more risks.

Famous 5:

Favorite Book? \\u2013 The 80/20 Principle
What CEO do you follow? \\u2014 Hiten Shah
Favourite online tool? \\u2014Google Docs
Do you get 8 hours of sleep?\\u2014 More
If you could let your 20 year old self know one thing, what would it be?\\u2014 That taking risks is okay. Even if it doesn\\u2019t work out, you\\u2019ll learn from it.

Time Stamped Show Notes:
01:03 \\u2013 Nathan\\u2019s introduction
01:28 \\u2013 Welcoming Dave to the show
01:40 \\u2013 Hubstaff is a SaaS business that helps track time and invoice clients
01:50 \\u2013 Launched in 2013 - the business is entirely bootstrapped
02:20 \\u2013 Split the original investment 50/50 with his partner
02:50 \\u2013 What will Dave and his partner do if they disagree on something big?
03:15 \\u2013 If there\\u2019s a disagreement, one person can buy the other one out
04:22 \\u2013 Currently have 2600 paying customers
04:50 \\u2013 Services track time and record activity, screenshots, what software is being used
05:35 \\u2013 Average customer is paying $35 per month
06:22 \\u2013 MRR in March 2016 was just under $88k
07:26 \\u2013 20 employees, with a head-count cost each month of around $46k
08:15 \\u2013 Adding about 270 new customers each month
08:45 \\u2013 Customer churn is 3.9%
09:12 \\u2013 Lifetime value is around $660
09:55 \\u2013 Founders based in Indianapolis, with a global team
10:50 \\u2013 Paying around $90 on per-customer acquisition
11:14 \\u2013 Spread through company to contractor to company
12:30 \\u2013 Blog gets around 40k unique visitors per month
13:00 \\u2013 Around a 7% conversion rate to free trial at the Hubstaff homepage
14:20 \\u2013 Connect with Dave via email or through the Hubstaff website
16:25 \\u2013 \\u201cWe just want to build the business up to a healthy annual revenue and then live our lives\\u201d
16:55 \\u2013 The Famous Five

3 Key Points:
Always take risks. Even if things don\\u2019t work, you\\u2019ll learn.
Find a partner who\\u2019s on the same page as you. And even then, make sure you\\u2019re prepared for disagreements.
Have your numbers at your fingertips
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.

Show Notes provided by Mallard Creatives

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