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? – The Power of Full Engagement What CEO do you follow? — Jeff Bezos Favorite online tool? — Revue Do you get 8 hours of sleep? — No. Use SleepTracker. If you could let your 20 year old self know one thing, what would it be? – Do less drugs. Time Stamped Show Notes: 01:40 – Nathan introduces Nick Gray 02:15 – How did you get into museums? 02:25 – “Renegade museum tours.” 02:40 – Revenue comes from charges for live tours 03:00 – Launched in 2013 03:10 – Over 10000 tours sold last year 03:20 – Total revenue was 1.3 million 03:30 – Average cost is $75 per tour 03:45 – Labor cost is $88 per person 04:15 – Net margin relies on high-end tours 04:40 – In the beginning, they got new customers from word of mouth 05:25 – First year revenue was $60k 05:45 – They want to attract people to keep coming back 06:00 – They need to up their repeat rate 06:15 – There are plenty of people to target 06:40 – He just started paying himself a salary 07:20 – His mom is his accountant 07:40 – He is learning to be a better CEO 07:50 – He supported himself with a full-time job at the beginning of the business 08:15 – He built up savings and committed to his museum business 08:40 – His last job gave him a very healthy salary 09:15 – He has always been a big saver 09:45 – His advice: Treating your passion like your job, and creating a demand by providing that product for free 10:30 – Some passions are worthless 10:45 – His team size is 12 full time and 25 part time, along with remote staff 11:15 – Expenses are up to $80k per month 11:40 – The pressure to break even does not worry him 12:10 – Moms and their lectures on receipts 13:10 – A connection with Trip Advisor 13:50 – “It was just a fluke.” 14:05 – His goal for this year is 2.2 million 14:15 – Museumhack.com and NickGray.net 15:45 – 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 – 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. Toptal – Great for business people to start building their app The Power of Full Engagement - Nick’s favorite business book Revue – Nick’s favorite online tool NickGray.net – Read Nick’s weekly newsletters Show Notes provided by Mallard Creatives