How He Built a $10m Revenue Company Around Camp Ticket Software, Bootstrapped!
Sep 20, 2023
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Founder Asaf Darash built a $10m revenue company around camp ticket software. Revenue comes from SaaS, payment processing, and an insurance-like product. The podcast also discusses revenue breakdown, purchase protection, company growth, and efficiency.
RegPack's revenue streams come from SaaS fees and payment processing, with an average annual contract value of $7,000 per customer.
RegPack's introduced payment installments in the service industry, resulting in a 30% revenue growth for organizations implementing this feature.
Deep dives
RegPack's: Registration and payment processing for service industry
RegPack's is a company that offers registration and payment processing services primarily for the service industry. They serve various sectors, including education camps, courses, after-school programs, and schools. The founder, Asaf D'Rashhi, identified the fragmented nature of the service industry and developed a solution to address the unique onboarding needs of these organizations. RegPack's revenue streams come from SaaS fees per-seat model and payment processing. Their revenue per customer ranges from $5,000 to $100,000 per year with an average annual contract value of $7,000. The company has seen significant growth by expanding into new industries and leveraging additional revenue streams like purchase protection. With a team of just 30 employees, RegPack's achieves impressive revenue per employee of $350,000.
Innovative Feature: Payment Installments
One of the most significant features introduced by RegPack's is the concept of payment installments in the service industry. Unlike traditional buy-now-pay-later solutions, RegPack's developed an algorithm that determines when the organization requires payment for a specific order. The end users can make installment payments based on that timeframe. This feature has resulted in a 30% revenue growth for organizations that have implemented it. By offering flexibility and eliminating the need for credit checks, RegPack's has revolutionized payment processes in the service industry.
Bootstrap Success and Efficient Operations
RegPack's has achieved remarkable success as a bootstrapped company. With a team of only 30 employees, they generate revenue well above industry averages, with an impressive revenue per employee of $350,000. The company attributes this efficiency to automation, data-driven decision-making, and streamlined support processes. They employ AI for customer support and prioritize serving high-revenue clients to ensure their satisfaction. Additionally, RegPack's multi-vertical platform enables them to expand within organizations, increasing customer retention and driving growth. With continuous focus on marketing and sales, RegPack's has experienced a 30-40% year-over-year growth rate.
His largest customer pays him over $150,000 per year to manage after school camps. This 3 pronged revenue model has allowed founder Asaf Darash to hit $10,000,000 in total revenue. 40% comes from SaaS, 40% comes from payment processing where he takes a 1% fee, and 20% is an insurance like product - if your kid gets sick and can't make the camp you paid $2k for, they'll refund.
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