Opinion
Nick Gray: Many personal passions are worthless and cannot be monetized
“No, I think a lot of passions are totally worthless and you're never going to sell them to the market.”
Insight
Nick Gray: Exporting LinkedIn contacts to Revue is a grey-hat growth tactic
“You can go to LinkedIn, export all your contacts, dump them into Review, and send them a newsletter of cool stuff, questionable whether that's legal.”
Assertion Not checkable as stated
Nick Gray: Museum Hack conducted over 10,000 tours in 2015
“Last year, we did over 10,000 tours.”
Assertion Not checkable as stated
Nick Gray: Museum Hack generated $1.3M in total revenue in 2015
“Total revenue, 1.3 million dollars.”
Disclosure
Nick Gray: Museum Hack tour guides cost $88 per two-hour tour
“They each make 32 dollars an hour. A tour lasts about two hours, but we pay them for 2.75 hours of work. So right there, our labor cost for each tour starts at about 88 dollars per person.”
Disclosure
Nick Gray: The Met takes $25 from every $59 tour ticket
“Say we sell a 59 dollar museum tour ticket at the Metropolitan Museum of Art, 25 dollars of that goes to the museum.”
Disclosure
Nick Gray: Museum Hack breaks even on standard tours, profiting on VIP
“We really excel and where we make money is on those high dollar tours. We're talking Private tours, bachelorette tours VIP nighttime tours. Our 59 dollar tour, we do basically a break-even to, one, provide shifts for the tour guides, and two, just to get the w…”
Disclosure
Nick Gray: Museum Hack has raised no outside capital and is bootstrapped
“No raise, all bootstrapped.”
Disclosure
Nick Gray ran free tours for two years to build market demand
“I created a ton of demand by doing it for free for almost two years every single weekend. I became the best at it, and then once I had an amazing product, once I had huge pent up demand and word of mouth, that's when I left my job and turned this into a busine…”
Disclosure
Nick Gray: Museum Hack spends up to $80K monthly on payroll
“Estimate is 60 to 80,000 dollars per month on payroll. I know that payroll continues to be our largest expense. Last year it was 70%. We spent over seven or 800,000 dollars last year of that 1.3 million on labor.”
Prediction Held up
Gray: Museum Hack Targets $2.2 Million Revenue in 2016
“Goal 2.2 million.”
Assertion Supported
Nick Gray: Museum Hack tickets range from $59 to $200
“They start at 59 dollars. They go all the way up to 200 dollars sometimes.”
Assertion Not checkable as stated
Nick Gray: Museum Hack made about $60,000 in revenue in 2013
“20 13 is when we started to charge for the tours. And I think, yeah, 2013, our first year revenue was about 60,000 dollars.”
Disclosure
Nick Gray only recently began taking a salary from Museum Hack
“I just started paying myself a salary within the last few weeks, been working with an accountant, AKA my mother on the side.”
Disclosure
Nick Gray: Museum Hack Employs 12 Full-Time, 25 Part-Time, and 12 Remote Staff
“Today we have 12 full-time employees. We have 25 part-time employees. These are people that are W-II employees. We pay taxes on them, but they're only working weekends. Less than 30 hours a week. We also have an amazing team of remote staff. Some people call t…”
Disclosure
Nick Gray: Museum Hack Requires $100K Monthly Revenue to Cover Costs
“We know that we need to make and do at least a hundred grand a month right now to cover our costs and the stuff that we're doing.”
