The Ledger
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Dave Nevogt believes Hubstaff cannot reduce its 6% monthly churn rate
“I don't think we can bring it down.”
Intuit did not overpay acquiring TSheets for 10x ARR, says Nevogt
“No, I don't think so. Because they, you know, they've got a great product and a great customer base. And I mean, I, I'm not one to judge that, I guess, in the first place, but, you know, look at what, you know, QuickBooks can do with the product once it's thei…”
Hubstaff remains entirely owned by its two co-founders
“Two of us own it right now, and if we get another party involved, you know, I don't know. It's just not very, it's not totally appealing to us.”
Dave Nevogt: Hubstaff founders intend to stay bootstrapped to $4M-$5M revenue
“Oh, well, Jared and I, luckily we're on the same page here again, but we want to stay bootstrapped. We want to stay, we believe that like, if we can build this business up to like, you know, four or five million annual, And, you know, just live our lives the w…”
Hubstaff hits $3.8M ARR and 7,000 customers with zero funding
“Yeah, so still no funding still bootstrapped we're at about three point, you know, 3.8 million AR now a little over 7000 customers and,”
Hubstaff failed to scale paid ads despite hiring five consultants
“We've tried everything. It seems like we've tried everything. I've tried about five different consultants. We've tried Facebook. We've tried AdWords and you know, it's not like things are terrible. It's just their channel. We have not been able to scale anythi…”
Hubstaff maintains a fully weighted customer acquisition cost of $100
“I mean, it's like a hundred bucks right now.”
Hubstaff achieves a customer acquisition payback period of 2.5 months
“Two and a half. Yeah. And that's been comfortable for us.”
GPS and app tracking features drive Hubstaff's expansion and upsell revenue
“Probably like app, app, app tracking, that kind of thing, where locations, that kind of thing. So where like locations would be a good example, like GPS locations where, you know, where a construction company, for example, can make sure that, that one of their…”
Half of Hubstaff's 7,000 customers are located outside the United States
“I mean, like, for example, like, 50% of our customers are out of the US, so you've got that going on.”
Hubstaff aims to double its revenue this year to $6M ARR
“So for example, like our goal this year is to double again. So to six, so that's why it gets very close.”
Hubstaff Uses Shotgun Clause to Resolve 50/50 Founder Deadlocks
“I think that, you know, to make a long answer short, we have the shotgun clause in our contracts.”
Nevogt: Average Hubstaff customer pays $34 per month
“Average customers paying us 34 dollars a month.”
Nevogt: Hubstaff monthly contractor payroll is about $46,000 excluding founders
“So we're at like 40, I think we're like 46,000, but that doesn't include Jared and I.”
Nevogt: Hubstaff adds $5k-$6k in MRR and 270 customers monthly
“We're adding about five or 6000 a month in MRR. So number of customers, like, 270.”
Nevogt: Hubstaff customer churn rate is approximately 3.9%
“Churn right now is we're happy with churn right now. It's like 3.9%.”
Nevogt: Hubstaff customer lifetime value is around $660
“So like lifetime value, I think is around like, it jumps around a little bit on their metrics, but I think it's around 660 right now.”
Nevogt: Hubstaff customer acquisition cost is approximately $90
“We're lucky right now. It's like at like 90.”
Nevogt: Hubstaff homepage converts about 7% of visitors into free trials
“So well, I do know that we are converting, the homepage is converting about like, seven percent right now.”
Dave Nevogt: Hubstaff generated approximately $675K in 2015 revenue
“20 15 revenue. If I remember right, we were at about like 675, something like that.”
Trello and Asana integrations drive the most partnership volume for Hubstaff
“I wouldn't say as a whole, it's significant, but you know, for us, you've got the freebies, like, you know, you've got Trello, you've got a sauna, you've got, you know, that kind of thing. That's the most for us just because of the volume.”