FreeeUp CMO Connor Gillivan talks about $3,000,000 in FreeeUp projects completed on The Top podcast with Nathan Latka.
This episode #700 of The Top. Join Nathan and Connor as they talk about the awesome number of FreeeUp projects completed. Connor discusses how the business has scaled in 2 short years to reach the $3,000,000 mark. They zero in on three key points of scaling your business to this level.
First, Connor talks about how many businesses have started to use outsourcing. This is a highly profitable way to handle HR. Sharing how beneficial it is to go remote is also a great way to boost business. Second, Connor advises all the business owners out there to make sure you always keep backup funds for your company. Third, you should start focusing right now on what you do best. This is what Connor would like to tell his 20-year-old self if he could.
- Connor was already earning on the first year of business with Portlight
- Connor makes 20% to 30% of the gross margin of a product on Amazon
- His net profits are from 5%-15%
- The average price point was $75-100
- The company still operates earning $1-2M in annual revenue
- The Portlight team is composed of remote freelancers based around the world
- The three founders, including Connor, get their pay quarterly
- Connor now spends his time on his second business, FreeeUp
- FreeeUp launched in 2015
- Connor and his co-founder learned about hiring freelancers through Odesk and Elance, now Upwork
- They didn’t like the laborious process of posting job ads and sifting through applicants
- FreeeUp is a better solution. Business owners don’t have to do the upfront work
- FreeeUp finds the top 1% of job candidates for business owners with no fees upfront
- Toptal is more focused on top developers and designers
- FreeeUp contractors specialize in e-commerce business operations
- FreeeUp charges a standard markup for hourly rates. The minimum is $2 and 20% for higher rates
- There are now over 500 freelancers on the FreeeUp network
- The FreeeUp system measures the amount they’re paying out to freelancers. Average billing per hour is $10.
- The biggest metric is the hours billed to the client
- FreeeUp is keeping $60,000 to $80,000 in revenue per month
- FreeeUp has around 1500 signups on the platform and bills between 300-500 people every month
- 2000-2500 people have been billed since FreeeUp started
- FreeeUp has a referral program where clients can earn $0.50 for every hour that has been billed by referrals who hire through the network
- FreeeUp is more hands on with their clients and workers
- Most clients start slow with online hiring then more and more when they see FreeeUp’s benefits
- The FreeeUp internal team size is 20-25 part-time people
- Since April alone, FreeeUp has grown by 1000%
- FreeeUp is winning in the ecommerce industry
- FreeeUp now offers digital marketing and continues to find different areas that will interest more clients
- Both of Connor’s businesses are bootstrapped
- The total transaction volume for 2016 is a over a million and the projected transaction volume for 2017 is $3-4 million
- Connor puts his money back into his businesses to scale them. He splits the 20% from FreeeUp to grow his businesses.
Connor’s Famous Five:
- Favorite Book? – Shoe Dog
- What CEO do you follow? – Elon Musk
- Favorite online tool? — Jira
- How many hours of sleep do you get? — 5-6
- One thing to tell your 20-year-old self – “Stay focused on what you do best.”
Get in Touch with Connor
Learn more from Connor’s journey to $3,000,000 FreeeUp projects completed. Click here to listen to the full episode with show notes on nathanlatka.com.
Don’t forget to check out Connor’s blog, ConnorGillivan.com. He shares his knowledge about entrepreneurship and starting eCommerce businesses. Check out his best selling book as well, Free Up Your Business. The book is filled with the secrets that he and FreeeUp CEO Nathan Hirsch have learned so far. Connor and Nathan have worked together over the past 7 years on their Amazon store Portlight. The book gives the steps that entrepreneurs can take to scale their businesses. It is written to help entrepreneurs build businesses that pull in millions. It is also available on Amazon.