EP 365: From Consultant to $300k SaaS with Amit Kotharie of Tallyfy

SaaS Interviews with CEOs, Startups, Founders

Nathan Latka

Ceo, Entrepreneurs, Founders, Software, Business, Entrepreneurship, Saas, Startups

4.6 • 683 Ratings

🗓️ 24 July 2016

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Amit Kothari. He spent ten years in London dealing with some of the largest companies and organizations in the world and helping them with collaboration technology. After seeing a lot of failures in that industry, he realized he needed a very structured process with unstructured, human conversations to make his business succeed.

Famous 5:

Favorite Book? – The Innovator’s Dilemma
What CEO do you follow? — Jack Welch and Warren Buffett
Favorite online tool? — DropBox, Xero

Do you get 8 hours of sleep?—Yes
If you could let your 20 year old self know one thing, what would it be? — “Never confuse movement with action.” –Hemingway

Time Stamped Show Notes:

01:10 – Nathan introduces Amit
01:45 – Tallyfy
02:05 – The company’s program helps remove routine processes throughout the day
02:30 – They started in Chili with a grant in 2014
03:00 – Then they got a grant from the US
03:30 – First year had no revenue
03:45 – $300k in 2015, with $600k total
04:15 – Paying customers
04:50 -- $39/month is the average that customers pay
05:15 – Monthly revenue
06:00 – They have several different services and processes
06:35 – Pure MRR in April -- $4000
07:10 -- Professional services is a huge chunk of revenue
08:20 – Starting out with professional services brings in a lot of revenue
08:50 – Team size is 5, with a few freelancers
09:05 – Total capital $500000
10:10 – Amit and his wife are cofounders
- 10:25 – They have a rule to stop talking about work after 6 pm
- 11:00 – They believe in their business
11:45 -- tallyfy.com and @tallyfy on Twitter
12:00 – Consistency is the secret to a growing company’s success
14:20 – The Famous Five

3 Key Points:

Start a business that you believe in.
Look for grants and funding opportunities.
If you want to scale your business, you have to put effort into consistency.

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.
The Innovator’s Dilemma – Amit’s favorite business book
DropBox – One of Amit’s favorite online tools, that allows businesses to share files online
Xero – Online accounting tool
Show Notes provided by Mallard Creatives

Transcript

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0:00.0	This is the top, where I interview entrepreneurs who are number one or number two in their industry in terms of revenue or customer base.
0:09.0	You'll learn how much revenue they're making, what their marketing funnel looks like, and how many customers they have.
0:16.0	I'm now at $20,000 per talk.
0:18.0	Five and six million.
0:19.0	He is hell-bent on global domination. We just broke our 100,000 units sold mark Five and six million. He is hell bent on global domination.
0:21.2	We just broke our 100,000 unit sole mark.
0:23.9	And I'm your host, Nathan Latka.
0:28.2	Okay, Top Tribe, this week's winner of the 100 bucks is Danielle Al-Soudini.
0:32.7	He's based overseas.
0:35.0	He's an employee at a current company and can't wait to break free.
0:39.1	For your chance to win 100 bucks, top tribe, simply subscribe to the podcast now and then text
0:44.0	the word Nathan to 33444 to prove that you did it. Again, text the word Nathan to 33444 to prove
0:51.7	that you did it. I give away a hundred bucks every Monday. This is episode
0:57.8	365. Coming up tomorrow morning you'll hear from Kendall and Tinelli. Her cheese shop
1:02.6	does over a million dollars annually but has a low EBITDA. Why? Topit tribe. Good
1:10.6	morning, good morning, good morning. Our guest today is Amit Kathari. He spent a decade in London at the cutting edge of collaboration technologies for businesses. His clients were the world's largest companies, law firms, and government entities. After seeing many adoption and other failures in collaboration tools and methods at companies,
1:27.9	he realized that the disruption of this industry depended on compining unstructured conversations
1:32.5	with structured processes. Work people do every day. The result of all of this was
1:38.8	Talify, which we're going to talk about. Amit, are you ready to take us to the top?
1:43.3	Sure. Yeah.
1:44.4	Would you like me to describe Telify?
1:45.9	Yeah, so tell us more about what Talify is and how you make money.
	...

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