19 min listen
EP 439: $9m Raised, GoShippo Helps Little Guy Drop Ship 1,000,000+ Packages Per Month Already with CEO Laura Behrens Wu
EP 439: $9m Raised, GoShippo Helps Little Guy Drop Ship 1,000,000+ Packages Per Month Already with CEO Laura Behrens Wu
ratings:
Length:
23 minutes
Released:
Oct 6, 2016
Format:
Podcast episode
Description
Laura Behrens Wu, the co-founder and CEO of Shippo. Listen as Laura talks about how a laundry list of shipping obstacles with her previous e-commerce store birthed the idea for Shippo. Famous Five: Favorite Book? – The Hard Things About Hard Things What CEO do you follow? – Patrick Collison Favorite online tool? — Slack Do you get 8 hours of sleep?— “I wish” If you could let your 20 year old self know one thing, what would it be? – “Trust that things will turn out right” Time Stamped Show Notes: 01:45 – Nathan introduces Laura to the show 02:13 – E-commerce business Laura had 02:27 – Started at Shopify 02:40 – Sourcing unique items from NGO 03:07 – Shipping problem 03:32 – Revenue with the e-commerce business 03:50 – Laura was 21 when she started her business 04:13 – Financing with Shippo 04:17 – Drop shipping 05:08 – Typical shipping pricing 05:30 – Shippo shipping rates 05:58 – Volume metric 06:07 – Doing millions of packages a month 06:30 – Negotiation with shipping providers 06:44 – Based on projected volumes 07:00 – Shippo is a pay-as-you-go; not SaaS 07:20 – Sample price per package shipped 07:30 – What if I’m shipping a 10 lbs. dumbbell? 07:44 – “We only provide the software” 08:06 – How Shippo works in an e-commerce website 08:10 – Will compare different shipping providers 08:30 – Not a standard shipping rate 08:47 – How the shipping providers get the package from the seller 09:07 – Why clients use Shippo’s service 09:37 – Shipping providers are not tech company 09:55 – Number of unique customers 10:12 – Average shipping volume per month 10:29 – Memebox 11:10 – Nathan’s proposed deal for Shippo and Memebox 11:54 – They raised $9M in 2014 12:20 – Team size 12:50 – Use of the extra money 13:23 – Minimum monthly revenue 13:33 – Upselling 13:50 – Shipping insurance 14:11 – Tracking as a product 15:28 – Bigger revenue stream 15:37 – $ 7 million in series A round, March 2016 16:00 – How to keep the balance when you have a big account 16:38 – Travel expenses last month 17:25 – Will you sell the business for $ 47 million? 17:45 – Ideal exit assuming there’s a good fit 18:03 – Built an app on top of Shopify 18:11 – Connect with Laura through her Twitter, LinkedIn and email 20:00 - The Famous Five 3 Key Points: Keep your customers updated and excited. Spend money on the right things and appreciate what you have. Don’t get upset on your first try – everything falls into place given patience and time. Resources Mentioned: Toptal – Nathan found his development team using Toptal for his new business Send Later. He was able to keep 100% equity and didn’t have to hire a co-founder due to quality of Toptal developers. 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. @LauraBehrensWu – Laura’s Twitter handle LinkedIn – Laura’s LinkedIn account laura@goshippo.com – Laura’s email address Show Notes provided by Mallard Creatives
Released:
Oct 6, 2016
Format:
Podcast episode
Titles in the series (100)
EP 88: How a NYC Piano Street Performer Makes $100k/ Year: Nathan Latka brings you top entrepreneurs daily inspired by Tim Ferriss, Pat Flynn, John Dumas, Entrepreneur on Fire, Chalene Johnson, NPR, HBR, the StartUp podcast, Art of Charm, Dave Ramsey, Planet Money, APM Marketplace, Mixergy, Seth Godin, #AskGaryVe by SaaS Interviews with CEOs, Startups, Founders