Leaving An Academic Career To Build An Onboarding SaaS Company [$10M/Year Revenue]

Asaf Darash

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Published: November 17th, 2023

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Asaf Darash

Founder, Regpack

$833K

revenue/mo

Founders

Employees

Regpack

www.regpacks.com

from San Diego, CA, USA

started December 2012

$832,999

revenue/mo

Founders

Employees

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Hello! Who are you and what business did you start?

I am Asaf Darash, the founder and CEO of Regpack, an online payment management and registration platform built for the service industry. Regpack’s offering is customizable software that handles complex onboarding and payment needs. Some of Regpack’s leading solutions include automated payments, customized payment forms, payment and registration analytics, personalized onboarding forms, and detailed data-driven reporting tools.

Our customers are in experience-based verticals like camps, events, educational travel, classes, and even software. If your service or product is tied to a time and place - physical or virtual - they can leverage Regpack’s tools built specifically for them, with unlimited customizations.

Our most popular features include automated billing with AI-powered, adjustable recurring billing, and our integrated registration and onboarding tools. I’d say our biggest measure of success is that our customers on average see a 30% revenue increase when utilizing Regpack’s sophisticated payment solutions.

It has also been extremely rewarding to grow Regpack from the ground up as a bootstrapped business with only a few full-time employees to a thriving company with 31 employees making over 800k each month.

What's your backstory and how did you come up with the idea?

My journey into entrepreneurship began with a strong academic background; I hold a Ph.D. from the Hebrew University of Jerusalem, specializing in the impact of computer languages on human action. Although I once aspired to be a researcher or professor, my path took a different turn during my time as a Fulbright scholar at the University of California, Berkeley.

It was there that I questioned the possibility of creating a meta-programming application with unlimited variables and outcomes for non-programmers. Essentially, this means I set out to create a program that had an infinite number of possibilities to serve the diverse needs of businesses that needed unlimited customizations.

Intrigued by this idea, I built a prototype during my research, which garnered praise from my MIT professor. However, the pivotal moment came when I asked myself, "Does anybody need this?" The answer was a resounding yes. Many companies require a highly customizable onboarding and payments software system with limited constraints. This realization led me to abandon my academic ambitions and embrace entrepreneurship so I could continue creating a product that was in high demand and would solve the needs of many of my academic peers.

Starting my own company, Regpack, was not without its challenges. Some customers struggled with the freedom our software provided, necessitating careful adjustments to cater to their needs. Additionally, there were significant hurdles, such as deciding the extent to not pursue venture capital, especially in the early stages of the business. At one point, we even faced a complete restart, rebuilding both the software and customer relationships from the ground up.

Take us through the process of building the first version of your product.

Building our product was a meticulous and collaborative process that for the first six months involved extremely long days, seven days a week. I was deeply involved in shaping the user interface (UI) design, ensuring it not only looked appealing but also catered to our technical requirements.

Collaborating closely with a skilled UI designer based in Israel, where I now live, our partnership was marked by nightly exchanges of concepts and ideas. I would share my thoughts and visions in the evening since I was based in California at the time, and by the time I woke up, the designer from Israel would have the designs ready for implementation.

However, the journey from concept to implementation was far from straightforward. Designers, as creative as they are, tend to explore various possibilities, often leading to intricate and time-consuming technical builds. We had to strike a balance between creativity and feasibility, understanding that overly complex designs could lead to implementation challenges. To manage this complexity, I worked closely with a team of developers, ensuring they comprehended the technical intricacies underlying the UI. We used video conferences, Asana, and regular human communication. Everyone likes to talk about tech stacks and tools, but pen and paper shown over video solved many issues for us.

One of the key challenges we faced was maintaining consistency in the system. Typically, introducing concepts into a computerized system simplifies things, but our product, Regpack, was unique in that it was based on the absence of constants and catered to unlimited options. This meant we had to navigate a fine line, ensuring the system remained dynamic without compromising its stability.

Engaging with the developers was a continuous process. I conducted regular code reviews, providing instructions on what needed to be done and how it should be executed. However, there were instances where the implementation didn't align with the intended design. This required meticulous problem-solving, often involving long hours of scrutinizing the code, identifying discrepancies, and providing detailed feedback to the developers.

The collaboration with the designer in Israel was a lifeline during these intense periods. I would send over my sketches, and in return, I would receive refined designs, often by the early hours of the morning. This relentless cycle persisted for six months, turning each day into a seamless blend of design iterations, coding challenges, and continuous refinement. The process was grueling, demanding late nights and early mornings, with the boundaries between days blurring into one another.

In essence, building our product was a labor of passion and persistence. It required a harmonious blend of creativity, technical acumen, and relentless dedication. Despite the challenges, this period of intense collaboration and hard work ultimately shaped Regpack into the innovative and dynamic product it is today.

Describe the process of launching the business.

Launching a business is often perceived as a monumental event, a moment when you expect the world to stop and something incredible to happen. However, in reality, it's quite the opposite. Only after we launched our product did we understand that the real work begins. The excitement of the launch quickly gave way to the practical challenges of ensuring the product worked seamlessly for our users.

I had spent six intense months working diligently to build something I believed in. But the moment the product was out there, it was like switching on a spotlight, revealing all the imperfections that needed to be addressed. I had connections with organizations eagerly awaiting the use of our system. I reached out to them, telling them it was ready to go. The initial conversations were amazing, but they also highlighted the gaps in our product that we hadn't noticed before.

The undo feature was one of the first features initially requested. Being able to allow users to revert to certain steps as they edited on their own was something everyone was asking for. Additionally, there were issues of customers asking for something, but not having that feature meant the same thing to the developers. For example, with the user request to have a ‘waitlist’ for sign-ups, what we implemented made sense from a developer standpoint, but the user definition of a waitlist was something entirely different.

The launch, as it turned out, was just the starting point. It marked the beginning of our interaction with clients and organizations that would use our product, mainly the education industry and others in the service industry. It was during these interactions that we truly began to understand the practical applications of our creation. Clients started asking questions like, "Where is this feature?" or "How do I perform this task?" These queries were eye-openers, guiding us toward the necessary improvements and adjustments.

One fundamental truth became apparent: no matter how deep a bug is buried, a user will find it. In the months following the launch, I found myself submerged in a constant bug-fixing quest—each unique, each requiring a solution. I vividly remember moments of frustration, standing in my office, thinking ‘Why can’t this just work!’

The experience taught me that a successful launch is not the end goal; it's the beginning of a journey filled with client interactions, bug fixes, and continuous improvements. Contrary to popular belief, the world doesn't turn upside down upon launch.

Instead, it's the users and their feedback that guide the evolution of your product, steering it toward becoming something truly valuable. So, the launch, in essence, was just the first step, setting the stage for the ongoing process of refining, improving, and adapting our product to meet the needs of our users.

Transitioning from active involvement to a more strategic overview, relying on reports and statistics, is challenging but necessary for sustainable growth.

Since launch, what has worked to attract and retain customers?

Hard work, attentive listening to our clients, and an ongoing commitment to self-improvement. Our motto at Regpack is “Getting better”. The idea is that there is always something to improve and building the product and the company is a never-ending process.

We constantly challenge ourselves with the question, 'What could I do to put myself out of business?' This mindset drives us to continually seek ways to enhance Regpack and ensure our long-term success.

We also regularly ask, 'What would I build to take all of the Regpack clients today?’ and then, we carefully assess and even pursue the development or integration of those ideas. This iterative process takes place every quarter, allowing us to consistently elevate our offerings and refine our approach.

The main marketing channels that helped us attract customers were all inbound marketing. This means word of mouth, referrals, and a lot of SEO. We also participated with associations that help you connect to their members.

How are you doing today and what does the future look like?

Our business is thriving, experiencing remarkable growth with a 40% yearly increase. We’re extremely proud to be a profitable business that was bootstrapped, so we've had to ensure profitability from the start. This has served as the foundation of our focus and operational efficiency. As a bootstrapped company, you’re forced to concentrate intensely on delivering value to the market.

The harsh reality of having limited resources compels us to be laser-focused on what truly matters: offering a product that addresses a genuine need in the market. Unlike companies that are flooded with external funding, we don't have the luxury of losing focus. The constraints imposed by bootstrapping guide us in making strategic decisions, ensuring that every move we make adds value to our business and, consequently, to our customers.

One of our core strategies for maintaining efficiency is our emphasis on incorporating new technologies rather than hiring additional personnel. This approach has allowed us to scale our operations without significantly increasing our operational costs. Our operational costs have grown at a much slower pace compared to our revenue, a metric that we consider to be incredibly positive.

Looking ahead, we plan to continue our emphasis on technology-driven solutions over expanding our workforce. This approach aligns with our belief in maintaining efficiency and focusing on what truly matters for our business and our customers. As we move forward, our goal is to sustain this growth trajectory while staying true to our core principles of profitability, efficiency, and customer value.

Through starting the business, have you learned anything particularly helpful or advantageous?

Starting and growing a business taught me valuable lessons that I believe are essential for any entrepreneur. First and foremost, automation is key. Instead of expecting users to figure out the intricacies of our products, we automated features like Purchase Protection and subscription installment payments.

We have found that by making our services immediately available without any need for setup and configuration, client adoption is much higher. The majority of the clients will use the service as it is set up for them. There are clients that need to change the configuration to their specific needs yet they are the minority.

Turning features that create value, on automatically has proved to be one of our best client retention tools. It's not about dictating to users; it's about demonstrating the product's worth right away. Think of it like getting into a car—you just want to drive. Similarly, users want seamless experiences without unnecessary complexities.

Another crucial lesson is knowing when to step back. In the early stages, being hands-on is vital. Engaging directly with customers and refining the product based on their feedback is essential for growth. However, once you achieve product-market fit, it's time to create tools and systems that allow users to navigate without your constant intervention. Micromanaging hampers scalability. Transitioning from active involvement to a more strategic overview, relying on reports and statistics, is challenging but necessary for sustainable growth.

Finally, effective communication within the team is paramount. Not everyone needs to know everything; instead, build a team where each member has specific expertise. Creating sections of knowledge, akin to object-oriented programming, ensures a holistic approach without overwhelming employees.

It's tempting to rely solely on high-performing individuals, but this can hinder long-term success. Use their skills to shape processes and systems, then encourage them to explore new aspects of the business. And always keep a close eye on finances. Just as an athlete monitors their breathing while running, a CEO must watch the money. Cash flow is the lifeblood of a company; without financial focus, even the best ideas can wither.

What platform/tools do you use for your business?

We use Regpack. With an in-depth understanding of its highly customizable payment and onboarding capabilities–since it is our product–it seamlessly integrates into our day-to-day operations. Just as we advocate for our customers to select the best option, we practice what we preach by utilizing the optimal solution ourselves. We also use Asana, Quickbooks, Hubspot, Google Docs, and Google Sheets.

What have been the most influential books, podcasts, or other resources?

I read a lot of meditation, wellness, and mental health books. I think ensuring your own health and happiness are of utmost importance relating to work performance and we have infused this into our work atmosphere as well through the ‘Be Less Busy’ campaign. Our mission at Regpack is to save you time so you can be less busy and be more of whatever you want to be. We even have a ‘Be Less Busy’ Bear mascot!

Advice for other entrepreneurs who want to get started or are just starting out?

For new entrepreneurs, the key to long-term success lies in building a robust, adaptable machine rather than relying solely on specific individuals. Establish a process-oriented framework that caters to the majority of your clients' needs. Aim for a system that functions seamlessly for 95% of your customer base, allowing for efficient replacements and adjustments when necessary.

This approach doesn't stifle creativity; in fact, it empowers your team to find innovative solutions where the process falls short. By creating a reliable structure, individuals can focus on problem-solving and creative thinking within the established guidelines, ensuring both stability and innovation coexist.

Moreover, it's crucial to leave your ego aside and prioritize the client's perspective. Understand that in business, it's not about you; it's about solving your clients' problems. Clients are invested in the value you can provide for their business, not in your achievements.

Embrace a functional mindset, focusing on delivering tangible value rather than emphasizing your efforts. This shift in perspective allows you to approach challenges objectively and refine your strategies based on what truly benefits your clients. By detaching emotionally and concentrating on client needs, you pave the way for meaningful, client-centered innovations and long-term business relationships.

Are you looking to hire for certain positions right now?

Yes, we’re looking for a few positions including an account executive, business development positions, client success, and project managers - Check out Regpack’s LinkedIn page to learn more.

Where can we go to learn more?

If you have any questions or comments, drop a comment below!