Price Well
About the Company
PriceWell was founded to provide businesses with an easy-to-use platform for managing billing processes without the need for technical expertise. The service includes features like payment links, subscription management, coupon codes, and sales tax calculations. Initially aimed at small software companies, PriceWell quickly found demand from non-technical users in industries like fitness, marketing, and private social media groups. Over time, the company expanded its reach to include more diverse verticals, such as discounts marketplaces and typical SaaS businesses.
Idea Behind Company
Spiro always had an entrepreneurial spirit, starting his first venture at 19 by creating a stock market bot that he later sold. His entrepreneurial drive became stronger when he was approached by George Avgenakis, PriceWell’s co-founder, to work on a social media advocacy project. During that project, Spiro faced challenges integrating a billing system, sparking the idea for PriceWell. Realizing that others shared this problem, especially those in the no-code space, Spiro and co-founder Matthew Reid saw an opportunity to simplify and automate billing for subscription-based businesses.
Creating the Company
The creation of PriceWell began when Matt and Spiro connected online through their mutual acquaintance, George. Though they never met in person, the trio collaborated virtually using Slack and Zoom to work on the idea. Matt’s extensive experience in payment systems made him the perfect partner for building PriceWell, which they initially tested by setting up a simple website. Their first customer validated their idea by offering to pay in advance, a moment that convinced them to move forward with the business. The company grew steadily, evolving from a concept into a full-fledged platform serving over 120 customers today.
Launching the Business
Launching PriceWell was not without its challenges. The company’s first attempt, through a marketplace for about-to-launch businesses, failed to generate significant growth, attracting low-quality users. However, Spiro and his team pivoted their approach, creating freelance gigs on platforms like Fiverr and Upwork to test their product and attract early users. They engaged customers through personalized support, learned from their needs, and refined their product. Social media channels, cold emails, and targeted ads also played a role in driving customer acquisition. Over time, PriceWell built up a strong user base and started experimenting with SEO and content creation, which helped fuel its growth.
Earnings
Currently, PriceWell generates over $5K in MRR, with a profit margin of 88%. The company’s goals for the second half of 2022 include doubling MRR to $10K, expanding into the SMB market, and reducing churn, which fluctuates around 15%. PriceWell also aims to improve its web traffic and increase the average time users spend on the website. Looking ahead to 2023, the company plans to serve 1,000 customers and facilitate more than $10,000,000 in transactions for its clients. Spiro and Matt are fully committed to growing PriceWell and further solidifying its place in the billing infrastructure market.
