Flywize

My Saas For Canceled Flights Makes $7.5K/Month

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About
Business

Olga Marekova

Founder, Flywize

$7.5K

revenue/mo

Flywize

flywize.eu

from

started

$7,500

revenue/mo

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

Hello, my name is Olga, and I am a first-time entrepreneur from Slovakia. It’s fair to say that I never wanted to build or run a business; I just wanted the service I was thinking about to exist. Once my research proved it didn’t, I started helping people myself. I began by helping my friends when their flights were delayed or cancelled. Later on, I gave it a name, Flywize.

This is because, in the case of a flight delay or cancellation, you can get up to €600 (regardless of how much you paid for your flight ticket). This regulation is based on EU law; however, similar laws are applicable in other countries too. Unfortunately, 85% of passengers don’t know what to do or whom to contact for compensation when flight disruptions happen. As a result, they don’t apply and collectively lose €8 billion every year. I found this deeply unfair, so I started a company called Flywize.

The company is called Flywize, and our primary customers are people who do not speak English or do not have the time to deal with the issue themselves.

Today, we secure between €20,000 and €30,000 per month in compensation for aviation passengers affected by delays and cancellations.

How did you come up with your business idea?

The funny thing is that this idea started when I was 18, but I only began working on it when I was 25. The idea came to me during my first time travelling by plane. I was terrified about what I would do if my luggage got lost. It didn’t, but I was still scared. From that moment, I kept wondering what I would do since my English was weak then and if something happened, I wouldn't be able to solve it. .

When I was 21, I studied Airport and Aviation Management in the United Kingdom. There, I learned what to do if my luggage was lost and how much compensation I could get from the airline. It was so eye-opening that I decided to help people with this issue. I even wrote my bachelor’s thesis and my master’s thesis. That was when I realised how many people don’t know what to do if their flight gets cancelled or delayed.

But it all really started when I was in America for a work-and-travel program. One of our friends, who was supposed to join us for the trip, called to tell us that his connecting flight had been cancelled, and he couldn’t make it. I started laughing because I knew he could still travel without paying a penny more since the airline was obligated to sort it out for him. He followed my advice and made it to the trip. That was the moment I realised there wasn’t a service out there like the one I wanted to provide to passengers.

The validation of the idea began with my friend travelling to America, followed by helping 100 people - family members, friends, and friends of friends who were travelling. I assisted free of charge during this time.

Give us a step-by-step process for how you built the first version of your product.

I first applied to the BSEEN program, a one-week program at the university I was attending in the UK. I still remember having an interview at 4 a.m. because I was still in America for my work-and-travel program. The interview was with Joe and Nathan, who became my mentors for the following months after the main week of workshops covering general information about what it means to set up a business. Thanks to them, I created my prototype using Wix.

The starting costs were €500 (around €200 for Wix, €100 for a freelancer on Fiverr, and €200 for trademark registration and some marketing).

Then, it took me another one and a half years to start executing. My Wix website was terrible (red and white), so I hired professionals. That’s when I found my freelance team, who built the first version of the website. Initially, we helped anyone who needed assistance. Still, we then began focusing on people who required our services because they had no time to resolve these issues themselves or faced language barriers.

My main advantage was that I worked as a waiter since I was 15 years old. Thanks to that skill, I could find a job anytime and anywhere. I often worked full-time, and sometimes I even had one full-time job and a part-time job. Before starting my day, I worked on my business in the early mornings, between 4 a.m. and 7 a.m.. All the money I earned went toward paying bills and funding the business.

Building the first version with coders took us almost seven months, as we weren’t entirely sure where to start or what to do. Back then, I didn’t know what I should do as a founder or CEO, how to assign tasks to people, etc.

I feel like we are still building it because there is always something to improve (haha). It’s hard every single day. When I was starting, I thought it was so difficult because I had so many unanswered questions due to my lack of experience. But after building this business for two years now, I’ve realized that there will always be unanswered questions, and as a founder, you need to find solutions for them. What seems like a big issue today will feel like an easy task tomorrow because there will always be a harder challenge waiting. I’ve learned that every problem you’re solving now feels harder than the one you faced yesterday. And that’s how founders grow.

How did you “launch” the business?

I don't know if I can call it a proper launch. We just made a website, told our friends about it, and shared it through Facebook.

We haven't used any strategies. We only started focusing on marketing strategies four months ago, so we're still figuring out how. From the start, we told people on Facebook that we were there to help, and our friends shared it.

I still remember the first airline we got compensation from and the person who received the money. People are always happy when you tell them they can get €600, especially when they didn't even know they were entitled to anything.

Looking back, I realise our first launch wasn’t proper, as I had no idea what we were doing. If I were launching it today, I’d ensure at least some marketing strategies and basic processes in place. However, I know that it wouldn't have been possible with the experience and knowledge I had at the time. So, I’m happy and proud that I made the best out of what I could.

How did you land your first customers?

When we helped the first 100 people, we did it free of charge. It took a few months before I saw my first few euros from clients who came to us because of the recommendation of those first 100. I still remember that I didn’t even know how to make an invoice back then.

It’s so funny to think about how little knowledge I had about anything then!

The first invoice I made was five months after I set up my business in Slovakia.

Starting a business is a journey. You discover yourself, and it reveals your strengths and weaknesses. In our daily lives, we can avoid facing our weaknesses, but in business, you must confront them and work on them. You won’t have a business for very long if you don't.

How have you grown your business?

Growing a business is a very challenging topic for me because I go through cycles where I feel stuck, and the growth isn’t as fast as it should be. I thought this might be because I’m a solo founder and don’t have anyone to challenge me or push me when I don’t know what to do. But the truth is, I have so many amazing friends who also run businesses. I felt embarrassed to ask them what I considered 'basic questions.' Then I realised there are no basic questions—everyone deals with the same issues, just on different scales.

We grew 100% from last year, but I think it was just luck that our customers were recommending to their friends as we haven't had any strategy, and to be honest, we are still working on it as I hired marketing guys just a few months ago.

At the moment, we’re active on Instagram, Facebook, and LinkedIn. We’re focusing on creating videos and sharing information to help passengers understand their rights. But there is no strategy behind it yet.

My one recommendation would be to help people so well that they naturally recommend you to others. This way, you can survive and grow without needing to spend thousands of euros on marketing or elaborate tactics.

Give us a breakdown of your revenue & financials.

This year, we helped to get 200k to our passengers for flight delays. In total, last year, we compensated more than 350k. We expect to reach 500k by the end of this year.

Our cut is, on average, 30%, so our revenue is between 5-10k a month.

We doubled our revenue from last year even though I was giving a 50% discount or 100% discount when I felt that we could do better or get compensation quicker.

I am putting everything we earn into tech development and service, so we are breaking even.

We already helped more than 2000 passengers, mainly from Europe but a small number are also from the US, UK and other countries.

What does the future look like?

Over the next 12 months, as we expand into five new markets, we will improve by 4x, achieving compensation in the range of 1.5 to 2 million euros.

We aim to become the leading agency in our sector for customer support, particularly in working with airlines based outside the EU, where regulations differ. Additionally, we are starting to assist passengers in real time, which will lay the foundation for what we want to achieve next.

We will begin launching marketing campaigns in other countries, as so far, we have primarily focused on just one country.

I believe that in the next five years, we will either become one of the largest claims agencies or be acquired by one of our biggest competitors. This business was started because I wanted to change how people are treated when they travel. Once that mission is accomplished, our purpose will be fulfilled.

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

One of my biggest mistakes was trying to grow as quickly as my friends' companies. The key difference was that they had raised money from VCs, while I had yet to do so. In October, I hired five new employees, expanding our team to 10 people. However, I lacked management skills and had no financial forecasting in place. For five months, we operated with costs of around 10-15k a month. By February, I had to either cut costs drastically or face bankruptcy. It was one of the toughest lessons I’ve ever learned. From that point, I worked tirelessly until October to stabilise the business with just three people on the team.

One of my best decisions was to take the chance to appear on Slovakia's version of 'Shark Tank,' called Jama Levova. Pitching my business to five investors and receiving instant feedback and three offers was an incredible experience. It validated that I am building something with real potential.

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

My biggest lesson is realising that even the most successful people were once in your position, facing challenges they didn’t know how to solve. They still encounter problems—they're just on a larger scale. The biggest mistake you can make is believing you’re the only one who doesn’t have all the answers.

Where can we go to learn more?

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