Greg Isenberg: Nick Huber discusses how boring businesses can be lucrative and shares examples of successful ventures.
Greg Isenberg - The $1,000/Day boring business anyone can start tomorrow
Nick Huber, known as Mr. Sweaty Startup, emphasizes that many wealthy individuals have made their fortunes through seemingly mundane businesses such as HVAC, real estate, and storage facilities. He shares his own experience of starting a storage business for college students, which he sold for $1.75 million. Huber highlights the importance of identifying opportunities in traditional sectors where competition is less fierce compared to tech startups. He also discusses the potential of combining traditional business models with digital tools, like using AI for content creation or customer service, to enhance profitability. Practical examples include a lawn care business using simple marketing tactics and a mobile detailing business with high profit margins. Huber suggests that starting with a 'sweaty startup' can lay the foundation for future tech integration, ultimately leading to a more robust business model.
Key Points:
- Boring businesses like HVAC and storage can be highly profitable.
- Simple marketing strategies, such as sidewalk chalk and bandit signs, can effectively grow a business.
- Combining traditional business models with digital tools can enhance profitability.
- Starting with a 'sweaty startup' can lead to future tech integration and growth.
- Identifying less competitive markets can increase the odds of business success.
Details:
1. 💰 Wealth in Boring Business Ventures
- Wealthy individuals often earn their fortunes through traditional and 'boring' businesses such as underground utilities, surveying companies, HVAC businesses, and real estate development, rather than high-profile tech startups.
- Focusing on conventional business sectors may significantly increase the odds of substantial financial success, as evidenced by individuals owning large properties and private jets.
- The podcast aims to reveal how listeners can achieve wealth through non-glamorous ventures, emphasizing that not everyone needs to pursue tech or innovative industries to become rich.
- The episode promises to provide insights into making a million dollars through straightforward business methods, appealing to those who may not be inclined toward tech-driven entrepreneurial paths.
- Examples of successful 'boring' businesses include waste management, pest control, and manufacturing, where demand is consistent, and competition may be less intense than in trendy sectors.
- Listeners are encouraged to consider industries with essential services that show resilience in economic downturns, offering more stable income opportunities.
2. 🚀 From Sidewalk Chalk to Storage Success
2.1. Storage Squad Business Journey
2.2. Expansion into Self-Storage Facilities
3. 🧹 Exploring Profitable Sweat Equity
- A lawn care company gains 30-40 new customers every April-May through bandit signs, contributing to a 30% annual growth.
- The lawn care business owner is satisfied with earning over $100,000 annually, allowing for leisurely time such as fishing in the Florida Keys.
- A mobile detailing business reported $17,000 revenue and $10,000 profit in a single month, demonstrating a viable business model for recent graduates.
- Firewood delivery presents a lucrative opportunity; building and delivering on-site could yield $1,000 profit per day.
- Advertising in bars through rotating TV ads generates $20,000 monthly, showcasing a successful low-cost marketing strategy.
- Putting green installations can earn $30,000 to $200,000, indicating high profitability for specialized home improvement.
- Tree removal services can be highly profitable, with potential earnings exceeding $3,000 for a few hours of work.
- Despite the risk, Christmas light installation is a lucrative seasonal business with potential earnings of $3,500 to $4,000 per installation.
- Power washing is a low-barrier entry business that can generate income by cleaning various surfaces.
4. 👶 Night Nurse: A Business Opportunity
- A night nurse provides care for newborns from 11:00 p.m. to 5:00 a.m., allowing parents to sleep; this service targets high-value customers.
- Night nurses represent a business opportunity due to the lack of a dedicated marketplace; existing sites like care.com are too broad.
- The domain nightnurses.com is available for $13,000 or $1,100/month for 13 months, suggesting a cost-effective entry point into the market.
- Building a directory using AI and generating organic traffic through blogs and product reviews could enhance visibility and engagement.
- Advertising through popular pregnancy apps could capture customers at the start of their parenting journey.
- Potential revenue streams include affiliate marketing and a nanny recruiting service, leveraging traffic from the site.
- Starting locally, in one suburb or neighborhood, with targeted marketing strategies like flyers and community engagement, could effectively build the business.
5. 🌐 Domains: The Digital Real Estate
- The purchase of domains is likened to investing in digital real estate, with significant investments like $450,000 for a domain justified by its business value.
- Premium domains such as 'somewhere.com' have been bought for high prices, demonstrating the market's valuation of these digital assets.
- Investments in digital domains are compared to traditional real estate, with some spending millions on properties, indicating the perceived long-term value of domains.
- Search algorithms and language models are believed to prioritize '.com' domains, potentially leading to higher business leads and justifying their cost.
- An example includes a domain purchase exceeding $400,000 that has already provided equivalent business value, highlighting the financial benefits of such investments.
- Businesses are advised to consider the branding and customer acquisition benefits of owning premium domains, which can significantly enhance market presence.
- The preference for '.com' over other extensions is noted, with '.com' domains seen as enhancing visibility and lead generation.
- The Beehive case illustrates the importance of intuitive and memorable domain names for effective brand recognition.
- The discussion contrasts the reluctance of some to invest in domains with the strategic importance of a strong digital presence.
