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My First MillionFrom $0 to $100 Million In 3 Years Selling Cold Plunges (#527)
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Cold plunge business hits $100M+: Plunge’s origin story and early influencer seeding
Sam shares how he got introduced to Plunge through Andrew Huberman and outlines how the founders pivoted during COVID from brick-and-mortar wellness businesses to cold plunges. They recount the early playbook of giving away units to a small set of high-visibility people to create perceived momentum.
- •Sam describes being gifted a Plunge unit after talking with Andrew Huberman and getting connected to Ryan Dewey.
- •The founders’ prior businesses (float therapy and sauna) were hurt by COVID, prompting a pivot to cold plunges.
- •They observed cold plunges were expensive and inconvenient, and decided to build a more accessible product.
- •Early distribution relied on direct outreach to wellness influencers, starting with Aubrey Marcus and then Huberman.
- •Shaan explains how the “plunge tour” deliveries created an influencer-heavy social proof effect before they had many customers.
Plunge’s growth curve, domain purchase, and the paid-ads “magic box” metrics
The hosts run through Plunge’s revenue trajectory from launch to nine-figure scale and highlight unusual transparency into their advertising numbers. Shaan reacts to the reported return on ad spend and discusses what that implies about scalability and competition.
- •Sam lays out revenue growth: $270K (2020) to $8M (2021) to $33M (2022) to roughly $10M/month in 2023.
- •Shaan notes Plunge bought plunge.com from a New Orleans jazz band for $250K.
- •Sam describes hiring an Upwork freelancer to run Google Ads early on.
- •Shaan cites a monthly snapshot showing $860K ad spend with ~7.1 ROAS, and channel splits including Google and Facebook.
- •They discuss why revealing strong ad performance is unusual and how replicable the “special sauce” may be.
Bootstrapped scale, CAC economics, and debating whether to sell (or take money off the table)
The hosts discuss Plunge being bootstrapped and speculate on what the company might be worth based on growth and marketing efficiency. Shaan argues for taking some liquidity given e-commerce volatility, while Sam reflects on how extraordinary the outcome is in just a few years.
- •Sam emphasizes Plunge is bootstrapped and hasn’t taken outside funding.
- •Shaan highlights an example CAC of $387 on Facebook against a ~$5,000 selling price.
- •Shaan estimates potential valuation ranges and suggests e-commerce is judged heavily on forward performance rather than past sales.
- •Sam says if he were the founders, he might consider selling given how fast the value was created.
- •Shaan suggests an alternative: sell a portion/secondary to bank life-changing money while continuing to operate.
Cold plunge humor and skepticism: why the product still surprises them
They joke about cold plunge culture and poke fun at the social-media signaling around it while acknowledging continued personal use. Sam admits he’s surprised by how many people will pay for and adopt a practice that’s inherently uncomfortable.
- •Sam says he still uses his cold plunge multiple times a week despite not being certain about “the science.”
- •Shaan jokes that cold plunging increases social media posting frequency.
- •They riff on a Titanic-related joke about cold exposure and health.
- •Shaan jokes about rebranding Wim Hof-style breathing as “the Titanic method.”
- •Sam closes the Plunge segment noting his surprise at the size of the market for a $5,000 discomfort product.
Supplement trust gap: why it’s hard to know what works and what’s clean
Shaan pivots to the difficulty of evaluating supplements, both for efficacy and for brand trust. Sam explains where he goes for evidence and why brand selection remains messy, especially given conflicts of interest in “review” ecosystems.
- •Shaan says supplements are hard to evaluate because effects are often unclear or subtle.
- •Sam names melatonin/magnesium and protein as the few things he personally feels a noticeable effect from.
- •Shaan describes expecting creatine to feel impactful but not noticing much.
- •Sam says he uses Examine.com for science, but it avoids recommending brands to remain neutral.
- •They discuss how review sites can be compromised (e.g., mattress review sites owned by a mattress company) and how labeling/certifications add complexity.
The FlavCity format: viral “eat this, not that” product debunking as a business wedge
Shaan highlights FlavCity’s content style—shopping in common stores and rapidly labeling products as good/bad with simple ingredient explanations. They unpack why this content is so shareable and how creators could differentiate by audience segment.
- •Shaan describes FlavCity’s grocery-store walkthroughs that contrast “don’t buy this” vs better alternatives.
- •Sam pulls an example where FlavCity critiques Veggie Straws and suggests substitutes.
- •Shaan explains why the content spreads: viewers share it instantly with friends/family who buy those products.
- •Shaan compares the format to Doug DeMuro-style repeatable reviews but for packaged foods.
- •Shaan argues there’s room to copy the format with different personas (e.g., mom-focused, gym-bro-focused niches).
“A new Consumer Reports” for supplements and why short-form video is the distribution layer
Shaan argues Consumer Reports and similar brands prove the scale of product-testing authority businesses, but says the category is dated and ripe for reinvention. He proposes a modern supplement-testing operation built for short-form video and cross-posted everywhere.
- •Shaan notes Consumer Reports is a nonprofit with nearly $300M in annual revenue and paid access.
- •They mention Consumer Reports’ subscription paywall and “old” presentation as a signal of opportunity.
- •Shaan references J.D. Power as another large, trusted evaluation brand.
- •Shaan proposes a supplement-specific testing brand using scientific verification of label claims in short videos.
- •Shaan shares a point from Mr. B: short-form video can be posted across essentially all major social platforms, making it uniquely scalable.
Monetizing trust: affiliate vs subscription, and why Wirecutter-style framing works
Sam outlines typical monetization models for review/trust businesses and references examples of affiliate-driven media sites and subscription models. Shaan explains why some affiliate sites maintain trust by offering scenario-based picks rather than a single “best” choice.
- •Sam describes affiliate monetization with examples like Wirecutter-style models and a sale of BestReviews.com.
- •Sam contrasts affiliate economics with subscription, calling subscription the better business when it works.
- •Shaan argues good design/copywriting can make review content feel more trustworthy.
- •Shaan explains trust-preserving positioning: “best on a budget” vs “best overall” vs “most popular,” depending on the reader’s situation.
- •Sam recounts NerdWallet’s SEO strategy around a core “best credit card” page and then expanding into segmented variants.
How Andrew Huberman monetizes credibility—and the playbook of building trust before launching products
They discuss how audiences outsource research to trusted figures and how that trust can become a monetization engine. Shaan suggests a creator can spend years building credibility through testing content, then eventually launch a branded supplement line framed as a response to industry shortcomings.
- •Shaan frames short-form content as a trust-building engine rather than the thing being directly monetized.
- •Shaan points to Andrew Huberman as a highly trusted voice in science/supplements for their audience.
- •Shaan recalls Rob Dyrdek’s story about Momentous protein benefiting hugely from a Huberman partnership.
- •Shaan argues the long-term move is launching your own product after establishing trust, citing Derek from More Plates More Dates and Jessica Alba’s “Honest” framing as analogies.
- •Sam shares he buys certain supplement brands largely due to trust in the people associated with them.
Why we follow “gurus” and the evolutionary case for gossip as a trust system
The conversation broadens into how people choose experts and form tribes around them. Shaan offers an evolutionary explanation for gossip as a reputation mechanism that reduces the need for costly firsthand trial-and-error.
- •Sam references a piece about “My Guru Is Better Than Your Guru,” describing camps around different health personalities.
- •Shaan explains gossip as an information-sharing system that helps groups avoid untrustworthy actors without everyone needing direct negative experiences.
- •Shaan argues outsourcing knowledge to trusted figures is often an efficient strategy versus reading studies or testing everything personally.
- •Shaan notes trust is provisional and can be withdrawn if the trusted person “burns” it.
- •Sam gives a humorous example of trusting endorsements based on perceived credibility (e.g., a grill recommendation).
ReelShort: a ‘Chinese Quibi’ that’s working—format, monetization, and audience hook
Shaan introduces ReelShort, describing it as bite-sized scripted video drama optimized for addictive viewing. They discuss its episode structure, revenue mechanics, and why “cheesy” content can outperform prestige production in driving engagement.
- •Shaan describes ReelShort as English-language scripted micro-episodes with scandal/affair-driven plots.
- •He cites the structure: many short episodes per show, with ads or paid “coins” to unlock faster.
- •Shaan references estimates of downloads and revenue since launch as evidence the model is working.
- •Sam asks clarifying questions about the target audience and notes the broader precedent of Hallmark-style demand.
- •Shaan argues Quibi had the right concept but wrong execution, while ReelShort prioritizes hooks over expensive prestige production.
Why ReelShort beats Quibi: ego-free execution, immigrant-hustle pragmatism, and market-first thinking
They compare Silicon Valley prestige-building with a more pragmatic approach focused on what viewers actually consume. Sam argues Quibi’s “cool” bias led it to chase celebrities and high production, while ReelShort’s team appears willing to ship what the market wants without embarrassment.
- •Shaan says small decisions can separate a mocked failure (Quibi) from a winning execution (ReelShort).
- •Shaan explains why he tends to bet on Chinese operators after seeing their speed and operational competence.
- •Sam attributes a key edge to “lack of ego,” contrasting Quibi’s pursuit of “cool” creators and celebrities.
- •They discuss how many Western startups over-index on branding/status rather than demand.
- •Sam uses an example of SEO-style naming (“Thai Food Near Me”) as a metaphor for pragmatic, market-driven hustle.
Jess Ma takeaways: ‘golden questions,’ embracing beginner mode, and hiring tutors to learn fast
Shaan recaps lessons from his conversation with Jess Ma, focusing on how she makes big life and career decisions and how she ramps up in new domains. The segment ends with Shaan explaining he hired (or sought) an AI tutor inspired by Jess’s approach, while Sam shares his own learning investment.
- •Shaan summarizes Jess Ma’s shift from running her company day-to-day to pursuing what interests her most.
- •Shaan shares Jess’s guiding prompts, including what she’d do without fear of failing and what she’d do if she had massive money in the bank.
- •Shaan highlights Jess’s question about handling the discomfort of being a beginner again despite reputation and ego.
- •Shaan recounts Jess’s method: partnering with experts, then self-educating via a tutor and relentless questioning.
- •Shaan describes offering $500+/hour for an AI tools tutor, while Sam discusses taking Keith Cunningham’s “4-Day MBA” course and why learning gaps felt painful during The Hustle sale.
Publisher timestamps
- 0:00Intro
- 0:30Plunge.com - $270K to $100M in 3 years
- 12:30Trusted Supplements Tester
- 19:30It's time for a new Consumer ReportsRead this chapter
- 25:30How Andrew Huberman monetizes trustRead this chapter
- 30:00Gossip like your life depends on it
- 39:00ReelShort - the next TikTokRead this chapter
- 51:00Shaan hires an AI tutor
