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My First MillionMy First Million

Seven $1M+ Business Ideas To Start in 2023 (#404)

No more small boy spreadsheets, build your business on the free HubSpot CRM: https://mfmpod.link/hrd - Episode 404: Sam Parr (https://twitter.com/theSamParr) and Shaan Puri (https://twitter.com/ShaanVP) binge on business ideas in this episode. They discuss becoming the next member of the Twitter Guy Mafia to going through Anand Sanwal's treasure trove of ideas - the good and the bad, plus much more. — Check Out Shaan's Stuff: • Shaan's weekly email - https://www.shaanpuri.com • Visit https://www.somewhere.com/mfm to hire global talent (like Shaan does) and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than their US equivalents. — Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com • Hampton Wealth Survey - https://joinhampton.com/wealth 💰 Pitch your startup for a shot at a $1M investment with Sam Parr as the MC https://clickhubspot.com/pitch ----- Links: *Anand Sanwal twitter - https://twitter.com/asanwal * Yardstiq - https://www.yardstiq.com * Guy Dealership - https://twitter.com/GuyDealership?s=20 * Luxury Watch Guy - https://twitter.com/LuxuryWatchGuy1 * The Wolf of Franchises - https://twitter.com/franchisewolf?s=20 * Mobile Home Park Guy - https://twitter.com/mhp_guy?s=20 * Mini Katana - https://minikatana.com * Isaac of the Mini Katana store - https://twitter.com/theisaacmed?s=20 📧: Sign up for The Hustle Daily Newsletter: https://mfmpod.link/dv5 🎙️: Download Our Podcast: https://link.chtbl.com/FxMoVFYX A podcast where we brainstorm new business ideas based on trends & opportunities we see in the market. Sometimes we have famous guests, and they do it with us. ----- Show Notes: (00:00) - Intro (00:37) - Anand Sandwall, CB Insights, and Yardstiq (07:47) - Anand Sandwall business idea list (18:47) - IDEA ALERT: The Guy Mafia & Car Dealership Guy (34:21) - Agency affiliates (36:58) - MFM Back Office (40:07) - The Katana Story (50:39) - The application for Sam's researcher ----- For more quality videos subscribe here ➡https://www.youtube.com/channel/UCyaN6mg5u8Cjy2ZI4ikWaug?sub_confirmation=1 🔔 Turn on notifications to stay updated with new uploads #shorts #youtubeshorts Like || Share || Subscribe

Sam ParrhostShaan Purihost
Jan 5, 202356mWatch on YouTube ↗

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At a glance

WHAT IT’S REALLY ABOUT

Sam and Shaan Break Down Startup Ideas, Anonymous Niche Accounts, and Katana Store

  1. Shaan highlights Yardstiq, a 90-day-old CB Insights spinoff that sells analyst-led software-buyer interviews for roughly $30-40K a year, as a smart way to repackage the software-review business.
  2. Shaan reads good and bad startup ideas from Anand's list, including win-loss reporting for hiring and attrition, hosted buyer meetings on a plane, and bad-but-tempting ideas like personal CRMs.
  3. Shaan describes the 'Guy Mafia' of anonymous niche Twitter accounts like Car Dealership Guy, arguing they succeed through value-in-the-name branding, industry secrets, and focused feeds, and are best monetized through transactions rather than newsletters or communities.
  4. Sam and Shaan discuss agency affiliates and Shaan's idea of buying stakes in trusted service firms to build an 'MFM back office', weighing it against the focus celebrities bring to a few big equity bets.
  5. Shaan presents the Katana Store as an example of his 'Stranger Things Law', where a brand sells to people strangely obsessed with a niche and grows through organic YouTube content, and Sam closes by asking what to do with his unhired researcher applicants.

IDEAS WORTH REMEMBERING

5 ideas

Packaging and who pays can transform a crowded category

Yardstiq charges software buyers directly instead of collecting ad or affiliate fees from vendors, which sidesteps the SEO and trust problems of review sites like G2.

Niche anonymous accounts build trust that converts into transactions

Shaan says the name states the value, the content promises industry secrets, and a focused feed grows faster; he bought a car through Car Dealership Guy and Sam made a $100,000-plus decision on his advice.

Go for the transaction rather than a newsletter or community

Shaan suggests that, instead of ads or communities, these accounts should help people buy things or raise a fund, as Car Dealership Guy does with his concierge car buying.

Strange obsessions signal a market

Shaan's Stranger Things Law holds that you should find people irrationally obsessed with a lifestyle and sell to them, and he cites Twitch, woodworking courses, and katanas as examples.

Vague 'beautifully done' ideas sound smart but contain real truth

Shaan notes that adding phrases like 'beautifully designed' makes any idea sound better, yet executing every detail well is actually a decent strategy.

WORDS WORTH SAVING

5 quotes

Any time you observe a weird behavior, people doing a phenomenon where people are in mass just doing this thing that makes no sense, your first reaction is say, 'That's weird,' and you kinda judge it.

— Shaan Puri

If you see this strange obsession, that is the basis for a store.

— Shaan Puri

I think this could be $100 million a year business, and they're just... Nah, I'm, I'm downplaying, but right now the MVP is just interviewing people and showing transcripts.

— Sam Parr

I think the value proposition is in the name. You don't even need to click to the bio. They're a walking billboard for what value they're gonna provide to you.

— Shaan Puri

I think that we were the tryhards, and now we're over it and we're making fun of people that are doing the exact same thing that we did.

— Sam Parr

Yardstiq and software buyer reviewsAnand's good and bad startup ideasThe Guy Mafia anonymous Twitter accountsAgency affiliate referralsMFM-style back office businessKatana Store and the Stranger Things LawReusing rejected job applicants

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