Startup Ideas Summary of My First Million Podcast Episode #90
Here's a quick summary of all the startup / business ideas Shaan Puri and Sam Par discussed on the podcast episode on July 8, 2020 with time stamps
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10:00 Car racks…like the physical rack installed on your car to carry stuff around.
They cost $500-$1000 plus installation.
Fuel efficiency goes down 5-25% even before you put cargo in it
People leave the rack on the car even when they are not carrying any cargo…very inefficient
Thule sells car racks, publicly traded in Switzerland, about $700M in revenue, $150M in profit
Market cap is about $2.5 billion for car racks
Growth in the US
15:40 Newsletters: Pick a hobby you spend too much money on, make a newsletter for it, and market it to other enthusiasts via Twitter, Facebook, Reddit
Ex: Ferrari Market Letter has 5,000 subscribers and does $2M in revenue with a team of two people
Fans pay $100-200 per month for online or print access
Make $1M member to member classified revenue
Balance make on advertising
Could pick it for anything niche
18:50 E-commerce only 25% of all retail. What would it look like if it was 50% plus?
What’s not being sold online:
Homes
Businesses
More stuff being sold online that is now mostly is sold at brick and mortar stores
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21:50 Blue Nile: Diamond company founded by ex McKenzie guy and acquired by Bain Capital. North of $500M in sales. Also helped start Moose Jaw, Chewy as an advisor.
Sam likes that there is more transparency, more guarantee, larger selection with selling online
23:25 Alternative rings: Some people are anti-diamonds, not ethically sourced. So Alt rings uses alt materials
Sam is not sure, would only buy a special diamond if it was as convenient or as cheap as the original. If price was too high Sam does not think it’s that cool of a thing.'
25:10 Productivity tracking for employers
Everyone is going remote. How do you track productivity?
Productivity trackers on computers is really a spy ware and are everywhere
Transparent Business grew due to COVID
Sam’s opinion: He doesn’t know how he feels about this [thanks, very helpful, Sam]
[Long discussion ensues on how to treat employees vs company growth. Which is the highest priority?]
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