A Shopify like platform for SaaS businesses 🔥

All the startup ideas from My First Million Podcast 💵 Episode #107 with Chris Bakke

Hey guys, here’s the latest recap of all the startup ideas from the latest MFM podcast. I include time stamps and links. Hope you all have a nice long and wonderful Labor Day weekend!

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17:00 Create a Shopify like platform for SaaS businesses

  • Look at what Shopify has done for all the people who have started an e-commerce business…can do something similar for small, niche SaaS businesses.

  • Shopify has empowered hundreds of thousands of “accidental” e-commerce entrepreneurs

  • Stripe Atlas has done similar things with SaaS but they have not taken it all the way

  • Chris thinks there are tens or even hundreds of thousands of these small SaaS businesses

  • Best in class is something like an accelerator or incubator: Someone to take a sizable position in your company and hold your hand through the process of making your small SaaS business successful: how to find your first customers, how to set up the organization, how to hire, billing, store builder/designer, etc

  • There’s only so many components: user registration, admin privileges, payment collection, analytics and dashboards. All of these things are “componentized”.

  • An all-in-one platform that can do this stuff for the SaaS companies in a no-code / low-code way an in an efficient way

  • At 21:45 Chris explains the challenges with this type of business and why he decided not to pursue it

23:25 Asynchronous instructor business like golf lessons

  • Golf business is an example: The customers upload a 2-5 minute video of them hitting balls at the driving range at different angles, etc

  • A professional golfer will then give customer advice on how to improve

  • The instructor will simply record audio over the uploaded video with advice. i.e. “see here how your eyes were not on the ball when you swung”, etc.

  • $99/month

  • Very tailored instruction approach

  • Can do this business from anywhere

  • Can scale this: Might take 30 minutes per customer. Work 5 hours per day. 10 customers per day serviced. Do this 20 days a month so 200 customers at $99 each so about $20,000/month. Could hire additional instructors, etc.

  • This is a conveniently designed business

27:00 Hybrid franchises

  • Chris is obsessed with how can we create more entrepreneurs and founders in America?

  • Chris likes hybrid approaches: draw 2x2 matrix of [old problem] x [new problem] x [old solution] x [new solution]. Crossing these and finding hybrid approaches is the way to go

  • Throughout 60s, 70s, 80s, and 90s there was a hybrid approach to entrepreneurship where if you don’t want to start a company from the ground up you could open a Mcdonalds, Starbucks, etc and de-risk yourself as an entrepreneur but still have some of the benefits

  • The problem with franchise is they have really high capex costs

  • How can you take this franchise business idea and apply it to these times where people are working from home?

  • One idea is a “franchised version of Geek Squad”.

  • At Indeed, Chris would provide remote helpdesk support from Indeed’s IT team in Austin Tx to employees who had broken laptops, etc.

  • As you have so many different technologies from home that becomes mission critical, there is a need for direct to consumer but also B2B.

  • Run this like a startup / franchise / hybrid approach that is less capex costs to start

  • 34:00 Nana brings together local technician’s for home appliance repair in one website / app. They also offer classes so you can become a local tech. They get revenue from the Academy as well.

  • Create a “micro school” or online tutoring for specific subjects. Don’t need a brick and mortar building anymore like Kumon. So a online version of Kumon.

40:00 Day camps for your dogs

  • $80 / day per dog

  • Earning $1000/day on your back yard property you already have

  • Could easily take high quality videos showing them how happy their dogs are having

  • Look how messy they are getting but I can wash them before they come home (for a fee!)

43:50 What do the rich have that the poor would want?

  • Used to be only rich had chauffeurs, but now everyone does with Uber

  • Rich people have vacation homes, not AirBnB gives you a weekend trip at a ski villa in Deer Valey, Utah

  • Private chef used to be for the rich, not you can use Door Dash to get food delivered

  • What do big companies have that small companies would want? Small companies can’t afford a full time IT person or staff but what if we could subscribe to this “Geek Squad” idea at $300/month.

  • Any fractionalized executive to reduce costs such as a CFO, office manager, etc. If you only have 2 people you don’t need a CFO but need to stay in compliance.

47:40 How to keep company culture awesome?

  • There’s always one person that keeps track of social events / issues at companies: birthdays, when people get sick, organize parties, etc

  • If you are good at these things, you could prove this as a service to companies from the comfort of your home

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