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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