Welcome to Biz Brainstorms –
Happy National Spaghetti Day to those who celebrate 🍝
My name's Connor, I'm the author of this newsletter. Every week I'll send you an email covering ideas, lessons & tools to help you start or grow your business.
These emails are designed to be skimmed. Enjoy. 🧠 ☕️
- The Next Service Business I'd Start
- Lead Gen For Accountants
- Income By Wealth Stages
- The Influence of Reciprocity
⌛️ Implementation Focused Service Businesses
This is one of my favorite ideas I've heard in a minute.
Spoke with a guy who's made $100M+ following this one strategy: invest in seed SaaS companies in 'hot' spaces. Develop a relationship with founders early on. As the winners grow, prop up a services co behind them to implement/consult on its products. Sell in <5 years. Did it 3x.
— Brandon Pindulic (@BPindulic)
Dec 16, 2022
OK let me break this down.
When I first read this, my simpleton brain goes "wtf is he talking about" but after texting Brandon I got the details. Here's how it works:
- You find a software company that meets 3 criteria: Hot space + Ventured backed to grow + Early.
- You build a relationship with the founder (in Brandon's example, the individual would invest)
- You build an implementation service business
I have a friend who did this with HubSpot in the early days and made a killing migrating companies over to the HubSpot platform. Charge $5,000, $10,000, $25,000 to migrate 1,000's of website pages
Why I love this concept so much:
- You don't have to worry about marketing. The company wants to outsource the implementation for customers, and you can profit from that
- If you pick right, their VC backed success = your bootstrapped success
- High margin business that is profitable on day one.
A few examples that could be relevant today:
- Gumroad just raised their prices, help creators switch to platforms like Beehiiv or ConvertKit
- Bubble – I recently learned about this tool to help companies build web apps
I'd research more on G2.com to discover top rated/up-and-coming SaaS apps.
🔢 Lead Gen For Accountants:
Here's an idea I had a few weeks ago:
Well, so far 2 people took me up and built:
Whatcouldmytaxesbuy.com & tax-calculator.b-cdn.net/
I love the internet.
But I think free tools like this are a great way to drum up leads. Hubspot as few years ago pioneered this playbook using their website grader.
I'm curious what other services you could do this for:
💰 Income By Bracket
This is how much income you need to reach:
Top 0.001% - $63,430,119
Top 0.01% - $12,899,070
Top 0.1% - $2,374,937
Top 1% - $515,371
Top 5% - $208,053
Top 10% - $145,135
Top 20% - $97,870
Top 30% - $72,268
Top 40% - $54,672
Top 50% - $41,740
(Based on annual, US IRS 2017 data)
— Val Katayev (@ValKatayev)
Dec 26, 2022
This perspective is really interesting. The 0.1% makes $271.11 per minute. 😳
🤝 The Power Of Reciprocity
I'm currently reading Influence.
If you're in sales & marketing and haven't read this book, there's a good chance you're missing out on money as a result.
One of the 1st principles in the book is reciprocity, & how doing something for others (even a small favor) can be extremely beneficial when asking for something in the future.
According to to Cialdini, the author, this is a derivative of evolutionary psychology:
A widely shared and strongly held feeling of future obligation made an enormous difference in human social evolution, because it meant that one person could give something (food, energy, care) to another with confidence that it was not being lost.
This is why you see realtors sending holiday gifts. Supermarkets give out free samples. Or even solicitors giving free flowers/chatskis in exchange for a donation.
Giving something to others (even if it's a lesser value) subconsciously allows you to extract greater value from them in the future.
If you're not using this in your businesses today, it's worth thinking how you can begin in your sales or marketing.
Until next time ✌️
PS – Want to chat 1:1?
I'm opening one consulting call for readers of this newsletter each week.
2 Areas I know about: E-commerce (Amazon & DTC), Buying & Managing Commercial Real Estate
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