Podcast Summary
Maximizing Profit in the Course Business: Creators can earn up to $1,000,000 a year by building credibility, honing a skill, and implementing tactics. Companies make up to $100,000,000 a year. Engage with audience for maximum reach and impact.
Creating and selling courses can be a profitable business, potentially earning creators up to $1,000,000 a year. The path to this level of success involves building credibility, honing a skill, and implementing straightforward tactics. Additionally, companies are making even larger sums, up to $100,000,000 a year, through the course business model. To maximize reach and impact, creators are encouraged to engage with their audience by asking them to subscribe and follow on various platforms. While some may read extensively, aiming to read multiple books a week, others, like the speaker, find success by focusing on a smaller number of books and deeply absorbing their content.
The Power of Attention-Grabbing Strategies: Effective marketing doesn't always require traditional ads. Some individuals like Elon Musk and Jake Paul have gained massive attention without spending much on commercials. Recognize the power of attention-grabbing strategies, and focus on efficient business management using tools like HubSpot's customer platform.
Effective marketing can come in various forms, and some people are able to capture attention without traditional advertising methods. The speaker shared an example of his observation on Twitter about Elon Musk and Jake Paul, who have gained massive attention without spending much on commercials. However, the conversation escalated when a New York Times writer, Taylor Lorenz, responded critically to the speaker's tweet. The speaker emphasized that the objective is not to focus on negativity but to recognize the power of attention-grabbing strategies. Furthermore, the speaker highlighted the importance of having a single source of truth in managing a business, especially when dealing with customer interactions. He recommended HubSpot's customer platform as a solution to streamline and organize business operations, making it easier to track and respond to customer inquiries. Overall, the discussion touched on the importance of adaptable marketing strategies and efficient business management.
The Paul brothers steal attention and sell merchandise: The Paul brothers leverage attention, good or bad, to build their brand and sell merchandise
The Paul brothers, despite their controversial actions and behavior, are effective self-promoters. During a press conference leading up to Floyd Mayweather's fight with Logan Paul, Jake Paul stole Mayweather's hat and ran away, creating a viral moment. The Paul brothers then capitalized on this attention by selling merchandise and creating more buzz around their brand. While some may view their actions as unsavory, their marketing skills cannot be denied. They have used attention, both positive and negative, to build their following and grow their influence.
Journalist vs. Podcast Host: A Public Argument on Self-Promotion: The line between journalism and self-promotion can blur, leading to misunderstandings and public arguments. Journalists who provoke controversy and self-promote can be successful, but the tactics can be perceived differently depending on the situation.
The line between being a journalist and an effective self-promoter can be blurry, and sometimes, the two can overlap in unexpected ways. In the discussed interaction, a journalist and a podcast host engaged in a public argument, with each accusing the other of virtue signaling and self-promotion. The journalist's brand of journalism involves picking fights with influential figures and turning the resulting controversy into a story. The podcast host pointed this out, comparing her to Jake Paul, a controversial figure known for his provocative behavior and effective self-promotion. The comparison was intended as a compliment to the journalist's marketing skills but was taken as an insult, leading to a heated exchange and the journalist blocking the podcast host. The incident highlights the complex relationship between journalism, self-promotion, and public discourse, and the potential for misunderstandings and miscommunications in the digital age.
Calling out hypocrisy on social media: Recognize and address hypocrisy on social media, even from popular figures, and explore alternative education opportunities like On Deck for career development.
Hypocrisy is prevalent on social media platforms, and it's important to call out inconsistencies, even if the person in question is popular or influential. In the discussed thread, Sean called out a well-known figure for promoting a controversial figure while ignoring their own past controversies. The figure in question was under the impression that Conor McGregor was a goody two shoes, unaware of his past legal issues. Sean pointed out this hypocrisy, leading to a discussion about the education business and a company called On Deck. On Deck is a cohort-based business that offers various courses, and its price ranges between $1,000 and $3,000. Eric Thornburg, its creator, views On Deck as a modern-day business school, where individuals can build networks and potentially pivot their careers. However, Sean clarified that it's not a traditional class, as there are no teachers or set curriculum. Despite the confusion around its offerings, On Deck is an example of the growing trend of alternative education and career development opportunities.
Transitioning into new careers or entrepreneurship with OnDeck: OnDeck offers programs to help individuals learn new skills and build connections, but success depends on the specific business model they adopt, whether it's networking-focused or course-based.
OnDeck is a platform that offers various programs designed to help individuals transition into new career paths or entrepreneurship. These programs provide education and networking opportunities, allowing participants to learn from industry experts and build connections within their desired field. However, the success and potential size of OnDeck depend on the specific business model they adopt. If it focuses too much on networking and maintaining a high-caliber network, it may struggle to scale and monetize effectively. On the other hand, if it transforms into a course business, it could face challenges in maintaining standards and pricing. Ultimately, understanding the unique characteristics of different business models within the education and networking space is crucial for success.
Creating and selling online courses: A lucrative business for experts: Experts can build a profitable online business by creating and selling courses to engaged audiences. Prices range from $100 to $1,000, and with a large following, creators can earn up to $1,000,000 annually. Scaling beyond $10M requires challenges, but consulting and coaching services can further grow the business.
Creating and selling online courses can be a lucrative business, especially for individuals with a built-in audience and expertise in a specific area. Companies like The Great Courses, Pluralsight, Coursera, and even individual creators like Ryan (Digitalmarketer.com) and Neville Madura have found significant success in this model. These businesses cater to various markets, from individual learners to corporations. The path to making a substantial income, even reaching $1,000,000 a year, is straightforward. Building an engaged audience is the foundation, and once that audience rallies around a particular topic, creators can sell courses ranging from $100 to $1,000 or more. However, scaling beyond $10,000,000 in annual revenue can be challenging. Nevertheless, these businesses can be attractive targets for acquisition by private equity firms or other larger entities. After creating and selling courses, creators can also offer consulting or coaching services, potentially growing their businesses to $10,000,000 to $20,000,000 a year.
Creating and scaling an educational business: Invest in a strong brand and diverse content to attract and retain customers in the educational business.
Creating and selling online courses or coaching programs can be a profitable business, even starting small and scaling up with additional offerings or partnerships. Uncle Vinny's success in teaching multifamily investing through a low-cost course and personal coaching, and MasterClass's success in acquiring big-name instructors and offering a subscription model for access to multiple courses, demonstrate different approaches to building a thriving educational business. MasterClass's significant investment in production value and branding helped them attract customers and retain subscriptions despite offering access to multiple subjects. While the production value may not be necessary for all businesses, building a strong brand and offering a diverse range of high-quality content can contribute to long-term success.
Online course completion rates are low and factors include life, motivation, and course expectations: Despite low completion rates, some argue it's not a major issue as people still derive value from incomplete courses. Others believe it's important to address this issue as incomplete courses impact business through less value and fewer recommendations.
While people may purchase online courses with aspirational goals, the completion rates are often low due to various reasons. According to the discussion, even well-known educators like Nick Cooper have reported completion rates as low as 3%. This is a common issue in online education and can be attributed to factors such as life getting in the way, lack of motivation, or the course not meeting expectations. However, some argue that this isn't necessarily a problem worth solving since people still buy the courses and derive some value from them, even if they don't complete them. Others believe that it's important to address this issue as incomplete courses mean that people aren't getting the full value of the product and are less likely to recommend it to others, which can negatively impact the business. One solution suggested is implementing a more selective admissions process and offering live cohort classes, which can lead to higher completion rates. Ultimately, the decision on whether to prioritize increasing completion rates depends on the business model and goals.
Exploring Different Business Models in Online Education: Cohort-based courses, masterclass-style businesses, and B2B platforms are popular business models in online education, each with unique features and revenue streams. Creating high-quality content and effective marketing are key to success.
There are various business models in the online education industry, each catering to different audiences and revenue scales. The speaker mentioned his experience with cohort-based courses through Maven, which have shown higher completion rates compared to other formats. He also discussed the rise of masterclass-style businesses, like MasterClass and monthly.com, which focus on famous personalities and evergreen content. The speaker also highlighted B2B education platforms like Pluralsight, which offer corporate training and generate significant revenue through sales efforts. The key to success in these businesses is to create a large library of high-quality content and effectively market it to the target audience.
From enterprise sales to individual-driven approach in SaaS industry: Pluralsight and similar platforms teach individuals for career advancement, but their success depends on salesmanship, hiring expert instructors, selling to HR budgets, and focusing on niches.
The corporate software industry's business model has evolved from a traditional enterprise sales approach to a bottoms-up, individual-driven approach. Pluralsight, and similar educational platforms, teach individuals how to pass certifications necessary for career advancement or resume enhancement. However, the success of these platforms is not primarily about education but salesmanship. Companies like Pluralsight hire expert instructors, sell to HR and learning budgets, and focus on narrow niches to succeed. The shift to bottoms-up sales in the SaaS industry allows entrepreneurs to create content that employees genuinely want to learn from and use, making the business model healthier, even if it's more challenging than traditional enterprise sales. However, the low completion rates among hobbyist learners and the limited time employees have for optional education pose significant challenges for these platforms.
Turning bars into Irish pubs for significant investment: The Irish Pub Company generates over $2B in revenue by offering a service that transforms regular bars into authentic Irish pubs, requiring a significant investment and ongoing service
Offering perks and benefits, such as access to courses or business opportunities, can make a company more attractive to potential employees and help it grow. The Irish Pub Company is a successful example of this business model. They provide a service that turns a regular bar into an Irish pub, complete with authentic decor and branding, for a significant investment. Over the past 30 years, they have generated over $2 billion in revenue by catering to those who want to own an authentic Irish pub. The partnership with Guinness Brewery likely helped boost their success by providing a strong brand association and a steady supply of beer. This business model not only generates substantial revenue but also requires a significant investment and ongoing service, making it a worthwhile endeavor for those with the means and audience to make it work.
Turnkey Solutions in a Box for Various Industries: Identify niches with passionate fan bases and offer unique, Instagram-worthy experiences through turnkey solutions in partnership with established brands for simple operations, scalability, and a unique selling proposition.
There's a business opportunity in creating "in a box" concepts for various industries, allowing entrepreneurs to offer turnkey solutions with popular themes or brands. This concept can be applied to various industries such as home renovations, video conferencing setups, bars, and restaurants. By partnering with established brands, entrepreneurs can offer unique experiences that attract customers and generate more foot traffic and sales. For instance, a Disney-themed diner or a Patty's Pub in a box are examples of this concept. The key is to identify niches with passionate fan bases, such as gaming, and offer Instagram-worthy experiences to attract customers. This business model offers a simple operation, scalability, and a unique selling proposition.
Niche hobbies and DIY categories can grow into large markets: Passionate individuals create opportunities for businesses in seemingly insignificant niches, such as clear ice, SodaStream, craft beer, and pour-over coffee.
There are various niche hobbies and DIY categories that might seem insignificant at first, but they can grow into large markets with entire ecosystems of businesses. My friend's experience with a custom book business and my own experiences with SodaStream, craft beer, and pour-over coffee illustrate this point. Clear ice is the latest example of such a niche trend, offering high-quality, clear ice cubes that don't dilute drinks as quickly as regular ice. Initially, these trends might seem confusing or unnecessary, but as people become passionate about them, they create opportunities for businesses to cater to their unique needs.
Opportunities in vacant commercial real estate and niche hobbies: Identifying and capitalizing on emerging niches, like vacant commercial real estate or homemade ice, early while the passion is strong can lead to successful businesses.
The COVID-19 pandemic has led to a significant increase in vacant commercial real estate in San Francisco, with companies taking massive write-offs to leave their leases. This trend presents an opportunity for businesses to acquire real estate at a fraction of the traditional cost. Meanwhile, there's a growing niche hobby of making homemade ice, which might seem insignificant but could potentially have a passionate following and market potential. The speaker suggests that identifying and capitalizing on such niches early, while the passion is strong, could lead to a successful business. The example of a beer-tracking app demonstrates that even seemingly small and obscure ideas can grow into profitable businesses.
Opportunity to secure prime SF real estate at lower costs: San Francisco's economic climate offers businesses significant savings on prime real estate, enabling various business models and substantial impact on bottom lines.
The current economic climate in San Francisco, with its unique laws and lower real estate prices, presents an opportunity for businesses to secure prime real estate at a fraction of the cost compared to pre-pandemic times. This could lead to various business models such as cloud kitchens, distributed campuses for educational institutions, or even venture funds leasing out real estate to their portfolio companies. The potential savings could significantly impact a company's bottom line, making it an attractive proposition for businesses looking to expand or start anew. The opportunity to lock up real estate at a lower cost in a desirable location could prove to be a game-changer for various industries, especially those that heavily rely on urban populations. The potential savings could range from millions to even billions of dollars, depending on the size and scope of the business. This is an opportune moment for companies to consider their real estate strategies and explore the possibilities presented by the current market conditions in San Francisco.
Remote work and flexible living arrangements: Younger generations prefer shorter-term commitments, Airbnb sees growing number of extended stays, Landing offers flexible lease options, speaker plans to adopt this lifestyle, not limited to the wealthy, potential savings for short-term renters, adaptability and flexibility important in today's economy
The trend of remote work and flexible living arrangements is becoming increasingly popular, especially among younger generations who prefer shorter-term commitments. This was highlighted during the discussion about the growing number of extended stays on Airbnb and the potential for companies like Landing that cater to this demographic by offering affordable, flexible lease options. The speaker also shared his personal plans to adopt this lifestyle and noted that it's not limited to the wealthy. The discussion also touched on the financial implications of this trend, with potential savings for those who can charge more for their short-term rentals than they pay for longer-term housing. Overall, the conversation underscored the importance of adaptability and flexibility in today's ever-changing economic landscape.
Remote work trend continues, with many choosing to live in cities like Brooklyn: Remote work trend continues, allowing individuals to live and work in cities like Brooklyn, offering flexibility, convenience, and access to talent for companies
The trend of remote work is expected to continue, with many people choosing to live in cities like Brooklyn for extended periods due to its convenience and flexibility. The speakers in this discussion have personally made the decision to do so for several months, and they believe that this is a trend that will continue. This is a significant shift from the traditional 9-5 office job, and it opens up new possibilities for individuals to live and work in a location that suits them best. This trend is likely to continue even after the pandemic, as more companies embrace remote work as a permanent solution. This not only benefits individuals but also companies, as they can hire talent from anywhere in the world. Overall, the flexibility and convenience of remote work, combined with the benefits of living in a vibrant city like Brooklyn, make this an exciting and viable option for many.
