niche communities

Episode 534: Shaan Puri (https://twitter.com/ShaanVP) and Sam Parr (https://twitter.com/theSamParr) answer the question, “How did you get your first 100 customers?” In this episode, they'll share you 11 methods. No more small boy spreadsheets, build your business on the free HubSpot CRM: https://mfmpod.link/hrd — Show Notes: (0:00) Intro (2:00) Throw an event method (6:00) The floor-to-floor method (12:30) Magnet method (14:00) "Made to Stick" method (19:00) The no risk offer (25:00) Viral content (30:00) Use the personal story (35:00) Pissing in the pond (37:00) Booth babes method (44:30) Launchpad method (48:30) The David Blaine method — Links: • The Anti-MBA - https://www.theantimba.com/ • Neville Medhora’s blog on Hustle Con - https://www.nevblog.com/hustlecon-2014/ • Ryan Hoover in Fast Company - http://tinyurl.com/muva968r — Check Out Shaan's Stuff: • Try Shepherd Out - https://www.supportshepherd.com/ • Shaan's Personal Assistant System - http://shaanpuri.com/remoteassistant • Power Writing Course - https://maven.com/generalist/writing • Small Boy Newsletter - https://smallboy.co/ • Daily Newsletter - https://www.shaanpuri.com/ Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com • Hampton Wealth Survey - https://joinhampton.com/wealth Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more. — Other episodes you might enjoy: • #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits • #209 Gary Vaynerchuk - Why NFTS Are the Future • #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto • #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett • ​​​​#218 - Why You Should Take a Think Week Like Bill Gates • Dave Portnoy vs The World, Extreme Body Monitoring, The Future of Apparel Retail, "How Much is Anthony Pompliano Worth?", and More • How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More

MFM #160 The guys breakdown paid communities Why paid communities are good businesses: You can make them kinda fast (much faster if you have an audience) Fun to run if you like the interest Don’t need a lot of start-up capital and can have a lean team Quite profitable Cons: Churn can be high Likely can’t scale to me huge Won’t get better with size necessarily (if user content-driven, deal-driven, or otherwise, more can be better. If connection related, less is better) Seem challenging to sell if there’s a leader To make a successful community: The amount of money you’ll make is directly proportional to the amount of revenue the members will make being connected to each other multiplied by the amount of people who’d sign up. Enthusiasts of RC cars? Likely don’t make much value from it, so you can’t charge a lot. But if it’s huge (and get better with size) then can work Underdog, us vs them, united interests, info that wants to be private, highly disjointed online,  Communities the guys like: Tiger21: A peer group for people above with a net worth of at least $10m.  Numbers: It boasts ~850 members. They generate revenue through a $30,000 membership fee and also run ads to its members. Do an estimated $24m at least in sales Sold to private equity recently Why join?: Learn and make connections. Evanta Was known as CXO Acquisition Co. and Sports Leadership Acquisition Co...so maybe started in sports? Evanta derives most of its revenue from event sponsorship. Event sponsors pay a fee to advertise at each event with pricing dependent upon the quality and level of executive attendance. 121 Unique communities worldwide 6,500 Participating organizations 253 C-level programs across 10 countries 83% of Fortune 100 represented 18,000 Participating C-level executives 87% companies with revenue of $1B+ Sold for $275m in 2016 to CEB and then Gartner Had $17m in cash when bought 12x income...so made $23m in profit! SoleSavvy A SoleSavy membership provides you the tools and resources you need to successfully purchase the products you want for retail (starting with sneakers) Raised $2m Started as a Slack group (the waitlist for the group grows by 400 people per day) 5,000 members. They charge $33 a month so $160k MRR Cook groups. AK Chef is a big one. 2000 ish members at $50. NurseLifeRN Instagram meme page with 1.2m followers BALA (a shoe for nurses company) uses this as the main advertising channel. Shaan predicts these niche communities can launch brands and hold equity in companies who need their captive audience to grow. Inertia Shaan explains inertia: Are you doing what you are doing just because or does it make you happy and are you chasing what you actually want --------- Have you joined our private Facebook group yet? Go to https://www.facebook.com/groups/ourfirstmillion and join thousands of other entrepreneurs and founders scheming up ideas. Editing thanks to Jonathan Gallegos (@jjonthan)

Joined our private FB group yet? It's a page where people share each others million dollar ideas or what they're already working on: https://www.facebook.com/groups/ourfirstmillion. Episode summary: (5:15) The unbundling of Reddit (11:50) The formula for finding niches to unbundle (16:24) Examples of a subreddits that could become a business (31:00) The businesses that use giveaways to grow.  See acast.com/privacy for privacy and opt-out information.