Business Brainstorm: AG1 For Dogs, Sexy Sweaty Startups & Luxury Newsletters | My First Million

Intro

In this episode of the “My First Million” podcast, the hosts discuss various business ideas and strategies, including catchy business names, the value of lifestyle businesses, the potential of paid newsletters, and the rise of luxury experiences. They also explore the franchise model for internet businesses and the importance of trademarks and patents. Additionally, they share practical tips for networking and building strong business relationships.

Main Takeaways

Brainstorming Business Names and Ideas

• Greg Eisenberg shares his notes app with banger names for businesses that don’t exist yet.
• One of the name formats is anything with “bueno” at the end, which breaks the ice.
• Greg also has 150 startup ideas in a note file.

The Value of Lifestyle Businesses

• Focusing on profitable cash-flowing businesses can be more lucrative and lead to a better lifestyle.
• The tech industry is brainwashed into thinking multi-billion dollar companies are the only way to go, but creating a lifestyle business can be just as fulfilling.
• Style points refer to both the artistic aspect and the lifestyle benefits of a business, which can be overlooked in Silicon Valley’s obsession with billion-dollar companies.
• Lifestyle businesses can be addicting, even for those with venture-backed companies and potential for wealth.

The Potential of Paid Newsletters

• Paid newsletters and subscription services can provide sustainable revenue for research and growth.
• The value of lifestyle businesses and niche ideas should not be overlooked.
• Creating a unique product or category can lead to success, such as with Athletic Greens for dogs.
• Sponsoring top creators and influencers and providing branded products can lead to profit and success.

The Rise of Luxury Experiences

• Playing Field’s luxury newsletter, The Brief, is invitation-only and limited to NFL owners and top players.
• Mirror is a service that provides exclusive experiences for ultra high net worth individuals.
• There is an opportunity to bring a Studio 54 mentality to building luxury newsletters in various niches.
• The cost of The Brief is unknown, but it is likely to be extremely high.

The Franchise Model for Internet Businesses

• Franchising could be a solution for scaling businesses without the headache of operations and management.
• There may be a way to apply the franchise model to internet businesses like design or web development.
• The next generation of creator-led agencies may look more like franchises than what they are now.
• Service-based internet businesses like design or web development may benefit from a franchise model.

The Importance of Trademarks and Patents

• Filing for trademarks is a painful and expensive process that involves hiring a lawyer.
• Stripe Atlas for trademarks is a service that simplifies the process of filing for a trademark.
• Patents and trademarks may be considered as astrology for entrepreneurs, but they can still be valuable assets for a company.
• Trademarks are important as not owning them can lead to being unable to operate under a certain name.

Practical Tips for Networking and Building Business Relationships

• Poor people’s drinks before yours, people appreciate that.
• Scheduled 30 meetings, not one hour meetings, you get through just as much.
• Send postcards to friends, it can help you be remembered and make connections.
• Small gestures like offering good water or a gift can make a big impact in business relationships.

Summary

Brainstorming Business Names and Ideas

Greg Eisenberg shares his collection of banger names for businesses that don’t exist yet, including a format with “bueno” at the end to break the ice. He also has a note file with 150 startup ideas, sparking creativity and inspiration for aspiring entrepreneurs.

The Value of Lifestyle Businesses

The hosts discuss the allure of lifestyle businesses that focus on profitability and cash flow rather than chasing billion-dollar valuations. They emphasize the importance of considering the artistic aspect and lifestyle benefits of a business, which can be overlooked in Silicon Valley’s obsession with massive companies. Lifestyle businesses can be just as fulfilling and addictive, providing a better quality of life for entrepreneurs.

The Potential of Paid Newsletters

Paid newsletters and subscription services are highlighted as a sustainable revenue stream for research and growth. The hosts discuss the value of niche ideas and unique products, such as Athletic Greens for dogs, and the potential for profit and success through sponsorship of top creators and influencers. They also mention the opportunity to monetize through branded products.

The Rise of Luxury Experiences

The hosts explore the world of luxury experiences, including Playing Field’s invitation-only newsletter, The Brief, tailored exclusively for NFL owners and top players. They discuss the potential for building luxury newsletters in various niches, bringing a Studio 54 mentality to the industry. The hosts also mention Mirror, a service that provides personalized and unique experiences for ultra high net worth individuals.

The Franchise Model for Internet Businesses

The hosts delve into the concept of applying the franchise model to internet businesses, specifically mentioning design or web development services. They discuss the potential benefits of the franchise model, such as scaling without the operational and management headaches. They envision a future where creator-led agencies resemble franchises, creating new opportunities for growth and collaboration.

The Importance of Trademarks and Patents

The hosts emphasize the value of trademarks and patents as valuable assets for companies. They acknowledge the challenges and costs associated with filing for trademarks but highlight services like Stripe Atlas that simplify the process. They discuss the potential for creating similar services for patents and expanding into other areas. The hosts share anecdotes about the significance of trademarks and patents in business transactions, emphasizing the need to have everything buttoned up when selling a company.

Practical Tips for Networking and Building Business Relationships

The hosts share practical tips for networking and building strong business relationships. They highlight the importance of small gestures, such as offering good water or a gift, to make a positive impact. They also suggest scheduling 30-minute meetings instead of hour-long ones to maximize efficiency. Additionally, they recommend sending postcards to friends as a memorable way to stay connected and foster meaningful connections.

Conclusion

This episode of the “My First Million” podcast offers valuable insights into brainstorming business names, the value of lifestyle businesses, the potential of paid newsletters, the rise of luxury experiences, the franchise model for internet businesses, the importance of trademarks and patents, and practical tips for networking and building business relationships. Listeners are encouraged to think beyond the traditional Silicon Valley mindset and explore alternative paths to success and fulfillment in the business world.