Five +$10M Ideas (from a guy who's done it 3 times)

Introduction

In this tutorial, we will explore five innovative business ideas that have the potential to generate over $10 million, as discussed in the My First Million podcast with Sheel Mohnot. These ideas not only highlight emerging trends but also provide actionable insights for aspiring entrepreneurs. Whether you're looking to start a new venture or expand an existing one, these concepts can serve as a springboard for your entrepreneurial journey.

Step 1: Identify the iPod Mini Hustle

• Concept Overview: The iPod mini hustle refers to the practice of buying and reselling popular products at a markup.
• Actionable Steps:
  • Research trending products and assess their resale value.
  • Utilize online platforms such as eBay or Amazon for buying in bulk at discounted rates.
  • Create a marketing strategy to attract buyers through social media or online marketplaces.

Step 2: Explore Affinity-Based Retirement Homes

• Concept Overview: This idea focuses on creating retirement communities tailored to specific interests or lifestyles.
• Actionable Steps:
  • Conduct market research to identify niches (e.g., artists, sports enthusiasts) that would benefit from specialized retirement living.
  • Develop a business model that includes amenities and activities aligned with the identified interests.
  • Network with real estate developers and health care providers to establish partnerships.

Step 3: Launch a Yelp for Professional Services

• Concept Overview: Develop a platform that connects consumers with trusted professionals based on reviews and ratings.
• Actionable Steps:
  • Identify target professional services (e.g., lawyers, plumbers) that are underserved by existing review platforms.
  • Build a user-friendly website or app that simplifies the search and review process.
  • Implement a marketing strategy to attract both service providers and potential customers.

Step 4: Create a Pearly Whites Business

• Concept Overview: This business idea focuses on providing teeth whitening services, either in-person or through at-home kits.
• Actionable Steps:
  • Research effective and safe teeth whitening methods and products.
  • Develop a brand that conveys trust and quality.
  • Consider offering subscription services for ongoing treatments or products.

Step 5: Establish an Outsourced Pizza Business

• Concept Overview: This concept involves creating a pizza franchise that outsources the preparation and delivery to local partners.
• Actionable Steps:
  • Identify key locations where demand for pizza is high but supply is low.
  • Partner with local pizzerias to fulfill orders under your brand.
  • Create a robust online ordering system and a marketing plan to draw in customers.

Step 6: School for AI Tools

• Concept Overview: This idea revolves around teaching individuals and businesses how to effectively use AI tools for their operations.
• Actionable Steps:
  • Develop a curriculum covering various AI tools and their applications across industries.
  • Utilize online platforms to host courses, webinars, or workshops.
  • Market your school to businesses looking to upskill their employees in AI.

Conclusion

By exploring these five business ideas, you can tap into emerging trends and market needs. Each idea offers a unique opportunity for revenue generation and growth. To take the next steps:

• Conduct thorough research on the chosen idea.
• Develop a business plan that outlines your strategy.
• Start networking with potential partners or customers to validate your concept.

By leveraging these insights, you are well on your way to bringing a lucrative business idea to life.