PodcastsMy First Million3 Niche Business Ideas: AI Psychics, Creator-Owned VPNs & Guns with Soylent co-Founder John Coogan

3 Niche Business Ideas: AI Psychics, Creator-Owned VPNs & Guns with Soylent co-Founder John Coogan
My First MillionTue Sep 19 2023
AI Psychics:
- Idea for a business that uses artificial intelligence to provide psychic readings
- AI algorithms can analyze data and make predictions about people's future based on patterns and trends
- Can offer personalized advice, insights, and predictions to individuals seeking guidance
Creator-Owned VPNs:
- Proposal for creators to have their own VPN service
- Many creators promote VPNs in their content, so why not create their own brand?
- Allows creators to have control over the privacy and security of their audience
- Can generate additional revenue through subscriptions or partnerships with other brands
Guns & Ammunition Rollup:
- Recognition of the enduring popularity of guns and ammunition in American culture
- Opportunity to bring efficiency and optimization to the ammunition supply chain
- Business idea focuses on acquiring existing ammunition companies and optimizing operations
- Potential for growth as more people participate in hunting and shooting activities
Thoughts on Lifestyle Businesses vs. VC-backed:
- Debate between the value of lifestyle businesses versus venture capital-backed startups
- Argument that VC-backed companies have larger impact due to faster growth and scalability
- Counterargument that lifestyle businesses offer greater independence, freedom, and personal fulfillment
- Ultimately depends on individual goals, values, and aspirations
Impactful Ideas vs. Wealth Creation:
- Discussion around pursuing ideas with significant impact versus focusing solely on wealth creation
- Importance of choosing ambitious problems that align with personal skills and passions
- Consideration of different financing strategies depending on the nature of the idea
- Balance between financial success and making a meaningful difference in the world
Scam Telemarketing Job:
- John worked for a scam telemarketing company that sold 2-inch clear tape
- He found the job on Craigslist and showed up wearing a suit, thinking it was a professional job
- His job was to call numbers from a list and read a script pretending to be from the shipping department
- The script involved asking if they were still using 2-inch clear tape and offering to send another box with a Starbucks gift card
- The company priced the tape at $500 per box, even though it cost them only $5 to produce
- The conversion rate was high, and the company made millions of dollars from this scam
- John quit after one day when he realized it was unethical, but many people stayed because they didn't know it was a scam or were afraid of losing their jobs
- The company fired employees every three months to prevent them from spreading the truth about the scam
John's YouTube Channel and Podcast:
- John started his YouTube channel during the pandemic out of boredom and as a way to have a voice as an entrepreneur
- His YouTube channel is called "John Coogan" and features various topics such as geopolitics, breaking down businesses like Doug DeMuro's, and more
- He also has a podcast called "Power Law" where he does deep dives on power law people and companies
- Although he doesn't have much focus in terms of content, he enjoys creating videos that make people happy and allow him to meet interesting people