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I Own 38 Businesses. Here's What Actually Makes Money.

From My First Million · Published Dec 6, 2025 · Watch on YouTube

TL;DR

Andrew Wilkinson ranks business models by median success, lifestyle, and upside. MLM and restaurants are the worst (F/E); agencies and marketplaces are middling (C); SaaS with sticky verticals and hardware integration, plus hedge funds with permanent capital, are top-tier (B–S). He concludes that owning a high-quality, defensible business compounded from a small base (e.g.

Key insights

  • MLMs are an F because they rely on recruiting, not selling, and inevitably collapse or lead to indictment.
  • Agencies are a tentative C: they can be feast-or-famine as clients (e.g., Walmart) cut budgets after you hire staff.
  • SaaS is B, but only when it has high switching costs (e.g., funeral‑home management or DJ software with hardware lock‑in); generic thin‑wrapper SaaS faces margin compression from AI.

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