4:51New Business Ideas 2020 (How to Start a Business Plan) | My First Million Podcast
From My First Million · Published Jul 5, 2020 · Watch on YouTube
TL;DR
The speaker advocates starting non-tech service businesses (HVAC, lawn care, construction) that have a "natural selection bias" against them because they are unglamorous and labor-intensive. He recommends partnering with existing small businesses that already have systems in place, then using technology to improve efficiency and create a replicable, scalable billing and sales model.
Key insights
- Avoid industries where wealthy individuals naturally gravitate (winery, film, restaurants) because they flood capital and make competition harder.
- Businesses like swimming pool construction in Arizona summer have a built-in barrier: few people want to quit air-conditioned jobs to dig holes.
- The ideal target is a small business that already has infrastructure, technical systems, and operational processes (e.g., an HVAC company that develops its own software).
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