Seven $1M+ Business Ideas To Start in 2023 (#404)

Innovative Models

Sam Parr and Shaan Puri explore innovative business models that stand out for their creativity and potential. They discuss ideas like buyable Google Docs travel itineraries, which allow users to purchase complete vacation plans with a single click, and win-loss reporting services for employee hiring, which provide insights into why job offers are declined or accepted 1. Sam highlights the unique approach of Yardstiq, a company that redefines software reviews by directly selling valuable insights to customers rather than relying on affiliate fees 2. Shaan emphasizes the importance of tapping into niche markets, such as people obsessed with specific lifestyles, to create successful e-commerce ventures 3.

If you want to make it in ecom, one of the things you got to do is find people who are strangely and unapologetically obsessed with a certain lifestyle.

--- Shaan Puri

These discussions reveal the potential of leveraging unique consumer behaviors and preferences to build profitable businesses.

   

Unrealistic Startups

The hosts also evaluate startup ideas that, while initially enticing, may lack practicality or potential. Shaan Puri critiques concepts like a Glassdoor for VCs and personal CRMs, noting that these ideas often fail due to limited demand or execution challenges 4. They also discuss Anand Sanwal's list of startup ideas, which includes concepts like a Tough Mudder for kids and a Duolingo-style app for finance education 5. Despite their appeal, these ideas face hurdles in terms of market readiness and scalability.

Even the great ones are going to miss once in a while.

--- Shaan Puri

This segment underscores the importance of critically assessing the feasibility and market fit of startup concepts before diving in.

   

Unique Marketing

Exploring unique marketing strategies, Sam Parr and Shaan Puri highlight unconventional approaches that can drive business growth. They discuss Yardstiq's innovative model of providing direct value to customers through comprehensive software insights, bypassing traditional advertising methods 2. Another intriguing idea is hosting buyer meetings on planes, where decision-makers engage with vendors during flights in exchange for a free vacation, reminiscent of timeshare tactics 6.

It's like the Timeshare idea. So you get a free flight, but you're going to get on a plane full of vendors.

--- Shaan Puri

These strategies demonstrate the potential of thinking outside the box to capture customer attention and foster engagement.