How To Make $10 MILLION from scratch

0:00if me or you were trying to make $10 million this year how would you do it your idea on pet supplements a pet ag1 I think is the single best business idea in the world right now my God I hadn't heard that but that is the single best business because I would buy it right now it's beautiful like if you build a news a paid newsletter that brings in a million dollars chances are your margins are 90 plus% MH yeah we have a paid you know we call it a membership that is like part paid newsletter part community and we charge $100 a month for it dude

0:29we had 20 signups in the last 24 hours it's wild I don't see anyone on substack doing this like even the biggest newsletters the missed opportunity is realizing that the recurring revenue is the beginning not the end something Dicky I've been talking about a lot too is that spending money is a skill and so I think part of that growth is confronting that discomfort where you have to get used to spending five grand a month then you got to get used to spending 10 grand a month then 20 grand a month you know and if you don't allow yourself to confront that you're never going to feel the feeling of spending

1:00more which allows you to then want to go out and make more which allows you to get to the next level you know spending money is a skill there's a lot of money on how to get rich but not a lot on how to be rich like the people who make a lot of money but have a horrible relationship I think is the worst case scenario because you just feel this overwhelming guilt all the time that you're making a lot but not spending it and and when you spend more you still have the same relationship with money that you had when you were making way less I think people brag about that it's

1:27like the rich person who drives a Honda but I look at that I'm like they just haven't kind of done the work of you have more security now why don't you invest in it yeah it's like having a scarcity mindset while you're surrounded by abundance I okay so we're live on the pods we're live I'll just tell everyone I'll announce to the world there's this apartment I really want yep goal apartment a goal apartment I I live in a two-bedroom pretty big apartment but I want to move into a four bedroom and for fun there there's this building next next to me that has this that has two

2:01apartments for sale one is they're giving it away they're giving it away I think it's one of the most expensive apartments in Miami and the other one is less that I looked at but still quite a bit okay and I thought it would be fun you know Saturday afternoon went with my wife to go check out the spot uhhuh I checked it out and we like didn't say anything to each other cuz we were speechless because like we walked out of there and we just like envisioned ourselves there I think everyone envisions themselves there the Jo I used to have this joke with with Alyssa we

2:40would go for walks around Beverly Hills in LA and we'd go on the walk and she'd be like I could really imagine us living here and I'm like oh yeah oh yeah you and every other person ever I approve of this one so in my mind I've been trying to decide is this and I'm curious your thoughts like am I buy am I buying this apartment or am I considering buying this apartment for like maybe it because it is the nicest building and there's some status and ego related to that or am I buying this apartment because I'm going to have a family one day and I

3:12want to like have the best possible environment for them and so just how do you think about when you're making purchases you know are you doing this out of ego at of status or are you doing it for well if if you couldn't tell anyone that you bought that apartment would you still buy it I mean yes right then I guess it's less ego yeah especially with Apartments you kind of want to be anonymous with what you bought I think M want Broad and be like this is my address look at how sick you know that's the lot like the last thing I want someone to do is to pull up my H

3:43like if someone pulls up your house it's like that person lives there that kind of looks cool until you realize that people can do that and then you have a family do I need do I like I live in a really sweet place right now it's like do I need and there's like another unit in my building that I could buy that's four bedrooms which is a third of the price price or quarter of the price it's like at what point is enough enough I think what does not matter is the ticket price on the house it's purely the monthly cash payment that you're going to outlay yeah yeah and if yeah I think

4:14a really good qualifier is if you buy it and that monthly payment causes you stress yeah is it worth it that's the thing that's that's the question because if you can do it and you're like that's a there go that's a marginal increase and it like doesn't really stress me out that much cuz if you go down the rabbit hole of do I really need this well does anyone like aside from basic human needs does anyone really need do you need to work as hard as you do do you need to you know so this is a really good segue with what I want to talk about and why I came down

4:46to perfect ship why we a nice natural lead in here live in Miami the shipyard um what up looking great the reason I came down is if me me or you were trying to make $10 million this year or just someone was trying to make trying to do how would you do it do you have any ideas different Trends you'd look at niches like I want to spend this time basically jamming on how we could make $10 million and that could be within your business or it could be just complet you know other ideas that you have yeah cuz that's the question building off of what you currently have

5:27or starting from cold zero nothing let's start with nothing nothing yeah like completely new business so I I filled out a couple on your thing your idea on pet supplements a a pet ag1 I think is the single best business idea in the world right now my God I hadn't heard that but that is the single best business because I would buy it right now it's beautiful it takes what ag1 has done which is an extremely high margin product that is a complex formula that you can't recreate there's no proof that it works or doesn't work so you're pretty much selling placebo Yep they're selling vegetables yeah like once you're

6:02on it you're going to say you feel better to justify the purchase that you made no one is taking ad1 and be like I don't feel any different it's like oh I spent a bunch of money on this I feel great and then they have such high margin that they can just have a army of Affiliates sending out the fact that they're taking it so it's a genius marketing funnel should we go build this cuz I love this idea if you did this for pets it's even better because there's even less proof that it works like what are you going to ask your pet if it's

6:28feeling better from it scen supplement no so what so what you're talking about is I went on my first million I I I pitched this idea from that pod one of the largest water manufacturers and water companies in the world reached out to me H and said if you can figure out what the formula is I'll put it in the water and we can like co-ack it together what sorry stupid question what does water have to do with it so it'll be waterbased so you need like the Water Production facility and stuff see okay got it you're basically selling pet water anyway also he has uh you know

7:04he's in every Whole Foods in in the world uh he's in you know every uh Publix every Safeway all these big grocery chains so if I did it with him I wouldn't have to do just D Toc I could also be in store interesting yeah so I think you know I I I'm definitely considering it you know but the you know I think the reason I'm what's the Counterpoint why wouldn't you I just digital products are easier to build Than Physical products um significant for sure easier but lower upside yeah I mean this has there are a lot of rich people who are going to put that on

7:41their credit card start feeding it to their dog and then never ever once look at it again that's right because the risk of stopping to give stopping giving your pet a supplement is higher risk than giving stopping yourself cuz like you could feel it but you won't see that your dog feels worse I don't know I like right when you said that cuz I think already the smartest niche in the world I think what we could talk about are niches that could build $10 million businesses pets certainly one of them because like plants are the new pets and pets are the new kids yeah I was going

8:12to say it's not even like the health it's the emotional m i I would seriously do anything I was I don't know why I had this thought last night but I was like if something happened to my dog and they were like we have to do a life-saving emergency and it's going to cost $100,000 and insurance doesn't cover it I'm pretty sure I would just rip that immediately and not even think about it I love my dog like more than anything else in the world except for my wife you know what I mean and so all a supplement is is like the reinforcement of I care

8:43about this part of my family totally you know I love you it's saying I love you without saying I love you dude and there's the marketing it's saying I love you every morning yeah say I love no I've been watching a lot of Mad Men I got Don Draper in my subconscious say I love you say I love you give them the gummy this little this little vegetable gummy I love you yeah bro whenever you you want to if you want we got time for a board meeting next week I'm ready to go like I heard that and just because I think pets I think another Niche that's interesting

9:14is just general paid newsletters in any Niche uhhuh where people are going to pay for a constant stream of information that they can't find elsewhere yeah so not news I don't like there are a lot of newsletters that have done well with just the free and sponsorship but I think the more Niche education that you can provide on a paid basis and but still Target the same niches like a hyper Niche pet paid newsletter of you have this specific type of dog and here's the ongoing upkeep of just you have a palski and that requires a completely different way of thinking and managing that dog and everything every

9:53palsky owner in the world would pay for that because it's so specific okay so cool like to validate that idea Royal Kanan the the dog food company their whole Innovation was we don't make we're not going to compete on like price or product packaging and just dog food in general literally all they did was just break out and say on this package this dog food is for Border Collies whereas this dog food is for golden retrievers and there's very little I mean they say that there is but come on like there's very little Mar you know marginal difference between the two so if you think about that through the lens of

10:28Education most people are like I'm going to write another Finance newsletter or I'm going to write another and they just pick the big broad category but if you think about it like hyper specific like I have a border collie mix I would subscribe to a paid newsletter on how to take care of my border collie because Border Collies have different Health needs than a golden retriever would for example and what do you think people would pay for something like that is that like a $10 mon 10 to 20 yeah 10 to 20 but then the thing is you have a recurring base of purchasers that are

10:56going to buy other things that you sell because they're paying you right now right yep that's what people don't talk about enough is that when when I bring up paid newsletters they're just like well just paid newsletters it's just like okay I have a, people paying me $10 a month or $20 a month and I'm like to start you do to start then you can layer on that's the first purchase not the last versus a lot of other companies that when you sell a one-off product it's the last thing and it aligns incentives for you to continue to deliver high quality information cuz you're going to lose that customer and

11:27then the ability to sell them more things right I like that little mix and Nuance of the newsletter being paid is they're continuing to pay you which forces you to put out good content otherwise it just all goes create better and better things like you're forced to improve if you want to write a paid newsletter what framework for new categories do you have like how what makes a good category versus an you know a not good category um we wrote up this little checklist we create so many things now I'm like struggling to remember the specifics but the the big one is like a it has to be a very

12:02tangible asset so a lot of people are like I'm going to start a paid newsletter and they think that they can write about whatever but something happens when they make it paid that's not really what's happening a paid newsletter the way to think about it is it's a book that never ends so it has to be a topic that you want to repeat infinitely the reader wants to consume infinitely and every issue has to feel like a tangible object so how do you make it tangible like R right with AI news letter every issue is here's a framework but then here's the chat GPT prompt so every time I give you a prompt

12:34it feels like I'm giving you a a box like an object you know so how do you make every issue a recipe or a you know some sort of like designed framework or a prompt or a checklist like it has to feel like a thing okay I have a uh a prompt for you so I have no idea where this is going do paid newsletters just become paid AI agents or paid AI characters like when I hear you talk about that I'm like okay what you're saying is basically you know you're right with AI newsletter I'm like okay so basically I'm going to subscribe to this and you're going to teach me

13:17basically how to become a more prolific writer in real time and I'm going to basically read your newsletter and then I'm probably going to open up chat GPT and then I'm going to read your newsletter I'm going to open up chat GPT is the future of education and paid newsletters more something like there's the Dicky and and Cole bot basically that's that you just like Ping and you're like hey today I want to learn about how to write copy for you know the pet Niche and then you kind of have this conversation yeah that's like that's what agents are trying to be now you know that's like the whole point of that

13:54in the store but I think it's really easy to jump to the conclusion that AI just replaces you and ai ai is good at executing instructions but it's not very good at creating net new things also my my whole take on is AI good at like completing tasks AI is basically an intern yeah a very uneducated it's an uneducated intern that is sloppy so if it's not doing what you want uncinated right your fault if it's not doing it I'll say that for the camera it's an uneducated uncinated intern Ai and like love them for that understand that that's what you're getting totally but they're a genius yeah that's a Thing If

14:37you program them right they can do everything but they're just like yeah literally what where my brain jumped with as we were talking about like the pet Niche and if you had a paid newsletter the real upside I think comes in the back end in how you can create as many different specific paid newsletters based on the same content so what you just said clicked in my head of Royal K9 is now marketing their pet food to different dog niches the only change they more than likely the only change they made is on the label with a very small mix of the product yeah so if you

15:15had some kind of Baseline newsletter with 500 different paid optins that you could easily create with AI so that that's where I think AI plays the biggest role is you say I need 500 different versions of this one thing here's how to create one version now go create 500 mhm right because imagine how many paid newsletter optin you could have for how to raise your blank pet like this kind of dog if you had 500 specific ones you'd have 500 more potential optins versus just here's how to raise your dog and that's that is the modern-day Agora like do you know Agora publishing say I do but for the okay

15:55it's it's like one of the craziest but like least well-known companies ever and their whole business model they were I know because you've told me about it most people don't know and they it's like a billion dollar company and their whole it's just a portfolio of paid newsletters bundled with different education products they they essentially created that model and where everyone's brain goes is oh okay a bunch of Niche newsletters like how lucrative can that be first first of all you're taking for granted recurring Revenue because recurring revenue is extremely valuable and extremely cushy you know and then second is Agora doesn't have like five paid newsletters they have like hundreds

16:35and hundreds and hundreds so what you just described is just the modern day version of that and you could build that with far fewer employees far fewer writers if you hit AI correctly well the other thing is so going going back to Agora and their model and why it's brilliant is and going back to how do you make 10 million doll in a year like if you build a news a paid newsletter that brings in a million dollars in Revenue like chances are your margins are 90 plus per. yeah and is it crazy that that business is worth 10 to 12 times profit I wouldn't say it's crazy

17:08it's not crazy you're you're within a five or 10x if you wanted to sell it yeah so but again like that's what's so and we have yeah we have this conversation all the time because it's like hey why would you sell it because the cash it's throwing off is amazing and essentially autopilot and B it's not just that asset it's that now you have all those people that you can sell other products to MH so why would you sell that the only reason you'd sell it is if you can't get a mortgage to buy this apartment so here's the thing though okay a couple interesting things on that

17:36right the idea that we're going to have paid newsletters as of right now that are 300K a year between right with a fiction writing and then write your way to wealth we want to build that to a million this year if someone came and offered us 10x on that I'd probably sell it at a million for 10 just I think that's only because of where we are because of relative to our but if you were higher up you wouldn't do that so it is a function but an interesting way to think about this and I've been chatting with him is like if you look at building a portfolio of Cashflow

18:06businesses and some of the ones that are more sustainable than the others like if you have three paid newsletters that all generate 300K a year because that's you know 5,000 people paying you 20 bucks a month that is so decentralized in terms of How likely that is to go to zero your risk it's extremely sustainable as long as you keep writing it cuz like say you hired a writer in the quality took a 10% hit and stopped giving it any attention the bleedout on that would still be years and years and years of that cash flow so if you can match some of your personal recurring expenses like that

18:38$28,000 like how if you could match your mortgage that's 30 grand to a paid newsletter with a th000 people paying you 30 bucks a month and that was you had almost pure confidence that that wasn't going anywhere over the next 10 years you'd buy the house of course I think right and that's why you know everyone should have a I think a paid newsletter or a paid Community to um which is Sim is similar like we have a we have a paid you know we call it a membership paid membership that is like part paid newsletter part community and we charge $100 a month for it and like

19:15dude we had 20 signups in the last 24 hours W it's like lifestyle cash flow matching is an interesting topic $2,000 a month okay but so to take this a step further because it's wild I don't see anyone on substack doing this like even the biggest newsletters the missed opportunity is realizing that the recurring revenue is the beginning not the end so what you what happens is you have all these creators that go I started a pay newsletter and then they reach success that you have paid newsletters on sub substack doing hundreds of thousands or even millions of dollars a year and then they don't sell them anything else so

19:51immediately the whole equation looks different when you go and 10% of the people who are paying me on a monthly basis also bought the $20 ebook that I put together or also bought the $200 course I put together and I don't understand why more people don't and then to take that a step further right then you can take all your paid newsletters and at the end of the year you can bundle them into a book right so now there's another product like the way I would so the way I would do it and I'm curious your thoughts is I wouldn't start by adding like digital assets to

20:24start selling them I would think about what is the most like .1% experience I could offer to this group so for example like with Community Empire our paid membership and and email would you know maybe I do something like instead of $99 a month for $500 a month like you can have you know a a monthly dinner with someone from our team or like something for the DI hard fans like what's or dinner once a year you have dinner with me yeah you know as long as I think that experience is also an option but it's like what are you solving for and being careful about your time involvement what

21:03do you what do you want to commit to time this is what it's taken both of us a long time to start to internalize this but time is always the easiest thing to increase something in the short term tot like we know we're like oh if we give away our time we will increase revenue on literally anything this month right but then we're screwed like now we're out of hours now we can't do anything so a a a middle ground solution something that we do a lot is uh an experience bonus would be if you have a paid newsletter you have a thousand people on it and then you go

21:33once a quarter I'm going to do a live uh Workshop but it's paid so it's like 100 bucks 150 bucks hop on zoom and here's the topic here's what we're going to drill into that's an easy way of increasing the LTV but also giving an experience you can take the recording you can add the recording to your archive in the paid newsletter you have an asset the compounds like that's a nice little middle ground versus a lot of people are like buy my premium and I'll do an hour of coaching with you a month and then all of a sudden you're out of hours and you can't build

22:02anything else it's funny I see like a lot of solo preneurs do that and so like they tweet about oh I escaped my job and then it's like and I built this like bu J yeah I built this new job most making the exact same except I'm working twice as hard I'm still selling my time Sol preneurship is just a high Pang job which in the beginning is great awesome like if you're if you're brand new to making 10 grand a month that's what you should do totally but that's not going to get you to to 10 million yeah no I want to talk about 10 million during

22:35this you know I know I'm with the right people to talk about it with well there's only one way to get the apartment you got to you got to think bigger you got to think bigger okay so paid paid newsletters do you have any specific ideas besides anything in pets that you know if you weren't doing what you're doing now you you'd go after um I think if if we didn't have anything that we were doing right now but so say Dicky and I sold everything that we had right now and we were starting completely over I feel like because of our personal interests the next thing we would build would be like

23:08a how to think about Finance as a as a guy in your mid 20s to pre- 40 yeah cuz I think that specific window of person is and not to like exclude others but it's just that type of person has such unique challenges and questions and things at that phase of life I think we both would get I would start Ain I someone actually messaged us in our slack uh that my writing has been like my writing over the last month has been extremely personal to me for the most part it's like what am I learning what am I thinking about and I want to get

23:46back into doing that more and he asked if I was going to start a paid newsletter to talk about these topics cuz I don't want to go down that like as much as it's fun to talk on social about that I think there's something there's like a stigma to talk about dating or Finance or like to you just don't want people quote tweeting you when you talk about money on Twitter it's way better usually doesn't end well it like once that escapes to NPC Twitter it just becomes so toxic that you have to put some kind of pay wall before you talk about a lot of those things so I don't

24:19know why why do you say that cuz cuz people can't you can't talk about making millions of dollars like it's going to offend people the Aver especially on Twitter gets extremely offed at the idea that people have money so you have to put up some kind of pay wall luckily I don't think anyone listens to this podcast that that because if you're listening to this podcast like you're you're you have a bias for Action to do things and to to better yourself but yeah you're right I I have gotten things that have gone viral on Twitter and then I look to see like all these Anonymous

24:51accounts it's like completely it's not good for you because it it disincentivizes you to keep writing about it versus if you write a small $50 a month paid newsletter to a hyp specific group that engages with every single thing then there's no point to run on social about it you just have this group who's telling their friends if you can write a paid newsletter where you're only marketing is people forwarding it to a friend and saying hey you got to sign up for this that's a sweet spot yeah there and it's worth saying this happens at every level like if you're jamming with a small business

25:22owner that's doing you know 200k a year and you walk into the room and you're like you got to think bigger this is how get to 10 million a lot of them don't want to have that conversation they're like I like where I'm at and I don't need you know it's like threatening and then you go to a different room and it's people with $5 million businesses and someone's like hey you got to think bigger to get to 50 not everyone in that room is wants to have that conversation so that that friction happens at every level you know and so that's part of why it's so difficult to find people to talk

25:54about money with cuz like a lot of it comes down to what level are you at where do you want to go with it so you'd start with a a paid newsletter on that topic and then where do you think you would take it from there uh I mean I think of all the businesses that we've built in the past three years we've learned that the group coaching model is the fastest to scale mhm probably most profitable like probably doing another group coaching program would be lwh hanging fruit because you can get a group coaching program to to 510 million like if you have a good category you can

26:27do that and group coaching meaning like uh how often do you do it like what what does that look like well the way PGA for example is structured is it's like a one to many it's async curriculum plus we have team members that specialize in different things to answer questions so there's realtime support we'll do like a weekly Hot Seat that's live so there's an Asing component there's a live component there's a community component so you have all these different things working to either teach someone hold them accountable gamify the journey you know whatever it is um and you can do that in a lot more categories Than

27:01People realize the other thing I would do if I were you and I was building this is I would build a a SAS product along with it so for for for this audience like basically mint.com just recently shut down yeah yeah I saw that that was really surprising very surprising but it's it is and it isn't because it is because it was actually a great product that was was trying to do too many things for it was trying to do something for everyone where I think Niche personal finance is an interesting idea like we use co-pilot to manage our stuff co-pilot for X basically right exactly

27:35is is is the idea so co-pilot for the people who don't know is basically mint.com track your net worth track your credit cards track your personal stuff um but yeah you it it was it was everything in the kitchen sink it got to that point because it was B by into it MH um not surprisingly like they make QuickBooks you know obviously the QuickBooks people aren't going to make the like most beautiful streamlined products in in the world you know so copilot came in a couple two three years ago and it's just a simpler mobile first version and I heard they're killing it um they're probably doing co-pilot yeah

28:13it's only like six bucks a month I think it I use it I showed you my workflow for using itct beautiful it started off at I think a $1.99 a month and then if you 3x your prices and know and you're still growing definitely that that's a good sign yeah so is there an opportunity to build co-pilot for X um for different niches that's just kind of an interesting problem yeah I think that's the way to think about it you know like especially with all the new like no code tools AI tools I think you're going to get a lot of smart driven individual people just sitting at their laptop

28:48being like I built the co-pilot for pet owners of Border Coles yeah did you listen to the most recent Allin from this past weekend do you guys listen to Allin very very rely I think I listened to like half of it so uh freedberg had David freedberg worked at Google doing a bunch of stuff he had this really interesting idea of SAS being like this moment in time blip in terms of a viable business model between software that you had to download on your computer and then software that can be written by AI where now the ability for an individual to spin up a more specific version of

29:26all the oh sasses that are trying to do everything for everyone is only going to decrease right so if you have someone in house if the most productive Engineers can become 10 times more productive using AI code and they're able to build these products inh house that model goes away in an interesting like that's an interesting thread to pull on is how many SAS platforms Could you actually better tailor for your individual experience that aren't that difficult to build with co-pilot and other AI coding tools and so I actually just sent a newsletter this morning speaking to this the one thing that I speak to about in

30:06the newsletter is also the business model changes so the way SAS works today is you pay a monthly fee $66.99 a month and you get access to the software where I think things are going is it's going to be pay per task yeah the CHT or back to one time purchase I the base camp guys just launched their slack yeah slack killer or something like that and it's just you pay for it once like old school buy a CD put it in your computer that's basically where but the reason why I'm so fascinated with this is because of the the idea of LTV relative to just recurring Revenue because I feel

30:41like a lot of times people will create products that recur and they think if once someone signs up that recurring Revenue never goes away but really there's always some sort of Tipping Point you know so you're like okay my average churn I know net net m TV on an average customer is $215 you know so it's interesting to either have some of that data or sort of speculate what that data would be and go okay well if my average LTV is going to end up being around 200 why don't I just remove the recurring option and sell full access for 300 bucks and capture all that LTV

31:16up front and force a different purchasing decision totally or even if you have an idea for co-pilot for X you can build the landing page build the mockups and be like you know post on Twitter hey hey you can pre-sell it prell it like to fund your your development I think a lot of more people are going to do that so many different rabbit holes you could go down with that like if you have fewer Engineers working at every company but more solo Engineers building things yeah I want to talk quickly even though it's like off topic about uh a conversation I had with someone in M Miami the other

31:50day so he we went for coffee and he was telling me about uh a particular person on Twitter that showing these Mr Numbers for a particular business and I happen to know what the Mr was it a SAS it was a Services based business I happen to know the revenue of that and basically the monthly I I got the updates for that particular business and it was a person that was basically posting on Twitter and saying hey I get you know I got $10 million of Revenue 10 million ARR divided by 12 Mr and and he was like really upset about it because he's like I'm out here I'm

32:29trying I have you know almost a million dollars AR it took me eight years and I was like dude don't believe what you read like don't make a you shouldn't feel bad logging on to Twitter and seeing that because it's not even truthful H yeah most of it isn't it's not and most numbers are just like if I see another agency owner put that they have 50 million in business pipeline by taking people who fill out a form like how can you say that you have it's just type form that's like saying if I took every email subscriber I have and multiplied them if they bought all

33:05my products and said I have 100,000 email subscribers and they all pay me $100 so I have $10 million in email pipeline you know what this is like I I worked at an ad agency right out of college and we used to have this joke where you like ad agencies are so liberal with how they talk about things it's like walking into Walgreens and buying toilet paper and being like Walgreens is a client yeah it's like like that's literally what people are doing on Twitter they're like they're like ah you know Walgreens is a client it's like really it's like well yeah I mean their toilet paper's great yeah

33:34they're even worse Walgreens is a partner yeah i' i' I've partnered with uh yeah introducing nor America our new partnership yeah with Walgreens there's a lot of context stuff like people taking lifetime revenue and calling that the revenue of their business so they'll be like I've done you know 5 million bucks over the past 5 years and then you'll see them go on podcast being like how I built a five million business that's not a $5 million business that's a $1 million business that's been around for 5 years that's right and like all those little nuances it just makes It's just sad because then you're all the

34:09people that want to learn are looking at that and and it's literally like you're you're giving them a broken version of the game to start and then they walk in with all these unrealistic expectations that's not how any of these businesses operate and that's why I wanted to bring it up it's it's for the people listening who are embarking on the $10 million journey and might see things on the internet and people you know quote unquote sharing in public so they're taking it as the gospel we should set some standards that there's just a collective group of people who go around policing anyone who doesn't talk in

34:44monthly free cash flow that hits your bank account monthly net free cash flow post expenses is the only number that matters in your business period full stop and a story so what is 50 million in business pipeline like okay but we're actually doing 300K a month at 40% margin so it's 120k a month free cash flow uhhuh divide divided by three Partners at plus expenses which means I make 20 grand a month after tax really it should be personal monthly after tax free cash flow and then you could bubble that up to the business level yes and every time there should be like a like a

35:21Chrome extension that every time like every time you see $10 million it's like it's the Twitter Community notes it's like doing the math on this business it's more than likely that this business own takes $20,000 a month because that normalizes it for everyone what is the amount that hit your bank account after all expenses at the end of every month that's such if you didn't talk that you should just get like there should be all reply Bots be like this is the monthly free cash flow bot this number is like imagine that Twitter would be such a better place that that actually leads me to another idea

35:53related to this we should build that coffeezilla for Tech entrepreneurs yeah seriously like huge audience opportunity like people would share that like crazy MH and you can monetize that that's that's actually a great Niche YouTube channel so for people who don't know coffeezilla YouTuber probably three plus million subscribers and he exposes scams yeah um and it's just like a guy with he goes after cryp crypto most he's gone after crypto he's gone after like Jake Paul too or something with his yeah so you get these like well-known people and he he's like a journalist about it like he has Integrity I bet yeah and he he

36:37really uh does a great job so and people share that right because you know well number one people like to see other people fail let's be real well it's like the business world's TMZ you know totally that's a better way of describing it like there was a point Gawker do you remember Gawker oh yeah tell tell people what Gawker was for most people don't remember I mean it was like a a news publication but they would like do hit pieces and they would like go after people Ryan holiday wrote a whole book about The Gawker story going after and right I don't I don't know too

37:11much about Gawker to be honest it was basically like uh yeah it was like a gossip column for for business yeah they shot down after the lawsuit right they shot down because they went bankrupt well Peter teal I think oh yeah sued them if anything the the old like uh this whole Fiasco that happened with open Ai and how it was like the coolest thing to ever happen to anyone who worked in Silicon Valley cuz they got to talk about it it was like Keeping Up with the Kardashians for nerds in San Francisco like the most important thing and all they could they'd wake up and

37:45like check the news be like what's Sam doing now literally myself included I did that for 48 hours you know that was an interesting thought experiment I couldn't sleep I was just thinking about Sam Alman all night yeah I didn't like that I don't know that didn't interest me at all I was like that just seems weird cool like he's either going to work there or not work there yeah you know the okay the other one that gets me is the person who goes I made all this Revenue only working one hour a day and I'm like nobody does that you like or or also the joke of like the morning

38:18routine thing where it's like you look at all these entrepreneurs they're like I'm awake at 3:00 a.m. I've had a full protein breakfast and red light sauna and I've run 7 Miles by 4:30 a.m. you know and it's like you're looking at this and you're like maybe you've done that one time you know and then and just like the person who takes the pipeline and like rounds up they do it one time and they're like and in theory if I did do this every day that would be my morning routine and then they make people feel bad cuz they're not yeah it's it's like oh I I woke up and I was

38:49tired this morning like I was about to tweet this and I didn't but I had it like drafted I was like I woke up yesterday and I basically woke up I flooded myself with coffee I took a nice warm shower I woke up at 7:30 a.m. B I woke up at 7:30 a.m. flooded myself with like four coffees literally drowned myself in coffee took a coffee bath yeah and uh I took a warm long shower not like a cold bath just a warm long shower s it was warm I even I busted it even hot hot hot it's like steam everywhere can can I give you an upgrade you got to

39:29buy these uh shower Steamers do you have shower Steamers no is do I need one of those dude it's like a it's like a bath bomb for a shower really oh my gosh it feels like you're in a spa it's amazing you just unwrap it you throw it at the bottom the water comes down and smells like lavender amazing keep buying it do you know how expensive those are you get a bag of like 12 of them for like 40 bucks or something I'm like add it to your shower routine this is something I'm trying to do more though cuz right now here's the idea sorry okay what are

39:58they called steam shows shower steamers for your dog actually though or your dog you know they need a better bath yes they it's like a CBD to make them calmer in the bath you know cuz dogs get stressed out about it yeah right your dog hates the bath unless they have bath CBD bomb I would buy this right now and for cats right uh-huh and for geres yeah cats hate water right so if you want to like make it a l more it's like a dry cleaner no but honestly honestly that concept steam showers for the productive Tech entrepreneur so like the product the Andrew huberman type guy

40:42oh I mean think about okay how do they sell tea you go into the the tea aisle and it's just white label green tea but one of them says calm and one of them says energy and one of them says Focus right you're going to buy the one that says the word of the thing that you associate with so you could easily do that for any category or any Niche take the tech entrepreneur and do shower steamers for raising your first round and you're stressed out yeah right yeah huberman's drink is going to if if he started a drink that was like sparkling water theanine caffeine everything that

41:21he re everything that he recommends you take in the morning and it was just called like you and it's got nothing else and only marketed it to that specific type of person it would crush call it sunrise and say only people who wake up before the sun gets up drink this like done do this and stare at the sun yeah the dicky Bush I actually think we're seeing the anti- huberman effect right now so that was a bit of my tweet that I was going to right yesterday I was I was going to I was going to say like at the end of my here's what I did this morning I I today

41:53I felt like the anti-hu yeah what's the what's the oh in that you like don't have a morning optimize this is I put this in the notes of the doc is like esoteric Health Twitter is always two years ahead of like everyone else so they're they're already on that train of like anti-optimization now leaning more into like intuition and things like that but I don't know you know there's both sides there's always a trend and there's always an anti Trend and it feels like hberman has gotten so big that of course you're going to have people be like I don't want to do a cold punch I I like

42:28my hot showers I am sick of how many more people are in the sauna in cold plune since it got popular though yeah specific groups of people why you you like why does it why does it make you mad well I like to not talk to anyone the worst are the people who are in the sauna now just sparking up a goddamn podcast conversation it's like oh let's just start talking to everyone it drives the last thing I want to do that's why I say I'm unemployed when anyone asks what I do in the SAA well you shouldn't say you're unemployed cuz if you're employed I have nothing to offer you I have no

42:59conversation I got nothing for you buddy yeah I want to sit here in silence if I accountant that works yeah accountant is better if I met an unemployed person in the sauna I'm like I need at a luxury gym yeah I need I looking for who are you got nothing for you buddy that's like my go you're my you know you're mysterious you're wearing Lululemon you know I don't get it something isn't adding up that's true yeah yeah I hate I hate that but there's a specific typee of person that has started to do that that only comes to the gym now to like sauna and Cole plune MH and they're just

43:34getting their optimization routine in and not doing anything else I heard that's called a professional workout did you hear the executive workout no steam room in a weak R shot yeah I used to do that one in New York every once in a while a wheatgrass shot yeah Oh I thought you said a wheat grass shower shot the executive steam is Frid morning Friday morning on Wall Street that's a thing okay okay I want to I want to end off with uh got this note notes file of all these ideas I've got about 100 ideas in in there here amazing I'm going to give you a couple and you can tell me if

44:03it's you like them or you don't like them good reads someone needs to reinvent good reads yeah I hate that platform like it's it's such a great idea like a social network around books um essentially and reviews around books um what's it called a letter box was recently acquired by tiny and Andrew wilon M I can see and letter boxes for for films I can I could see like a letter box level in terms of design for good reads I feel like we're due for it they were acquired by Amazon I think many years ago I think a a good reads for podcasts or good reads for your

44:42Twitter feed would be interesting right what if you could integrate your Twitter feed with like your liked tweets all went somewhere and then you could see and talk to or connect with other people who also like those same tweets or listen to those same podcasts that could be kind of cool yeah that's interesting it I mean all this sort of just speaks to the broader Trend which is there's just way too much content like we just can't consume all of it so you're probably going to see same with that niching down idea more and more platforms that are like here's how to parse just the feed on Twitter versus

45:15here's how to parse just the podcast you listen to on Spotify versus just the videos you watch on YouTube you know just too much too much so what do you think what do you rate that that idea on um no sevens no sevens I would use it I'd use it more I don't like good reads yeah I never really used good reads I don't know I know people who use it to count the number of books they read that's it like they add the books that they read to it but I don't know I wouldn't be excited to work on it but I would use it I I feel like a

45:45cooler there you go there there's my summ that's a good answer hly I feel like a cooler feature is uh isn't in Amazon Kindle like and I don't I don't use it but I just know of it where you can see how many other people have highlighted the same sections like that to me is a lot cooler um but that's how you can start that's how I would start off good reads 2.0 would be probably that I think readwise is probably trending in that direction some kind of consolidation of all the highlights yeah true cool can I can I give you one of my business ideas yeah all right so one of

46:19mine is I think that the next Simon and Schuster or penguin random house or whatever is going to be one individual that builds I mean one author but has like a whole team so the an author is being treated like a venture back startup and the team and that author train an entire model on how that specific author outlines a certain type of story how they write it vocabulary choices like really really in-depth and then it allows that author and that style to you then have the ability to create a book a week or a book a day and you can just flood an entire subcategory

46:59imagine James Patterson could actually do this right now James Patterson's like I want to write Thrillers he already writes co-writes with other people he's doing the manual version of it with another author he does a book a month okay well if he took the time and built a model he could write a James Patterson level book a day yeah and I that's going to happen it's just a question of who goes and builds it how long does it take and you have to have enough of a library to train the model on you cuz the problem you see it with now like open AI that was the whole issue is like you

47:34can't go train your model on other people's content without those other people going hey what the hell that's right so the solution is you have to have produced enough volume to train the the model on you and you're the copyright owner and the problem and why James Patterson can't do this is because his publisher owns all his stuff so now there's a conf so is a publisher going to build it is he allowed to build it you know but I'm really fascinated by the idea of what does it look like for an author to create a book a day and have it actually be 80 90% quality of

48:09what you would produce on your own yeah I mean the average author does what a book every three years two three years yeah if that five years I think it's an it's interesting and he he was the one who broke that model and went I want to do I there were a couple authors before him but he was really the one that went I want to do two or three or four books a year and then now as far as I know he's one of the only authors that cranks out consistently a book a month every month year after year after year he's doing the manual version because he's

48:38working with other writers yeah my guess is this also translates pretty well to music oh same thing's going to happen same thing yeah yeah I like this idea it's probably like an 87 87 for you you said no sevens oh 8.7 okay cool I'll take it that's fine you got any good ones siki it's not something I actually do much it like brainstorm random business like I don't have that note I was how my brain work see I was I wrote something the other day that I love to learn but I'm not curious at all where I don't go down internet rabbit holes about random things and I felt guilty for that for a

49:14long time like random ideas and going down and spending like 10 hours on YouTube I don't like to do I don't know I think one of us needs to have that trade yeah I'm like what am I doing right now and what's the next logical step I I don't know I felt guilty but now I'm kind of leaning into it as a superpower no it's it's great in the opposite way you know cuz I just don't care about how the world Works people are like I'm fascinated by how the world works I'm like I just care that it works I don't really care at all about how

49:42right uh last idea before we before we I love that about you one of us has to so I'm uh looking to buy some art and I got a great I got an artist that you should buy okay he's on the up and up and I think I think you could tick The Tick the okay we we'll talk about that I'll put you on to him yeah there doesn't seem to be a good Marketplace for secondhand curated art isn't that what Master works or Master something in what way what do you mean by that so there's places where I can buy art that other people have owned

50:17before of course there's artsy which is like the big platform do you guys know artsy M it's basically like the Amazon for or art but they have like pieces in the tens of millions or millions of dollars to pieces that are $100 and some of them are like new pieces and some of them are someone else you know used so to speak I think there's probably an opportunity to do a marketplace with curated pie pieces meaning it's not as overloaded with like here's 1 million pieces here's maybe a subset um and also the ability to rent pieces I was actually just thinking that like a Airbnb I want to rent your Picasso for

50:57the weekend because I'm throwing a party yeah it' be kind of cool there's a huge level of risk in that obviously but renting pieces is seems interesting it also is like genz and Millennials our attention span is a lot less so it's like yeah I might enjoy this Picasso for a weekend but I don't know I hate it now I think about that a lot with like the hedonic adaptation of nice things like renting a nice car you can get 90% of the benefit and then then you like if you rent a really nice car for 3 Days on the fourth day you start to pick out things about

51:31the car that you don't like and that's like when you should give it up because then when you own it fulltime you're like damn like I went to Germany and rented a Porsche to drive on the Autobon and it was sick the first two days and I remember returning it on the third day being like kind of cramped in here like and I remember I was like that's a perfect time to get rid of that thing because the second you have any kind of complaint I think the same thing goes for like apartments or I don't know Apartments might be different but cars or art or things like that how can you

52:01get 90% of the upside with just the initial access and then not make it into something that owns you in the long term it's a good point and maybe this is a narrative I put I'm putting in my head but after this conversation I feel like apartments and homes doesn't fit in that category of you you know you don't I don't think you get used to a beautiful home like I feel like or do you I don't know like you you definitely do you definitely do so then why would I buy this apartment be I so my argument though is because it is the place where

52:33you most likely spend the majority of your time and so it's sort of like your bed like of all the things to max out you should probably max out the thing that you spend six seven eight hours a night in every night for your whole life you know and your home I think is very similar you spend especially now that we all work from home and like what why would you not want to optimize that whereas a car it's like and and I think it all comes back to it what's the pressure it puts on you relative to the enjoyment or the you know I think the

53:05solution is have someone that prevents you from thinking about the house in a negative way at any time which is basically if stops working you actually don't even realize it someone is there to repair there's like an on call right because otherwise you're just like bitching about your $30 million house and what sucks about it and that's just a place you want to avoid you don't want to be there which will happen cuz like your toilet's going to break and that's going to be annoying house you know yeah dude this has been so that was pretty solid this is solid proud of us we got some good juice

53:38going this is I like this it's all it's all because of the shipyard it's all so thank you for for inviting me here and and allowing this we should do this more we this a standing thing I would love that I think the first of many I would love that um where could my audience go and find out more about what you get they'll find us find us on Twitter Dicky Bush or Nicholas Cole 77 yeah start rting online.com they they'll find us they'll find us yeah I have this a heuristic that I've kind of been using is if with all of the things that we

54:12create if you can't find your way to the thing that's a little bit of a signal like yeah but we there's also the counter point we create so many things that like where should you go that's true but yeah okay that's that's fair but also just like just Google it you know totally I had this I had this happen the other day uh we had we hiring like a product designer and I posted about it and I had said go apply it on the on the website so some someone some guy reached out to me and he was like Hey like I can find like the job the job

54:45like the career section on on the late checkout website I hate to bring it to you but that's a signal that's a signal I and it's like I'm I had to respond I was like Hey like the best little hack I found for that is when we're interviewing someone ask them to send you the calendar invite for the time you send them and just like see that they can check a box of schedule it at the right time add a zoom link XYZ it's like the first little micro test of their General competence yeah another one that gets me is like we'll tweet something and then we'll append it and

55:14go and by the way if you want to start writing check out ship30 with a link to ship 30.com and then someone will comment and say what's ship 30 if you click the link the entire site will tell you what it is you know and like that it's such a small or sorry one more cuz I've been doing all these interviews for a new hire we're making another one is you send a cal invite and then I'll send the person an email and say great chat with you then let's use the zoom Link in the description I can't tell you how many people go sit in the Google meet

55:44link and that to me it's such a small thing but I'm like that shows me just that small level of detail that you're not you know that's the clip you're fired I find you in the Google meet it just got a there's someone waiting in there be like sorry you failed the first step of this job application please don't apply again no seriously there's there's this sorry real real quick just there's this have you seen the bear I got to say have you seen the bear no oh my God amazing show okay but there's this scene where they're hiring like a mat D and they're doing the interview and the girl is like

56:21oh she was great I think we should hire her and the guy is like there's no way we're hiring that person she's like why the interview went so well and he points to one of the place settings and he had like turned it so there were three the right way and one was wrong and he was like she just sat here the entire time and did a 45-minute interview and didn't fix that place setting that would have driven me nuts no attention to detail we're not hiring that person and like that it's the zo it's the zoom thing it's like you know or someone emails me

56:48they put a h in my name I'm like immediately I'm like you don't have attention to detail mhm it's not that hard totally my name's not Craig it's Greg yeah I saw a new one for you Nicholas Cole k l like Cole's the shopping thing I was like I've seen a lot of names for you I've never seen Nicholas Cole like the store so this would be a good time to announce I am part of the Kohl's Empire knew it that's actually the shipyard was actually funded by the Kohl's Empire oh man yeah so attention to detail everyone yeah that's that'll get you to 10 million

57:23thanks everyone all right y'all later

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