3 Killer Businesses Hidden in Plain Sight

Key takeaways

There are numerous business opportunities hidden in everyday objects and concepts that most people overlook.
Valuable information, such as water quality data, can be monetized through innovative apps and services.
Fear-based marketing tactics, like selling legally required materials, can be surprisingly lucrative.
The barcode revolutionized retail, showing how operational improvements can lead to financial success.
Cultural marketing moments, like Casual Friday, demonstrate how ideas can shift societal norms and lead to significant business impact.
Drawing inspiration from historical contexts can drive innovative business thinking and personal motivation.

Summary

Exploring Hidden Business Opportunities

In this episode, Sam Parr and Shaan Puri delve into three lucrative businesses that operate in plain sight, yet most people overlook. The hosts emphasize how these ventures cleverly monetize information or products that are essentially free to the public. They encourage listeners to adopt a mindset where they see potential business ideas in everyday objects or situations around them.

The Water Quality Testing App - Oasis

First on the list is Oasis, a water quality testing app developed by Kormack. The app aggregates publicly available data about water quality, allowing users to check the cleanliness of their city or bottled water. Initially generating about $10,000 a month, it's now grown to approximately $40,000 a month. The app monetizes through affiliate marketing and subscription services, proving the concept that valuable and often missed information can be successfully sold.

Labor Law Posters - The Millions Maker

Next, the hosts discuss the business of selling labor law posters. Required by law in various workplaces, these posters can be obtained for free from government websites. However, companies have found success by sending letters warning businesses of potential fines for not having the posters displayed, effectively creating a fear-based marketing technique. This business model has proven profitable, making millions by selling what should be free.

The Secret Life of Barcodes

The final business discussed is barcodes, which fundamentally changed retail operations. The barcode system was initially created in the 1940s but didn’t gain traction until the 1970s when grocery stores needed efficiency for inventory management. The nonprofit GS1 now sells barcode numbers, generating immense revenue by capitalizing on a standard that retailers must adopt to remain competitive.

Cultural Marketing Shifts

Throughout the episode, Sam and Shaan reflect on how various marketing ideas have influenced cultural norms—like 'Casual Friday' as a marketing tactic spearheaded by Levi's. They explore how seemingly mundane aspects of life have yet to be identified as phenomenal business ideas, highlighting that success can stem from creative marketing strategies tied to cultural shifts.

Inspiration from History and Innovation

Sam shares his recent visit to Yale, discussing how being in a historically rich environment generated inspiration. Alongside Shaan, they explore how observing the evolution of institutions—be it academia, marketing innovations, or even societal norms—can serve as motivation for creating impactful ideas in business today.

Show notes

Episode 645: Sam Parr ( https://x.com/theSamParr ) and Shaan Puri ( https://x.com/ShaanVP ) talk about cash-printing businesses that are around us every day and how to spot them.
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Show Notes:
(0:00) $1M dollar product: Water quality testing
(8:26) $10M dollar product: EZ Labor Law Posters
(15:22) $100M dollar product: Barcodes
(22:55) Idea: Casual Friday
(28:44) Marketing campaigns that altered culture
(36:00) Shaan reads his intro
(40:06) "Torches of freedom"
(44:42( Sam tours Yale campus
(50:59) Idea: YC campus

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Links:
• Oasis - https://www.oasiswater.app/
• GS1 - https://www.gs1us.org/
• Propaganda - https://tinyurl.com/2fc959jr
• Craig Clemens Episode - https://www.youtube.com/watch?v=5N9rNShYI_g

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Check Out Shaan's Stuff:
Need to hire? You should use the same service Shaan uses to hire developers, designers, & Virtual Assistants → it’s called Shepherd (tell ‘em Shaan sent you): https://bit.ly/SupportShepherd

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Check Out Sam's Stuff:
• Hampton - https://www.joinhampton.com/
• Ideation Bootcamp - https://www.ideationbootcamp.co/
• Copy That - https://copythat.com
• Hampton Wealth Survey - https://joinhampton.com/wealth
• Sam’s List - http://samslist.co/

My First Million is a HubSpot Original Podcast // Brought to you by The HubSpot Podcast Network // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano