2 Side Hustle Ideas That Could Turn Into A $1,000,000 Business In 2022
Doctors, Boomers, Legacies, and Big Money - March 29, 2022 (about 3 years ago) • 15:40
Transcript:
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Shaan Puri | Can I pitch you two ideas and you tell me which one you like better?
Alright, these are two kind of side hustle ideas that I think could turn into something big. They're businesses that are not hard to do. They would immediately make somewhere between $500,000 to $2,500,000 probably within a year or two of doing it, profit.
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Sam Parr | I like that | |
Shaan Puri | Alright, so the first one is I'm going to call it **Baller Doctors**.
Okay, what's **Baller Doctors**? It's where you're going to go to med schools all around the country and put up ads or flyers. You'll say, "Hey, before you graduate, do you want to know how doctors become millionaires faster?" You know, the average doctor becomes a millionaire in 12 years. I can show you how it's done in 5.
You basically host a seminar and definitely lean into the **get rich quick** stuff because people are curious. But you build in enough trust. You don't bury the lead; you're like, "Look..."
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Sam Parr | even doctors are greedy even doctors are greedy | |
Shaan Puri | Even "Doctors Like Money" might be a better name for the seminar.
You're going to host a seminar, and basically, you're just going to break down the business of medicine. Most doctors spend all their time with their heads buried in books, focusing on patient care, as they should. But at the end of the day, a lot of these doctors want to own their own practice or figure out whether they should join a practice, go to a hospital, or start their own.
How do they get the money to do that? How much money does this make? I think if someone created a sort of "business in a box" seminar where they explained, "Look, here's how it usually goes. You put in this much, it takes you this long. Here's a sample P&L with what your costs look like. Here's how you make money in your practice route. Here's how you could do a group practice. Here's what happens if you join a hospital. Here's where you are after five years."
Did you know, by the way, that if you're a doctor and you work in a nonprofit—which most hospitals are—for ten years, all of your student loans are forgiven?
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Sam Parr | you get your money yeah | |
Shaan Puri | that's amazing | |
Sam Parr | If you're a lawyer, if you're my sister, or if you're a lawyer for the government, you get a lot of loan forgiveness.
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Shaan Puri | Right, so basically you just do a personal finance and business crash course for doctors. You do that all around the country, and then some percentage of those attendees will actually come to you for services.
You can create a model where you might do the session for free, and then say, "By the way, I have the detailed guide with all of the business templates in this package." You know, I have all your documents and templates, and it's all fleshed out in detail. This is $4,000.
Additionally, you could offer a mastermind program, and with it comes a coaching call whenever you're ready. You can always reach out to me, and I'll help you with this stuff.
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Sam Parr | Alright, that's business one. I could play off this, so let me tell you about this. There's this blog that I read; it's called "The White Coat Investor." Have you heard of it?
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Shaan Puri | I'm in a Facebook group called **White Coat Investors**, which I think is probably the same thing. It's for doctors' investments.
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Sam Parr | So, if you go to it, you'll see it's a little stale. It's probably been around for a while and it gets a lot of traffic. I read it because they just talk about people earning high income and the lifestyle. I just find it fun, and a lot of my doctor friends read it. It's incredibly under-monetized and, interestingly, you...
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Shaan Puri | know how much traffic is this from | |
Sam Parr | this sheet like 400,000 a month | |
Shaan Puri | oh my god I mean look at this thing | |
Sam Parr | Maybe 6, maybe 600,000, maybe more. I think a lot. But if you look at the traffic source, it's like a good mix.
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Shaan Puri | It's like $600,000. Should we bleep this out? This is a gym, bro. This is a gym. Why are we giving this gym...? | |
Sam Parr | A lot here... Let's find out how much traffic there is. Here's how you do it:
So, you go to the very bottom and see where it says "Advertise with us." Click it. Oh man, this is amazing! They get **1,000,000** page views a month.
Interestingly, if you go to the stats for the fastest growing YouTube creators this year, as well as the fastest growing TikTok creators, something like 3 of the top 10 were dentists. A couple of others were doctors, and it's usually young doctors who make jokes and lifestyle content on TikTok all about the doctor lifestyle.
They make jokes that you and I probably don't understand, but maybe like a joke about sleeping at the hospital or something. They've gotten millions of followers.
So, I think there's a world where you could do that and sell a high-end membership that's **$1,000** and do exactly what you're saying. I completely agree with you; I think this could be a good business.
I don't think you could do it full-time. Maybe you could do it in a year, but yeah, this is a good business. You're part of White Coat Invest? Yeah, I'm looking at their Facebook group. You're part of this Facebook group.
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Shaan Puri | love joining random niche facebook groups like this and just see | |
Sam Parr | I have 77,000 members. I would bet my life that I could make $3 to $5 million a year with a Facebook group for doctor investors.
Oh, it's even better! It's a closed Facebook group that gives physicians, dentists, physical therapists, attorneys, pharmacists, and other similar high-income professionals... it basically helps them.
But dude, how did you get into this? Did you tell them that you're a lawyer?
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Shaan Puri | I just said I was a doctor I mean look at me I look I look like | |
Sam Parr | obviously because you're indian yeah | |
Shaan Puri | I'm, yeah, so auto accept, bro. Yeah, oh, hurry! Yeah, right this way. We've been waiting for you.
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Sam Parr | that's awesome this is a I agree with you winning winning idea | |
Shaan Puri | So, if somebody wants to make a play on this White Coat Investor site, I would love to buy this website and do something with it. Or, if somebody wants to create a group that's like this, go for it! DM me or email me, or email Sam, and let's connect.
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Sam Parr | Let's discuss this. Good one, yeah. And they also have conferences. So, they have a white coat investor conference.
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Shaan Puri | right | |
Sam Parr | It's a good... I completely agree with you. You know who could have crushed this niche and didn't want to? It was our buddy, the YouTuber, Ali... Ali, that's all. Yeah, he could have done this.
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Sam Parr | I agree | |
Shaan Puri | Yeah, he chose a worse market. He's like, "I'll teach people how to become YouTubers, how to be better at YouTube." He's like, "Teach doctors how to be better at money." Way better! At least, way better if you're not passionate about the other one.
Alright, okay, what's the idea? So it sounds like you like the first one. Here's the second idea: the fam.
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Sam Parr | I would say I love the first one | |
Shaan Puri | Family Legacy Summit.
Okay, so basically, there's a huge number of businesses that are owned by the boomer generation. They would love for their kids to take on their business and grow it. The kids may be interested, or maybe not. The kid kind of feels like, "I should, I guess that's a smart move," but they just don't care about, you know, making treadmills or whatever we do in our family business.
So they're kind of one foot in, one foot out. But even then, the parents are like, "Alright, no problem. You don't have to take it over, but I gotta do something with this. You should know how this works in case I croak. You should know how the books work and some things."
So basically, what you do is, through some kind of cold outreach to boomer-owned businesses, you're going to offer them an invite to the Family Legacy Summit. It is a two-day conference in Florida where you're going to have...
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Sam Parr | it's gotta be orlando gotta be in or jort lauderdale | |
Shaan Puri | Exactly. Like, you know, for obvious reasons, the local...
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Sam Parr | jort lauderdale or orlando yeah we get it there's gotta be a buffet understood exactly | |
Shaan Puri | the family legacy summit all you can eat yeah of course | |
Sam Parr | yeah yeah with new balance white sneakers | |
Sam Parr | as a sponsor | |
Shaan Puri | allowed yeah so so basically | |
Sam Parr | Sandals and socks allowed? Yeah, prefer pretty accurate. Yeah, Sunday loungewear casual.
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Shaan Puri | No socks, no service! You gotta have your socks up with sandals; otherwise, you're not getting in.
So basically, you invite people out there, and it's just education. It's just a give, give, give situation. Maybe there's some ticket thing to cover the cost, maybe from sponsors. I think you could cover the whole cost of sponsors, but it's just invite-only. Your business has to be of a certain level of maturity, so it's for those doing over $1,000,000 a year.
You're a family business that's thought about the question of whether to pass it down or not. You and your kids come out, and at that event, you're going to do a couple of things.
This is now the door that opens more doors. You could upsell them some services like estate planning, accounting, or whatever that sort of thing is. You could offer upsell masterminds or a kind of master's program for the kid to take over or something like that.
You could also buy businesses that the kid's not going to take over. This is lead generation for amazing businesses that you could potentially buy out, and you can sell those leads to private equity or buy them yourself.
Yeah, it's a way to build a power network. In just one year, you'd have some amazing connections. There’s going to be a guy who owns a wood furniture company in Tennessee that makes $22,000,000 a year, and those people will be your buddies because you're actually helping them with one of their core life problems: "What do I do with my business and this stinking kid who's not taking action?"
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Sam Parr | do you remember brent bashore he came on our pod what's his what's the name of his thing | |
Shaan Puri | permanent equity I think | |
Sam Parr | Something about equity... permanent equity. He's based out of Columbia, Missouri. He has this conference every year called "Capital Camp," which is a great name.
How is he doing? He's basically doing this... is it well? He's buying boomer businesses. How's that going?
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Shaan Puri | think it's going phenomenal I think it's going absolutely great | |
Sam Parr | And our friend Cieva, of which I think we're both investors, is doing a similar thing. Maybe it's a little bit smaller, but it's... oh, it's just newer. Yeah, newer. And they are buying... can we talk about what they bought?
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Shaan Puri | They've come on the pod before, and they're pretty public about stuff. So, they're buying companies, like cool pool construction companies.
It's like, you know, pools are this amazing business that you could do. They bought one in, I think it's called Dolphin Pools or something like that. They bought it in Arizona, and it crushes it.
They hired this one operator who's really good, who took it over from the original owner, the boomer owner. Basically, it's grown like crazy, and that's like one of their cash cows now.
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Sam Parr | And I... they also bought an internet service provider. I got into the country and they don't have AT&T or Time Warner or whatever. They have local providers, and they bought one of those. It's doing well. I have family members; my dad is an entrepreneur.
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Shaan Puri | bought like | |
Sam Parr | 5 of his kids | |
Shaan Puri | they bought 5 different yeah | |
Sam Parr | a bunch | |
Shaan Puri | of them internet service providers | |
Sam Parr | And they're all doing, I think, pretty good.
My dad owns a small business that none of his family is taking over. My father-in-law owns a small business too, and it is a really killer business.
Somehow, our new brother-in-law is now going to take it over. Seeing the turmoil that he had to go through in order to do this, he was like, "Well, I spent 40 years building this thing, and I guess if no one that I love wants it, I'm just going to shut it down."
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Shaan Puri | yeah exactly and and | |
Sam Parr | It was kind of tragic. I'm literally willing to give this to a family member, and they could make many millions of dollars a year if they wanted to do this. It's just free; they can have it. Yet, people didn't want to do it.
I've seen this process, and it is an emotional challenge. It's a huge challenge, and this is a very interesting market. There are some stats about how many... do you know how many boomers are retiring in like... | |
Shaan Puri | the next absurd number | |
Sam Parr | It's absurd. It's like a quarter of the country... or a third of the country.
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Shaan Puri | The biggest wealth transfer of all time is about to happen. It's like that group of people, when they pass down their inheritance, it's going to be like many trillions of dollars. I think... I don't know if that's hyperbole, but I think it's something like that—some ridiculous number.
And then, that's a lot of people who are just not going to have to work but also don't know what to do with it. Similarly, there are many businesses. When Enduring first pitched it, they showed me the stats. They were like, "There are this many boomer businesses where they want to retire. They don't want to run their business anymore, and their kids don't want to take it over."
Those businesses are up for grabs. They're too small; they're not sexy as a startup, and they're too small for big private equity. So, we're going to be basically like permanent equity. They're just going to buy it and hold these amazing businesses for a very long time.
They keep doing that one after another. I think Siva and Xavier, they've rolled up almost $100 million of business equity off of a $2 million starting equity amount. Like, we... yeah.
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Sam Parr | it is crazy I I invested in | |
Sam Parr | I didn't have a lot of money when I first invested in it. At the time, it was like $10,000 or $15,000, or something like that, that I invested. That was a big deal for me. | |
Shaan Puri | tell you what happened with my investment in it | |
Sam Parr | it's just been like it's just been growing and growing and growing no | |
Shaan Puri | So, they were like, "Sean, you helped us think through this idea." They do like this stuff and said, "I'll be helpful along the way."
So, they're like, "You know, we want to offer you, like, if you invest, we'll also offer you an advisory grant that will just match your investment."
I think they thought I was going to do like... | |
Sam Parr | you forgot to file the paperwork no | |
Shaan Puri | No, no, no. I think they thought I was going to put in like $25,000 or maybe a maximum of $20,000, something like that. So they were like, "Okay, cool, you got like $20,000 of equity. We'll give you $20,000 worth of advisory shares."
But I was a big believer in what they were doing, so I put in $200,000. Then they were like, "Oh..." and I was like, "Look, you don't have to give me $200,000 of advisory shares. I get it." But Xavier was like, "Nope, a deal's a deal."
I was like, "If we didn't sign anything, dude, I'm totally okay with it." But he insisted, "No, we will honor that. I know you'll deliver."
Since then, I've had this immense desire to deliver on that. It was actually the best thing he ever did because he got me to basically work for him for free for this act of goodwill. I thought, "I see your goodwill, and I raise you ten times goodwill on my own side."
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Sam Parr | It's going to end up being one of your better investments, I would think. Depending on... I don't know when you got in. Were you at the very beginning? Yes? Then that's going to... I think it's going to crunch.
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Shaan Puri | Yeah, exactly. I think already, unless conservatively, that's probably up 20x, you know? Like something like that in valuation.
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Sam Parr | you think that's up 20 x | |
Shaan Puri | Because if they go raise now, they basically have... I don't know the exact numbers, but it's somewhere between $25 million to $50 million in revenue. They're closer to $50 million in revenue from these businesses now that they've acquired off of $2 million in equity. That's crazy!
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