🗂 Overview
This week we’ll take a look at 3 businesses you can start in the Home Services, AI and Brain Health niches.
Let’s jump into this week’s new venture opportunities:
💡 Opportunity #1 - Home Service Subscriptions
🗂 Overview:
Diving into the lucrative pool of home service businesses offers a practical venture for entrepreneurs looking to tap into consistent, subscription-based revenue streams. The essence of success in this domain lies in the blend of traditional service provision with modern operational tactics.
These guys have thrived by leveraging a mix of skilled labour, strategic marketing, and digital tools to streamline services such as pool cleaning, pest control, and general home maintenance.
The formula involves identifying a niche home service, employing reliable and skilled personnel, and implementing a robust marketing strategy utilizing platforms like Yelp and Google Ads. Bundling services into attractive subscription packages enhances customer value and retention, while technological tools like route optimization apps and e-signature solutions for seamless transactions ensure efficiency.
The idea: start a local home service subscription business
📈 Trends:
Service-based trends will vary depending on your location so I recommend doing research using Google Trends or other keyword research tools.
But here are some general keywords that are trending up:
📊 Stats:
In 2021, 10% of all cleaning jobs were contracts rather than one-off work. (source)
The residential cleaning market is expected to be worth $40.38B by 2025. (source)
The global commercial cleaning market could reach $468.2B in revenue by 2027. (source)
The global HVAC market size was valued at USD 130.5 billion in 2020 and is expected to grow at a CAGR of 6.1% from 2021 to 2028. (source)
⭐️ Examples:
These guys are making $1.4m with home services businesses.
Run a 7-figure home services business in under 5 hours a week.
Tommy Mello makes over $100m with home services businesses.
👎 Problems:
Lack of Time: Many homeowners are too busy with work and other commitments to perform regular maintenance tasks.
Lack of Expertise: Some home maintenance tasks require specific skills that the average homeowner may not possess.
Physical Inability: Certain demographics, like the elderly or those with disabilities, might be physically unable to perform these tasks.
Desire for Convenience: Even if homeowners have the time and ability, they may prefer the convenience of hiring a service.
Preventative Maintenance: Regular professional services can prevent minor issues from becoming major, costly problems.
Enhanced Quality: Professionals can often perform a task to a higher standard given their tools and experience.
Safety: Some tasks might be dangerous for untrained individuals to attempt, making professional services a safer option.
🚀 How to Build/Grow:
Identify a Service Need: Research and identify a home service that is in high demand, like pool cleaning or pest control, especially services that homeowners cannot or prefer not to do themselves.
Hire Skilled Technicians: Recruit reliable and skilled technicians who can deliver quality service and handle the day-to-day operations effectively.
Implement a Subscription Model: Set up a recurring revenue model where customers pay a monthly or bi-monthly fee for regular maintenance services.
Leverage Technology: Use apps for route optimization and service management, like Skimmer for pool services, to increase operational efficiency.
Develop a Marketing Strategy: Utilize local advertising platforms such as Nextdoor, Google Ads, and Yelp to attract customers. Consider offering the first month free or other promotional discounts.
Streamline Transactions: Adopt e-signature and auto-payment systems to facilitate easy sign-up and payment processes, enhancing customer experience.
Monitor Quality Control: Ensure consistent service quality by using tech tools that provide customers with updates and evidence of work done, like chemical readings or service completion photos.
Scale Strategically: Once the initial service is established and successful, consider expanding into other home services using the same business model.
Exit Planning: Build the business with a potential sale in mind, organizing accounts in a way that could be attractive to buyers looking for a profitable, turnkey operation.
💡 Opportunity #2 - AI Automation Agency
🗂 Overview:
You’ve probably already heard a few thousand people talking about how you can take advantage of this new ChatGPT feature from OpenAI but let’s break it down further.
This feature introduction has been widely applauded but it also means many OpenAI wrapper companies are now mostly useless. But when one door closes, another opens.
Building custom GPTs for small businesses as an AI automation agency just got a whole lot better - and this is what we’re going to break down. OpenAI themselves mention that they will be offering this service but it will be mostly for the world’s biggest companies as Sam Altman himself even said “It won’t be cheap”.
The idea: Start an AI Automation Agency
For more information on what custom GPTs are check out OpenAI’s page.
📈 Trends:
Basically, anything AI-related in the past 12 months has seen insane growth.
📊 Stats:
ChatGPT currently has over 180 million users (source)
In just 5 days, ChatGPT surpassed 1 million users (source)
openai.com gets approximately 1.5 billion visits per month (source)
Around 70% of ChatGPT's social media traffic comes via YouTube (source)
Nearly 15% of ChatGPT's users are American (source)
Over 92% of Fortune 500 companies build on top of OpenAI’s products. (source)
100m weekly active users. (source)
⭐️ Examples:
OpenAi has some examples of what can be made here.
You can also link these GPTs to Zapier and thus 6000+ other apps.
Liam Evans has a great breakdown of the new updates and how to best run an AI automation agency as a result.
Here’s a good breakdown of how to use the new OpenAI Assistant.
👎 Problems:
Although AI might seem obvious to you, many people are still unaware of what it is capable of and how to get the most out of it for their needs. An AI automation agency helps these business owners stay at the forefront of this ever-changing AI tech.
Efficiency Improvements: Automating repetitive tasks can save time and reduce errors. For example, automating data entry or report generation can free up human resources for more complex tasks.
Cost Reduction: AI can often do the work of multiple people with fewer mistakes, leading to lower labour costs and operational expenses.
Scalability: AI systems can handle increasing workloads or data volumes more easily than human teams, allowing businesses to scale without proportional increases in staff or resources.
Data Analysis and Insights: AI can process and analyze large volumes of data to uncover insights that would be difficult or time-consuming for humans to find, aiding in strategic decision-making.
Personalization: Agencies can use AI to help clients provide personalized experiences to their customers, such as targeted marketing, which can increase conversion rates and customer satisfaction.
Predictive Maintenance: In manufacturing or product-centric industries, AI can predict when machines or systems are likely to fail, reducing downtime and maintenance costs.
Enhanced Customer Service: AI chatbots and virtual assistants can provide 24/7 customer service, handle inquiries, and resolve issues faster than human-operated systems.
Competitive Advantage: By leveraging AI for advanced analytics and decision-making, clients can gain a competitive edge in their market.
Innovation: AI can help in developing new products or services, exploring uncharted markets, or creating new business models.
🚀 How to Build/Grow:
What it is:
You can make private Custom GPTs and Assistants for small businesses to automate their tasks or act as internal tools for their day-to-day tasks.
This could be simple customer service chatbots, analytical tools, SaaS Apps or expertise tools (think AI data analyst or social media manager). The options are virtually endless, especially with the Assistant API.
Create packages and pre-designed GPTs you can essentially copy-paste across clients only changing what’s necessary.
You act as an AI consultant and carry out the implementation for small businesses that are time-stretched or unaware of what is possible with ChatGPT.
Remember, you’re not selling chatbots - you’re selling AI Agents and AI Automations that free up time and provide expertise for a low cost.
How to grow it:
Create irresistible offers - read up on Alex Hormozi’s $100m Offers.
Use cold email or cold call small businesses. Tools like Instantly are best for this. Here is their YouTube channel showing you how easy it is to use.
Create YouTube, TikTok & Instagram Content showing the basics and answering common questions asked for SEO purposes. This will position you as an expert in the field and give some social proof.
Create listings on Upwork and other freelancing marketplaces to find potential clients.
Other things you can do:
Make Custom GPTs for the OpenAI app store and get paid a revenue share for each purchase.
Automated faceless YouTube channels - OpenAI now have their TTS models included in the API so you could connect this to Zapier and Webhooks and pump out unlimited faceless YouTube videos.
Automated Newsletters and Podcasts - similar to the above you can automate daily/weekly newsletters about current events or even create podcasts or spoken versions of the newsletters.
Opportunity #3 - Personalised Brain Health
🗂 Overview:
From nootropic supplements to brain-training software, and cognitive health assessments, the space is open for ventures that can offer value through scientifically-backed products and services aimed at improving memory, focus, and overall mental agility.
There's potential in personalized cognitive health based on genetic profiles and lifestyle, an area still in its infancy but teeming with possibilities. Imagine integrating AI-driven analytics to customize nootropic formulas or creating virtual reality-based cognitive exercises that immerse users in brain-stimulating environments.
As consumers become more proactive about their mental well-being, businesses that can combine cutting-edge science with accessible, user-friendly platforms could not only see robust growth but also contribute meaningfully to the cognitive health of society.
The idea: start a personalised brain supplement and cognitive training business.
📈 Trends:
📊 Stats:
The global brain health supplements market is projected to climb 13.3% CAGR from 2023 to 2030. (source)
The global brain health supplements market size was valued at $7,653.4 million in 2020 and is projected to reach $19,730.1 million by 2030. (source)
The Global Cognitive Assessment and Training Market size was valued at around $3.22 billion in 2020 and is projected to reach approximately $20.44 billion by 2028. (source)
The global Brain Training Apps market was valued at nearly $5.89 billion in 2020 and is expected to reach around $30.51 billion by 2028, with a CAGR of 23.0% between 2021 and 2028. (source)
The global games and puzzles market size was valued at $15.09 billion in 2022 and is expected to grow at a CAGR of 17.3% from 2023 to 2030. (source)
⭐️ Examples:
Lumosity, created by Lumos Labs, is a prominent player offering online games and exercises intended to improve cognitive abilities, including memory.
Elevate is a cognitive training app designed to improve attention, speaking skills, processing speed, memory, math skills, and more through a variety of brain games.
👎 Problems:
General Consumer Problems in Brain Health:
Misinformation: There are a lot of pseudoscience and unsubstantiated claims in the brain health space, making it difficult for consumers to discern what's truly beneficial.
Overwhelming: The vast number of products and strategies touted for brain health can be overwhelming, leading to decision fatigue.
Access to Reliable Products: It can be challenging to find products that have undergone rigorous scientific testing and are backed by peer-reviewed research.
Cost: High-quality brain health products and services can be expensive, which may make them inaccessible to a broader audience.
Measurement of Effectiveness: Assessing whether a brain health product or strategy is working can be subjective and difficult to measure.
Lifestyle Integration: Incorporating brain health strategies into a busy lifestyle can be challenging for many consumers.
Long-Term Commitment: Many brain health strategies require a long-term commitment to see results, and the slow pace of improvement can be discouraging.
Problems with Existing Brain Health Products:
Unsubstantiated Claims: Many products make bold claims without the scientific evidence to back them up, potentially misleading consumers.
Side Effects: Some brain health supplements and products may have side effects or interact with other medications.
Lack of Personalization: Brain health needs can vary greatly from person to person, but many products take a one-size-fits-all approach.
Regulatory Oversight: The supplement industry, which includes many brain health products, is not as tightly regulated as pharmaceuticals, leading to quality and safety concerns.
Dependency and Overuse: There's a risk that consumers may over-rely on supplements or apps for cognitive enhancement, overlooking the importance of holistic lifestyle changes.
Privacy Concerns: Brain health apps and online platforms may collect sensitive user data, raising privacy issues.
Technology Accessibility: Not all consumers are comfortable with or have access to the technology required for some of the brain health applications.
🚀 How to Build/Grow:
Before spending money on buying bulk supplements and on apps and personalisation features you should validate the brand first.
Buy a small batch of private-label brain supplements and create your own branding for them.
Get some UGC assets for the website and advertising and then run some paid social ads to your target demographic.
If you sell out, find manufacturers willing to create personalised orders or create a small facility yourself - this doesn’t need to be big and expensive but it does need to be safe and follow regulations.
Create a personalised Brain Health supplement - Nourished has done this really well for general vitamins. Market it as a personalised Brain Health supplement stack.
Add an app where users can reorder + update their subscription and also play cognitive/memory training games. They can also get brain health education and diet advice. Include AI functionality as an added feature.
Make the products science-backed and back up your claims with peer-reviewed research. Be as transparent as possible with why each ingredient is included and don’t add anything that doesn’t need to be there.
Design eye-catching packaging that will stand out from your competitors and fit your target demographic.
Run Paid Social and Paid Search advertising
Partner with influencers. Onnit has massively benefited from their partnership with Joe Rogan. The founder sent Joe a cold message one day and they have been friends ever since.
Get your email marketing in check - have welcome, abandoned checkout/cart, upsell, and post-purchase flows.
Create organic social content for TikTok, IG, YouTube and Twitter.
