Two Side Hustle Ideas, The Top Trait of Successful Entrepreneurs, Building a Compound with your Friends, and More

and can i pitch you two ideas and you tell me which one do you like better alright these are two kind of like side hustle ideas that i think could turn into something big but their businesses that are not hard to do they would immediately make somewhere between five hundred k to two two and a half million dollars probably within a year or a year or two year business of doing it profit i like that alright so the first one is i'm gonna call it baller doctors k what's baller doctors baller doctors is you're gonna go to med schools all around the country and you're gonna put fucking you know ads slash flyers up and you're gonna say hey before you graduate do you wanna know how doctors become millionaires you know faster you know some you know the average doctor becomes a millionaire in twelve years i can show you how it's done in five and you basically host a seminar and you you definitely lean into the get rich quick stuff because you know people are curious but you you you build in enough trust you don't bury the lead you're like look even doctors are greedy even doctors are agreed even doctors like money might be the the better name for the seminar and you're gonna host seminar and basically you're just gonna break down the business of most doctors spend all their times with their head all their time with head you know heads buried in books and think about customer you know patient care as they should but at the end of the day a lot of these guys wanna go out they wanna own their in practice or they wanna figure out should i be joining a and i go to a hospital should i you know start my own how do i get the money to do that how much money do this make and i think if somebody just made a sort of business in a box seminar were they just explain look here's how it usually goes you put in this much it takes you this long here's a sample p and l with where 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 how you join a if you join a hospital here's where you are after five years like did you know this by the way if you're a doctor and you work in a nonprofit which most hospitals are nonprofit for ten years all of your student loans get your money yeah it's amazing same if you're a lawyer if you're my sister did it if you're a lawyer for the government you get a lot of you get for loan forgiveness so basically you just do like a personal finance slash business crash course for doctors and you do that all are around the country and then some percentage of those they actually are gonna go to you for like you can create the there's they'll pay for the session or they'll pay for like the upsell so you might do the session for free and then you say by the way i have like the detailed guide with all of the business like templates in the in this thing you know plus like you what whatever i got all your i got all your docs and templates and it's all fleshed out in detail this is you know four thousand dollars and you know you could buy that mastermind thing and with it comes like a coaching call whenever you're ready you can always you can always hit me up and i'll help you with this stuff alright guess this is one i could play off this so let me tell you about this so there's this blog that i read it's called the white coat investor have you heard of it not that but i'm in a facebook group called white coat investors which is i think probably the same thing it's doctor doctor's investments so if you go to it you'll see it's a little stale like it's probably been around for a while and it gets a lot of traffic i read it because it they just talk about people earning high income and like the like the lifestyle and i just it's fun and a lot of my doctor friends read it and it's incredibly under monetized and interestingly you know how much traffic i look at this sheet like four hundred thousand a month my god i mean look at this thing maybe six maybe six hundred thousand maybe maybe more i think do a lot but if you look at the drug the traffic source it's like a good estimate like six hundred thousand should we bleep this out this is a gym bro this is a gym why are we why are you giving this gym here here let's find out how much traffic here's how you do it so you go to the very bottom you see where says advertise with us click it oh man this is amazing so they get a one million page views a month so i think and interestingly if you go to i looked at the stats for the fastest growing youtube creators this year as well as the fastest growing tiktok creators and something like three of the top ten or dentists and then a couple other were doctors and it's usually young doctors who talk who make jokes and lifestyle content on tiktok all about like the doctor lifestyle so they make jokes at like you and i probably don't understand but i don't maybe like a joke about like sleeping at the hospital or something and they they've gotten millions of file followers so i think there's a world where you could do that and sell a high end membership that's thousands of dollars and do exactly what you're saying i i completely agree with i think this could be a good business i don't think you could to do it i think it'd be real if you did it full time you maybe could do it in a year but yeah it's a this is a good business you're part of a white coat investment yeah i'm look at the facebook group you're part of this facebook love joining random niche facebook groups like this so see seventy seven thousand members i can i i would bet my life i could make three to five million dollars a year with a facebook group for doctor investors oh it's a okay listen it's even better it's a closed facebook group that gives physicians dentists physical therapist attorneys pharmacists and other similar high come high income professionals it it basically helps them but dude how did you get into this did you tell them that you're a lawyer i said it was a doctor i'm but look at i like i look like obviously because you're indian yeah yeah it's a auto accept bro yeah oh curry yeah right this way and you're waiting for you that's awesome this is the i agree with you winning winning idea so if somebody wants to make a plan on this white code investor side i would love you know buy this website and do something with it or if somebody wants to make a group that's like this and go for it dm me or email me or email sam and let's let's see is a good one yeah and he they also have conferences so they have a a white coat investor conference right it's a this is a good this is i completely agree agree with you you know who could have crushed this niche and they didn't want to was our buddy that what's the youtuber ollie what's the last name yeah he could have done this yeah i agree yeah he chose like a worse market he's like i'll teach people how to pick he's like youtubers how to be better at youtube he's like teach doctors how to be better at money like we bet way way better if you if you if you're not passionate about the other alright look okay second idea so it sounds like you like the first one here's the second idea the family i would say i love the first one when we legacy summit okay so basically there's a huge number of businesses that are owned by you know kinda like boomer generation that they would love if their kids would take on their business and like kind of grow it kids maybe maybe interested maybe not the kid kind of feels like oh i should i guess that's a smart move but i just don't care about you know where the you know making treadmill or whatever we do you know like our family business so they're kinda one foot in one foot out but but even then they're like okay the parents are like alright no problem you don't have to take it over but like i kinda do something with this and you should know how this works in case i cro and like you know you should know how the books work and like you should know some things so basically what you do is through some kind of cold outreach to boom our own businesses you're gonna offer them an invite to the family legacy summit it is a two day conference in florida where you're gonna have it's gotta be our orlando gotta be in or short lauderdale exactly like you know you probably reasons the local jo lauderdale or orlando yeah we get it there's gotta be a buffet understood exactly family legacy of it all you could eat of course yeah yeah with new balance white sneaker allow basically seeing since cycle the lot yeah preferred diaper yeah sunday lounge where no service you gotta have your yourself my checking in so basically you invite people out there and it's just education it's just a give give give maybe there's some ticket thing to cover the calls maybe of sponsors i think you could cover the whole cause of sponsors but it's just invite only your business has to be of a certain level of maturity so it's you know doing over a million dollars a year you you're family business who's thought about this question if should we pass it down or not you and your kids come out so they come out and at that you're gonna do a couple things this is now this is now the door that opens more doors so you could up upsell them some services so estate planning accounting whatever that sort of thing you could offer like upsell mastermind or like a kind of a a a master's program which is like for the kid to like take it over or whatever or something like that you could just buy businesses that like the kids aren't i gonna do this is lead gen for amazing businesses that you could potentially buy out and you sell those leads to private equity or you buy them yourself and and yeah it's a way to build a power network in like one year you'd have like some amazing connections because there's gonna be a guy who owns you know a fur you know would a wood furniture company in tennessee that makes twenty two million dollars a year and like those people will be your buddies because you're actually helping them with like a one of their core life problems that they have which is what do i do with my business in this like stinking kid who's not not taking action do you remember brent bay shore he came on our pod what's his what's the name of his thing permanent equity i think not an equity permanent equity he's based out a columbia missouri he has his conference every a year called capital camp yeah which is a great name and how is he doing he's basically doing this is it well he's buying boomer businesses how's is that going i think it's going phenomenal i think it's going absolutely great and our friend c of which i think we're both investors during ventures is doing a similar thing it's maybe it's a little bit smaller but it's well it's just new also newer yeah and they are buying like can we talk about what they bought they've come on the pod before and they're pretty public about stuff so they're buying companies like cool pool construction companies so it's like you know pools or this like amazing business that you could you could do and they bought one and like they could called dolphin pools or something like that they bought it in arizona it crush it they they hired this one operator who's like really good who took it over from the the original owner the the boomer owner and basically it's grown like crazy and that's like the one of their cash cows now and i and they also bought a internet web like i got in the country like they don't have like at and t or time warner or whatever they they have like local providers and they bought one of those and it's doing well and i have family members so my dad's an entrepreneur they're five kids they bought five different yeah bunch internet service providers and they're all doing i think pretty good and so my dad owns a small business that none of his family is taking over my father owns a small business who and it is a really it's a killer business i mean and they he somehow the our our new brother law is now gonna take it over and seeing the turmoil that he had to go through in order to he was like well i spent forty years building this thing and i guess if no one that i love wants it i'm just gonna shut it down yeah and and it was like kinda tragic and it's like i'm literally willing to give this to a family member and they can make many millions of dollars a year if they wanted to do this it's just it's it's free you could have it shut and people didn't wanna do it and so i've seen this process and it is like an emotional it's it's a really it's it's a huge challenge and this is very a very interesting market there's some stats about how many do you know how many boomers are retiring and like the some absurd number it's it's absurd it's like it's like it's like a quarter of the the country like or or a third of the country biggest wealth transfers of all time it's about to happen it's the like that that group people when they passed down there and it's gonna it's like many trillions of dollars i think i don't know if that's that might be hyper but i i think it's something like that some ridiculous number and then that's like a lot of people that are just not gonna have to work but also don't know what to do with it and similarly there's many many businesses that was when enduring first pitched it they were like they just show me the stats they're like there are this many boomer businesses where they want to retire they don't wanna run their business anymore and their kids don't wanna take it over and like those businesses are up for grabs and they're like too small like they're not sexy as a startup and they're too small for big private equity and so we're gonna be like basically like permanent equity where they're gonna be they're just gonna buy it and hold these amazing businesses for a very long time and they keep doing that one after another like i think c and xavier they they've rolled up like almost a hundred million dollars of business equity off of a two million dollar starting equity amount time like we yeah we are it is crazy i i invested what i didn't have a lot of money when i first invested in so but at the time it was like ten or fifteen thousand i or something like that i invested it was like that was a big deal for me tell you what happened investment in it it's just been like it just been growing growing and growing no so they so they were like they're like sean they're like you helped us like think through this idea and like they knew like i like this stuff i'll be helpful along the way so they're like you know we wanna offer you like if you invest we'll also offer you like an invest an adviser or like like an advisory grant that'll just match your investment and and i think they thought i was gonna do like you forgot to file a paperwork no no no i think they thought i was gonna put in like twenty five k or like max or like twenty k something like so they're like okay you got like twenty k equity will give you twenty k worth of adviser shares but i was like a big believer in what they're were doing i put in two hundred thousand and then they were like they're like oh and i was like look you don't have to like i get it you don't have to give me two hundred thousand of adviser shares but xavier was like nope a deal is a deal and like i was like we didn't sign anything and like dude i'm totally okay with it but he's like no like like we will we will honor that and also like i know you'll like you'll deliver and so since then i've had this like 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 for this one like for this act of goodwill i am like i will i see your goodwill and i raise you ten times goodwill on my own side it's gonna that's gonna end up being a a great one of your better investments i would think depending on i don't know when you got in if were you with very big people were you both yes then that's gonna i think it's gonna correct exactly i i think already unless conservatively that's probably up twenty x you know like something like that in valuation you think that's up twenty x because if they go raise now they basically have i don't know exact numbers but like somewhere between twenty five to fifty million of revenue the closer to fifty million in revenue from these businesses now but they've acquired off of two million an that's crazy