What Businesses Will Never Stop Making Money?

0:00Are there any obvious businesses that have emerged in your point of view because of what's going on in the world that a young person that wants to cut their teeth should probably be aiming at? 15 years ago for me it was starting an agency. I think that opportunity is a little bit saturated now, if I dare I say. >> I think that the nature of agencies has changed. I think you like if you want to do like a Reddit reputation management now that's kind of a more emerging offer because Reddit's become a bigger and bigger platform and people look there.

0:26Like I think that the old school meta ad agency might be harder to crack into than some of the more newer opportunities that exist and clipping agencies, things like those things are still opportunities right now, I think. So, if we have beginner opportunities and then we have what I think are great opportunities that are let's just say non just AI cuz there's the obvious answer of like start an AI thing and automate for small businesses and yes, you should absolutely do that and then there's lots of money to be made there. Great. Okay. Outside of that, what's not going to change? What can you bet on?

0:53I'm going to bet that humans are going to want to still want to look beautiful in the future [clears throat] as they do now. I think people are going to want to stay young looking. And so, I think the longevity med spa, look a certain way, peptide, all of that world is going to crush and is already crushing right now. There's a huge supply demand issue. Believe it or not, I think wealth um advisors, I can cuz I see so many businesses and ones I pay attention to are the people who are making more money than I think their skill level um would connote, right? Would would would make sense for like on the flip side I say like if I see somebody who's who's doing $20 a year as a restaurateur, I'm like, bro, you could probably do 200 million a year in a different business.

1:35Um I had a conversation with a gym owner that was doing $10 million a year and it was a service-based gym, not a facility usage gym, which is different. Like a Crunch Fitness is just like you use the equipment, whatever, but a true service-based gym, which is either personal training or semi-private training, really hard business to scale. Easy to start, hard to scale. And he's like, what do I think, you know, what do you think the the opportunities for me? I was like, honestly, dude, you could take your exact skill set cuz you've got 100 employees and you're trying to deliver an amazing experience but with low-skilled labor. You have to maintain culture. There's all of this stuff that you have to do. It's like if you took that same skillset and just applied it to a superior vehicle, you'd make more.

2:09Now, you might not want that and you might be happy with your existing business, which keep on. Just know that it's a harder it's a harder business. So, all that to say, I think wealth is a big bucket. Um wealth-related services are still crushing. Insurance, risk is still going to exist in the future. >> Mhm. >> So, there's going to need to be insurance. People are going to need to to fractionalize risk, which is what insurance functionally does. The longevity, looking nice is one. And then anything that's not cool has like a discount applied to it is always something that's very interesting to look at. It's kind of like trash. Like no one wants to be like, "Oh, so what do you do?" It's like, "I I'm in trash."

2:44You know, like it just it doesn't have the same gravitas as I'm a doctor. Except that guy could be a billionaire. >> [laughter] >> Right? And so, if I look at like, "Oh, I I do, you know, I do waste management for old people." Like, you know, human fecal matter. It's like there someone's got to, you know, like someone's got to figure something out, right? And so, those are the types of businesses where it's like look where no one wants to look. Look at Look for things that people would not want to say at parties.