Morning Brew Daily - We Rated Your Craziest Business Ideas

Episode Date: November 10, 2023

Neal and Toby pitch the craziest business ideas submitted by listeners to Money With Katie and Tara Reed from 'BOSSY', and the girls share if they would be IN, or OUT. Listen to BOSSY on Spotify, Apple, watch on YouTube or find it wherever you get your podcasts Listen to Morning Brew Daily Here: https://link.chtbl.com/MBD Watch Morning Brew Daily Here: https://www.youtube.com/@MorningBrewDailyShow Learn more about your ad choices. Visit megaphone.fm/adchoices

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pwc.com slash U.S. slash brew AI. That's pwc.com slash us slash brewaI. Good morning brew daily show. I'm Neil Fryman. And I'm Toby Howell. On today's pod, no news. We've got a special episode lined up to discuss listeners' startup ideas with two incredible guests. From a niche BMW marketplaces to hair vacuums, we'll cover some of the best and worst ideas that you all submitted. It's Friday, November 10th. Let's ride.

Tomorrow is Veterans Day here in the United States, but since it takes place on a Saturday, it's observed as a federal holiday today. First of all, before we start the show, a huge shout out and thank you to all the veterans of the U.S. Armed Forces on your special day. Since this is not a typical day, we are not doing a typical podcast. We brought on Tara Reid and Money with Katie to chat about entrepreneurship, specifically the startup ideas you've graciously sent into us. Tara and Katie host Bossie, a new podcast from the Brew that focuses on female leadership

and business building. So if there's anyone who has a good instinct for the next Unicorn startup, it's them. So let's get into it. Katie and Tara, thanks for coming on the show. Thanks for having us. Yeah, thanks for having us. So you do have this new show out called Bossy. Amazing content.

I highly recommend. But that word bossy evokes a lot of emotions in people. How did you land on that as a name for the show? Well, I love that you highlighted that it evokes a lot of emotion because I think that's kind of why we picked it. Just, you know, the funny way in which young girls that tend to exhibit leadership qualities quickly get labeled as bossy. And so we're like, what could we do there? Because there's a bit of a double entendre, I think. Yeah.

And I think we are just playing with reclaiming that word. And we are bosses and our own businesses. And we're really talking about leaning into your inner boss on our show. I love that. And I love that we have the two, the bossy hosts themselves in studio with us. and we got a great show ahead of us. Yeah, so hear out how it's going to work. Toby and I are going to give a quick elevator pitch

of a startup idea from one of our listeners, and then we'll have a little discussion among the four of us around it, and at the end, Tara and Katie, you're going to have to say whether you're in or you're out on it. Okay, great. So here we go.

The first idea comes from listener Peter Slivich. He is creating a social media-based marketplace specifically for BMWM models. The word niche is overused these days, but I'd say it's pretty appropriate here. The community called M-List has gained thousands of followers across Instagram and Facebook, and Peter claims the demand for such a marketplace is immense among enthusiasts. It does not charge any money to list or promote listings,

and he aims to make money from donations or sponsorships. Katie, you're an aspiring M-Series owner. Would you join M-List? You know what? I think so. I like this idea a lot, I think, first and foremost, because the clientele he's after, the users he's going after, are very low-priced sensitivity.

Yeah, they have that money. So they are ready to spend, right? And they're enthusiasts. If you're gonna buy an M-Series BMW, you are ready to spend money, you know what you're doing, and you're probably really into cars in that particular car. So I think this is a really valuable niche to go after. What do you think?

What do you think in M-Series costs? Oh, gosh. I actually don't know. Because every single BMW they make comes in like the M model. It's like a pricier BMW. It's like a souped up version. Yep, yep. I really love how scrappy Peter's been with like creating the first version of this product.

Right. It's straight to social media got followers and was like, doesn't even have a website yet. It doesn't really matter. I love that. It reminds me so much. And I actually looked on his Instagram. So if you click on the link on the Instagram, it opens up this like Google form where you fill out information. about the car, like your needs.

And I love just using just like off-the-shelf tools, things you already have to get something going. Both of you have created communities kind of around your brands in the past. Do you think that this one has the chance to be monetized in its current state or do you think it has to get bigger? Right now he says there's around 7,000 followers across platforms. Do you think he can start monetizing right now? So it reminds me quite a bit of this guy named Doug Demiro.

Have you all heard of him? I've seen him, yeah. Okay. So he was just a YouTube car reviewer, but he was super enthusiastic. People loved his recommendations. They really trusted him. He built cars and bids. And so he basically built a car marketplace, like a Carvana or a CarMax.

But I think they're doing like $300 million in revenue a year. I mean, it's just unbelievable. So I think that even though this is going to be a much smaller population, because you're just talking about one specific type of one specific brand, these are high intent. people, right? And they're really into what they're buying and selling. So I kind of think that would be potentially the most lucrative route as opposed to an advertising model. But I think an advertising model could work. I don't know that I love the donation model. I feel like you probably have thoughts about that. I definitely don't love the donation model, right? So he said he wants to make money primarily from donations. I think there are some people who can do this, like who pull this off.

Wikipedia pulls this off as a business model. They're a foundation. They have a foundation. They have of millions, maybe $150 million in revenue. And on average, people pay $15 as their donation. But you've got to get a lot of $15. And ask a lot. And ask a lot. Like when you go on Wikipedia, it's like huge space at the very top. You've got to like scroll to get past it.

I don't know that we want like donations to be the business model. That's particularly when the customers are willing to pay. Like it's not like your customers don't have willingness to pay. They've got high willingness to pay. So I think I like the advertising business model over the donations for sure. This is such good advice. All right, so what I'm hearing is maybe you're in,

but you'd like to have a strategic advisor role to discuss monetization on Peter's board. I do think commissions would be huge commissions on the sales. I think you could do a pretty good business. I also think that there's a lot of accessories in this space. Like my dad bought a used BMW at one point, and he was always tinkering with it in the garage,

and there were so many, like, the 303 wipes and all the different cleaning things. And he's like rewiring the speakers. And so I think that, like, those are very niche advertisers that are probably going to have a hard time reaching that audience any other way. So I think it could work that way too. So much of a business's success is about the founder being willing to get out of their own way and do the thing to charge the money. So I think provided that we had a conversation with Peter and he was open to that, I'm in. This is the conversation, Peter, right there.

Yeah. Okay. Up next is an idea for an app that centralizes influencers discount codes from Bridge Bullard. here's their spiel. We all see those shameless plugs for influencers sponsors, but how often do we actually stop in that moment and use their code? We need an app that can pull influencer discount codes, centralize all of them, and apply them to a product when you're checking out. It'll be perfect for selling ads directly on the app as well, since people will be on it in buying mode already. Katie and Tara, as somewhat of influencers yourself, so what are your thoughts on this? I think as a product, it's a really straightforward.

one to build. I teach people how to build apps and so I know this space really well. I think there's a huge opportunity in analytics and tracking. So if you, whenever you have data and numbers around what people click when they're interested in buying, how many times that they click, you can really set that up to monetize. So I like that. And I also think you can use these like off-the-shelf, no-code app building tools to get something like this built in like a week or two. So you like the data side of it a lot. I like the data side of it a lot. And I like the ease of getting it out to customers. And I think I like also that influencers are also going to be willing to participate in this too. And there's a good monetization opportunity there. I love that. Katie?

I think it occurred to me that it strikes me as being very similar to honey, which makes money off commissions. I think the opportunity to differentiate for influencers and capitalizing on the creator economy is very interesting. But I do think it's a double-edged sword because typically these brands that work with influencers work with a lot of them. and they're going to give everybody the same discount. So I think you're going to have a handful of brands that are going to have 50 codes, and then every other brand that's not doing influencer marketing isn't going to have any. So I think that that could be a challenge,

but I do think that there's an opportunity to capitalize on that a little bit. If you were to get the network effects and the scale of getting enough users on the platform, you could theoretically have it be a bit of a pay-to-play where the influencers have to give you, give you a little bit of money to float their code to the top so that theirs is the first one in the list that pops up. I could see that working. Yelp does that really well. So you like claim your business. It's already there probably.

You claim it and then you can promote it to the top. So that's interesting. Yeah. You guys have said on your show that if no one's building in the space, then it's probably not a good sign. So even though there are things like Honey out there and I mean, I guess Yelp out there as well, it does seem like this person is on onto something with this. Yeah. But they've got a niche perspective on it. We say the riches are in the niches, right?

Is it niche or niche? I say niche, but. I try to not say the word at all. That's a better stance. Yeah. Okay, so. All right, so are you in our out on this coupon? I'm in on this situation.

I think I'm in provided. It's like a browser plug-in or like an aggregator, a site. I think an app that is itself shoppable is up. I don't actually know how you would execute that. All right. Okay, this next idea is also in the creator space. It's an only fan style platform for learning. And it's from Mendel Vogel.

On the one hand, you have influencers on TikTok and Instagram, educating people about topics in their wheelhouse. And on the other side, you have bigger subscription education sites like UDEMI. You combine these forces together into a creator-friendly platform that allows people to actually feel connected to the person you're learning from. So it seems like a play to democratize education. what do you think? I feel like this one's a bit of an uphill battle only because I think your competitive set is Instagram, TikTok, YouTube, these sites that have billions of monthly active users.

I think that's going to be really tough. I also am a little concerned that the creators that have the big audiences or who will have the big audiences probably want to own the means of production a little bit more. So I almost would think about this more in the realm of like a riff on something like Qajabi, those course hosting platforms that already exist, but maybe with some enhanced features and functionality that are going to allow a little bit more direct interaction. But I do, I think it's going to be tough to compete with like the social media heavy hitters. Not just social media heavy hitters, but also all the Qajabi's and all the education platforms too. I think that AI is going to really disrupt this space.

I think it's going to happen in two different places. One, I think educators are going to be using AI a lot more for like the activities, the lessons, the ways that you learn, instead of you having to do a bunch of lessons, it generates things for you. But also I think we're going to see a lot more of like you just talking to the AI character and it teaching you or influencing you or talking to you. And I have this feature actually that I have access to. Did you guys have access to this on Instagram where you can chat with? someone about your like common interests. Have you seen that? We've talked about it but I don't have interest. I don't have the I don't have interest. It's a little it's strange. Okay so I'll tell you why it's

strange and why it relates to this. So you see a bunch of famous faces. Um, there's like Charlie D'emillo on there and you click on it but it's not actually Charlie. It's somebody else's name and you chat with them but they like dancing or they like social media, right? I think this is Instagram lining themselves up to make this available to influencers so that, they can now chat with everybody. You get your own like Tobybot. You get to like just chat with them. And I think that the social media platforms are coming for this space hard.

And so I'm out only because it's just so easy to get trampled by Facebook. Yeah. But okay, so the example that this person cited was Miss Excel, for instance, who is a great educator. And some people really have a ton of affinity towards her. So don't you think that someone would pay to chat with her one-on-one, get that one-on-one? a kind of attention and that having a platform that facilitates that really easily would be something that Miss Excel

would like as well. Or do we think that it's still just a little too competitive of a space? You're saying chatting with the real Miss Excel. Yeah, the real Miss Excel. Like the real person?

The real Miss Excel. I think we're so close to the space where chatting with the real is just going to be AI. That's not scalable for Miss Excel to do past. She probably has the team helping their emails on their own. So I think we're just,

we're so close to just the chat being the AI conversation, and that's so easy to just get like disrupted on. I do think the opportunity here, though, is white labeling. So like white labeling is like you take the app, you take your logo off of the app and put the customer, someone who wants to have their own version of the app,

you put Ms. Excel's logo on it. So now Ms. Excel has her own white labeled version of the app that's hers. I think that is competitive because now I don't have to share all of my data with Instagram and now I don't own it. I get all the email addresses, all the phone numbers of everybody who wants to text and chat with me.

That, I think, is an interesting angle in, and people will pay premium price points for that white-labeled product. I like that. I think you can help with that, too, right? We just talked about on the show about how the rise in homeschooling and how everything, you know, the traditional public education system is being disrupted right now. And we didn't even talk about the effects of AI and technology on that. It was more about the politics coming into schools.

Interesting. Hearing you, it's like, I'm thinking, man, AI is going to change everything about education with the personal tutors and chatbots and things like that. Okay, this final idea is from Kelly Walker, and it is Carfax for horses. She says, I want to create something similar to Carfax, but for horses. This will make purchasing a horse more convenient by being able to pull the history of the horse and no past injuries and illnesses. Usually when purchasing a horse over $5,000, you would do what's called a PPE, which is a pre-purchase. exam, which includes things like x-rays and blood tests, but doesn't cover all previous injuries or illnesses.

This would be huge in the equestrian industry. However, and this is her saying, I am stuck on how to get going and how to find funding. Katie or Tara, I don't know if either one of you guys are horse lovers and want to jump in and grab this, but what advice do you have for Kelly? So I actually have a few friends who are horse lovers. Horse girls. Horse girls, if you will. I think they would love this.

So I know the question is more about how to get started. It sounds like she knows that it's a good idea. But I think I just want to highlight, you know, this is a very stressful purchase. And stressful in a way that like buying a car really isn't because there's a living creature involved. So that kind of elevates the, it ups the ante a little bit. But it's also an infrequent purchase also like a car. So it's not like you're going to have a lot of repetitive customers most likely. it's probably going to be one and done every few years.

I don't know. How often do you buy horses? I think it's rare that someone just has one horse. No, if a horse, you got a couple of horses. I didn't know that you owned your own horse for equestrian competition. I thought you go to a ranch or something and you, you know, your horse lives there and you just go, yeah, rent it or lease it or. Uber for horses. I think when you're serious.

I feel icky about this. When you're serious, you own the horse, I think. Really? Yeah. Okay. So what I think is important to say about getting started because the question was, where do I get started? And also, how do I get funding? What came immediately after?

And so quickly we tack those things together. I think the main thing you should do and get started is not go try to get funding and to figure out how to get some revenue generated first. When you go get funding first, you have to determine the value of the company. And you don't even know what you have yet. So it's way too early to price the value of the company and also give away equity. I think that because this is like a high price point purchase of horses $5,000 plus, right? People are willing to pay money in this process. I think Carfax makes money by like selling you the report.

And I think it's maybe like a $39, $59 report. Even if you just did like that kind of price point, you need like 1,700 customers to make $100,000 with this idea. So I think like the idea is to get going and actually maybe go find some people go on LinkedIn, go on social media, find people who are like horse lovers, horse owners, message them and DM them. I know that feels uncomfortable to do it, but that's how you start a business, right? You like start talking to people about it and go get some customers and ask them, like, hey, is this something you're willing to pay for?

Because I don't think you should go for funding first. It sounds like Kelly from the horses needs to talk to Peter from the BMW and maybe talk to each other, get some pointed because, yeah, that's kind of what you're describing, right? There's this concept, the MVP, the minimum viable product. So we had talked on Bossy about how sometimes when you have an idea for a business and you're not really sure how to execute the grandest version of that business, starting in a consulting or a services framework can be really useful. Because then to Tara's point, you're talking to your ideal customers, you're getting a sense for how much they're willing to pay for it. You don't really need some complicated tech stack because you're really just communicating with someone. And she had mentioned in her question about the microchipping process.

So it occurs to me that part of the startup confusion might be around how does she access that data. I think that might be a bit of a roadblock. But I think that even talking with vets and making connections with, you know, these horse vets could also be a source of intel for her. And just starting like regionally or starting in her area first and not worrying about, okay, how would I do this for the entire country, but how can I do this for, like, my city and the people that are buying horses here? Start small, get bigger from there.

Great advice. Okay, guys, that was fun, but we're going to take a quick break, and right after it, we're going to do a rapid fire round. It's time to refresh your yard during spring backyard days at the Home Depot. Get low prices guaranteed on propane grills

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Learn more at Windows.com slash student offer. While supplies last ends June 30th, terms at AKA.m.m.S. slash college PC. All right, we're going to move on to our next segment and we're going to go a little bit more rapid fire. We're going to give you a brief description of a business idea and I want you two to give me your one or two sentence review on whether or not they're onto something or not. no pressure, but whatever you say about these ideas could shape the entire futures of some MBD listeners. Oh my gosh. Are you two ready? Yeah, let's do it.

Okay, up first we have tofu chips. Tofu chips from Dove. His reasoning is that they can be any flavor, have a ton of protein, and a great taste and texture if seasoned well. One sentence thoughts on tofu chips. Why not? I've been thinking more about the business model than the actual food. I think it's hard to produce and CPG is hard. Okay, so they're a little if you have Togby chips.

Okay, Will Little proposed a yoga mat that rolls up into a foam roller, so two-for-one exercise deal. I feel like both of those items are pretty cheap, so I feel like people are probably just going to get both, but I don't even know what you use the foam roller for. Toby, show me how to use it, but you put it against your muscle and you press really hard and it gets the knots out. You're rolling on it on the ground. Like, you lay down, it's great for, like, your ham. I feel like my boyfriend would love this, though. I just like roll it around loving it. It's definitely the same style of customer.

Right. Yeah. But it's also, yeah, you can get both very easily as well. Okay, up next, Kelly Everly has an idea for a refill shop. You go there to refill shampoo bottles, hand soap, basically anything that gets empties and can be refilled. Oh, I love this as a B2B idea. That's really interesting. Less for consumer, but more for like if I have a bunch of Airbnbs, if I have like a

cleaning service even. Like, that's really interesting. I think sustainability is very hot right now, so I'm in. Yeah, I'm just thinking of those balsamic vinegar or olive oil stores in very touristy areas where they have the big vats and you fill them up. And instead of olive oil, it's just shampoo and lotion. I like that. That's a very fancy version of the balsamic.

Okay. Okay, this is one I don't have any insight into, but a hair vacuum that takes all the hair out when you're brushing your hair so it doesn't get on the brush. I'm Jenny. Absolutely, I'm into it. Wait, so it doesn't get on the brush. Fentially, I'm confused. I know, does it?

Wait, I miss that part, so it doesn't get on the brush. It's literally a vacuum. Sucking in your head. I thought about when you go to the dentist and they have the suck going on at the same time, so it takes all the liquid out. I've seen this product and it's sort of like, it almost like, there's like a hair straightener

and it like pulls and as it pulls, it straightens your hair. So there's no brush involved. Do you just like stick your hair in it like does this thing? Is it Dyson? Doesn't Dyson already have that? Well, if they're listening, they're gonna come up with a $500 version of it.

Oh, absolutely. I like it. I like it. I'm here for it. Okay, Elandra has an idea for a service that deletes videos and pictures of your ex off your social media accounts for you. I believe very firmly that, like, you should not feel that angsty about your breakup. And, like, you both were adults.

It didn't work out, but you can still have love. So, like, I'm not into the anger about that I got to delete them. Such a mature stance on that. I am here for the petty. So I'm in. It is so nice because sometimes you don't want to go and relive all those bad memories, so it just wipes it all for you. I mean, AI, face recognition technology.

Yeah, you could totally do it. Okay, Danny Grimmig suggests a grocery management app that keeps a digital database of what is in your fridge and pantry. When you go to create a grocery list, you are able to select a meal from a recipe database, and the app will create the grocery list for you taking into account what you already have in your kitchen. I would love that. Are you a home cook? Yeah, that would be huge. be huge. I don't know how you're going to build it, but I'm into it.

How many times have I gone to the grocery store and got something that I have in my pantry just because I was too lazy to look? I have 14 ketchup bottles in my fridge right now. The one thing I will say is I hear this idea very frequently and it's hard to like get it into market. It's not hard to make. It's really easy to make. It's hard to like get people going with it. I can say personally I would never spend the time writing down the inventory of what I have. That's just not something I would spend my time on. Couldn't you take a picture and then AI would index it for?

You think my pantry is clean enough where I was able to recognize what is that? Right, face all the labels. Sorry. Okay, up next. This one's hilarious. Lauren Hill wrote simply chair pants. That was it. No other context, just chair pants. Unicorn. So do that what you will. Chair. What's a chair? That's what I'm trying to think. It's pants that you can, if you sit back, there's like legs that pop out and you can, you just have a chair anywhere. You could call it chair anywhere. Okay, I'm here for the fashion over the function, so I'm a no on the chair pants.

They don't sound that cool. It doesn't sound cool or comfortable at all. Although the one, it's a novelty thing. You know what's no trends? Yeah, trends come and go. I feel like if Kim Kay started wearing some chair pants, they'd be hot real quick. And Joel and B'd starts wearing Skechers on an NBA court. than chair pants.

Geph has done a great job with that rebrand. Yeah. But this is what I was thinking about. There's been some sample sales out in front of our office where people go there and wait for hours and some people forget chairs. You bring your chair pants. You just sit down right on your chair pants and then you wait for the sample sale line to go. Concert. It's a very, very niche market.

It's functional. All right. This final one is from Aditya. It's called Side Chick, and it's a food truck that sets up next to Chick-fil-A when it's closed on Sundays. That would make a lot of money. I think that is fantastic. I think that's the best business idea I've heard in a long time. That's funny.

You gotta be excited. That's an interesting one too because I feel like Chick-fil-A might come for you for the name, but they may not be able to because side-chick can't own that. And they, I mean, what could they really, what could they really come after you for? Because they don't even sell the chicken on Sundays. It's not like you're a competitor. Yeah, but I feel like this person is imagining they set up in the parking lot, which doesn't feel legal. You'd have to set up.

near it. You can get a nearby license to have your food truck there. I think if you get forgiveness, not permission. This is a real estate game, but like so is McDonald's business model. So like I think this is a good one. Side check. Love it. Okay, for our final segment, Neil and I have both come up with an idea for you guys to either roast or to toast. We'll both present our ideas and you guys give your feedback and then at the end you decide who you'd invest in. It's not a competition, but it might be. All right, Neil, I won the pre-show game of cribbage, so I'm up first. And my idea is a social recommendations app.

So I came up with this idea because so many people tell us that they heard about Morning Brew Daily through one of their friends. I'm sure you guys have heard this from Bossie listeners as well. Friends are great sources of recommendations. So I want to make an app where I can follow people specifically for their recommendations. There would be kind of an evergreen tab

where I can see Neil's top Thai restaurants in New York City or a wallet that Tara loves or Katie's favorite running shoes, as well as more timely. recommendations like what you guys thought of the Barbie movie or the new Drake album. So it's a little bit like Pinterest meets Instagram meets just general influencing. So Sharks, with so much stuff out there all the time, creation is becoming more valuable than ever. So my app called, I guess, curate, is meeting that demand. I'm selling 51% of the company for 20 bucks. Are you in or are you out? I'm in. Something's wrong if you're selling 51%. That means you have low faith in.

I don't have a lot of faith in it. I was in until the 51% years. I think this is a great idea. I really do because the word of mouth thing is huge and no one has really been able to figure out how to monetize word of mouth. And so if you could also make money, like if normal people, not just influencers could make money off of their recommendations, I think people would use it. I think it's a really good idea, too, actually, by the way, I was joking at you. I think it's a really good idea. I think there's a lot of different ways to monetize it.

And I think also people who are influencers, there's so many people who want to be influenced. influencers too, that, like, there's so much monetization there. I think it's super smart. I just think you shouldn't give away 51%. I know. I know. I'm giving you guys a bargain. I love that you win there. It's a friends and family deal. Right. Exactly. No, I think it signals as an investor. It signals something's wrong for me. Oh, I'm going to own, you know. A decimal points. It was two million. Oh, darn. There you go. That's a good idea, Toby. It's not as good as mine. Mine is called shop for me. And it's a two-sided marketplace that matches people who are less stylistically inclined with others who love shopping, especially if it's not their money.

I think there's demand for this from both sides. A ton of guys I know, myself included, want to look good, but don't either know where to start or don't want to invest the time actually shopping. And when I've complained about this in the office, many people have chirped up to say, oh, I'd love to shop for you. So imagine if they could do that and make money as a side hustle. So it'd be an app where I'd choose a general style, select a budget, and I'd get matched up with a shopper who'd either recommend clothes to me from an e-commerce platform or we'd go physically

shopping together and you meet a new friend along the way. And I suppose it's the next evolution of Stitch Fix or other online personal styling services. But instead of a company choosing your clothes from a limited number of brands, you match up with a real person who has the world's inventory at their disposal and you can build a relationship with. I feel like if you're a good stylist, you'd be able to make a lot of money from this and it'd be a huge help to people like me to offload clothing decisions to someone who knows what they're doing. I'm asking for $20 million investment for 2% of the company at a $1 billion valuation. See, now whose idea do you like for?

Okay, I think the idea is great. I actually have regularly am on Pinterest and I have Pinterest boards for all of my friends where when I, because I like to just scroll and shop and so I make Pinterest boards for my friends with ideas. So I think I would use it as a consumer on both sides, right, to have people pick for me and I would pick for other people. I like it as a business idea a lot. I don't know about the valuation, but I like the business idea.

Katie, what do you think? I agree. I have actually also had that same thought of like, I want someone to dress me. I don't want to be the one that has to make these decisions. I think the only potential hiccup that I see is that I don't know how often. Like, would you have a lot of repeat customers or is it going to be? It would be interesting just to see how people use it. Right?

Like, are you going to get like one big new wardrobe or are you going to every other weekend? like, hey, I need an outfit for this event, which if it's the latter, I think you might be on to something. Yeah. I was thinking, you know, Toby and I went to a lot of weddings this summer, and we were always like, oh, my God, we need a tuxedo now. We need a, we need another suit. Like, I also have this Saturday night function.

So I was thinking in terms of those events as well as just like, yeah, well, winter's coming. I got to get, you know, sweaters or whatever else people wear in the winter. It could be the thing. You mentioned the relationship aspect. If you like your shopper, then it could be the thing where you send your shopper fits and they say, hey, I mean, you pay them five bucks for month or something for advice on a date coming up, which outfit should I put together? So maybe it is like this ongoing

kind of subscription and as a shopper you have like all your little minions asking you for advice all the time. This is one of the challenges rent the runway has to figure out what their business model. They have two different versions of their plan. One is like an ongoing subscription and the other is just like just one time for a four day rental and eight day rental for a wedding kind of thing. I think in general you want the customer that's not going to do the just for the wedding just one time. Right. Right. All right.

We have to end it there. Who are they investing in them? Oh, yes. You have to make your decision. No pressure, but. Well, I have $100. Okay. So I'm going to split at $50.

Wow. Very diplomatic. I'm going with Neil's idea. Yeah. Let's go. You have $50, though, to invest in your company. You have half my company. I do not have an entrepreneur.

Eurobone. So listen to you all. It's very enlightening. But we do have to end it there. What a blast. Thank you both for joining us. And to our listeners, definitely go check out Bossie, wherever you get your podcast for all these insights and more. And I hope that some of you are at least inspired to take the leap and move forward on the business

idea you've been keeping secret for so long. Let us know what you thought about this show at our email Morning Brew Daily at Morningbrew.com. Let's roll the credits. Emily Milliron is our editor and producer. Samantha Velas is our associate producer. Eugenua Ogu is. is our technical director.

Billy Minino is on audio. Hair and makeup is leading the series A in shop for me. New I can count on you. Devin Emory is our chief content officer and our show is a production of Morning Brew. Katie Tara, thanks for joining us. I wish you all well. Thank you.

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