the bossbabe podcast - 397. Did We Just Start 4 Businesses?! Trends, Opportunities + Niches That Print Cash with Greg Isenberg + Natalie Ellis

Episode Date: July 6, 2024

Today’s episode had Natalie wanting to start 100 new businesses! From growing an audience, starting again from scratch, specific trends they are seeing right now in business to niches that print cash - Greg Isenberg + Natalie sat down to talk startup ideas that they think would crush it right now. If you’re looking for a little business inspo or a few new creative ideas to get your wheels turning, this episode is made for you. TIMESTAMPS 03:30 - Natalie’s Business Idea for Pregnant + Postpartum Women 07:00 - Building An Audience 10:30 - Social Capital + Building Trust 11:44 - Going The Extra Mile 14:50 - Starting Again From Scratch 17:00 - Startup Idea: Insurance for Social 22:00 - Startup Idea: Email List Insurance 28:45 - “Shoulder To Cry On” Business Trend 31:00 - Startup Idea: AI Financial Advisor 37:27 - Selling Peace of Mind For Niches 44:00 - Drop A Review To Unlock Our 7-Figure Operating System RESOURCES + LINKS Join The Société: Our Exclusive Membership To Help You Build A Freedom-Based Business. Get Our Weekly Newsletter & Get Insights From Natalie Every Single Week On All Things Strategy, Motherhood, Business Growth + More.  Drop Us A Review On The Podcast + Send Us A Screenshot & We’ll Send You Natalie’s 7-Figure Operating System Completely FREE (value $1,997)  FOLLOW bossbabe: @bossbabe.inc Natalie Ellis: @iamnatalie Greg Isenberg: @gregisenberg

Welcome back to the Boss Babe podcast. Okay, we have a slightly different episode for you this time. And I'm really excited about this one because it is something I've not done before. And it is all about startup ideas, things I would be doing if I wasn't currently running Boss Babe, CEO Mama, Glossy, and probably so many more things. And honestly, doing this episode made me want to start 100 new businesses. So I'm kind of hoping you'll listen and start it for me so I don't have to. But I recorded this with my friend

Greg Eisenberg, who has an awesome podcast, the Startup Ideas podcast, where he riffs on tons of different startup ideas. He has this growing list of startup ideas. And the concept is you talk about a startup idea, but then you practically talk about, okay, how would you get this thing off the ground? How would you actually build it? What would your strategy be? And the hope is that it just really gets your wheels turning, whether it's this kind of idea or you have a similar one and you want to think through the strategy of how would I actually execute this? So I'm really, really excited. And I want to tell you a little bit more about Greg. He's actually been on the podcast before and he's going to come back on again soon.

He is the CEO of Late Checkout, which is a holding company with a portfolio of internet businesses. So he starts each business as an internet audience or community. Greg is also a really epic startup founder. He had 5Buy, which was acquired by StumbleUpon by the co-founder of Uber. So at the time, StumbleUpon was one of the greatest, the largest social networks by traffic. And so he moved then from Montreal to San Francisco. Greg also founded Island which was acquired by WeWork and then he was briefly the head of product strategy at WeWork which is awesome.

He also had Wall Street Survivor which was the largest stock market game on the internet and he sold that to a private equity group. He's also advised companies like TikTok and Reddit on product and growth as they scaled and he is a wealth of knowledge when it comes to building scaling startups I mean the amount that he has done in the short time that he has been on this planet is mind-blowing and every time I get the chance to talk to him I'm so inspired and motivated what I also really love is the way he builds his business is very much like we talk about very much freedom-based businesses he prioritizes his freedom above all and I really admire that I admire people that are doing that and still taking really big swings in the world so with that this

is the episode that Ed on his podcast, and we decided to bring it over to ours because it was such a fun one to record. I hope you enjoy. Natalie Ellis, the queen of startup ideas herself, blessing us. Thank you for coming on. I'm excited about this. I love getting a chance to talk ideas like I always daydream about starting other businesses when I should not be starting any more businesses so this is a perfect excuse exactly this is for me this is fast food like this podcast is fast food in the sense like I need I need to get this out there it's my it's my guilty pleasure. I need to put these ideas out there. And I know you have some ideas for us. Yeah, I have loads. Tell me where you want me to start.

Wherever you want to start. You know what I've been thinking about lately is, obviously, just had a baby two years ago, and have been in my own postpartum health journey, which is, before I had a baby, I found it really easy to work out and be healthy and like do all the research. And I had more time than I have now. But since having a baby, I've realized for me, wellness is very much, it's mental health. It's your physical health. It's everything all in one. And I've been daydreaming about starting this company that's specific. Like I love a niche. I feel like you justreaming about starting this company that's specific like I love a niche I feel like you do I love a niche that's specifically for pregnant or postpartum women

to come and just tick every single box when it comes to health and make it so easy for them like I would love when I was pregnant for someone to just give me this all the list of like the mineral testing that I should be doing the gut testing the blood work and then have one person read the MRI like have one person read all the information and then give me a full plan based on that because I'm so used to going to different people for different things or I do feel like a lot of the companies out there that do this are very masculine and male focused and are like fast, cold planche, like all the things, which is great, but not necessarily what you want when you're in like that stage of your life. So that's, that's one idea that I have that I just wish someone would run with. I feel like you could

make it really high ticket, like make it expensive, put together these packages that, you know, you sell, you sell to fewer people, but you just give the best service and really take care of women and like take that one thing that's in their mind like all completely off their plate so i feel like any market where there's an overwhelming amount of information which is this and people willing to spend money which is is this. If you're newly pregnant, for example, you want to spend... It's all about your baby. And so I think checkbox, checkbox.

I think it could be really interesting if you did either a text or email. It's basically a newsletter or just a text every week like every week we're gonna send you a text and like here's what you need to know and and i you know and and just make it like remove the noise do you know what i mean yeah i could totally see that like they text and it's like here's the specific things you want to focus on this week and it's just done and you could maybe even text them back to get more specific advice like I'm having issues with this I'm having issues with

my milk supply I'm like because there's so like I remember when I was postpartum there was so many supplements I couldn't take but then you can't just like call your doctor every single time can I take this can I take this it's like having someone that you can just ask those questions to I feel like people would pay so much money to have that solved for them totally and then and then yeah i think once you there's a few ways where you can extend this business so one is of course you can go like after postpartum you can you know as the child gets older you have new needs so you can like extend it that way eventually you can you know as soon as someone gets pregnant, download this app or whatever. So you could extend it. I like that.

How would you actually grow something like this? So let's just say you wanted to build something like this. You've built Instagram audiences with three, four or five million followers, you know, probably hundreds of millions of views at this point. You've probably you've you've done eight figures in revenue from those audiences. Like, would you do an audience first approach with this? I think if I was to do this, what I would do is put together like a very detailed package and a very detailed person and I would just do direct reach out like actually email the person something like very compelling direct response like here's exactly what I'm going to do for you and just directly reach out to people get

them on calls and sell them in I would probably also do it for free to a bunch of influencers who have audiences of the women I'm going after like looking for influencers who have audience of women who are pregnant or newly postpartum and actually are looking to pay for a service like this but when I started CEO Mama which is a mastermind for seven to nine figure um mom, mom entrepreneurs. This was my approach. I literally wrote down in my notes app, all of the women that would be dream to have in. And I just reached out to them one by one. And it was so easy. Like they were like, this solves my problem. I sent like a seven minute loom video. They were like, this solves all my problems. Sign me up. So I feel like I'd probably

just do more of a sales approach than an audience approach with this one and really get that product market fit. Because I feel like people are going to come back and say, well, does it include this? Does it include this? I'm looking for this. And you can tailor what you're offering. But I feel like you could get to seven figures so fast just doing that with no audience at all.

And then if you wanted to build an audience, you totally could. But I feel like I probably wouldn't. Would you? I mean, I always start with building an audience just so I can... Even if I don't use the audience just so I could understand the audience better and understand the positioning and a b test the offer so I would I would concurrently build the audience even if I don't really use it my I have a question for you

on like that loom video strategy that worked for you. Because if I'm getting a DM from Natalie Ellis, I'm opening that. But how important was the fact that people trust you? Or do you need a creator-type co-founder with something like this? I don't think you need it. I will say it's definitely been an advantage for me. But I received this email from someone about a month ago and she is a stylist and she sent me this email and I've never heard of her before. And she was like, hi, I'm getting back into

business after taking the last decade off to have babies. I was a stylist. I'm getting back into it. It's just open very honestly. It's like I went ahead and pulled 10 looks for you that I think you'd absolutely love. I've linked all the looks in the PDF. You don't even have to reply to this if you don't want. Just go ahead and buy the outfits if you love it. If you do like it and you'd want to work in a more formal way, let me know.

So I opened this. It was like this PDF made in Canva and it was 10 looks pulled for Natalie Ellis. Here's Natalie's style summed up and then it was 10 outfits on 10 different pages with all the links. And I went through, I absolutely loved it. And I got back to her and I was like, okay, I want to work more formally with you. And I've just spent, I think I've spent maybe $2,500 with her to have her pull all my looks virtually. I'd never heard of her before, but I feel like she reached out with such a personalized approach. She doesn't

have an audience or anything like that, but she just put so much time and effort into it. It really caught my attention. So I could see if you didn't have the social capital, doing something like that could actually really work. Totally. I think you don't really need the social capital. It obviously helps. You just have to... Your offer needs to be dialed, you know, your offer needs to be super dialed and you have to build the trust another way. So I just hired someone who came personalized approach, like you said, loom, which by the way is the best for, you know, a two minute loom. And it was just like, Hey, I'm 23 years old. I've done X, Y, Z things. I think that I can help you in, you know, this category in this cat. It was, it was like growth

and, um, just made it really easy for me. And I was like, okay, so it was $7,500. And I was like, okay, this is a random DM, but like, here's my credit card. Yeah. When someone reaches out and they directly solve your problem in the most convenient way, it's, you're like, yes, please. I'll totally sign up. And I feel like you, I feel like you could do that with this idea or similar spaces. If you don't have the audience and you are like, okay, my revenue goal is this. I would just do more of that. But it's like, I also feel like, and this might upset people, but I feel like sometimes people are not willing to go the extra mile and they like, just put out

the most basic shit and expect it to work. Like I'm hiring right now. And some of the applications I get in, I'm like, on what planet do you feel like this is a good application? Oh, I get some people reaching out, selling me stuff, my DMS. And it's such a generic copy paste. I just think if you just went the extra mile, there's so few people willing to do that, you're going to stand out. And I think that's the approach you need to have, especially in the startup phase of a business. How can I go the extra mile to really dial in my offer, make it completely irresistible, maybe do some of the things that aren't scalable, but it's going to attract the right people to me. It's going to give me feedback on my product and then you can scale that way. But I don't feel like a lot of

people are willing to go the extra mile or I don't see it. I mean, they're not. And on hiring, like I actually review every single person that applies to late checkout and I'd say 20% of the people that apply to late checkout, there's like a reason field. It's like, why do you want to join? And they say, the number one reason why they're applying for this job is to learn from late checkout

or learn from Greg Eisenberg. It's like, that's not why, oh, I'm going to go pay you $80,000 a year or $100,000 a year to just come and learn what we're doing. And then so you can just, in six months or nine months, just go and start your own version. No, that's not the right offer. The positioning should be, you've got this business. I think I'm uniquely able to help. Here's a couple ideas for you. And when hire it when you're when you apply for a job it's the same thing as as you're selling yourself ultimately right so and sometimes we'll have people complete

test projects and i've even had like i have them complete the test project and put it into the application have some responses saying i don't work for free like, you're not working at all. Bye bye. Mic drop. That's so good. Oh my goodness. It drives me insane. But yeah, it's like taking that approach. Like I feel like every successful entrepreneur that you speak to has, and probably is still willing to just fully roll their sleeves up and do the things most people aren't willing to do. And, you know, spend the time on a proposal that might not even get a response but know that the work you're putting out you're really proud of and you can see where this is going and i think you have to be willing to do that with any idea and then you can pivot you'll

get great data but yeah i i don't think it's hard to go the extra mile i don't think it's hard to like do something incredible because most people won't do it yeah totally and I think two minute looms just do a two minute loom and get your background right get them get a microphone spend fifty dollars or something on a microphone so you sound good be excited and write a script yeah don't just like talk you know just oh let me yeah i'm just gonna talk no no write a script write a script do you ever think about that if you want to starting from scratch right now like yes people can say you know the job market saturated or the entrepreneurship space is saturated this industry is saturated whenever i'm looking at starting again from scratch i actually feel like I'm so

well positioned to start again because I'm just willing to do those things. I'm willing to think about, does my background look decent? You know, am I willing to prep for this call? I'm just willing to do those things. And I feel like if you go into this, into anything, applying for jobs, start up ideas, anything with just this attitude of expectation, you're just not going to get there. And I know that's like harsh to say, but I also don't think this like Gen Z movement, the quiet quitting, all that stuff,

I don't think that's really setting people up for success at all. I have strong opinions on all of that. A friend of mine texted me this morning. He was like, how's your experience with the Twitter algorithm recently been? And I wrote, most tweets get way less impressions, but sometimes you go ballistic. He writes, my engagement has been trash. And he works with a ghostwriter. He writes, my content guy who's Gen Z literally quit because he couldn't deal with the low engagement. Ha ha ha.

If that doesn't sum up this conversation, I don't know what is. Like that's who you're competing against. Like you, you, and the hiring market, you're competing against that. It's not that hard. And then, and then go, you know, in the startup ideas and startup space, that's who you're competing against. So I think that going back to your idea, it's like, you just have to be a little more polished. You just have to do a little more and people will appreciate it.

And that's why cold DMing does still work. Yeah, it really does still work. I don't feel like... I'm still a big advocate of building audience on social. I don't think it's too saturated. I just think it's the way that you approach it. If you're going to approach it trying to do the same thing that everyone else is doing

and have this low effort approach, I don't think you're going to get the results that you're looking for. So yeah, across the board. What are some of your startup ideas lately they're like oh let me consult my my list all right i'm gonna pull up my list okay here's one for you okay i a friend of mine called me the other week and he goes dude you're not gonna believe it my twitter account got suspended this is a person with 500 plus

thousand followers. And why did it get suspended? He was basically in an engagement pod. So he would tweet out something, he'd post it to this group chat, they would all come in, reply, sometimes retweet him. And it's actually against Twitter's terms of service to do that. His account got banned. He was in tears, literally in tears. And it got me thinking that there's an opportunity to build a social media insurance company. Okay? So pay us $1,000 a year and in the case that your account gets taken away,

we will write you a check for XYZ amount or we'll help you get back that account. It's basically just I would pay for that. I don't do engagement pods or stuff like that, but I would just pay a fee

to make sure that I don't lose my account from some black swan event. This exists. I just got pitched on this. Are you kidding me? Yeah, I just got a company reach out to me pitching me that's all they do is social media insurance on your account and they'll pay

you out oh let me find it there's actually when i looked into it um even the company that we currently work with for business insurance now offers this it It's wild. Let me find, see if I can find it in my inbox. Like it blew my mind that this was a thing. Get-notch.com slash Instagram, but it's insurance for digital assets. So it says this is for influencers and shop owners to coaches and artists. Insurance for digital assets is essential for anyone who relies on web for their uh content and their income so they will literally ensure your instagram your youtube twitch tiktok nfts soon to be twitter yeah it's genius so this is brilliant this is brilliant the way to do this so I still think there's an opportunity.

Notch is going very horizontal. So they're basically saying like, they're trying to be the Geico of digital assets. I think the way to do this is I would create a bunch of sub-brands. So it'd be like Twitch insurance, X insurance, YouTube insurance. And then it's just a bit more niche and and i think

that you know if i got reached out by someone who just focuses on twitter x insurance and that was where my bread and butter was i would trust them maybe a little bit more than something like notch that's really smart like you feel like they would just fully focused in on that. Totally. Also, I see it says Twitter insurance coming soon. I don't want to be the first person that they're going to insure. There's a 401k company, I won't name them, but two years ago they launched. And I have my 401k with some boring bank,

Fidelity or something like that and uh they they hit me up great pitch great pitch great loom with it and you know cold dm and I was like I love this and once I went and looked at moving my 401k they're like oh you're gonna be the the first person to actually move your 401k and i was like respectfully dude i'm out i'm out yeah no one wants that no one wants that yeah okay good call i like that i like that idea of having sub brands actually and just like feeling even if it's the same company but feeling like they know exactly what they're doing they understand it inside out because you're right as well most people and just like feeling even if it's the same company but feeling like they know exactly what they're doing they understand it inside out because you're right as well most people do go

heavy on one platform specifically yes so that makes total sense i also feel like i wonder if people would ever ensure email lists because that's also such a panic for people what would happen if that's a great idea yeah if i ever lost my email list oh my god like do they would they ensure email lists i had how big is your email list i mean it changes all the time it's around 400 000 now but i had a situation last year last october i had this cold dm i mean we're talking how they can be good this one went kind of south so it was a cold email and they were talking they were on my email list and they feel like we could boost our open rates our open rates were about 32 could boost our open rates click-through rates and I dug into this company and I actually knew the founder not super close but knew the founder had mutual friends and

I thought yeah let's give this a shot anyway they came in and what they actually did in our account got us blacklisted with Google so our email open rates went from 32% to pretty much nothing like we were getting barely anyone opening the email list and overnight I was worried my entire business had just like went to shit and we had to go through a whole process of resurrecting it and that was a whole thing but in that moment I to have insurance on your email list would have been golden and also having someone like having an insurance company like that you could reach out to and say okay I've lost my entire email list has been blacklisted what am I going to do like they would probably have steps to recover I felt like there was nobody could help me. I was getting different

advice from everyone. And most people are like, you know, this is just a process. I eventually did figure out how to do it, but it was a nightmare. And I would pay for insurance to have someone to like call in an emergency situation to just resurrect things. 100%. I mean, if you have an email list of 400,000 people that's easily worth 4 plus million dollars so that's a mansion that's a mansion on 20 acres so it's like of course you would spend a certain amount per year to make sure that

if a black swan event happens or you do something wrong or you have an employee who goes AWOL, there's someone you can call. And I think this is a really big business idea. And the way I would do it is I would, again, focus on these different niches. So let's just say newsletter. I'd even start even more granular.

I'd be like, I'm only doing Beehive newsletters. So I would be like the Beehive newsletter insurance person and company. And what I would do is I would prove out the model and then eventually partner with Beehive. So once you partner with Beehive, they can just upsell it. You split the revenue. They're happy because they're making more money. You're happy because you know they're making more money you're happy because you now have distribution through them and eventually i see you can easily sell one of these businesses to beehive because they're going to want that internally that is a genius idea wait how do you do this podcast and not go start new businesses how do you

well the beauty is my my job is to start new businesses and buy businesses. Okay. So like, I might start this business, honestly. I might text, you know, DM Tyler after this from Beehive and be like, let's do this thing. Can I be involved? Yes. Yes. I mean, that's why I do this, you know?

That's why I do this. That is actually a genius idea, though, because I absolutely and beehive by the way were the only people that helped me resurrect my list of anyone really yeah so it was costing me um i was spending 50 000 a year on a different platform and when this happened i couldn't get in touch with anybody and i've been with them i've had a big email list for a really, really long time, like eight years maybe. And way before it was cool. And I couldn't get in contact with them. They kept sending me to live chat. People kept saying they couldn't help me. I was asking for a phone number. No one would help me. And I reached out to BeHive. I was like, please, can somebody help me? I have this list. I don't

know what to do. They got on a call with me right away. And we was like, please, can somebody help me? Like, I have this list. I don't know what to do. They got on a call with me right away. And we're like, okay, let's talk this through. And it was the most help that I've had. And we switched to them. We went from spending that much money to spending 10K a year or something like that. And it's been the best experience ever. And just instantly, they helped me.

Like, it actually felt like someone cared enough to like help me solve the problem but that blows my mind when you can be a client for so long and spend so much money with someone and you can't even get them on the phone like that's the easiest way to lose business and and that company keeps losing more and more business to platforms like Beehive. Totally totally yeah I mean I think uh what they did for you is almost like something they should have charged for, but they don't. They just give it away for free. And I think that's why this insurance idea for Beehive makes so much sense.

Because they'll be able to upsell that. And that's the reason Shopify has, I think, three plans. I think it's Shopify, the regular one, which is like $30 a month. Then they've got a mid-tier. And then they've got Shopify plus, which is basically their enterprise plan. And a big reason why you're on their enterprise plan, which I think is $2,500 a month, is you have someone to talk to, you have a shoulder to cry on, and that's worth a lot. It's worth so much. When your whole business is wrapped up in your email list, which most businesses should versus social,

you have to have someone that can support you. We need to do this idea. And I also discovered something during this process of how to resurrect your email, which I don't really want to share right now. But if anyone's like in the situation, they can message me. But I learned a lot.

And I feel like an insurance company could totally charge for that information because it's very niche information. Like you Google it and you're not going to learn how to get off a Google blacklist unless you're like sending, you know, to a very small segment of your list over and over and over again. The company that we initially worked with, they charged us 20K for consulting. They couldn't solve the problem. They were like, yeah, it's probably going to be three months and we'll just start by sending emails to a couple of thousand. And I was like, this doesn't work for me. I can't have my whole business stop for three months. So let's take a quick pause to talk about my new favorite all-in-one platform, Kajabi.

You know, I've been singing their praises lately because they have helped our business run so much smoother and with way less complexity which I love. Not to mention our team couldn't be happier because now everything is in one place so it makes collecting data, creating pages, collecting payment, all the things so much simpler. One of our mottos at Boss Babe is simplify to amplify and Kajabi has really helped us do that this year. So of course I needed to share it here with you. It's the perfect time of year to do a bit of spring cleaning in your business, you know, get rid of the complexity and instead really focus on getting organized and making things as smooth as possible. I definitely recommend Kajabi to all of my clients and students. So if you're listening and haven't checked out Kajabi yet, now is the perfect time to do so because they are offering Boss Babe listeners a 30-day free trial.

Go to Kajabi.com slash Boss Babe to claim your 30-day free trial. That's Kajabi.com slash Boss Babe. What planet do you live on? Yeah, that's not going to gonna work for me i need a solution like tomorrow i need to and i had partners like i had to cancel partnerships like sponsors because i wasn't gonna put it out and then have no one open it so it's like it impacts so much of your business like let's say you have so we have sponsors locked in for 12 months at a time you should be able to give that info to your insurance company and like let's say

you have to close that sponsorship down you'd still get paid out what you would have from your sponsor like it's worth its weight in gold and i feel like a lot of people on beehive would want to do that because they are locking in those longer term sponsorships now they're monetizing like crazy 100 so i think the one takeaway i have for people is if you're coming up with startup ideas, this category, this trend is businesses for people, their shoulder to cry on businesses. You can just brainstorm 100 ideas just on this. And I think it could be Beehive, it could be a bunch of different categories, but those are some of the best businesses to be in. And that's why Warren Buffett, Berkshire Hathaway, you know, their biggest businesses are insurance businesses, Geico, et cetera,

because they understand, you know, what is an insurance business and insurance businesses. There's a certain amount of risk that a bad thing's going to happen, but you're an expert. you understand what that risk is so for example uh i was just watching the and uh annual meeting for berkshire hathaway and they had this guy named ajit who runs all their insurance businesses and he was saying how there was like a year or two where berkshire hathaway did not insure any homes in Florida. Because based on their research, they're like, there's going to be a hurricane and they're going to lose a lot of money. But now, for whatever reason, they have data that's saying, we are going to insure in Florida.

So as risks changes, they decide what to underwrite and how to think about this. But insurance is an incredible business. Why? Because you're selling something, let's say for $5,000 a year, and it's literally a piece of paper that says, if this bad thing happens, I will give you money or something. But you're getting all the funding in the beginning right yeah um so it's a beautiful business model if you understand how to underwrite for risk that's so smart i even think too about like shoulder a cry on businesses like

when your ads account gets shut down and your whole business relies on ads like there's so many of these little spaces where business owners need shoulders to cry on. I love it. We have time for one more idea. I could either give you an idea that you can give feedback on or you can give me an idea. It's up to you.

Yeah, give me an idea. Cool. Let me pull it up. So I saw this tweet by this guy, at CanadaCaz. Someone needs to build an AI agent that is good at financial analysis. They will make an obscene amount of money and make the world a better place

by freeing thousands of hours a day that some of our smartest people spend typing numbers from annual reports into Excel sheets. And then people responded. There's this guy named Shiel Monote who writes, I get at least one pitch a week on this topic, but I haven't seen anything compelling yet. I think this idea around a financial advisor agent is kind of the dream. I'm curious, what do you think of something like that? Because when you think of a financial advisor, for example, they act like an agent. They act like AI, right? They're like, okay, what's your risk tolerance?

What are your goals? And then they have a model based on that. We're going to buy companies like this. And it just feels like something that the best possible financial advisor to me is probably an AI agent because they'll just have access to way more data and they'll act with less, you know, humans act when fearful, when they're fearful, when the market goes down, they often sell. When the market goes up, they end up being greedy. So I'm curious, what do you think about this idea around building AI agents for the financial world? Yeah, I could totally see that. I feel like too, it would be really great to have someone that you can come to or like AI that you can come to and say, give me, just lay out all my options. Because I sometimes feel like with financial advisor, you kind of, the quality of the advice you get is the quality of the questions that you ask. But I often don't know the kind of questions that I want to ask. And so I could see someone

in AI coming and like laying out all your different options and playing out all the different scenarios for you and you deciding which one you go, you want to go into. Because if you're someone like me who doesn't know, I just fully trust my financial advisor. I don't really know the kind of questions to ask. I'm like uh take care of my money and help me make more but I don't really I would love to have that more laid out for me but I also could see that working generally in the business space like I'm not from America so having a company here I find really confusing like setting up your company and then the different reports you've got to file every year and then all the tax returns and all the all the so many things it would be so great to have an ai that

just is on top of all of this stuff and comes to you and says okay we need to file this report now we need to do like there's so many different things like that for every different country as well and if you're running a company in multiple countries be so good to have an ai that just scours like all of the different laws and different things you need to do and brings it to you okay i haven't here's the idea i've got it okay it's called have you thought of this.com that's good okay and what it what it is it doesn't replace your financial advisor it doesn't replace your lawyer it doesn't replace your you know business It doesn't replace your lawyer. It doesn't replace your business advisor.

But it acts as a third party that's unbiased that sends you a weekly email or text that says, have you thought about these three things? So for example, in the financial advisor thing, it's like, have you thought about buying Berkshire Hathaway this week because the stock price went down 10% but their earnings went up 5% in the last quarter? And then you can take that information that's distilled. And actually, this goes back to

what we were talking about earlier where there's so much information, people just want curation, that you can go to your financial advisor and be like hey have you thought of berkshire hathaway and then you can have that conversation with your advisor i like this a lot because there's so and even when we're talking about like the social media insurance piece just having this ai that just sends you these things have you thought about insuring xyz have you thought about like there's so many things that you have to think about when you are a business owner or you own property or you have money that you want to invest there's so many things to just have it distilled like that i think would be genius like it's almost just like a family office ai yeah explain you know talk more about that

okay so i just feel like family offices are great if you hit a certain wealth threshold, but there's a lot of people that maybe don't meet the threshold that actually still need a lot of the support, like have businesses, have property, have some money that they want to invest, just have a lot of moving parts in their life. And it would be so great to have one agent, one AI, one person, thing, robot responsible for just keeping everything in check. Have you paid your property tax? Have you maxed out your 401k?

Have you submitted your workforce report? Have you like all of those different things? And like, maybe you come to the AI and there's like a detailed questionnaire and you fill it out with all of your different things that you have going on in life. And then everything just gets like every month, maybe January, the stuff to do February, the stuff to do, and you can input all. And I could honestly see it going like I'm a granular person. I could see it being like a whole manual of being able to run your life and business for you with all the details.

Like even as detailed as like, here's if you own three properties, here's how often you have to change the air conditioning unit. Here's how often you need to do X, Y, Z, like the mental load of having stuff or running things is so high. you could have ai take that mental load i think people would be willing to really pay for that how much do you think people would pay for something like that i don't know i think it's probably a sliding scale based on the net worth of their businesses and property like you know i as we start owning more and more property, I just realized the mental load gets bigger and bigger. So I'd probably pay more and more per month to, to manage more things.

So I could like, you know, when you sign up for a newsletter and you like slide the scale to say how many subscribers you have and it gives you a price, almost you could slide the scale to say like, here's what my property and businesses is all worth. And then it gives you a monthly fee. Totally. Yeah. And for you, you're like, it's peace of mind. You're selling peace of mind. what my property and businesses is all worth and then it gives you a monthly fee totally yeah and for you you're like it's peace of mind you're selling peace of mind yeah and if you can sell peace of mind you're gonna be very wealthy i feel like totally and that's another trend right another way to think about business ideas is you know how do you how do you sell peace of mind to

different niches because that's another thing like shoulders to cry on people will pay for peace of mind yeah and and convenience and yeah i think the mental load just continues to get bigger and bigger every year and if you could just take that mental load off and give it to an ai and and you probably get a report every week and then things that you need to do. And it's just like, you know, okay, I'm not getting sent to jail because I forgot to do my tax return or my house isn't going to burn down. And I'm not sure you're able to mitigate those risks. You can sleep easier at night. Totally. And I think from how I'd grow this perspective, I think from a, you know, how I'd grow this perspective, I think there's so many stories, like sad whatever tiktok and you're just going to be let me tell you the story of how xyz went from a 10 million dollar net worth to you know in debt a million dollars and you tell these stories and then it's like buy our product follow us for more

of these stories oh yeah i think yeah that's what you do. Have you heard of Johanna? No, tell me about it. Johanna, it's Y-O-H-A-N-A and it's the personal assistant app for parents. So it's this app, they call it the ultimate parenting hack. And basically the goal of Johanna is to take the mental load of parenting off of you. So like some of the things that they do

is plan date nights, hire a handyman, plan birthday parties, book appointments, weekly meal planning, order costumes, maintain the car, cleaning service, babysitters, like the mental load of parenting, basically they handle and they use AI. And then they also have real people, which I feel like they'll probably switch to AI, fully AI in the near future. I think it's kind of like this. It's Johanna, but for like family office or like the different areas of your life. But basically they're selling peace of mind for parents

because as a parent, there's like always so much shit to do. There's like always a holiday coming up. There's always a birthday coming up. There's always, you know, your normal life to-do list and then your parenting to-do list and they just take that whole thing away and i think that is a big trend and people are willing to pay for it and they've been able to make it really affordable too yeah it's really affordable it's 129 a month like i expected it to be way more. Yeah. My guess is... So they...

This is started by... This is like a crack team. So this was started by... Johanna, I guess, is her name. No, Yoki. Oh. And she co-founded Google X. So she developed Nest.

Like the Nest thermostat. So she's smart. She knows what she's doing. She knows what she's doing. My guess is they've raised tons of money. I'm going to check real quick. It's really smart to just release people's mental load in specific niches.

I could see this. Oh yeah, tell me what you're finding so first of all they launched with a 249 membership so they've actually cut it in half and i wonder if it's the ai that's just making it a little more efficient um i personally wouldn't want i think this is a great business uh i don't know how much they've raised, but I'm guessing tens of millions. I personally wouldn't want to compete with them because they've got an app that they've built. And it just seems like they're subsidized. They're probably not making much money on that $129. But yeah, what could you unbundle from this to compete with them?

That's a question. I don't know. I don't know the answer to that, but that's interesting. And it's cool. This is, I'm happy you brought this up because I do think that, yeah, this is a peace of mind play. And like, even when you go to their about page,

it's literally like, it's literally like a person with like their brain and doves coming out of their brain. Oh my God, that's so short. I feel like it could be like a person with like their brain and doves coming out of their brain. Oh my God, that's so cute. I feel like it could be like a Johanna for entrepreneurs, Johanna for property. Like there's so many different verticals you could go into with this.

And it's the same business model, but if I was going to do this and use AI, I would probably go for more of like a higher priced service, like a very white glove. But I feel like the way Johanna's doing it, it's just very affordable and approachable, which is also amazing for parents. Totally. Cool. This was fun. Wait, I don't know that I could do this as often as you do. I want to go and start so many new businesses right now. You're like, you're ready to just run through many new businesses right now you're like you're ready to just run through a wall right now you're like oh my god you're like did we just start

four businesses I I feel like I don't have the willpower to talk about ideas this often you know different strokes for different folks do you ever get people listening to the show and then writing and saying, oh my God, took this idea, ended up starting it. Here's where I'm at. Dozens of people have taken ideas over the last couple of months and built them. Some are generating revenue and it's really, really cool quitting their jobs and everything. But the vast majority of people listen and they're just like listening to... They find it fun to get their creative juices flowing and uh it also might spark something in their own life you know it might be like wow i never heard about johanna i'm gonna go and use

that that makes sense i love it so fun natalie where could people uh learn more about you and and get to know you better the best place is my podcast you can just search for the boss lay podcast we release twice a week cool yeah check it out I listen to episodes and it's uh you're good you're good at what you do so I highly recommend it thank you later later wait wait wait before you go i would love to send you my seven figure ceo operating system completely free as a gift all you've got to do is leave us a review on this podcast because it really supports the growth of this show this is my digital masterclass where i'll show you what my freedom-based daily, weekly, and monthly schedule

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