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June 25, 2024 • 1hr 7min
5 Business Ideas To Start Today With $0 ft. Shark Tank's Sabri Suby
My First Million
In this episode, Sam Parr and Shaan Puri interview Sabri Suby, an Australian entrepreneur and marketing expert, about business ideas he would pursue if starting from scratch with no resources or experience. Sabri shares several strategies he has used successfully, emphasizing the importance of finding underserved opportunities, making "Godfather offers" that are hard to refuse, and developing timeless marketing skills that can be applied across industries.
5 Business Ideas To Start Today With $0 ft. Shark Tank's Sabri Suby
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Key Takeaways
- Identify businesses that have a successful sales funnel or marketing channel but aren't utilizing another platform, then offer to run that new channel for them on a revenue share basis - a "Godfather offer" they can't refuse
- Leverage high affiliate commissions from SaaS companies like HubSpot to build funnels and drive customers to them, earning a percentage without having to operate the business
- Offer live chat services to local businesses with Google My Business listings, earning a commission on the leads and sales you generate
- Capitalize on the explosive growth of TikTok shopping by creating AI-generated product videos and ads, without appearing on camera yourself
- Focus on developing timeless marketing skills like copywriting, storytelling, and understanding consumer psychology, getting paid to learn them through these types of side hustles
- Cultivate an attitude of "having more fun" in business and life, planning regular adventures and experiences to recharge and bring more energy to your work
- Use small talk prompts like "What are you excited about?" instead of "What's new?" to get more engaging conversations
Introduction
In this episode, Sam Parr and Shaan Puri interview Sabri Suby, an Australian entrepreneur and marketing expert, about business ideas he would pursue if starting from scratch with no resources or experience. Sabri shares several strategies he has used successfully, emphasizing the importance of finding underserved opportunities, making "Godfather offers" that are hard to refuse, and developing timeless marketing skills that can be applied across industries.
Topics Discussed
Done-For-You Channel Growth (1:04)
Sabri's first idea is to identify businesses that are successfully running ads on one platform, like Google, but not utilizing another channel like Facebook or TikTok. He would then offer to build out the funnel, run the ads, and manage the new channel for them, taking a percentage of the sales as compensation - a "Godfather offer" they can't refuse.
"We need to do what it takes to get top talent. Let's go higher. If at some point we have to revisit what our current people are getting paid, that's fine. Either we get the best people in the world, or we will get whipped by DeepMind." - Elon Musk, as quoted in the lawsuit
Affiliate Arbitrage for Chiropractors (7:28)
Sabri's second idea is to leverage the high affiliate commissions offered by SaaS companies like HubSpot. He would build out a full sales funnel for a specific niche, like chiropractors, then reach out to those businesses and offer them the funnel for free if they sign up through his affiliate link. This allows him to earn a commission on the SaaS subscription without having to operate the business.
Live Chat as a Service (13:02)
Sabri's third idea is to offer live chat services to local businesses with Google My Business listings. He would set up the live chat for free, then earn a commission on any leads or sales generated through the chat. This fills a need for businesses that lack the resources to provide 24/7 customer support.
Finding Customers with a "Bleeding Neck" (14:50)
Sabri emphasizes the importance of identifying customers with an urgent, pressing need - the "bleeding neck" - and providing a solution, rather than trying to convince them they have a problem. This allows him to get closer to revenue-generating activities and replace his own income quickly.
The TikTok Shops Opportunity (17:39)
Sabri's fourth idea is to capitalize on the explosive growth of TikTok Shops, the platform's new social commerce feature. He would use AI tools to create product videos and ads, then earn a commission as an affiliate on any sales generated, without having to appear on camera himself.
"There are kids out there that used to work in Chipotle that are earning 50 grand a month doing this. And it's not by doing a thousand of them, right? It's about doing one a day." - Sabri Suby
Getting Paid to Learn Valuable Skills (26:42)
Sabri emphasizes that the true value of these side hustles is the opportunity to get paid while developing timeless marketing skills like copywriting, storytelling, and understanding consumer psychology - skills that can be applied to any business in the future.
Cultivating an Attitude of "Having More Fun" (32:18)
Sabri believes that having more fun and bringing a sense of showmanship to your work is key to sustained success and happiness. He plans regular adventures and experiences to recharge, rather than just grinding away.
"If you take life too seriously, I don't know either. You either think one of two things. Either you think that life is a comedy or you'll feel that life is a tragedy." - Sylvester Stallone
Improving Small Talk (44:31)
Sabri suggests asking people "What are you excited about?" instead of the common "What's new?" to get more engaging conversations, as the latter often leads to deflating responses.
Investing in Building Your Year (45:44)
Sabri recommends proactively planning fun experiences, adventures, and milestones for the year, rather than just focusing on work. This helps maintain a sense of excitement and balance.
The Importance of Showmanship (47:53)
Sabri believes that showmanship, storytelling, and bringing a sense of drama and entertainment to your marketing and communication is critical, as it captures attention and engages your audience in a way that dry, transactional approaches cannot.
The Difference Between Good and Great (51:42)
Sabri explains that the difference between good and great marketing often comes down to the level of craft and polish in the storytelling and presentation, not just the underlying offer or strategy.
Stopping the Reliance on "Internet Gods" (53:26)
Sabri cautions against relying on platforms like Facebook or TikTok to magically solve your marketing challenges. Instead, he advocates for developing repeatable, predictable sales funnels and customer acquisition processes that are not dependent on the whims of algorithms.
The "Yes, Yes, Yes, No" Funnel (59:47)
Sabri describes a funnel strategy where you educate the prospect, get them to say "yes" multiple times, then make an offer at the end. The goal is to position yourself as the expert so the prospect concludes they don't have the time or skills to do it themselves, but you do.
Sabri's Million-Copy Book Funnel (56:33)
Sabri shares how he has given away over 1 million copies of his book "Sell Like Crazy" using a free-plus-shipping funnel, then using that to generate leads for his marketing agency.
Conclusion
Throughout the discussion, Sabri shares a wealth of practical, actionable business ideas and marketing strategies that leverage underserved opportunities, make compelling offers, and develop timeless skills. His emphasis on having fun, cultivating showmanship, and taking a long-term view on skill development provides a refreshing counterpoint to the grind-focused startup mentality.
Whether it's capitalizing on the growth of TikTok Shops, offering done-for-you services to established businesses, or building affiliate funnels, Sabri's ideas demonstrate how an entrepreneurial mindset and marketing expertise can be applied to create profitable ventures, even without significant upfront resources. His insights on small talk, annual planning, and maintaining a positive, playful attitude in business are valuable lessons for any aspiring entrepreneur or marketer.