Monday Memo
A Byte of Knowledge
You Don't MAKE Money, You EARN It
Most people have it backwards...
They think money is something you make.
Like it just appears out of thin air if you wish hard enough.
But the truth is, money is something you earn.
It's a reward for the value you create in the world.
The products you build, the services you offer, the problems you solve.
Money flows to those who provide something useful to others.
Meaning...
The more you give, the more you get.
The more value you add, the more money you earn.
It's a direct relationship.
So if you want to boost your income, stop trying to "make money"...
And start asking yourself how you can earn it.
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Something to Ponder
Claude Hopkins once said, "The average man is not successful. We meet few who attain their goal, few who are really happy or content. Then why should we let the majority rule in matters affecting our lives."
How often do you look to what everyone else is doing to decide our own path?
How often do you let the "average" person's opinions sway our choices?
If most folks aren't achieving their dreams...
If most folks aren't waking up excited and fulfilled each day...
Then why the hell would we want to follow their lead?
As marketers we can't afford to be average.
We can't settle for the status quo or play it safe.
Cause that's a surefire path to mediocrity.
To create something extraordinary, something that shakes up your industry and changes lives...
You gotta be willing to break from the herd.
To think different, act different, BE different.
We Asked – AI Answered
Our Question:
"Over the past few years, 'boring' businesses like laundromats and storage units have become very popular in the online entrepreneur world. What are 7 other less well known 'boring' businesses that are profitable and great businesses to own?"
ChatGPT's Answer:
1. Vending Machine Businesses
- Why It’s Profitable:
- Minimal overhead: Once machines are placed, the main cost is restocking and maintenance.
- Cash flow business: Vending machines generate small but frequent payments, leading to consistent income.
- Market Insight:
- The global vending machine market is expected to grow at a CAGR of 6.7% from 2021 to 2028 .
- Consumer trends show a rise in healthy vending options, which cater to schools, gyms, and offices.
- Real-World Example:
- Marcus Gram, a vending machine entrepreneur, scaled his business to over $500,000 a year within a few years by focusing on strategic placement and diverse product offerings.
2. Car Washes
- Why It’s Profitable:
- Low operating costs with high repeat business.
- More than 70% of car owners in the U.S. use commercial car washes, as opposed to washing at home .
- Market Insight:
- Car washes operate on a recurring revenue model with memberships or loyalty programs, creating predictable income.
- Automation Trend:
- Newer car wash models are fully automated, meaning fewer employees, which reduces overhead. With smart technology, systems like Washify or Sonny’s reduce energy and water waste, further boosting margins.
3. Medical Waste Disposal
- Why It’s Profitable:
- Required by law: Hospitals, dental offices, and labs must adhere to stringent regulations on hazardous waste disposal.
- Contracts: Many of these businesses operate on long-term contracts, ensuring recurring revenue.
- Market Insight:
- The global medical waste management market size was valued at $9.5 billion in 2020 and is projected to grow significantly as the healthcare industry expands .
- What Makes It 'Boring':
- It's heavily regulated and unseen by the public, but businesses that meet compliance requirements can command premium prices.
4. Commercial Pest Control
- Why It’s Profitable:
- Recurring revenue model through maintenance contracts with property managers, restaurants, and offices.
- The average profit margin in pest control is around 15-20% .
- Market Insight:
- The U.S. pest control industry was worth approximately $10 billion in 2021. Businesses thrive in both urban and rural environments .
- Automation and Innovation:
- Some firms are adopting technology like IoT devices to monitor pest activity remotely, reducing labor costs while maintaining high service quality.
5. Water/Ice Vending Stations
- Why It’s Profitable:
- Low labor: Machines do the work while owners maintain and collect revenue.
- Recession-proof: People will always need clean water and ice, regardless of economic conditions.
- Market Insight:
- Self-service water vending machines, such as those from Glacier Water or Ice House America, can generate steady income, with high returns from relatively low investments.
- Scalability:
- Each machine can earn between $3,000-$10,000 annually, depending on location and foot traffic, and adding more machines requires minimal extra effort.
6. Parking Lot/Lot Striping
- Why It’s Profitable:
- Low overhead, especially if you start with just basic equipment.
- High demand: Property owners are required by law to keep parking lots well-maintained and compliant with safety codes.
- Market Insight:
- The average parking lot striping job can bring in $2,000-$5,000, with a profit margin close to 70% due to minimal material costs .
- Growth Factor:
- As urban areas expand and new commercial properties arise, demand for this service grows.
7. Dumpster Rental Business
- Why It’s Profitable:
- Construction, renovation, and even residential projects require dumpsters, creating continuous demand.
- Simple operations: Delivery, pickup, and disposal make this a relatively straightforward business.
- Market Insight:
- With the housing and construction boom in many parts of the U.S., the dumpster rental business is experiencing strong growth. An industry report shows a CAGR of 5.2% expected from 2020 to 2026 .
- Scalability:
- Each dumpster can bring in around $400-$600 per rental, depending on size, location, and frequency of use.
GOT 15 SECONDS?
Thanks for reading the Monday Memo.
Until next time!
The AI Marketers
