(Opinion) The Best Online Business Niche: by Dan Koe - Issue #6
(Opinion) The Best Online Business Niche: by Dan Koe - Issue #6
When I first started out in online business, I was lost. I suffered from all
of the problems that I see others suffering from.
Over the years, everything eventually clicked — as they will for you —
but I wish I had done this sooner.
We’ve all heard of the B2B and B2C models. For those unaware, B2B is
“business to business.” Think an agency that sells marketing services to
local businesses. B2C is “business to consumer.” Like an eCommerce
store selling coffee to an individual.
As social media has — and will continue to — grow and be the lifeblood
of digital commerce, the want for human connection will grow
alongside it. MOST businesses understand the importance of building
their “online presence.” You can buy anything you would ever need
online. Groceries, necessities, furniture, anything.
This is already developing at high speed, but I predict that things will
continue to move into the hands of the individual, the creator. Amazon
will always have a leg up, but smaller brands will continue to thrive in
the personalization department (and they can always sell on Amazon if
they’d like.)
“There are 7 billion people on Earth. Someday, I hope in the future there
are 7 billion businesses.” — Naval (?)
In short, the C2C business model is just like any other model - but with
infinite scale, no need for a large team or employees, and allows you to
be in full control of your time. Like renaissance times — trading your
goods with the people of the city — but with the added power of the
internet. The ability to reach anybody.
In terms of what you can sell, it can be anything. If you are a beginner
and want “quick” cash, start a freelance or coaching business. Creators
of all forms need web design, email marketing, sales closers,
performance coaching, masculinity coaching, SaaS development,
quality physical products, and anything else that you could sell to a
normal business. The upside? They are 10x more accessible than other
businesses. Want to get in contact with them? Send them a DM. That
simple.
(P.S. you can learn all of these skills, how to build a personal brand,
exactly how to make your first $3K, $5K, and first 6 figures inside
Modern Mastery HQ. Proven strategies and systems. If you don’t stick it
out and make money — I will refund you every penny you paid me.)
The most profitable eCommerce brands are the ones that are
personalized. They sell a product or service that fits a specific
individual’s interests and needs. They even market through personal
brands and influencers with those interests. By understanding how to
start and grow a personal brand, you bring that personal touch with
you. You eliminate whatever saturation and competition existed in that
space because nobody can replicate your personality.
If people simply pursued their interests, solved their own life and
business problems, systemized the solutions, and sold them to
individuals that decided to solve different problems in their lives, you
make money and have zero competition.
The service business and online education routes have the lowest risk
and lowest barrier of entry.
Here are the steps I would take to monetize any skill or interest as a
creator, coach, freelancer, or digital product creator.
DAN KOE
@thedankoe
This takes 2 years for potential $50K+ months & 3 hour workdays
College takes 4 years for potential $10K months & 9 hour workdays
Fact of the matter is, you can monetize anything nowadays. Even
better, if somebody is already making money from it, you can make
money too. Remember: a solid personal brand eliminates competition.
There is already money flowing in a “saturated” space. Don’t try to
make money where money isn’t flowing.
If you follow a lot of fitness people, understand it well, and have gotten
yourself results — that is a good route to take. Same goes for anyone
you follow on social media. Chances are you are learning from them,
understand the topic well, and could help someone else get decent
results.
2) Start creating content and understanding your social platform of
choice.
All online business owners will agree when I say that money is made in
the DMs (especially when starting out). This is a key for growing your
audience AND closing deals.
When you are just starting, you have to talk with others and help them
solve their problems for free. Give them tips on what you have
expertise in, get on a call with them, understand their life or business,
and help.
4) Start charging.
After you’ve helped people and gained that next notch of experiential
results under your belt - start charging $1000 minimum. You can watch
this YouTube video I posted a bit back to learn the process.
5) Increase prices and productize.
Now that you’ve substantially increased your prices, are landing 3-4
$5,000 clients per month, you can productize. That is, you can turn
your system that get’s results into a digital product that you can sell
through the audience that you’ve been building this entire time.
Don’t worry about this step until you’ve gotten to this point.
$10K/month via high ticket and 10,000 followers. If done correctly, it
can take 6-12 months to get here. Maybe longer. Maybe shorter if you
execute perfectly, but you are human.
I have way too many topics to write on, but I am excited to send them
out to you each Friday.
Thank you for reading - and thank you for being a supporter of this
newsletter. Have an incredible weekend, my friend.
Dan Koe
For those in there 20s and 30s that have skills, interests, or expertise
Here are 7 of the biggest lies you were told about building a business
(and how you can tap into the infinite potential of the internet)
— Thread —
1) You Need Upfront Capital
With the infinite potential that the internet provides, the is utterly false.
There are a plethora of zero-cost business models.
- Coaching
- Freelancing
- Consulting
- Content creation
- Digital products
- Affiliate marketing
To name a few.
These business models work because they rely on self-education and self-
competition.
Acquiring new skills, keeping up with the industry, and continuously making
your product better.
There are one-person businesses pulling in 7-8 figures in digital product sales.
There are consultants that charge $20,000 a year for access to a Facebook
group.
You will need immense experience and results to get to this level, but that's the
fun. It's self-competition.
The only thing in your way is the fear of failure & the potential of quitting.
3) You Need A Logo, Website, and LLC
Lesson: Focus all of your energy on lever moving tasks. Building a website and
designing a logo are not those.
4) You Need To Pay For Ads
But in under 2 years of growing this account I get 5-10 million impressions per
month.
Master one, systemize, then branch out and take over other platforms.
5) You Need To Be An Expert
No, the best teachers are those that can speak as if they were one step ahead
of you.
If you want to stay motivated and make progress, the challenge must slightly
exceed your skill level.
This means...
That it is more effective for you to teach the person directly under you than it is
the person far behind you.
You learn and earn your way to more learnings and earnings. It is a very
fulfilling path and business model for growth-minded individuals.
6) ThE MarKeT iS saTuRAtEd
Stop. The only people saying this are the ones that haven't started.
Anyone that runs a successful business will tell you that saturation doesn't
exist. Especially where I specialize, one person businesses.
You are your own niche. Your unique viewpoints, ways of getting results, and
personal experiences are what set you apart.
If a big brand and personal brand sell the same product - the personal brand
can charge more...
and their followers are more likely to buy from them. The connection and trust
is there.
All you need is decent marketing and a unique mechanism to beat the
competition.
7) You Need To Learn A Lot Before You Start
This is partially true. You need to understand the fundamentals and lever-
moving actions in whatever skill / business model you choose to go into.
How to create a life of meaning, money, and impact (as fast as humanly
possible).
— Thread —
If you follow, test, and iterate through this process — you will gain a sense of
control over the outcome of your life.
This process happens naturally for some. They are born curious. They avoid
mediocrity like the plague. They do anything in their power to do what they
want with their time.
This happened for me. I took the time to understand why, and now I am here
to give you the roadmap.
Read through this thread once for understanding, and a second time for
implementation.
You must write this down, refine it often, and make it as real as possible in your
mind.
When I visualize my father’s death, I get teary-eyed. A ball of energy radiates in
my chest. Emotional energy. Extremely powerful and ready to be released.
Built-up tension.
This tension must be used to create. Not destroy. You can easily fall into a self-
destructive pit.
Craft your vision through these questions:
Purpose is illusive. Everyone trys to "find" their purpose or wait for it to come
to them. You must create this and refine it as necessary.
There are greater and lesser purposes we bust through within our lives, but
here I am speaking of your life's purpose.
Think BIG here. What is the massive problem you want to solve in the world?
What would you change if you could? (You can.)
This will overlap with curiosity, which comes later in the thread. (Again, read all
of this twice).
Your curiosities may intersect with your talents. What you are naturally drawn
to. Where your strengths lie.
If nothing comes to mind, give it time and swap mindless consumption for skill
acquisition & improvement. Then come back.
Keep in mind, the money you make is directly proportional to the *solution you
build* for a big problem.
Money should be treated as a reflection of your impact. If you are not making
money... chances are you haven't produced something of value.
Your values form your life theme. A code to live by. A set of non-negotiables
that keep you on the path.
Here we must separate the internal from the external. Intrinsically defined
values VS intrinsically conditioned values.
You can start with generally well-accepted values.
These have been tested throughout time and lead to meaningful actions,
resulting in a fulfilling life.
Goals are how you make conscious progress within the game of life. Quests in
the storyline, checkpoints along the path.
Progress and keeping momentum are arguably the most enjoyable aspects of
life.
Set 10-year goals. Set 5-year goals. Set 1-year goals. Set monthly goals. Set daily
goals.
You need clarity on how to actualize your vision. Goals are the answer.
Goals need to be challenging according to your skill level, else they are too
difficult or too boring.
This implies the need for consistent skill enhancement.
Goals need to be achievable. Not "realistic" as you are unaware of your true
potential. If they have been achieved by others, more can be achieved by you.
Set goals that align with the improvement of your health, wealth, and
relationships according to your vision.
// PROJECTS //
You get trapped in tutorial hell and do not make tangible progress.
You will accelerate the creation process by building alongside your learning.
Implement your learnings immediately.
A beginner won't enjoy playing against the expert and vice versa.
You need resistance that you know you can overcome through effort.
Building real-world projects (web apps, writing books, starting a business, etc)
helps you connect the dots quicker.
You become aware of things you couldn't have by just staying in the learning
comfort zone.
Your priorities are what move the needle. The tasks and activities of the utmost
importance. They move levers.
These give you something to focus and execute on. A reason to stop worrying
about the unimportant external factors of life.
Understanding your priorities takes practice and refinement (as with all of this).
If you goal is to make money, you may not understand the lever-moving actions
to do that.
You must become a student. Learn from those a few steps ahead of you, and
determine what is important.
// INTENTION //
The why behind your actions. This does not only apply to your big aspirations
within The Creation Hierarchy.
For now, your intention is your reason behind the different aspects of your
vision.
This applies to all things, even the mundane. You need to practice awareness.
// ACTION //
By filling this out, you should have a path to execute on, but then comes the
problem of procrastination and hesitation.
Here's a solution:
You need to make the action so stupidly simple that you would look stupid for
not doing it.
If you want to hit the gym, the first stupidly simple step is to put on your shoes.
Next, walk out the door. Next, get in your car. Bring your focus to the present.
// CURIOSITY //
Curiosity is the catalyst for everything inside this hierarchy. It is the initial
dopamine spike that leads to action.
Again, let's come back to your talents and what you are naturally drawn to.
Sit down, pull out a notebook, and write down everything you would do if you
had all of the free time in the world.
You may not realize it yet, but most of these can be pursued, turned into a
business, and used to gain autonomy and have a meaningful impact on the
world.
To further refine which curiosities you should pursue, consider their potential
utility — or how they can be given utility.
If you want to pursue art, you will need to learn how to market that art and
make an income (so you have time to pursue it further).
A good metric — if there is somebody who has already done what you want to
do, that's all you need to know.
If your curiosities do not seem potentially monetizable or like they will solve a
problem... boom, you have more curiosity to pursue.
Write out as many as you can. These can be skills, hobbies, activities,
information you want to learn, and more.
Be specific with this. The more specific it is, the easier it becomes to research
and make connections.
When you feel the pull to dive deeper, do not deny it. You would be denying a
better future you.
Most people dig themselves into a hole of instant gratification. Self-deprecating
memes, victim culture, a constant loop of negative mental reactions.
Escape this neverending self-destructive cycle now. You were curious enough
to read this thread. Keep the momentum going.
// ALIGNMENT //
When all of these areas align in the present moment, you kick into flow.
You have clarity on how to achieve your vision and are fueled by the
neurochemicals born from this chain reaction.
Your current actions are aligned with the person you want to become.
Systemizing this process through habits, routines, structure, and efficiency are
how you show up day in day out.
Given time, you will see that this is the only worthy path to embark on.
-
Deconstructing the multi-six-figure one-person business model (achievable for
many, achieved by few)
Thread:
For the near entirety of running my business, it has been a one-man operation.
A one-person business. Only myself.
Recently I've built a small team dedicated to the mission behind Modern
Mastery.
The point of this thread is to show you what's possible and often isn't talked
about.
My approach is unique.
It goes against the grain of common business advice because that's what I like
to do.
I question everything, take the good advice, and discard what my gut tells me
to.
A traditional business has branding. They craft their brand message in a way
that appeals to what they are trying to sell.
If you haven't been able to tell, the world is going personal. The world craves
authenticity and human connection.
Big business does not do that. Work is going remote. More people are hiring
independent contractors.
For every one of these failures, I stacked experience. This goes for every other
growth-oriented pursuit. Personal development and the lot.
That digital art page that didn't work? It helped me make designs for my
personal business and taught me how to grow on social media.
Those ecom brands that failed? They taught me direct response marketing,
branding, and advertising.
Yo-yo dieting and weight lifting? They taught me discipline, consistency, and
the value in personal experimentation.
Drinking a bit too much? It taught me that I needed people, environments, and
goals that are conducive to my vision.
Diving deep into spirituality? It taught me the voice and tone I am most
attracted to and resonate with - the one I want to put across.
They do not have your same voice. They do not have the conditioning you've
picked up over time.
They do not have your same biases, interests, failures, or any other of the
billions of choices, thoughts, and actions that forge your personality.
It is also a very spiritual journey. It becomes lucrative once you transcend your
non-enlightened self-interest.
// The Money: Unique Systems //
Improving yourself and stacking experience falls under the health, wealth, and
relationships verticals. We can take that further into mind, body, spirit, and
business.
This can be packaged up into a system that gets results - focused on your
transformation.
Two, because they are not commoditized. Nobody else can sell it. Only you.
This works incredibly well for digital products, consulting, and coaching offers.
If you are in the marketing space, you will have to stack experience with
freelancing before you have tangible results to systemize and sell.
I get around 5-10 million impressions across socials every month. That would
cost $35,000-$70,000 per month with paid ads. (Per google).
You grow on them by deconstructing the platform and figuring out how to get
eyes on your profile.
If you have money, you can also invest in someone to help you grow it.
Your ideas for content should revolve around The Content Pyramid.
Break down the topics you know and understand into content topics.
If you need inspiration, write down ideas from the books, articles, videos, and
other content you already consume (and performs well).
Strike a balance.
This revolves around your experiences and lessons. The actionable advice you
give from improving yourself and your skillset.
The authenticity you display by documenting your process and showing people
your life.
The growth you receive by dishing out your lessons in a way that the platform
favors, allowing you to grow.
Then, you will need to market and sell your offers through the platform. These
strategies and processes vary depending on the price and type of your offer.
Slowly, you build out a value ladder.
Free > low ticket > mid ticket > high ticket
You start to restrict levels of access to you based on your experience, results,
and value provided.
You will charge for your time and directly teach people one on one for a high
price.
Hybrid Consulting.
You create an in-depth curriculum, walk people through it, give them one-on-
one support, and make it near impossible for them to not achieve their desired
result.
Depending on what that desired result is — and how much it will impact their
life — you can charge more.
There are people selling $20K+ per year memberships for a facebook group and
weekly zoom calls.
Because the person running it has immense and valuable experience. They
have advice and systems that guarantee a higher result.
This guy needs enough impact and authority to get 50 people in there and
boom, a million dollar a year business.
The other cool thing, you don't have to even do consulting. There are social
accounts pulling in $1M+ selling info products of their own unique systems.
With all of that said, you can slowly start to create the desired lifestyle you
want.
You can quite literally do anything you want with this business model.
If there is something you don't want to do, you build a small team and have
others do it for you.
Don't focus or worry about this yet. Improve yourself, build in public, and
create a product / service when you are ready.
And 4 courses (no longer on the market) that will give beginners a step-by-step
roadmap
Join 600+ others building and selling things on the internet in MMHQ:
-
The unconventional route to attaining the top 1% of focus, performance, and
satisfaction in life.
— Thread —
Before we start - this is part 3 of the Optimal Experience thread series.
For now, understand the need for meaning, money, & time in your life.
Read on:
// YOUR BASELINE OPERATING STATE //
Most people are a slave to their conditioning. They've taken on habits, biases,
beliefs, and more that are not their own — but others.
Dive deep into philosophy and gain a deeper understanding of how the mind
(and world) works.
This results in a focus on meaning (because you are currently focused on the
meaningless).
Weight lifting, cardio, and long walks help with mental clarity and bodily
function.
I got this wrong for so many years. Followed the IIFYM trend.
Ate 2 sausage egg McMuffins from McDonalds each morning. Frozen burritos
for lunch. Uber Eats for dinner.
Others:
- Kimchi & fermented foods
- Raw honey
- Berries, pomegranate
Game changing.
"Dan, isn't this expensive?"
But, you need to be honest about how much you are spending on "cheap food"
My Uber Eats addiction, grocery, and fast food cost more than the grocery list
above.
Plus, I'm investing now for a lack of medical bills later.
This stresses the importance of self-employment and an uncapped income.
- Eggs
- Lean ground beef
- White rice
- Veggies
You increase your baseline operating state and open up room for the rest of
this thread's teachings.
Because you need to understand your natural high / low energy shifts.
Are you consistent with training and movement in the morning or night?
Grab a pen and paper and start structuring your day accordingly. You need
clarity to make this habit.
The brain loves familiarity. It automates our decision making and good choices.
Most are stuck in a loop of thousands of negative choices on a daily basis
You can be one of the few that makes thousands of positive choices.
Negativity digs you into a hole, positivity compounds — taking you to the
moon.
You don't need a full fledged guru morning routine right now.
What you need is intention. What you do the night before will reflect what you
do in the morning.
Have something purposeful waiting for you when you wake up, a reason to
wake up.
This is usually project based. Projects around your health, wealth, and
relationships.
- Go on a morning run
- Prepare breakfast for the family
- Write (like I am right now) for an hour
Now, you need structured and scheduled times for energy-related activities
Track and reflect on things that went well in your diet, work, mood, and energy
levels.
Once we've tested for a bit, we have feedback that we can improve on.
This is where most go wrong. Something isn't working and they want to change
everything.
We want a high baseline from the start, then start changing things one at a
time.
If working out in the morning doesn't work for you, try it in the afternoon or
evening.
If foods, exercises, hobbies, etc don't work for you — test something new.
This is an incredible way of gaining self-awareness. You have to be honest with
yourself on what is working and what's not.
When you find the things that DO work, you can systemize them.
Invest in courses, coaching, software, tools, gadgets, and the rest to help you
double down
Through habits, routines, and rituals — you start to become a machine.
Executing on high ROI tasks that will move you towards your vision.
-
7 bad habits that are preventing you from having the life you want:
1) People pleasing
How in the world are you going to make progress if you keep putting others'
needs before your own?
Execute.
3) Avoiding risk
You don't have to take huge risks to make money, meet women,
Everyone is out for your attention. Brands, people, and social media
companies.
No more late nights for the sake of finishing your favorite Netflix series.
Write out 3 actions that will move you closer to your goals.
Execute.