5 UNTAPPED Industries that could make you a BILLIONAIRE
Summary
- Choose the right market for business success; as Warren Buffett says, the market outcome trumps entrepreneur skill.
- Pursue industries tied to cryptocurrencies and NFTs; even average players can thrive due to the industry's rapid growth.
- Consider the cannabis industry; it's not only recession-resistant but also has significant room for growth as it becomes more mainstream.
- Invest in e-learning; specialized skills are in high demand, and this market will continue to fragment, creating opportunities for niche expertise.
- Capitalize on the trend of remote living; businesses related to home offices, and mobile studios are in demand as more people work from home.
- Explore warehousing and logistics; with an increase in online shopping, there's a growing need for efficient storage and delivery services.
- Evaluate markets based on growth potential, targetability of customers, existing pain points, and purchasing power.
- Target niches within these high-demand industries to stack the odds in your favor, especially where demand outstrips supply.
Video
How To Take Action
I would suggest looking at booming industries first. Think about things like cryptocurrencies, NFTs, and anything related to online finance. Even if you're not the best yet, you can still do well because these areas are growing so fast.
You should also consider the cannabis industry. It's tough even when the economy is down and keeps getting bigger. So look for ways to jump in there.
E-learning is huge, too. People want to learn specific skills, not just general knowledge. If you're good at something special, teach it online. There's a big chance for you in that market.
Then, there's remote living. More people are working from home and they need stuff like home office gear and mobile studios. You don't need a big marketing budget because there's already a huge demand for these kinds of products and services.
Don't forget about warehousing and logistics, either. With more online shopping, we need more places to store things and better ways to deliver them. It's a big chance to succeed because people always want things easier and faster.
When you're choosing a market, remember these four points: Make sure the market is growing, that you can easily find and target customers, that there's a real need or problem you can solve, and that the customers have the money to spend.
Lastly, find your niche. Once you've picked a big, growing industry, drill down to find a specific area you can dominate. That's where you'll see a demand for what you offer but not too many other businesses doing the same thing. That's your sweet spot.
By focusing on these strategies, you can join industries with a strong wind at your back, and set yourself up for success.
Quotes by Alex Hormozi
"if you have a good entrepreneur and a bad market, the market wins"
– Alex Hormozi
"it is far more important to pick the right boat than how hard you row"
– Alex Hormozi
"formal education has failed many of us"
– Alex Hormozi
"the demand for people to be lazy is very very high"
– Alex Hormozi
"we prefer to be on the things that have more demand and less supply"
– Alex Hormozi
Full Transcript
the number one question that i get right now on this channel is hey i'm thinking about starting a business what market should i go after for those who don't know me my name is doctor mosey i own acquisition.com so when we look at portfolio companies and we're trying to figure out what markets we want to go after because we know just like warren buffett said if you have a good entrepreneur and a bad market the market wins and if you've got a bad entrepreneur and a good market the market wins all right so the market that you pick a lot of times i have a huge determination on the level of success that you have right it is far more important to pick the right boat than how hard you row those are warren buffett quotes you can take those to the bank so top five industry i would be pursuing in 201 2022 that are coming up all right the first one um and believe that this is going to be unsurprising to you is all things that are associated with cryptos and ifts d5 web 3.0 all the things that come as downstream ramifications of this new technology right it's booming and there's a lot of really cool applications that are going to come as a result of this so if you know this industry then that would be something that i would be looking at because even if you're okay you will be a player in a massively growing industry so you'll have a huge tailwind behind you the second believe it or not is cannabis right it's still trusted and the reason i also like it is that it's relatively recession proof right actually it's a pro recession thing when recessions happen alcohol and drug use goes up so this is something that's still like the market's so big it still hasn't been conquered yet there's still tons of growth to happen there there's still people it's just becoming mainstream it still hasn't been completely you know decriminalized in all the states etc and so cannabis would be something that i would be looking at uh for types of businesses that i would be looking at building the next one is e-learning so obviously this is a big favorite of mine uh and that's because i believe and you've probably heard me say this many times on the channel i think that formal education has failed many of us it is a it is an antiquated system that is built on general knowledge rather than specific knowledge and right now people want specific skills that they can use in the marketplace to make more money and so the e-learning industry is becoming increasingly fragmented i don't think that trend will decrease i think will only increase in its fragmentation it will be had it'll have more silos and more verticals with excellent teachers at the top of them teaching very niche down skills and so i think that if you have a niche skill the e-learning uh marketplace it's set in in general is something that i would be looking at uh investing in uh my time and effort and money etc all right and i walk this talk as we do with acquisition.com we invest in these types of businesses all right the the fourth and this is a huge one is remote living all right so remote living is everything that touches the consequence of the huge push of remote so more people are moving out of cities they're moving to have more space they're having at home offices this thing that i'm recording on is a mobile studio right like if you're a photographer build mobile studios tons of people want to be able to travel they want to they want to have studios from home tons and tons of business to be had there you don't even have to market there's so much demand for this type of stuff uh i mean and there's so many downstreams of that that's why zoom blew up um you know like uh there's just there's so many things with with with remote living the reason that home home decorations and home improvements has been booming is because people are spending more time at home so that's why people want bigger houses that's why there's been like all of this stuff is as a consequence of this trend which i don't think is going to decrease right and then finally you could consider this maybe a a a spin-off of the one above but i felt like it was different enough that it deserved its own thing which is warehousing logistics there is more need for shipping and stuff to be stored now than ever before and that trend will only increase as people want to stay at home right they want stuff shipped to them and the demand for people to be lazy is very very high our brains are wired to do as little effort as humanly possible and so anything that i see that that works in a trend of delivering something to someone faster with the least amount of effort uh and this is the value equation right high perceived likelihood and a dream outcome which is they just click something and it shows up those are things that i would be investing in because i believe that they will be the things that outperform the marketplace as whole and so if you can get into a market that has a tailwind then you're also going to make the most money and so as a reminder for those who are new to the channel there are four things that we look at in every market all right number one is is the market growing number two are the people easy to target number three is there a need for it are people in pain right do they not like the way things are currently this is a smiley face sorry there you go uh are do they not like the way things currently are and they have pain to be solved and finally finally do they have purchasing power and so i would look at one of these as the big buckets that that exist and then you find one or two steps down from this bucket you zero in on your niche that you can capture that is in this growing marketplace and you will have the chips stacked in your favor in terms of getting uh investment funding in terms of the amount of demand that will that will happen simply based on the fact that more people want this than there are suppliers of it and this is a simple supply and demand curve and we prefer to be on the things that have more demand and less supply then more supply and less demand all right and that is uh how i analyze this in terms of the things that i'm looking at that i think are going to be good big trends that that you can hop on if you're thinking about investing your time and effort into starting a new business so anyways mosey nation lots of love keep being awesome and i'll see you guys in the next video bye