The Best Boring Business to Start in 2024

Summary

The video explains the challenges of building a successful social media agency or dropshipping business in 2024, highlighting the saturation of these markets. It introduces a new opportunity: starting an online PR agency using AI technology with a platform called Pressmaster. The process involves setting up customizable newsrooms for clients, automating article creation and publishing, and generating AI-powered reports. This business model offers a potential to earn 15-20K per month with minimal manual work. The speaker encourages viewers to sign up and get started with Pressmaster to capitalize on this new digital opportunity.

Takeaways

• 😀 SMMA and dropshipping are becoming less profitable due to increased competition and diminishing returns, making it harder to achieve consistent earnings.
• 😀 The new opportunity for 2024 lies in launching an online PR agency using AI-powered tools, such as PressMaster, which streamline the process and reduce manual work.
• 😀 The law of diminishing returns applies to online business models like SMMA and dropshipping, as more people enter the market and competition increases.
• 😀 PressMaster allows agencies to set up customizable newsrooms for clients in just 30 minutes, saving time and enhancing efficiency.
• 😀 The new PR model allows agencies to charge clients a setup fee for newsrooms and a monthly retainer, easily earning $15K-$20K per month.
• 😀 AI tools help automate the writing of articles, allowing agencies to deliver quality content quickly while respecting SEO best practices.
• 😀 PressMaster provides access to over 3,000 magazines for article publishing, and agencies can charge clients a 20-30% fee on paid placements.
• 😀 The new system simplifies PR reporting with AI-generated reports, saving time and creating a positive impression with clients.
• 😀 By managing 5 clients, an agency can generate $120,000 per year. With 160 clients, an agency can potentially make nearly $500,000 per month.
• 😀 The key to success is discipline, utilizing AI tools like PressMaster, and reaching out to clients, especially in high-demand industries like crypto businesses.

Q & A

What is the primary issue with social media marketing agencies (SMMA) and dropshipping in 2024?

The main issue is that these business models, once considered easy paths to earning money, now face intense competition due to the law of diminishing returns. As more people gain access to the necessary technology, it becomes harder to stand out and achieve the promised income of 15-20K per month.

Why are SMMA and dropshipping considered 'dead' for 2024?

They are considered dead because of increasing competition and shrinking returns. More people are entering the market, making it increasingly difficult to generate significant income from these models.

What is the new opportunity being introduced in the script?

The new opportunity is an online PR agency using AI, which simplifies and automates the process of publishing articles and managing client relationships. This model aims to earn 15-20K per month with minimal resources.

How does the traditional PR process work, according to the script?

Traditionally, a client hires a PR agency, briefs them on a topic, answers questions via a call or voice note, the agency crafts an article, and then it gets published after multiple rounds of revisions. The entire process typically takes 7-14 days.

What is the key advantage of the new PR system introduced in the script?

The new system automates much of the work with the help of AI. It allows for quicker publication of articles, minimizes human effort, and enables faster, more efficient client management.

What is a 'Newsroom' in the context of this new opportunity?

A Newsroom is a fully customizable platform for each client where articles are automatically published once created. It saves time by eliminating the need to manually publish articles on separate platforms like Webflow or WordPress.

How does AI help in the creation of articles in this new business model?

AI is used to automatically ask clients the necessary questions, generate articles based on minimal input, and ensure that SEO ranking factors are respected. This speeds up content creation and makes it more efficient.

How can an agency profit from this new PR model?

Agencies can charge clients a setup fee for creating a Newsroom, a monthly retainer for ongoing PR services, and a percentage of fees for paid placements in magazines. The agency can also sell additional services like AI-generated reports.

What are the financial numbers given in the script to highlight the profitability of this model?

The script suggests that by charging $2,000 per month as a retainer and $1,000 as a setup fee, an agency can earn $3,000 per client. With five clients, an agency can earn $120,000 per year. By handling up to 160 clients, the potential earnings can reach half a million dollars per month.

How can AI-generated reports enhance client satisfaction?

AI-generated reports provide clients with a professional and attractive summary of the activities done for them, requiring minimal effort from the agency. This adds value for the client and makes the agency's services look more polished and efficient.