4 Fast Business Ideas To First $1,000 MRR

Summary

This video provides four practical strategies for achieving $1,000 in monthly recurring revenue (MRR) for beginners starting an online business. The approaches include creating wrappers around existing AI tools, building boilerplates and starter kits for developers, developing specialized AI chatbots, and productizing services for agencies and freelancers. Each method emphasizes simplicity, scalability, and ease of implementation, with the potential to grow beyond the initial $1,000 goal. The video encourages aspiring entrepreneurs to focus on creating consistent, manageable income streams while building a sustainable business.

Takeaways

• 😀 Focus on reaching your first $1,000 monthly recurring revenue (MRR) as a beginner instead of aiming for large sums immediately.
• 😀 Building a 'wrapper' tool using existing AI technologies like OpenAI or Replicate is a great way to quickly launch a business with minimal technical complexity.
• 😀 Wrapper tools involve creating custom front-end interfaces for existing technologies, which can be profitable but may have higher running costs due to API fees.
• 😀 Boilerplates and starter kits are another great option—create pre-built code templates that save developers time and can be sold repeatedly with little maintenance.
• 😀 When creating boilerplates, focus on specific niches or tech trends to stand out, such as building templates for AI-powered apps or integrating modern tools like Stripe.
• 😀 Specialized AI chatbots are a growing opportunity—create bots trained on specific domains (like fitness or law) that offer real expertise, unlike generic models.
• 😀 OpenAI's custom GPTs failed to meet expectations, but by fine-tuning your models with specialized data, you can offer a valuable and profitable service.
• 😀 Productizing service-based businesses into subscription models (like web design or social media management) allows for predictable, recurring income.
• 😀 A productized service should have clear deliverables and be repeatable, which makes it easier to scale and manage without overwhelming yourself.
• 😀 Don't be discouraged by initial challenges; these business ideas are beginner-friendly and have the potential to scale well beyond the $1,000 MRR mark with the right approach.

Q & A

What is the first step for beginners who want to start generating recurring revenue online?

The first step is to focus on reaching $1,000 in monthly recurring revenue (MRR), which is achievable through simple, scalable methods that don't require large upfront investments or complex development skills.

What is a 'wrapper' in the context of building a business online?

A 'wrapper' is a business model that involves using existing technologies (like OpenAI, Replicate, or Luma) and building a custom user interface (UI) around them. This allows you to create tools that are easy to build and maintain, but they rely on third-party tools, which take a share of the revenue.

Why might someone choose to build a 'wrapper' rather than creating a completely original product?

Building a wrapper is quicker and easier compared to developing a completely original product. It allows you to capitalize on existing powerful technologies without needing to create them from scratch, making it ideal for fast business growth with a relatively low cost.

What is the main benefit of selling boilerplates or starter kits?

Boilerplates and starter kits allow you to sell pre-made code, design systems, or templates that save others time. Once created, they can be sold repeatedly with minimal maintenance, offering a passive income stream.

How can a boilerplate or starter kit be successful despite many existing ones on the market?

There’s always room for new boilerplates, especially those that are up-to-date, streamlined, or focused on specific niches or technologies. A well-targeted boilerplate with modern tools or unique features can still fill a gap in the market.

What type of specialized knowledge can be used to create a successful custom AI chatbot?

To create a successful custom AI chatbot, you should focus on specialized knowledge in a particular field, such as law, fitness, or finance. By training the AI with data specific to your area of expertise, you can offer a chatbot that provides tailored, expert advice.

Why do custom GPT models from OpenAI currently have limited value, and how can they be improved?

The default OpenAI custom GPT models are too generic and don't offer much differentiation from ChatGPT. To improve their value, you need to fine-tune the models with specific, domain-level data, making them more specialized and useful for particular industries or tasks.

What is meant by 'productizing' a service for subscription models?

'Productizing' a service means turning it into a repeatable, packaged offering with fixed deliverables. For example, a web design service could be turned into a subscription where clients receive a set number of updates each month, making it easier to scale and manage.

Why would businesses choose a subscription model for services like web development or social media management?

Businesses prefer subscription models because they offer predictable costs, reliable support, and the convenience of having ongoing services without constantly searching for new freelancers or agencies. It provides peace of mind and ensures their needs are consistently met.

Can the methods discussed in the video be scaled beyond $1,000 in monthly recurring revenue?

Yes, the methods discussed can easily be scaled beyond $1,000 per month. For example, 'wrappers' and 'boilerplates' can grow into multi-thousand-dollar businesses, and service subscriptions can also expand by adding more clients or increasing pricing as the business matures.