My Step-By-Step Process To Building a $1M+ Business
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- Опубліковано 31 тра 2024
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Episode 570: Shaan Puri ( / shaanvp ) and Sam Parr ( / thesamparr ) go through Sam’s journey of launching his company Hampton. It’s a step by step walkthrough of what went right and what went wrong.
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Show Notes:
(00:00) Intro - A radically transparent look inside Hampton launch.
(2:32) Idea #1: Short-term rental crew (failed)
(3:32) Idea #2: Community of truckers (failed)
(4:23) Idea #3: Community for entrepreneurs
(5:48) Fail #3: V1, V2, V3 of Hampton
(8:00) Step 1: Research
(10:08) Step 2: Picking the right name
(12:05) Step 3: Hire a Branding Agency ($15K)
(14:12) Things Sam said no to
(17:12) Leverage the founder story
(20:18) Shaan's branding agency experience
(21:51) Shaan’s $25K Mistake: Hiring a "naming" agency
(25:57) Takeaways
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Links:
• Hampton Brand Inspiration doc: tinyurl.com/4uw5a9sv
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Check Out Sam's Stuff:
• Hampton - www.joinhampton.com/
• Ideation Bootcamp - www.ideationbootcamp.co/
• Copy That - copythat.com
• Hampton Wealth Survey - joinhampton.com/wealth
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Check Out Shaan's Stuff:
Need to hire? You should use the same service Shaan uses to hire developers, designers, & Virtual Assistants → it’s called Shepherd (tell ‘em Shaan sent you): bit.ly/SupportShepherd
My First Million is a HubSpot Original Podcast // Brought to you by The HubSpot Podcast Network // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano
My three favorite channels: My First Million, Stock Brotha, & How Money Works. Make my week complete! 🔥 🔥 🔥
Great episode! It seems it could be called something like 'What to REJECT when starting a million dollar business', or a clever twist on that...
Firing up hampton for the big sale.
The website design is so 2015
@@twisterrjlwhat’s an example of a website that you think is so 2024?
Im currently founding a new company and this podcast has been gold for my mindset. Thanks.
But here is the real question: Has Shaan joined Hampton?
Something about the way Sam’s AirPods sits in his ears infuriates me 😂
I wanted to say the same lol
Haha
Agree
hahahah this made me laugh so hard !
I swear… I’m more turned off on the hubspot company, than even curious. The disruption of the ad, the same ad over and over again, makes it seem like an uninvited visitor demands my attention. It’s funny how it has the opposite of the desired effect.
Why weren't you crying when they had the "Have you heard of Hubspot" ad?
It was quicker, even though still repetitive. They should create a viority new ads to keep it interesting for the regular viewers or just talk about it during the podcast
I mean justo skip the ad, they dont have time to be doing a new one for every episode
Agreed. The ad is annoying but tbf I guess it’s effective if we’re talking about it. Another thing that’s kinda funny about the ad is that Sam also promotes Hampton, so it’s like a double ad and then on top of that, this episode is about Hampton, so it’s an ad inside of an ad, inside of an ad
The original Hubspot Ad is more tolerable
Love Shaan - he’s a genius. But total BS saying that he can’t remember the name that his naming agency came up with after paying $25k. No way you spend that kind of money and don’t remember the name they provided.
Sam has so far done a great job with the Hampton business. In my opinion based on what you said about the application rejections, there should be a Hamptons for smaller business owners too. These are likely the ones that need more help than the 50million dollar businesses.
I agree!
Haha! I love that Hampton is named after Hampton Ave. up the road. Reminds me of IMO’s now. Love it.
And Ted Drew's!
I really enjoyed this episode, thanks guys 🙌
You both make me happy.
25:12 that’s OPM other people money!
That angle on this thing that doesn't scale -> personally reviewing every applicant is such a killer differentiator. It's so clear how you stand out from alternatives like Chief beyond the persona of the client -> you can claim to be a better fit for female entrepreneurs based on the quality of the experience vs. just having a "we're X but for Y" positioning.
Also, can you share what a Brand Agency “questionnaire” looks like?
Midwestern truck drivers for the win! (Sitting here waiting on my load) :)
Ok SomeoneGPT: give us a step by step breakdown of a practical blueprint to actually build a $1m business based off this video 😅
Sublette is big in Wyoming! William Sublette was a big time explorer and fur trader back in the day.
Entrepreneurs should note the importance of iterating on their product based on market feedback, much like the V1, V2, V3 approach mentioned. It's a reminder that flexibility and adaptation are key to finding the right product-market fit.
7:07 the ole reflection threw you off 😂😂😂
You could create “Hampton jr “ let in all of the people who didn’t get into Hampton at a lower cost with some benefit provided . Essentially creating a tier system / waitlist that benefits you and potential Hampton members .
Side note : my name is Julius I’m in the process of creating my first physical product that I designed , And hope to make my first million this year .
Because I offered you such an amazing idea , I think you should let me into the fold !!
Cool idea re tiers. I have that for sports community. Where it is based on skill level to match ppl better.
Great pod guys. We all have countless ideas, cool to see your process and thinking. I would love to see a pod on what questions you are asking during research. Do you guys have a checklist or is it just gut feel by now? Things like is the market big enough, is the idea sticky, is this 10 out of 10 problem to solve etc.
Much love from Aus
This is awesome.
Can you put Sam on spot for his negotiation stories?
Here is why you should do it:
1. Cuz isn't negotiation a big part of making your first million.
2. Cuz its awesome.
Here are 3 nuggets I have learned from SAM.
1. when Sam negotiated $2 beers in SF bar, to do meet ups.
2. when Sam moved to SF and negotiated rent by telling how his landlord will never need to see him again.
3. Played the same playbook again, recently to negotiate 30-40% off rent, telling landlord how he is the best tenant. AGAIN.
my childhood street was called timberview which is honestly a banger name for a company
New community business that is largely online, successful people from that can upgrade into Hampton called Concourse. The street that turns into Hampton. The path toward Hampton.
I dig it
Soon as I heard Hampton had a floor I started planning a version for us regular people
Spit my water during this one. You guys are funny!
Still not sure why Sam can't make a hampton elite group and then normal hampton for the people they turning away that fits the 9% of the top 10% of applicants. seems like easy way to 10x revenue while still keeping exclusivity
Totally agree.
Identifying a viable business idea that aligns with personal interests.Utilizing a supportive community for feedback and networking.Strategic audience targeting for effective market reach.Thoughtful branding and naming process for the company.Learning from previous entrepreneurial ventures and failures.
Click bait title
I have a company that is like to start in a fairly niche market. I’d like to check with the potential users to see if they’d be willing to pay for it/use it/see how much they’d pay for it. How do I ask around without the risk of one of them swooping in and making the same thing?
Hey I live on Marquette and Mackland !!!!
Please talk about the potential Hubspot acquisition
Sam Parr: Spends 4+ years discussing cool business ideas on a podcast
Also Sam Parr: Makes his next business Andrew Tate's War Room for entrepreneurs
I agree with most comments…seemed like an ad for Hampton 👎🏼 the title indicates it would be educational on how to start a business 🤷🏻
so yeah, that's great and all but where do we cop that manifest cowboy schwag
Really liking the slightly shorter podcasts
25k for naming agency, i could have started a small saas project in this money and scaled it
You guys have a course to learn this stuff?
This business is actually cool
one word: VALUE
Hey dudes! Heads-up that the most recent pods aren't populating in UA-cam Music.
Appreciate y'all!
sound and lip syncing is way off
Buy a better phone
close your eyes and imagine that it’s perfect
Have an assisted path to join. Make another group that is the hampton rejects (obviously a better name) with the goal of getting over that bar. You can shill courses and help people grow into qualified members
Is Google buying Hubspot? There was a whole segment on the All-In podcast
Sam, pro tip: Jaguar is not pronounced “Jag-Wire”. 13:40
Aspires to luxury brands, mispronounces one in the next breath 🙃
That was hilarious
21:40 A friend of mine paid something $18K. For months they were doing group text email lists, send out group emails asking for suggestions, and nothing really stood out as the right one.
Naming Co had a whole team come presentation day, and they were drumimg up a buzz all week. The main suggestion was the first one, taking up most of the meeting.They were really presenting it to be specific, talking about all the ways it was perfect.
20 minutes in, my friend checked the domain: NOT AVAILABLE. The presenters could barely make complete sentences after that.
The next two no one liked, and option #4 had copy-write. They were like, EF-it, and went with option #5. It was “Magnolia.”
I like these friday nugets
Waiting list?
What if you treated the people you turn down as a farm team (like baseball ⚾️) put them in a development team. Then down the road as the develop they can reapply. 16:11
🔥🔥🔥
When Sam said that hiring a branding agency is a total hack, did he mean that in a positive sense, or more like a political hack? Because it sounds like he did the work himself coming up with the ads and the color. Great episode. Loved the line, “you’ve got my Venmo.”
2nd the best
Hey everyone.
9:58 seems like an editing issue
Allow a person into Hampton if they mentor a group of smaller entrepreneurs and businesses for free? 1 person can provide value to 10, and they would get value by getting into Hampton.
Does anyone belong to a community for community builders? 2..anyone based in Helsinki and want to meet up?
1st... I'm back
7.7
What is a jag-wire? 😂
HAMPTON is a white girls' dog name. Lets focus on the pizza robots shall we?
I love the idea of a digital community centered around listening and talking about podcasts. A book club but for podcasts. Where like minded people and help each other build on their ideas. Leave message if you would like to join and this will be our first podcast we discuss!
That’s smart. As a heavy equipment operator for over a decade I’ve listened to literally thousands of podcasts and interviews.
Sam is so un-minority that he's a minority
I can see why no one wanted this. I can meet up with people without paying 10k. This seems useless.
Hey Shaan, I know you are just trying to be entertaining. But please stop inventing stuff that never happened…I know it is C’est la vie…but still
The "white man" "white bread" and the "vanilla gorilla" motif is getting a little old and boring on your podcast... Even if Sam appears to joke about it.
my boy shaan getting slim day by day