How to use your "useless” hobby to make money

The Power of Niche and Enthusiasm [00:00:00]

• The core idea is "you don't want to be the best, you want to be the only."
• This mentality leads to becoming the best by refining one's unique skills.
• Becoming the "only" creates a market of one.

  It's a great example of you don't want to be the best, you want to be the only.

Asia Graham's Perfume Tour [00:01:15]

• Asia Graham, a former consultant, started a business called "Scent Social Club."
• She offers personalized perfume tours in New York City, guiding clients through different stores and scents based on their personality.
• The business is a full-time endeavor, catering to both private and group tours.

  Her bio is, Asia Grant, I have a perfume for you. The best New York City perfume tour.

Enthusiasm as a Business Moat [00:03:30]

• Enthusiasm can act as a "moat" in business, protecting it from competition.
• Nick Gray's "Museum Hack" generated $3 million in revenue by offering unique, $200 tours of museums like the Met, focusing on "pieces of art that I would love to steal today."
• The speaker was personally drawn into Graham's tour due to her contagious enthusiasm.

  I don't care about perfumes at all. But I went on this lady's tour, Asia Grants. It's contagious though, right?

Scaling Through Content and Brand [00:07:00]

• The tours themselves are content, not the primary business for scaling.
• The real business is building a brand online, using real-world experiences as content.
• This flips the traditional model where content serves the transactional business.

  You have to say the tour is just actors. I'm essentially having humans that I'm going to be using to create awesome content.

Examples of Content-Driven Businesses [00:08:30]

• Jack's Dining Room creates content by trying the best food in cities, with "reserve" experiences costing tens of thousands.
• Hormozy uses in-person workshops as a "farm system" to produce content that grows his brand.
• The value comes from the brand built through content, rather than just the direct sales of the experience.

  And so I think using the real world business stuff as content is the smart idea.

The "Sell the Joy, Not the Saddle" Marketing Mentality [00:12:00]

• Inspired by a Slack CEO blog post, the idea is to sell the lifestyle or feeling, not just the product.
• Nike sold the joy of jogging, not just shoes.
• Lululemon offered yoga classes to promote the yoga lifestyle.

  Instead of selling saddles, we need to sell the joy of horseback riding.

Perfume as a Lifestyle Choice [00:14:00]

• Asia Graham sold the experience of smelling good and expressing personality, not just cologne.
• She personalized the experience by linking scents to perceived personality traits, like "masculine guy, very Midwestern masculine values."
• This "horoscope, but better" approach taps into a desire for self-discovery and validation.

  She sold you horseback riding, not a saddle.

Building a Personal Monopoly [00:16:30]

• David Perel's concept of a "personal monopoly" means being uniquely known for something.
• Asia Graham is building a personal monopoly as the "New York City scent girl."
• The goal is to add layers of defensibility to become the undisputed leader in a category.

  She is going to be the New York city scent girl or the New York city. Perfume person, right?

Nick Gray's Museum Hack Evolution [00:18:00]

• Museum Hack achieved $2.9 million in revenue before being sold.
• Gray initially was the sole tour guide, charging around $200 per tour.
• He later trained creatives as tour guides, scaling the business.

  He became like the museum tour guide. And then, you know, this sounds silly to like use these phrases together, but he reinvented himself as the two hour cocktail party guy?

Experiential Tours Genre [00:21:00]

• Real-world experiential tours, like mafia or food tours, can be highly successful.
• A former NYPD officer created a successful Mafia tour on Airbnb, ending at a restaurant connected to mob history.
• This ex-cop sold his listing to a team of other ex-cops, creating a scalable business.

  I did it. I also did that one. Awesome.

Sendo Sushi: A Hidden Gem [00:24:00]

• Sendo Sushi in the Hamptons is a high-demand omakase bar located in an unassuming spot.
• Owner Guy Allen built his brand over a decade through Instagram and a sushi coffee table book.
• The restaurant also has a massive delivery operation through DoorDash, contributing millions in revenue.

  Dude, how did you, how do you get people to find this place? It's literally on an unmarked staircase and an unmarked door.

Dolly Parton: A Cultural Icon [00:27:00]

• Dolly Parton is celebrated for her distinctive "larger than life" persona and business acumen.
• She sold over 100 million records, won 10 Grammys, and built the Dollywood amusement park.
• Her net worth exceeded $500 million, with a reputation for kindness and generosity.

  She was this kind of almost larger than life character, big blonde hair, almost like kind of all American, but then every knob was just dialed up.

Dolly Parton's Songwriting Prowess [00:30:00]

• She wrote "I Will Always Love You" and "Jolene" on the same night.
• She famously turned down Elvis Presley's offer to sing "I Will Always Love You" because he wanted to own over 50% of the rights.
• Whitney Houston's rendition of "I Will Always Love You" earned Parton tens of millions in royalties.

  She turns them down. She turns down Elvis to make a better.

Dolly Parton's Philanthropy [00:33:00]

• The "Imaginary Library" program has distributed over 325 million books since 1995.
• This was inspired by her father, who could not read or write.
• She implemented a program pairing seventh and eighth graders, offering $500 if both graduated, drastically reducing the dropout rate from 35% to 6%.

  She's like, how about I put books in the home?

Dolly Parton's Personal Philosophy [00:36:00]

• Unable to have children due to endometriosis, she stated, "Everybody's kids could be mine."
• This perspective allowed her the freedom to pursue her extensive work and philanthropy.
• Her attitude transformed a personal challenge into a broader mission.

  I didn't have children because I believe God didn't mean for me to have kids. So everybody's kids could be mine.

The Rise of the Equine Network [00:39:00]

• Andy and Tom built Active Interest Media by acquiring niche magazines and websites.
• They launched the Equine Network, focusing on horse owners and related businesses.
• They acquired businesses like the "AAA for horse trailers" and a fly control company, growing revenue to $85 million with high profit margins.

  And they did that. And they bought this business for like next to nothing. And they've grown it.

The Horse Industry's Passion [00:42:00]

• People who own horses are incredibly passionate and will prioritize their animals' needs.
• Maintaining a horse can cost around $30,000 per year.
• The horse world is significantly larger and more passionate than many realize.

  These people who own horses, they will go broke. They will not pay their rent before they give up their horse and their horse's rent.

LeBron James' "King James Funding" [00:45:00]

• LeBron James created a bond offering against his lifetime Nike contract, securing $300 million.
• This was structured as a 31-year bond with a sub-5% coupon, allowing him to receive cash upfront without paying taxes on it.
• He retained ownership of the Nike contract's upside, making it a loan rather than a sale.

  LeBron James, while he's in the Cavs, decides to pull a, like create a bond offering against his Nike contract.

The Shift Towards Fiscal Responsibility Bragging [00:49:00]

• Culture has shifted from bragging about flashy spending to bragging about fiscal responsibility.
• Athletes now highlight living off shoe deals, compounding investments, and owning assets.
• This trend is amplified by athletes' podcasts, where discussions about smart financial moves go viral.

  And now I think it's swinging back the other way where like, you see the athletes bragging, like I didn't even touch my NBA contract.

LeBron's Business Acumen and Personal Growth [00:52:00]

• LeBron James turned down early endorsement deals like McDonald's to invest in franchise ownership, like Blaze Pizza.
• His sophisticated tastes, like appreciating wine, are seen as a contrast to his humble beginnings.
• His journey from poverty to immense success, maintaining a clean public image, is considered remarkable.

  And so, and similarly, like his tastes are not, like he doesn't shout about drinking Hennessy. He's like an avid wine head and we'll talk about wines that he loves.

Bronny James' Golf Swing [00:55:00]

• LeBron's son, Bronny James, possesses an exceptionally smooth and impressive golf swing.
• His talent on the golf course suggests he may have chosen the wrong sport professionally.

  Watch one video of Bronny James swinging at a golf club and tell me he didn't choose the wrong sport.

The "Boys Got Range" Episode [00:57:00]

• The episode covered a wide range of topics, from business strategy to pop culture figures.
• The diverse content was deemed "amazing" and successful in its execution.

  This episode is called The Boys Got Range because frankly, we were all over the place and also, frankly, I think all of it was amazing.