November 7, 2025 • 17 mins
What businesses will dominate in 2026? In this episode, we break down the six smartest, most profitable business models positioned for massive growth over the next 24 months. After analyzing more than $5B worth of companies, I’m sharing where the real opportunity is: with the macro impacts of AI.
This isn’t hype. It’s strategy. You’ll learn why these markets are expanding, what consumers are demanding, and how to position yourself to build a million-dollar company by solving high-value problems. If you’re ready to make your next move with intention and data-backed confidence, start here.
See omnystudio.com/listener for privacy information.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
S1 (00:00):
Welcome to business and the podcast for people making it
all happen. Running a successful business completely takes over your life,
but I'm a believer that there is still room for
some ands like health, wealth, beauty, and maybe even some fashion.
On this podcast, I'll share with you what's working for
scaling my nine figure business while keeping you up to
date on the latest trends, news and fun finds. This
(00:23):
is a place for business and let's dive in!
S2 (00:27):
These are the six smartest, most profitable businesses that you
can start in 2026. And as the co-founder of a
$100 million company that has analyzed over $5 billion worth
of businesses over the past six years, I see every
single day which models succeed and which ones fail. And
based on the current market's inflation and technological advancements, there
are only a handful of businesses I would personally start
(00:49):
right now if I wanted to build $1 million business
in 2026. So here are the six business opportunities that
are quietly making millionaires. First, we're starting with boring AI businesses. Diseases.
AI is a booming industry projected to grow between 20%
to 40% annually, with gross profit margins as high as 70%.
(01:10):
And here's the best part you don't need to be
an AI master. To start, you can partner with a
freelance developer, test one simple tool, and sell it into
a market that you already understand. You see, when AI
first exploded, everybody thought that the winners would be the
next OpenAI. But most of those billion dollar opportunities are
already gone. The real money is now in hyper targeted,
(01:33):
boring tools. Think of AI that auto generates quotes for contractors,
or a personal CRM for estheticians that not only track
client history, but also automates personalized upsells and follow ups.
These aren't flashy ideas, but they save professionals hours of
time every week, and they're willing to pay to get
their time back. So just ask yourself, what's one high friction,
(01:56):
repetitive task in an industry that I know? And how
can AI automate it? It might even be worth putting
that prompt into AI to give you an idea. See,
that's where the opportunity actually is. Whoever builds those tools
doesn't just get customers, they win entire markets. That's why
one simple idea that solves a quote unquote boring problem
(02:17):
can be the foundation of a multi-million dollar business. I'm
actually taking my own advice because my team is currently
working on solving very specific niche problems for roofers. Yes, roofers.
I have been going on roofing on sites over the
last handful of months, because I see a massive opportunity
in being able to leverage AI to solve problems that
(02:38):
roofers every single day struggle with when it comes to
generating leads, following up with those leads, training their salespeople
on how to work those leads in order to get
them to conversions. And there are hundreds of industries that
could take the same approach, and you could start that business.
When you think about the traditional roofing business owner. They
are a roofer first. They're not traditionally business owners. They
(03:00):
don't have some formal background and really understanding how to
take a lead. Engage that lead to get a conversion,
and do that as quickly as possible, while ensuring that
they are on top of their reviews, their hiring, their financials,
and all of the other business related tasks. So being
able to solve for them those business related functions using
AI is of such high value, and being able to
(03:22):
do it at scale is the opportunity that we're taking
advantage of. And you too could do this for just
about any industry where there is a technical person that
started the business but needs help with the business aspects
of the business, and AI is uniquely positioned to solve
these problems, and the business owner is uniquely positioned not
to solve these problems using AI because they're so busy
(03:45):
running their businesses. Hence, opportunity for you. The next business
is hybrid wellness clubs. Hybrid wellness clubs are projected to
grow 10 to 15% annually, with margins up to 40%
for boutique models. You don't need a gym or medical
office to start. A beginner could launch this with something
(04:05):
as simple as a curated supplement box. Paired with a
zoom coaching call, you can partner with a nutritionist or
a personal trainer and build a monthly subscription and layer
in accountability through WhatsApp check ins or a private community.
The key to this is you start small and then
you expand into more advanced options like DNA testing or
(04:26):
wearables as you grow your client base. So why is
this such a great business idea? Well, think about the
shift that took place after the pandemic. People lost trust
in the traditional healthcare system, so now everyone wants to
be in control of their health and they will pay
a premium. A lot of money in order to have
that feeling of control and get true results. These business
(04:49):
ideas work because people don't just want to get fit,
they want to live longer, they want to perform better,
and they want to belong in a like minded community.
So when you combine health products with coaching and accountability,
you're not just selling supplements, you're selling an identity, you're
selling a belonging. The key to being able to charge
more is through adding value in this business model. Anybody
(05:13):
can go to a Walgreens and buy supplements, and their
life is not going to change. But when you can
create a community with accountability or people feel like they
are a part of this new identity and that they
are able to get results that they're looking for, it
literally changes their life. It changes their confidence. It changes
the way that they show up for themselves. And so
this concept of community mixed with accountability that targets personalized
(05:37):
health and wellness for somebody is the game changer. And
to the extent that you can do this at scale
using different community and accountability platforms, you will be successful
because people want you to help them and they want
actual change. And what is required with actual change isn't
just giving somebody a workout isn't just giving somebody a supplement.
It comes with the process of changing their identity from
(06:00):
where they're at not feeling great, feeling unhealthy, maybe even
having some health related issues to transforming to be around
a group of people who are active and doing the
things that they see themselves doing. So yes, the product
matters and the effectiveness of the product matters, whatever it
is that you're selling. But don't underestimate or undervalue how
(06:20):
much value you are creating in your business model by
using accountability, follow up and community. The third business model
with massive potential is home services. This market is growing
at 10% a year between now and 2030, with built
in margins of between 10 to 20%. But you don't
have to do the manual labor yourself. Beginners can start
(06:42):
with picking one service like plumbing, roofing or pest control
and running it like a modern operator. Use Google Ads
and Yelp to bring in leads, to hire contractors to
do the jobs and focus on scheduling and sales and
customer reviews. You see, once your system works in one
part of the city and grow into other parts of
(07:02):
the city so that you're able to dominate with real
market share in that city. The worst way to grow
and expand a business is to have one business in Phoenix, Arizona,
and then think that the market is tapped. So then
you move to LA. That makes no sense. You could
have between 10 to 15 successful roofing businesses in the
Phoenix metro area. And then you get to leverage your brand.
(07:24):
You get to leverage your hiring practices. You get to
leverage into the grassroots movement that you've created for your
individual business by growing and expanding inside your existing market.
But the first step of that is doing it with
your first location creating the system, getting the model in
place to then be able to rapidly leverage that and
expand to other locations. Let's take HVAC for example. Most
(07:47):
HVAC companies stay small because they don't have modern systems.
They can rely on word of mouth. They don't have
a great phone solution that allows calls to be recorded
and then that person to be coached. They don't have
an updated CRM that is sharing metrics and how quickly
leads are being followed up with. But a modern business
owner who understands the lead cycle and can leverage tools
(08:08):
like Google Ads service. Titan stacks reviews and offers subscription
services and plans all of a sudden has turned their
boring service business into something that is generating recurring revenue
and able to expand into new cities. You see, that's
the hidden opportunity not just doing the work, but systemizing
the business. And the cool part of this is, yes,
(08:31):
it's going to be transformed by AI, but we are
always going to need these traits. We are always going
to need to service our homes, to service buildings, to
make sure that the spaces that we occupy, while we're
all using AI actually can keep us safe, actually can
protect us from the weather. And so I see this
as not just a 2026 opportunity, but an opportunity over
(08:52):
the next decade to be incredibly proficient in. And if
you start today, you can build true wealth. And the
truth is, most people just ignore these industries because they
are the opposite of sexy. But that's actually why it's profitable.
And the market is incredibly fragmented. The demand is urgent
and the competition is weak, although it is starting to
(09:12):
grow a little bit stronger. If you can run operations
with a bit of tech and marketing, you can dominate
entire regions while everyone else is trying to make it
in an oversaturated online business space. Next up is a
popular one social media coaching and consulting. This is a
market that is growing between 10 to 20% a year,
with margins of 20 to 40%, and you don't need
(09:33):
a huge agency to start. In fact, I would recommend
not even working with an agency because most agencies are
so large and are antiquated that they can't even make
the progress and get the results that you're looking to create.
So how do you start as a beginner? Well, beginners
can do this by picking one industry and one format.
What I mean by that is pick and stay in
(09:56):
one industry. Become an expert in chiropractic businesses. Become an
expert in real estate businesses. Become an expert in servicing
a roofing business. Do not create a business around all
sorts of different types of industries, figure out one industry
and then stay on one platform. So for example, TikTok
for real estate agents, YouTube for fitness studios. Build a
(10:20):
simple playbook, get results for your first client, and then scale.
You have to focus on getting the results for your
first handful of clients, and you might think that it
needs to be YouTube for fitness studios. But if you
find out that people who want to buy fitness services
aren't hanging out on YouTube, I would pivot to the
right platform to get my clients the best results possible.
(10:42):
This is not about you picking something that you like
to do and that makes you feel good. It is
about driving results for your first client in that space,
and then being able to help other clients in that
same space get the same, if not better, results. I
know agencies that charge retainers of $8,000 a month just
to make short form videos for dentists, for financial advisors,
(11:06):
and the practices will happily pay because of the leads
coming in. You see, I was actually getting dental work
last week with my dentist, who is absolutely amazing, and
he asked me if I know anybody in the dental
space who can help him with his social media because
he doesn't want to solve this problem. Thinking back to
the previous point, he's a dentist. What he wants to
do is be inside somebody's mouth fixing things, making sure
(11:29):
that it's clean, ensuring that they have healthy gums, reminding
them to floss. He does not want to learn social media,
so to the extent that you can solve his problem,
which is he knows he needs to be on social
media in order to grow his business, then he will
pay you to do this. That is how you create
businesses in 2026. Find a problem a dentist who needs
social media help and provide the solution. I'm going to
(11:51):
become an expert on Instagram so that I can help
dentists all over the country drive growth into their practices.
You see, there's a difference between just posting content and
having a strategy. You would create the strategy, and the
most important thing to understand is that most businesses confuse
content with consistency. They hire a junior team member or
(12:12):
a freelancer who isn't responsible for results. But if you
position yourself as a driver of revenue, then you directly
impact the most important part of your customer's business, which
is their revenue. And once you can prove that you
get ROI, your clients don't leave. Speaking of clients who
(12:33):
don't leave, one of the things that I've implemented inside
our business is an annual planning process, and I help
my clients move through the annual planning process because if
you can help somebody plan their revenue, plan their expenses,
and all of the initiatives that they need in order
to be successful next year, you win because you help
them focus on the most important elements of their business,
(12:55):
not just wing it and hope and pray that their
business grows. And so my annual planning process is something
that I have perfected. I have rolled this out with
thousands of clients, and if you want to get access
to this, you can go to my Instagram, send me
a DM that specifically says annual, and I will send
you over my annual planning templates on to the next business.
(13:16):
Sustainable products are one of the smartest businesses to start.
Right now. This market is projected to grow 7.7% annually,
according to Business Research Insights, with profit margins between 10
to 30%. And the best part is you don't need
to invent the next Tesla. Beginners can start small using
(13:37):
compliant packaging, reselling eco friendly alternatives or partnering with suppliers
who already have solutions ready. This business model is hot
right now because the EU's single use Plastic Directive banned straws,
cutlery and plates in 2021. Overnight, entire industries had to
scramble for suppliers and more recently, new rules forced packaged food,
(13:59):
beverage and retail companies to overhaul their systems again. Each
time this happens, entrepreneurs who already have compliant solutions see
massive spikes in demand. And this isn't just in Europe.
California and New York are already passing similar laws. That
means that sustainability isn't just a green choice, it's survival.
(14:19):
Businesses don't want eco friendly products because it feels good.
They actually need them to stay legal, and the entrepreneurs
who solve this compliance problem become indispensable. The final industry
that could make you a millionaire is one you probably
already have a personal connection to. Pet care. The US
pet industry has been growing between 5 to 7% a
(14:40):
year for decades, with margins between 10 to 25% or higher,
depending on the service. And it's one of the easiest
markets for beginners to enter because you do not need
some license or some approval, or some course that you
have to study in order to be great at this business.
And you don't need to invent an entirely new pet
(15:02):
food brand. The real opportunity is in pairing convenience with
recurring revenue. Think AI enabled pet monitoring apps or wellness
subscriptions that ship supplements Monthly pet owners pay more when
you save them time and reduce their guilt. And the
data confirms this. Even in the middle of the 2008
financial crisis, pet industry sales didn't decline. They actually rose
(15:27):
by 5%. And when the US economy slowed during 2020,
when Covid hit, pet spending once again outpaced the broader market,
climbing more than 16% while the overall economy grew just
over 4%. Let that sink in. Even when people cut
dining out, they still bought premium food, vet care and
(15:48):
services for their pets. And today, the opportunities are even stronger.
Smart collars that track health metrics, apps that flag unusual behavior,
dog hotels that livestream your dogs stay for the ease
of the owner's anxiety. I even talked to a woman
a handful of weeks ago who has invested in Reiki
(16:08):
healing for her animals. People love their pets, and what
makes this space so powerful is the psychology behind it.
Owners feel tremendous amount of guilt when they can't give
enough time or attention to their pets. And that guilt
drives premium spending. If you can position your product or
service as taking away people's guilt, you're not just selling convenience,
(16:31):
you're selling peace of mind. And that is why this
market is one of the most resilient and why it
will keep making millionaires.
S1 (16:39):
If you enjoyed this podcast, you are going to definitely
not want to miss out on my new newsletter. It
just dropped. I just started creating this content and I
am obsessed. Every single week in your inbox I am
going to send you business and which is exactly what
it sounds like. How do you fit business and all
of the other things in your life so that you
(17:00):
are up to speed on fashion, beauty, wellness, all things
that really matter. If you want to subscribe and get
this special gift and weekly treat in your inbox, go
to carpenters.com. Forward slash.
Welcome to business and the podcast for people making it
all happen. Running a successful business completely takes over your life,
but I'm a believer that there is still room for
some ands like health, wealth, beauty, and maybe even some fashion.
On this podcast, I'll share with you what's working for
scaling my nine figure business while keeping you up to
date on the latest trends, news and fun finds. This
(00:23):
is a place for business and let's dive in!
S2 (00:27):
These are the six smartest, most profitable businesses that you
can start in 2026. And as the co-founder of a
$100 million company that has analyzed over $5 billion worth
of businesses over the past six years, I see every
single day which models succeed and which ones fail. And
based on the current market's inflation and technological advancements, there
are only a handful of businesses I would personally start
(00:49):
right now if I wanted to build $1 million business
in 2026. So here are the six business opportunities that
are quietly making millionaires. First, we're starting with boring AI businesses. Diseases.
AI is a booming industry projected to grow between 20%
to 40% annually, with gross profit margins as high as 70%.
(01:10):
And here's the best part you don't need to be
an AI master. To start, you can partner with a
freelance developer, test one simple tool, and sell it into
a market that you already understand. You see, when AI
first exploded, everybody thought that the winners would be the
next OpenAI. But most of those billion dollar opportunities are
already gone. The real money is now in hyper targeted,
(01:33):
boring tools. Think of AI that auto generates quotes for contractors,
or a personal CRM for estheticians that not only track
client history, but also automates personalized upsells and follow ups.
These aren't flashy ideas, but they save professionals hours of
time every week, and they're willing to pay to get
their time back. So just ask yourself, what's one high friction,
(01:56):
repetitive task in an industry that I know? And how
can AI automate it? It might even be worth putting
that prompt into AI to give you an idea. See,
that's where the opportunity actually is. Whoever builds those tools
doesn't just get customers, they win entire markets. That's why
one simple idea that solves a quote unquote boring problem
(02:17):
can be the foundation of a multi-million dollar business. I'm
actually taking my own advice because my team is currently
working on solving very specific niche problems for roofers. Yes, roofers.
I have been going on roofing on sites over the
last handful of months, because I see a massive opportunity
in being able to leverage AI to solve problems that
(02:38):
roofers every single day struggle with when it comes to
generating leads, following up with those leads, training their salespeople
on how to work those leads in order to get
them to conversions. And there are hundreds of industries that
could take the same approach, and you could start that business.
When you think about the traditional roofing business owner. They
are a roofer first. They're not traditionally business owners. They
(03:00):
don't have some formal background and really understanding how to
take a lead. Engage that lead to get a conversion,
and do that as quickly as possible, while ensuring that
they are on top of their reviews, their hiring, their financials,
and all of the other business related tasks. So being
able to solve for them those business related functions using
AI is of such high value, and being able to
(03:22):
do it at scale is the opportunity that we're taking
advantage of. And you too could do this for just
about any industry where there is a technical person that
started the business but needs help with the business aspects
of the business, and AI is uniquely positioned to solve
these problems, and the business owner is uniquely positioned not
to solve these problems using AI because they're so busy
(03:45):
running their businesses. Hence, opportunity for you. The next business
is hybrid wellness clubs. Hybrid wellness clubs are projected to
grow 10 to 15% annually, with margins up to 40%
for boutique models. You don't need a gym or medical
office to start. A beginner could launch this with something
(04:05):
as simple as a curated supplement box. Paired with a
zoom coaching call, you can partner with a nutritionist or
a personal trainer and build a monthly subscription and layer
in accountability through WhatsApp check ins or a private community.
The key to this is you start small and then
you expand into more advanced options like DNA testing or
(04:26):
wearables as you grow your client base. So why is
this such a great business idea? Well, think about the
shift that took place after the pandemic. People lost trust
in the traditional healthcare system, so now everyone wants to
be in control of their health and they will pay
a premium. A lot of money in order to have
that feeling of control and get true results. These business
(04:49):
ideas work because people don't just want to get fit,
they want to live longer, they want to perform better,
and they want to belong in a like minded community.
So when you combine health products with coaching and accountability,
you're not just selling supplements, you're selling an identity, you're
selling a belonging. The key to being able to charge
more is through adding value in this business model. Anybody
(05:13):
can go to a Walgreens and buy supplements, and their
life is not going to change. But when you can
create a community with accountability or people feel like they
are a part of this new identity and that they
are able to get results that they're looking for, it
literally changes their life. It changes their confidence. It changes
the way that they show up for themselves. And so
this concept of community mixed with accountability that targets personalized
(05:37):
health and wellness for somebody is the game changer. And
to the extent that you can do this at scale
using different community and accountability platforms, you will be successful
because people want you to help them and they want
actual change. And what is required with actual change isn't
just giving somebody a workout isn't just giving somebody a supplement.
It comes with the process of changing their identity from
(06:00):
where they're at not feeling great, feeling unhealthy, maybe even
having some health related issues to transforming to be around
a group of people who are active and doing the
things that they see themselves doing. So yes, the product
matters and the effectiveness of the product matters, whatever it
is that you're selling. But don't underestimate or undervalue how
(06:20):
much value you are creating in your business model by
using accountability, follow up and community. The third business model
with massive potential is home services. This market is growing
at 10% a year between now and 2030, with built
in margins of between 10 to 20%. But you don't
have to do the manual labor yourself. Beginners can start
(06:42):
with picking one service like plumbing, roofing or pest control
and running it like a modern operator. Use Google Ads
and Yelp to bring in leads, to hire contractors to
do the jobs and focus on scheduling and sales and
customer reviews. You see, once your system works in one
part of the city and grow into other parts of
(07:02):
the city so that you're able to dominate with real
market share in that city. The worst way to grow
and expand a business is to have one business in Phoenix, Arizona,
and then think that the market is tapped. So then
you move to LA. That makes no sense. You could
have between 10 to 15 successful roofing businesses in the
Phoenix metro area. And then you get to leverage your brand.
(07:24):
You get to leverage your hiring practices. You get to
leverage into the grassroots movement that you've created for your
individual business by growing and expanding inside your existing market.
But the first step of that is doing it with
your first location creating the system, getting the model in
place to then be able to rapidly leverage that and
expand to other locations. Let's take HVAC for example. Most
(07:47):
HVAC companies stay small because they don't have modern systems.
They can rely on word of mouth. They don't have
a great phone solution that allows calls to be recorded
and then that person to be coached. They don't have
an updated CRM that is sharing metrics and how quickly
leads are being followed up with. But a modern business
owner who understands the lead cycle and can leverage tools
(08:08):
like Google Ads service. Titan stacks reviews and offers subscription
services and plans all of a sudden has turned their
boring service business into something that is generating recurring revenue
and able to expand into new cities. You see, that's
the hidden opportunity not just doing the work, but systemizing
the business. And the cool part of this is, yes,
(08:31):
it's going to be transformed by AI, but we are
always going to need these traits. We are always going
to need to service our homes, to service buildings, to
make sure that the spaces that we occupy, while we're
all using AI actually can keep us safe, actually can
protect us from the weather. And so I see this
as not just a 2026 opportunity, but an opportunity over
(08:52):
the next decade to be incredibly proficient in. And if
you start today, you can build true wealth. And the
truth is, most people just ignore these industries because they
are the opposite of sexy. But that's actually why it's profitable.
And the market is incredibly fragmented. The demand is urgent
and the competition is weak, although it is starting to
(09:12):
grow a little bit stronger. If you can run operations
with a bit of tech and marketing, you can dominate
entire regions while everyone else is trying to make it
in an oversaturated online business space. Next up is a
popular one social media coaching and consulting. This is a
market that is growing between 10 to 20% a year,
with margins of 20 to 40%, and you don't need
(09:33):
a huge agency to start. In fact, I would recommend
not even working with an agency because most agencies are
so large and are antiquated that they can't even make
the progress and get the results that you're looking to create.
So how do you start as a beginner? Well, beginners
can do this by picking one industry and one format.
What I mean by that is pick and stay in
(09:56):
one industry. Become an expert in chiropractic businesses. Become an
expert in real estate businesses. Become an expert in servicing
a roofing business. Do not create a business around all
sorts of different types of industries, figure out one industry
and then stay on one platform. So for example, TikTok
for real estate agents, YouTube for fitness studios. Build a
(10:20):
simple playbook, get results for your first client, and then scale.
You have to focus on getting the results for your
first handful of clients, and you might think that it
needs to be YouTube for fitness studios. But if you
find out that people who want to buy fitness services
aren't hanging out on YouTube, I would pivot to the
right platform to get my clients the best results possible.
(10:42):
This is not about you picking something that you like
to do and that makes you feel good. It is
about driving results for your first client in that space,
and then being able to help other clients in that
same space get the same, if not better, results. I
know agencies that charge retainers of $8,000 a month just
to make short form videos for dentists, for financial advisors,
(11:06):
and the practices will happily pay because of the leads
coming in. You see, I was actually getting dental work
last week with my dentist, who is absolutely amazing, and
he asked me if I know anybody in the dental
space who can help him with his social media because
he doesn't want to solve this problem. Thinking back to
the previous point, he's a dentist. What he wants to
do is be inside somebody's mouth fixing things, making sure
(11:29):
that it's clean, ensuring that they have healthy gums, reminding
them to floss. He does not want to learn social media,
so to the extent that you can solve his problem,
which is he knows he needs to be on social
media in order to grow his business, then he will
pay you to do this. That is how you create
businesses in 2026. Find a problem a dentist who needs
social media help and provide the solution. I'm going to
(11:51):
become an expert on Instagram so that I can help
dentists all over the country drive growth into their practices.
You see, there's a difference between just posting content and
having a strategy. You would create the strategy, and the
most important thing to understand is that most businesses confuse
content with consistency. They hire a junior team member or
(12:12):
a freelancer who isn't responsible for results. But if you
position yourself as a driver of revenue, then you directly
impact the most important part of your customer's business, which
is their revenue. And once you can prove that you
get ROI, your clients don't leave. Speaking of clients who
(12:33):
don't leave, one of the things that I've implemented inside
our business is an annual planning process, and I help
my clients move through the annual planning process because if
you can help somebody plan their revenue, plan their expenses,
and all of the initiatives that they need in order
to be successful next year, you win because you help
them focus on the most important elements of their business,
(12:55):
not just wing it and hope and pray that their
business grows. And so my annual planning process is something
that I have perfected. I have rolled this out with
thousands of clients, and if you want to get access
to this, you can go to my Instagram, send me
a DM that specifically says annual, and I will send
you over my annual planning templates on to the next business.
(13:16):
Sustainable products are one of the smartest businesses to start.
Right now. This market is projected to grow 7.7% annually,
according to Business Research Insights, with profit margins between 10
to 30%. And the best part is you don't need
to invent the next Tesla. Beginners can start small using
(13:37):
compliant packaging, reselling eco friendly alternatives or partnering with suppliers
who already have solutions ready. This business model is hot
right now because the EU's single use Plastic Directive banned straws,
cutlery and plates in 2021. Overnight, entire industries had to
scramble for suppliers and more recently, new rules forced packaged food,
(13:59):
beverage and retail companies to overhaul their systems again. Each
time this happens, entrepreneurs who already have compliant solutions see
massive spikes in demand. And this isn't just in Europe.
California and New York are already passing similar laws. That
means that sustainability isn't just a green choice, it's survival.
(14:19):
Businesses don't want eco friendly products because it feels good.
They actually need them to stay legal, and the entrepreneurs
who solve this compliance problem become indispensable. The final industry
that could make you a millionaire is one you probably
already have a personal connection to. Pet care. The US
pet industry has been growing between 5 to 7% a
(14:40):
year for decades, with margins between 10 to 25% or higher,
depending on the service. And it's one of the easiest
markets for beginners to enter because you do not need
some license or some approval, or some course that you
have to study in order to be great at this business.
And you don't need to invent an entirely new pet
(15:02):
food brand. The real opportunity is in pairing convenience with
recurring revenue. Think AI enabled pet monitoring apps or wellness
subscriptions that ship supplements Monthly pet owners pay more when
you save them time and reduce their guilt. And the
data confirms this. Even in the middle of the 2008
financial crisis, pet industry sales didn't decline. They actually rose
(15:27):
by 5%. And when the US economy slowed during 2020,
when Covid hit, pet spending once again outpaced the broader market,
climbing more than 16% while the overall economy grew just
over 4%. Let that sink in. Even when people cut
dining out, they still bought premium food, vet care and
(15:48):
services for their pets. And today, the opportunities are even stronger.
Smart collars that track health metrics, apps that flag unusual behavior,
dog hotels that livestream your dogs stay for the ease
of the owner's anxiety. I even talked to a woman
a handful of weeks ago who has invested in Reiki
(16:08):
healing for her animals. People love their pets, and what
makes this space so powerful is the psychology behind it.
Owners feel tremendous amount of guilt when they can't give
enough time or attention to their pets. And that guilt
drives premium spending. If you can position your product or
service as taking away people's guilt, you're not just selling convenience,
(16:31):
you're selling peace of mind. And that is why this
market is one of the most resilient and why it
will keep making millionaires.
S1 (16:39):
If you enjoyed this podcast, you are going to definitely
not want to miss out on my new newsletter. It
just dropped. I just started creating this content and I
am obsessed. Every single week in your inbox I am
going to send you business and which is exactly what
it sounds like. How do you fit business and all
of the other things in your life so that you
(17:00):
are up to speed on fashion, beauty, wellness, all things
that really matter. If you want to subscribe and get
this special gift and weekly treat in your inbox, go
to carpenters.com. Forward slash.
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