Interview: Making Money In The “Disaster Business” - Mike Feldstein & Neville Medhora
Dec 12, 2023
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Mike Feldstein, founder and CEO of Jaspr, talks about the business adaptability, meeting urgent needs, effective content marketing, copywriting impact, adapting to trends, productivity tips, AI in marketing, and wealth beyond possessions
Starting a disaster services company during times of peak demand after disasters can be a profitable business opportunity.
Jasper, a company that manufactures air purifiers, successfully positioned themselves as a premium brand in the medical field by raising the price of their products.
Using tarps in roof repair and employing efficient strategies can expedite the repair process and secure insurance acceptance for quotes provided.
Deep dives
Business Opportunities in Disaster Services
One of the profitable business ideas discussed in the podcast is starting a disaster services company. The speaker shares his experience in the chaos business, where opportunities arise during times of peak demand after floods, fires, or other disasters. He explains how he would quickly set up landing pages and run ads to attract customers in need of restoration services. He would hire contractors and laborers from related industries to handle the work and prioritize customer satisfaction. The speaker highlights the potential to make significant profits during short periods of high demand and emphasizes the importance of managing finances wisely.
The Success of Jasper Air Purifiers
The podcast episode also delves into the success story of Jasper, a company that manufactures air purifiers. The speaker, who is the CEO of Jasper, discusses their journey from starting in the disaster business to pivoting into the air purification industry. He explains how the mandate during COVID-19 for doctors' offices to have air purifiers created a huge market for Jasper's products. He shares the strategies they used to market the air purifiers, including paid ads and positioning themselves as a premium brand in the medical field. The speaker also highlights the importance of raising the price of their product to be viewed as a high-quality option in comparison to competitors.
Insights on Pricing and Product Design
The podcast episode touches on pricing strategies and product design. The speaker shares his experiences with pricing their air purifiers and how they learned that a higher price allowed them to position themselves as a premium company and offer additional customer benefits. He discusses the challenges of determining the right price for their product and the importance of finding the sweet spot that provides value to customers while maintaining profitability. Additionally, the speaker talks about his approach to product design, mentioning his background in web design and how he applied his skills to make their air purifiers aesthetically pleasing and functional.
Importance of Tarps in Roof Repair
In the podcast episode, the speaker emphasizes the importance of using tarps in roof repair. Rather than immediately fixing the roofs, the speaker hired a drone company to assess the damage and protect the roofs with tarps. This strategy allowed them to tarp 400 roofs in just two days, compared to fixing only 20 roofs. By employing this method, the speaker was able to expedite the repair process and secure insurance acceptance for the quotes they provided.
Finding Lucrative Business Opportunities during Unique Events
The podcast episode discusses how certain industries can experience significant growth during specific events. For example, the speaker mentions a dry cleaner who made millions of dollars by offering environmental smoke detox cleaning services during a particular period. They also highlight the success of their own COVID cleaning company called Enviro Cleanse, which capitalized on the increased demand for disinfection services. The speaker notes that identifying these opportunities and adapting business models accordingly can lead to substantial financial gains.