Nikonomics - The Economics of Small Business

🚨MY NEWSLETTER https://nikolas-newsletter-241a64.beehiiv.com/subscribe 🚨Join me, Nik (https://x.com/CoFoundersNik), and my business partner Chris Koerner (https://x.com/mhp_guy) as we explore how AI is changing the world and uncover exciting AI business ideas. We discuss the rise of digital detox, the impact of po*nography addiction and phone addiction, and how these growing issues present business opportunities.We also break down the business of AI prompts, including how to sell prompts on platforms like PromptBase.com - and why a single prompt can be the foundation for an entire SaaS product. Plus, we talk about how prompts are becoming the new SEO, the power of AI wrappers in simplifying complex tools, and an AI-powered tool concept that helps entrepreneurs find great business ideas by analyzing their data and personal experiences.Questions This Episode Answers:How can you build a business around AI prompts and sell them profitably?Why are digital detox and porn addiction recovery becoming big business opportunities?How do AI wrappers make complex tools easier to use and monetize?What makes prompts the new SEO, and how can you capitalize on it?How can AI help entrepreneurs discover their next big business idea?Links and Resources:https://promptbase.com - Buy and sell prompts for AI tools.https://replit.com - Make a chatbot.https://www.cursor.com - Tool that helps you coding and creating apps.Share your ideas with us:Nik@cofounders.comChris@cofounders.comEnjoy the conversation!__________________________Love it or hate it, I'd love your feedback.Please fill out this brief survey with your opinion or send me an email at Nik@cofounders.com with your thoughts.__________________________MY NEWSLETTER: https://nikolas-newsletter-241a64.beehiiv.com/subscribeSpotify: https://tinyurl.com/5avyu98yApple: https://tinyurl.com/bdxbr284YouTube: https://tinyurl.com/nikonomicsYT___________________________This week we covered:00:00 Exploring Business Opportunities in AI02:52 Digital Addiction and Its Impact06:08 The Role of po*nography in Modern Society08:55 Creating Retreats for Digital Detox11:46 Leveraging AI for Business Ideas15:08 The Power of Prompts in AI17:59 Building SaaS Products from Prompts20:49 The Concept of Wrappers in Business24:08 Using AI for Personal and Business Growth26:55 Accountability and Idea Validation with AI

In this engaging conversation, Casey McDaniel, a dynamic 25-year-old entrepreneur, shares his journey of co-founding a pest control company that rakes in $1.3 million in recurring revenue. He reveals how he transformed an $8,000 investment into a million-dollar business within three years, focusing on the effectiveness of door-to-door sales as their primary growth strategy. Casey discusses the importance of route density, high margins, and the challenges of obtaining master licenses, offering invaluable insights for aspiring entrepreneurs.

Daryna Kulya, founder of OpenPhone, shares her journey from dealing with hefty phone bills to establishing a game-changing communication tool for over 50,000 businesses. She discusses how automation boosts customer engagement and simplifies team collaboration. Daryna highlights the benefits of bootstrapping and using innovative marketing strategies that don't break the bank. The conversation dives into adapting to modern communication needs, transforming OpenPhone into more than just a phone system, and fostering genuine connections in business.

In this discussion, guest Chris Koerner, a seasoned marketer and Nik's business partner, delves into the legacy of internet marketing guru Frank Kern. They dissect Kern's eight-step sales framework, emphasizing the importance of urgency and scarcity. Koerner shares insights on reverse-engineering marketing funnels and adapting timeless strategies for the AI era. They also explore contrasting investment philosophies, focusing on short-term gains versus sustainable growth, and highlight the significance of human connection amidst technological advancements.

Peter Lohmann, owner of a successful property management company in Columbus, shares his impressive 11-year journey managing nearly 700 rental units. He emphasizes the importance of revenue per door and the dual challenges of catering to both property owners and tenants. Lohmann breaks down key responsibilities like rent collection and maintenance, while also discussing the essentials for launching a property management business, including networking and optimizing online presence. His insights are a must-listen for aspiring property managers!

Connor Gross, a serial entrepreneur and founder of recruiting company Constant Hire, shares his journey from selling an Amazon FBA brand to launching innovative businesses. He emphasizes the importance of niche specialization in recruitment, particularly for small businesses facing managerial transitions. Connor explains how his strategies differ from traditional staffing agencies and stresses the significance of understanding client needs. He also discusses the challenges of e-commerce and offers insights on the future of product development and international hiring.

Explore the fascinating intersection of viral Instagram trends and business innovation. Discover how to create memorable, indistractable experiences that captivate consumers, especially parents. Learn about unique product ideas, from coffee shops to quirky 'magic socks' for improved health. Delve into the nuances of blending traditional services with interactive elements to stand out. Plus, a humorous critique of viral parenting hacks highlights the challenges of marketing to families in a digital age.

Spencer Humiston is a lawyer turned entrepreneur and founder of Night Lights, which organizes sky lantern festivals and other events. He shares his fascinating transition from law to experiential business, revealing the legal and logistical challenges he faced. Spencer discusses the evolution of his offerings, including country music festivals and a marketing company, and dives into the financial intricacies of running large events. He offers insights into the future of experience-based businesses and valuable advice for aspiring entrepreneurs.

In this episode, Scott Zalkind, the founder of Lucky Dog Hot Sauce, shares his fascinating journey from horticulturist and IT professional to hot sauce entrepreneur. He reveals how his scientific approach transformed recipe development and the challenges of navigating production and distribution in a competitive market. Scott discusses the thrill of being featured on 'Hot Ones' and its impact on brand visibility. He emphasizes the importance of customer feedback and his iterative approach to crafting the perfect hot sauce, proving that failure can lead to growth.

Join Chris Koerner, a business partner and AI expert, as he reveals how AI agents can revolutionize both business and personal productivity. They brainstorm creative uses for AI, like automating wedding planning and market research calls. Chris discusses utilizing niche markets and developing unique revenue models for AI solutions. They also explore the importance of effective questioning and the potential for teaching adults how to harness AI tools. Tune in for insights that could transform how you work and plan!