🥱 Start a Boring Business

Yes. This is the City Chad, your finance and lifestyle wizard, conjuring up prosperity for your bank account. Let’s start the magic!

In this week’s edition:

• Markets: 🧘‍♀️ Steady Week

• Article: 🥱 Start a Boring Business

• News: 🏦 Banks “Weaponized” Again

• Travel Destination: ✈️ Malta

• Chad of the Week: 💪 Sam Parr

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MARKETS: 🧘‍♀️ STEADY WEEK

Stocks continued their upward rise in the last week. Yippee!

Earnings season is upon us and so far companies have been beating expectations. But the reaction has been muted.

Not surprising given the phenomenal run we have had recently.

Elon Musk took the bold action of rebranding Twitter to “X” over the weekend. Feels kinda weird, tbh. But it’s all part of a bigger plan as he explained:

Seems very poetic, brave and all. But the hard reality is that Twitter, sorry, “X”, is not doing so well as a business.

Ad revenue dropped in half since Musk took over. So maybe killing a valuable asset like your brand name is not the best move right now? What do I know.

Gold and Crypto had a slump last week. The market pump from the SEC case loss against XRP has indeed faded.

The only thing pumping today is Doge. Musk added the Dogecoin symbol to his bio making it surge 9%.

Gotta love crypto.

ARTICLE: 🥱 START A BORING BUSINESS

TLDR: You don't have to follow a risky, high-tech path to make the big bucks. “Boring” businesses give you the opportunity to make good money without needing to reinvent the wheel. They might not be flashy, but if people need them, they pay off. Low risk with a potential high return is the name of the game.

• The Myth of Entrepreneurship

• The Reality of Business

• Boring Businesses Ideas

• The Twist in the Tale

The Myth of Entrepreneurship

Bezos, Zuckerberg, Musk, Gates, Jobs, and all those other big brand entrepreneurs you’ve heard of.

They made insane money with innovative ideas and a bit of luck, becoming the face of entrepreneurship. Of course, they dove into new territories, taking risky bets on technology and new niches.

And, yeah, it paid off big for them in the long run.

With all that success, though, a dangerous myth has taken over the minds of people. That you have to be like one of them to be a success.

In reality, you don’t need 100s of employees and a killer app to make good money. And for most of us it’s not even a very likely path to success to begin with.

So maybe best to avoid it.

So what’s the alternative to this high stakes game with few winners and many losers?

The Reality of Business

The truth is "boring" businesses can be a very good alternative to the start-up lottery game. Lower risks and potentially a high payoff.

You find a stable niche, scale up and profit. Simple as that.

Just ask the old guy at your local golf club, or any other place rich folk hang out. Chances are that they made their millions by doing something “boring”.

Like owning a chain of dentist clinics or a paper shredding company.

It might not be all flashy and cool, but if it's something people need, it's going to pay off as well as any other successful business.

And the beauty is that these kinds of businesses are stable and long-lasting.

Also, they don’t require you to be a tech whiz or to take crazy risks with a huge chance of failure.

Boring Businesses

So how do you go about it?

Boring businesses work just like any other. You spot a problem and you provide a better solution.

Think of what you or your friends and family spend money on every day. Things like this:

• Laundromats

• Vending machines

• Convenience stores

• Cleaning services

• Fast food franchises

• Storage services

• Babysitting

• Nurseries

• Nail Salons

• Home services (plumbing, electrician, locksmith)

• Dog grooming

The list goes on… In fact, Nick Huber put together a list of 200 boring business ideas you can start with little capital that you can find here.

I don’t care what people say about AI and all that. Those are the kind of things that will always be in demand.

It's almost like a proven formula, already tested, and tried. You don't need some mind-blowing idea behind it for it to work.

That is another huge myth most people carry with them. That they need a “big idea”.

Reality is that you can just be the best in a niche with high profits and poor competition. Beat them at the game and laugh all the way to the bank.

Think of the last time you got bad or antiquated service. Like when you tried to hire a home cleaner or get your AC fixed, and the business didn’t pick up the phone. That’s the place you wanna look for disruption.

Like Nick Huber said in other words, look for a businesses that uses a clipboard and paper, and see if you can do what they do better with an iPad and Google Sheets.

The Twist in the Tale

Now, I hear you say already: “Hey Chad, I know plumbers already make a lot of money, but I don’t want to be a plumber”.

That is a fair point. But here’s the twist…

Your goal is to build a business around the service or product you are offering.

You work on the business, not in the business.

So from Day 1, you focus on creating a profitable business that you can hire staff to deliver.

Think for example a locksmith business. How much do we hate paying $300 for someone to take 10 seconds to open our door?

Well, it’s a great business of course.

You can start by getting a wholesale contract with a number of apartment complexes and estate agents to make your company the go-to option for their tenants. Once you have that, you hire your own locksmith who does the door openings.

You focus on building the communication infrastructure, and a management system to make everything run smoothly. Over time you delegate that responsibility to more staff.

You create value by being the wizard that puts everything together, happy customers and happy employees.

Oh and the beauty of it all is that you don’t even have to “invent” a way to run this type of business.

You can find the blueprints on Google by doing some simple research in an afternoon.

In fact, check out this Twitter thread from Johnny Robinson on how to create a remote Window Cleaning business.

The Down-Lo

In summary, the world of boring businesses can lead you to some serious success and a prosperous, happy life.

And the money you get from them can always be invested in less “boring” businesses, resulting in a much safer way to experiment with startups.

Keep it real, keep it grounded, and you'll be on your way to making some serious moves.

NEWS: 💵 BANKS “WEAPONIZED” AGAIN

Nigel Farage, the former leader of the UK Brexit Party, had his bank account terminated by posh British Bank “Coutts” for having the “wrong” opinions.

Love or Hate Farage, this should be of concern to all of us.

Yes, even you. I’ll tell you why.

As “The Guardian” reported, the bank had compiled a secret 40-page dossier accusing Farage of being a “disingenuous grifter” who promoted “xenophobic, chauvinistic and racist views”.

So his account was promptly closed under the excuse of not having enough money in it (technically correct).

The cancellation wouldn’t be so harsh if he could open another account in any other bank. However, no bank wants to deal with him.

Now, “The Guardian” is generally a left-wing rag. But when you see them publish letters from their readers mostly defending their conservative archnemesis, you have to pay attention.

A bank offers a different service than most businesses that is pretty much not optional in the modern world.

Just try to buy a house without a bank and a duffle bag full of cash instead and see how quickly you get into trouble. Pretty much all payments and purchases are now made using cards or bank transfers and not cash.

Those normally require (you guessed it) a bank account.

So not having access to banking basically means in practice that you’re being denied the right to exist or at least function properly in society.

Sadly it’s not the first time banks are being “weaponized”. It happened in Canada last year during the trucker protests. Albeit, some would argue it was different as the law was technically being broken by protestors.

It seems “Cancel Culture” has found a new way to reach their targets and now it goes beyond some angry Facebook posts. You may be happy about it because you hated Brexit (I do). So to some Farage got what he deserved.

But what about your political opinions? Would you like to be shut down one day because of what you believe in, even if you are not breaking the law?

No surprise that more people are turning to crypto, a potentially censor-less technology as an alternative to traditional banks. It does not rely on third parties that have no business in having an opinion on how you live your life to allow you to spend your money.

Banks must watch their reputation and prevent criminal activity, that’s clear. But they cannot be a weapon for political targets, sniping people they don’t like.

Limiting banking access is a real threat, with real life consequences.

TRAVEL DESTINATION: ✈️ MALTA

Oh Malta, a place close to my heart. Famed for its small size and big history, this little island packs so much in so little space, you cannot miss it.

Tucked in the border of Europe, south of Sicily, this Mediterranean island is sometimes forgotten by the average person. Who could blame them, it’s only 27 kilometers (17 mi) long and 14.5 kilometers (9 mi) wide.

I can’t count how many times people asked me if it’s part of Italy. But no, it’s an independent nation with a rich history, unique culture and language.

The country has a lot to offer, from beautiful beaches to amazing historical sites, emerald colored seas and a roaring nightlife.

And it is not just another sleepy Mediterranean island. It is a big hub for business, especially for iGaming (i.e. online casinos) and Financial Services.

If you’re interested in a different Med experience, it’s an absolute must visit place.

Stay: The island is small, so location is not that critical. But I would avoid staying too far inland. For pure culture, Valletta and the Three Cities are the place to stay. For a more varied experience, try Sliema and St Julians. For beach life, Mellieha and Gozo.

Work: The Soho coworking space is the place to work from, hands down. It has world-class facilities and you can rent by the day if you want. There is also no shortage of cafés with good WiFi in Sliema and St Julians.

Stay Fit: Malta has generally very good sunny weather so the options are really endless when it comes to watersports. I’d recommend SUP Mate for an amazing experience exploring St Paul’s islands on a stand up paddle board. Hiking is also a great option in Spring and Autumn.

Eat: As a great tourist destination, there are plenty of good restaurants, specially in Valletta. Visit Il Horza for the best rabbit you’ll ever have (it’s Malta’s flagship dish). Also try Pastizzi, the suggestive looking savory pastry.

Go out: Malta is also known as Party Island. There are plenty of bars and nightclubs. If you are under 25 check out Paceville, the nightclub district. For a more refined experience, try one of the many quaint bars in Valletta, such as Ginscal.

Transport: Walking is generally a very viable option, but in the summer months when it gets too hot, best to use the cab apps (Uber and Bolt work very well). Traffic can be insane, so don’t drive if you can avoid it.

CHAD OF THE WEEK (COW): 💪 SAM PARR

Mr. Sam Parr gets the title of Chad of the Week this time.

An entrepreneur, who’s a master at researching, and sharing knowledge bombs on his podcast: “My First Million”. A Chad favorite.

Need some inspiration from him? He didn't start at the top or come from a privileged background. He hustled from the ground up like a Boss.

His business career started by running a hot dog stand back in the day. Speak about boring businesses as a gateway to better things! See more on this in our fine article in this week’s edition.

He eventually became the mastermind behind “The Hustle”. A newsletter that he sold for a small fortune to HubSpot.

Maybe City Chad will be the same? We can only hope.

Recently, he and his partner in business, Joe Speiser, launched “Hampton”. An exclusive membership community for high-growth CEOs in the tech world.

Coming up with Hampton was a total Chad move by Sam. He capitalized on his network and his experience to bring even more value to the table.

So, let's give props to Sam and Joe for their dope work with Hampton. They're making big moves and setting the bar high.

Maybe we’ll even steal some of their ideas and apply them to our own hustle.

Keep rocking it.

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