🧠 Subscriptions for Local Businesses Idea
Benjamin Franklin’s Daily Routine and Elon Sold His Bitcoin (& Lied to Us)
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1. Business idea of the Week: Subscriptions for Local Businesses
Huge shoutout to 3 ideas reader Keyur Ahuja for the idea!
This one is similar to the local business gift cards idea from a few weeks ago, but with a twist.
What is one of the best things about software businesses?
That sweet MRR or Monthly Recurring Revenue.
MRR is predictable monthly revenue, paid by customers on a monthly subscription plan.
Think Netflix. If it cost $11/ month for a Netflix subscription and they have 1 million customers, their MRR is $11 million.
MRR is helpful when forecasting financials and putting a value on a business, since there’s a predictable estimate on what sales will be each month.
So how can local businesses create their own MRR? Subscriptions.
The idea: Create subscriptions for local businesses.
There are a few different directions you can go with this idea. Service businesses can offer subscription plans for their services, while businesses that sell a product can sell subscription boxes of their products.
Service example: A nail salon offering customers a monthly membership subscription for a monthly manicure at a discounted rate.
Product example: A soap business offering a monthly subscription box with a variety of their soaps at a discounted rate.
The actual service your business will offer can vary. This can be run as an agency that takes care of everything, or a software business that provides the tools to set up subscriptions.
Heres a few examples:
shopscribe.com : Monthly food subscription boxes from local shops.
tryperdiem.com : Open up a “tab” at your favorite local businesses.
Both of these companies received investments from Y Combinator, which tells us investors are bullish on this idea.
Things I like about this business:
Help local businesses make more money. ✅
Large total addressable market (TAM). 🌎
MRR from helping business create MRR. 🔄
Let me know what you think!
2. Benjamin Franklin’s Daily Routine
Benjamin Franklin (aka that dude on the 100 dollar bill), is known as one of America’s Founding Fathers.
He helped draft the Declaration of Independence and the U.S. Constitution, so it’s safe to say he was a busy guy.
So what did his daily schedule look like?
Hint: It didn’t start with a 4 am workout, meditation, or ice bath.
This looks like a perfect day to me.
Ben Franklin got a full 8 hours of work, a 2 hour lunch, and time for his family.
But when did he watch Netflix? Maybe on the weekends.
3. Elon Sold His Bitcoin (& Lied to Us)
Tesla’s financials came out this week and revealed that Tesla sold 75% of their Bitcoin during Q2.
So why is this a big deal?
Because Elon tweeted “Tesla has diamond hands”, and “Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency”.
Elon… you lied to us man.
So why did they sell? It’s not totally clear, however they have mentioned fears of lockdowns in China and the environmental impact of Bitcoin.
So now the question is: Will Tesla buy back their Bitcoin down the road?
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