Todayās read time: 2 minutes and 45 seconds
Whatās up party people! Weāre back with another side hustle idea!
Before we dive into todayās idea, letās connect on Twitter!
1. Business idea of the Week: A Micro-Wedding Service
Iām in my late 20s and it seems like Iām attending a wedding every weekend.
I went to a wedding in Texas last month, one in Boston this past weekend, and going to another one in Maryland in 2 weeks.
Now that Iām a self-proclaimed wedding expert, Iāve made a key observation:
Weddings are expensive.
According to The Knot, the average cost of a wedding was $30,000 in 2022.
But I think thatās low.
Wedding planners can easily get carried away and rack up a six-figure bill.
And thatās why searches for "Micro Weddingā are exploding. š
And when thereās a trend, thereās money to be made.
The idea: Create a Micro Wedding service.
A Micro Wedding is a āsmaller-scale celebration that typically has a guest count of 20 or less, and has a shorter and much more simplistic timeline.ā - simplyeloped.com
This service would take care of everything needed for a micro wedding, at a fraction of the traditional wedding price.
The venue. The food. And everything else needed to have a wedding on a small scale.
How to get Started:
Decide how youāll run this service. You can host the actual wedding at a local park or public area that wonāt cost you anything.
Create a website about the micro wedding service and start posting in local Facebook groups.
Build your cost structure. You can run this service for a flat fee or allow upsells and options (like better food, or different locations).
Since a normal wedding is $30K+, you can easily charge $3K-$5K and your customer will be getting a deal.
Thereās a lot of details to work out, but this is a problem worth solving.
And thatās a wrap!
2. Things Iām Reading.
OpenAI launches an official ChatGPT iPhone app - TechCrunch
Everything you need to know about the āDo Not Call Listā - The Follow Up
How Much Money Can I Make Before the IRS Considers My Hobby to Be a Taxable Business? - Yahoo Finance
A 28 Year Old is Buying Forbes
Austin Russell is the 28 year old CEO of Luminar Technologies.
Luminar makes lidar technology used in self-driving cars and made Austin a billionaire at the age of 25.
And with all that money in his pocket, Austin has bought some pretty cool things.
Like this mega-mansion, featured on this season of the show āSuccessionā.
But Austinās most recent purchase isnāt another house, car, or private jet.
Austin is buying Forbes.
Yes, the $800M media conglomerate founded in 1917.
According to Fortune, Austin is acquiring an 82% stake in the company. But after doing some digging, this deal isnāt so straightforward.
Axios is reporting that Austin is only putting $10M of his own money into the $656M purchase price. The rest of the money is coming almost entirely from foreign investors.
Some believe that Austin is just the face of the buyout because Forbes would have trouble getting the deal approved by regulators if it was reported that the buyers are primarily foreign investors.
So, although the deal was announced, it has not officially closed yet.
Austin has 6 months to put together the funding, or heāll face a $35M breakup fee.
This is like a real-life episode of succession.
And Iāll be following along to see what happens.