6 BORING Businesses that Always Make Millionaires (90% success rate)

About this video

• Video Title: 6 BORING Businesses that Always Make Millionaires (90% success rate)
• Channel: David Heacock
• Speakers: David Heacock
• Duration: 00:15:55

Overview

This video explores six "boring" but highly successful business models that have a high rate of success and can lead to significant wealth. The presenter, David Heacock, CEO of an air filter company, shares insights and examples of businesses like ATM operations, laundromats, equipment rental, service-based businesses (HVAC, towing), waste management, and window cleaning, emphasizing strategies for starting lean, focusing locally, and building robust systems.

Key takeaways

• Boring businesses can be highly profitable: The video highlights that simple, often overlooked businesses have a high success rate and can generate millions.
• ATM businesses: Starting with a single ATM in a strategic location can grow into a multi-million dollar enterprise, as exemplified by Paul Alex's journey. Key factors for success include location and consistent maintenance.
• Laundromats: These businesses boast a high success rate but require careful attention to location, maintenance, and customer experience. Scaling them can be capital-intensive.
• Equipment rental: This business model addresses a constant need for tools and machinery by companies, offering tax advantages and significant growth potential, especially with reshoring trends.
• Service-based businesses: These are capital-light and offer significant upside potential. Focusing on a specific trade (like HVAC or towing) and building strong systems and local presence is crucial for scaling.
• Waste management: A massive market with consistent demand, this business can be entered by identifying underserved niches or specific community needs.
• Starting lean and local: The video stresses the importance of starting small, validating the business model with minimal risk (e.g., drop shipping or focusing on a single community), and building systems before expanding.
• Cash flow management: Understanding costs and implementing efficient systems are critical for success, as illustrated by the example of a successful window cleaning business that started with minimal investment.