a local business that makes tens of millions of dollars a year that most people Overlook that is just so willing to spend thousands of dollars a month on X Y or Z what is it I found a website that's really really interesting and I want to monetize it somehow I don't think you need to be CPA I think you can use chat GPT and just the stuff that's already out there but just focus on helping entrepreneurs save car dealerships spend a stupid amount of money on marketing Direct Mail SEO you name it if it might
work they will all of a sudden you've got $992,000 that's gone away into a savings account that you're not paying taxes on I found a website that's really really interesting and I want to monetize it somehow but I'm I'm coming up short okay is it called Wikipedia no it's called distill doio and what distill does I'm going to pull it up it notifies you if something on a website changes okay so as a family we are going to the Alabama Auburn game at the end of the month the Iron Bowl but with sports tickets it
can range if Alabama loses the next two weeks they're going to be cheaper right you just you can't really know you don't know when the best time is to buy them and so you can use distill doio to be notified when a ticket price drops but I think there's a world where you could build a SAS on top of this where you you could just build like a ticket notification system that's built on top of distill the io and it's stupid simple easy to use it's $10 a year or something cheap have you heard of
Scots cheap flights M it's kind of like that it's like 70 bucks a year and it's kind of an insurance policy you're like I don't know how many times I'm going to travel this year but if I get an email and it says the flights to Hawaii are 300 bucks right now we're going to go to Hawaii and I'm going to pay 70 bucks a year just for the opportunity to save you know $1,000 on tickets how could you use this to make money who's using dtill toio right now the messaging on their website is
like towards the ticketing websites take ticketing out of it why would I care if a website updated here's the problem if I cared enough for an website like an update on on a website changing I'm probably going to be on their emails list so it has to be something where you're interested enough to want to know about it but not so interest like or there's not a mechanism to update people via a newsletter I'll give you some ideas so let's say it's a Shopify site that sells a product that people obsess over Texas snacks we
have have some some pretty Advanced apps that will notify people when something is back in stock if they choose to be notified but I would bet that most Shopify stores don't have this you go look they're out of stock at some point or another they go back in stock and that just happens when some random employee maybe a VA just changes a number in the settings and hits save then it goes back in stock most Shopify stores do not have a feature that will automatically notify people now it might go in their next news newsletter
like days later but it might be sold out again by then so it could work for Niche products like this or websites like let's say you're a major fan of some merch store or a food store that doesn't have a feature like this it could work for that it has to be a business that is capitalizing on being early so like one of the things that that come to mind for me are a Trading Company let's let somebody say somebody who wants to invest in certain businesses publicly traded companies have to disclose every quarter and
every year their financials and those are 10ks 10 q's and so when the when the 10K is published to their website because it'll be published to their website how do you know that it's being published I mean this could be one of those things where like you automatically get a notification you go and read through the 10K or the 10q and if you're first to go through and actually pull out anything that's that's important you can have a trading Advantage so that that's one way although I'd have to believe that there are already things that
you can do like that you know would be interesting sorry this is like if you're a Searcher and you're trying to buy a business you could set up a bunch of like let's say you find like different Target businesses just different parameters anytime that there's a change on their website relative to address pricing leadership teams I mean that could be a signal to you that something's going on with the company I'm with you man there has to be something there I'm going to read you some ideas that they that they provide on their website so
legislative tracking track budget find grants Bill tracking get legislative calendar alerts obviously those websites are super outdated Enterprise Solutions medicine and health jobs monitoring new jobs being posted legal tracker patents real estate track zoning laws stuff like that so basically any of these ideas you could build a business on top of right like you could build a small SAS tool that just tracks zoning Law changes in Los Angeles County right there's a lot of people that would really need and want to know that as soon as possible or it could cost them a lot of
money right it's true investigative content strategy spy on your competitors ticketing cyber security and I was just thinking more broadly speaking as a framework I love reaching out to companies like this and asking whoever is reading my email how are people using this in what creative ways are people using this so do you remember when I used to have an RV that I rented out M so I rented it on RV share and I was uh getting my MBA at TCU at the time which meant I had a lot of free time on my hands
to surf the Internet while I was supposed to be learning and I distinctly remember sitting in class making a spreadsheet running all these searches on RV share trying to reverse engineer what the most in demand type of RV was youve got a class A which looks like a tour bus Class B which is like a converted van and Class C which is like a motor home like an RV with the engine attached right and I distinctly remember M saying all right Dallas County for this weekend how many Class A BCS are available for rent this
weekend no notice all right there's 86 class A's there's 82 Class B's and there's nine class C's huh interesting well maybe they're just aren't that many class C's listed let's look six months out where few people have booked same search oh there's 92 class A's there's 90 Class B's and there's 60 class C's interesting so there's just about as many listed in each category but Class C is being rented by far the most so if I want to go out and buy an RV let's say I haven't yet I'm gonna buy a Class C and
you can do this with Airbnb what types of airbnbs we've talked about this in the past you can reverse engineer just on the airbnb's homepage what is the most in demand just by searching for this weekend and for a year out right I think I have an idea for this if I I hold it yeah sorry go no all right so I made this big spread sheet and I was able to to get really close on like what is the best type of RV to buy cuz then you look at the price and you're like
huh the price for all three of these RVs are about the same but a Class C is rented four times as often why would I buy something else if I'm doing this as a business now if I want to buy an RV for my family it's another story yeah and so I I reached out to RV share at the time and they were pretty small at the time and I said hey I'd love to talk to someone I know I sound crazy you know look at my spreadsheet am I am I in the ballpark here
like cuz I haven't bought the RV yet I want to buy something that's good for my family and also I can rent out turns out we wanted to buy a Class C anyway and then I sent it to this guy and he's like hey can do you have time for a call I'm like oh uh yeah I guess so I hop on the phone he's like where did you get this data I'm like from your homepage he's like this is exactly right like I wish I could shout it from the rooftops like Class C Class
C like if you want to do RV show as a Business Class C RVs and I'm like oh cool it worked and he was like super impressed but I'm like literally I just ran searches on your website so yeah that is the framework here of just like when you see something that's interesting reach out to the business and be like how can I make money with this how are people making money with this how are people using this in surprising ways and you can come up with all kinds of ideas hearing you talk I think
this would be an interesting thing to do let's say that I I'm a company that sells RVs right and I'm trying to figure out a better way to convert on my on my landing page or on my sales page okay I think what I would do is I would go and find 10 or 20 competitors and then just on their on their purchase Pages let's say set up an automation for anytime that there's a change and see if I can pull any patterns because it's like if they're all maybe they've all changed the color of
the buy now button or maybe they've all changed their script and they've made it shorter right or maybe they're all changing it to mention financing as opposed to just paying cash like who who knows what the changes are it'll take some sort of analysis on your end but if you went and pulled maybe 20 competitors and then you're just seeing the updates as they come in it would allow you to make your conversion even better because you're seeing what what's working for other people because they're not changing those things on those High leverage Pages unless
it's working yes but your idea just gave me another idea and okay I'm in dude okay so a local business that makes tens of millions of dollars a year that most people Overlook that has a huge marketing budget that is just so willing to spend thousands of dollars a month on XY orz SAS tool to give them a little Edge what is it car dealerships car dealerships spend a stupid amount of money on marketing Direct Mail SEO you name it if it might work they will buy it okay and I know this because I have
a friend now in the space who sells software to these guys and they spend like crazy so dude if I live I used to work at a car deal dealership in Tuskaloosa Alabama right if I'm a dealership owner in if if I own Nick sain Nissan in Tuscaloosa Alabama I'm going to want to know how many Nissans my local competitors are selling you could go into them and this distill the io costs like 10 bucks a month right you could go into them and say hey I'm going to send you a daily report of all
the all the cars that all of your competitors within a 30-mile radius sold the day before would that be helpful to know oh my gosh yeah now we can like if all the ultimas are gone then we can mark up our Ultima if there's a zillion ultimas on the market then we need to cut our Ultima prices like dude how much would they pay for something like that give it for free for 30 days I'm gonna install it all for free they don't know it takes you like 10 minutes I'm G to start sending you
the reports and then we'll talk price in 30 days but promise me you'll read the reports because it's going to be very valuable that's yeah and that or real estate right like how many homes did you sell real estate would be a really good one but like real estate's a little trickier because it's in my experience it's harder to sell into that whereas car dealerships have this marketing Budget on their line line item marketing budget that's massive it's just like yep let's allocate three grand of this every month and see how it goes whereas real
estate it's a little more stodgy I think the framework is literally where is there an Arbitrage if you're quicker like if if you're able to get information faster where is there an Arbitrage and then you can reverse engineer into any business that has that function or component to it and use and use dis still the io yeah I love it all right if you are watching this clip right now you are watching this on YouTube and if you are a fan of podcast please check out my podcast while you're at it because sometimes I have
podcasts that aren't on YouTube and sometimes I have YouTubes that aren't on podcast so check out the ker office on any podcast platform or you can go to TKO pod.com also my newsletter will throw that in there there are no ads It's weekly it's different content than my podcast and YouTube newsletter. chrisj cerner.com You'll see the link and we'll see you there CPA or silver tsunami well you know the the acronym CPA like gives me anxiety and makes me sleepy so let's go silver tsunami all right let's go CPA silver tsunami is the one I'm
the most excited about but I don't think we have enough time for it all right so uh Chris what's the biggest expense that that employers have or business owners have that they feel like they have zero control over taxes taxes yeah taxes right what I'm about to say I don't think it's a new idea or necessarily a novel idea but I think it is novel in its application but traditionally you have a CPA and CPAs are telling you when to file they're helping you with bookkeeping they might even be helping you kind of go through
some tax strategy but usually tax strategy is like way down the list right I think there's space for attack stria specifically for entrepreneurs and when you're talk when you're talking to a CPA how often do you talk to Ross as infrequently as I'm able to yeah maybe once or twice a year and it's usually around filing deadlines right just enough to not get audited and even so I've been audited yeah it's but it's very rushed you're like constantly feeling like you're under the gun where I think there's space is again not in bookkeeping and accounting
not in tax filing and not in fractional CFO work it's in helping entrepreneurs maximize their Tax Strategies so here are some examples what should I pay myself as an entrepreneur there's rules around that so you you have to pay yourself something otherwise you get audited because you're avoiding certain taxes but you can't pay yourself too much otherwise you're you're not complying with the IRS rules okay how should I handle retirement think think of it like this when you are a business owner you could contribute to a 401k why is it important to contribute to a
401k I I have literally a 401k is that an ultramarathon I I don't know so good that's the most responsible thing that I know nothing about a 401k allows you to put pre-tax dollars into a savings account that you don't have to pay listen to me that you don't have to pay taxes on so the idea is you're going to have a lower tax bracket when you retire than you do right now so if I have $50,000 and I'm a business owner I'm probably going to pay somewhere in the ballpark of like 30% $15,000 on
in taxes if I put that money into a 401k after I retire my ta and then my tax liability gets down to maybe 15% I just cut my taxes in half right here's the crazy thing you can contribute up to $233,000 a year to a 401k but the company can also match 100% so for you is the your company that you own your company that you own so you now you have to make sure you can you match everybody's you can't just match like the owners like you there there's certain rules but theoretically you could
put $46,000 away pre-tax into a savings account that just sits there then you're like well that's not that much money like okay well does your wife do anything in the business yeah she does something in the business great pay her a salary and have it all go to the 401K and then match that 100% all of a sudden you've got $92,000 that's gone away into a savings account that you just saved taxes on you're not paying taxes on right and there are IAS that you can contribute to what I need to make I need to
make a call but then you can also pay your kids through the business they can contribute to a 401k you could also contribute to an IRA which is different than a 401k 401K has to be tied to a business and Ira can be independent you can contribute to that but the IRA limit to of contributions is $7,500 a year okay is that is that the the rifle association it is it's it's well that's this is the IR so this is the IR International International Irish revolutionary Association okay cool okay that's savings then there's how do
I pay my spouse and kids you can pay your kids and spouse through the business for doing actual work like and it's not child labor laws right or just knowing what are potential big write-offs okay maybe I could ride off a vehicle but what else you can ride off a certain percentage of your mortgage but there are very specific rules phone internet meals vacations then there's like real estate how do I depreciate all that stuff so like in my mind that's very different than hey how do I file my taxes and it's the tax Sherpa
on on your team they would be separate from the person filing your taxes now if you if you did this you like stay in your lane do not start doing bookkeeping do not do start doing tax there's plenty of money to be made in this Lane yeah stay in this Lane and you are essentially the advocate for the business owner so that when the end of the year comes and the business owner is having those conversations with his accountant which we've all had right where you're talking to your CPA and you're like well could I
write this off and they're like maybe it like Heming and ha or you're like oh a friend of mine told me about this deduction and they're like yeah yeah that could work for you and in the back of mind you're like why didn't you know that deduction know what I mean they're just not thinking about it they have so many returns so like this person's in your corner they're looking for tax deductions but you still got the check of your regular CPA who's like that's good or bad right and then they can argue about it
and like you don't have to argue about whether or not it's a it's a reasonable tax deduction so what I would do in terms of fulfillment I don't think you need to be a CPA I think you can use cat GPT and just the stuff that's already out there but just focus on helping entrepreneurs save from a pricing standpoint I'd be like either pay me $10,000 or 25% of whatever I save you yeah I like very very easily measurable you get last year's tax returns you just go through it and then for distribution I would
just piggyback I would go to the tax and bookkeeping firms and just say like hey let me let me talk to your clients or I would also start you know be the Twitter Instagram YouTube Tax Guy where you're just putting out tax information and like some of these accounts already exist but I think just leaning into it and just being that just being that Niche where you're providing value to entrepreneurs who aren't yet Rich enough to have like their on staff CPA because like you get very rich yeah there's lots of options to but you
got to have a lot of money for that there's there's a lot more in the messy middle than there is at the top yeah and then with like chpt you can actually get to the answers of these things fairly quickly or at least points you in the right direction so yeah you're not a JP Morgan Chase Private Banker who's like giving tax advice but you're still saving people tens in some cases hundreds of thousands of dollars a year on taxes yeah I I love this idea honestly and I I love the piggyback idea but I
think you have to change the incentive structure to get the CPA in your corner and say my pricing structure is 30% of any money saved and I'm going to give you 30% of that so you're effectively going to get 10% of everything that I save this guy for just referring him you don't have to do any work I'll do all the work and then he can be your Advocate like dude I met this tax Sherpa he's legit like I'm like in the weeds in your returns like I know a lot of this stuff like I
know a lot of this stuff right like but like this guy it's all he does and he doesn't charge you anything up front he only charges if he saves you money and then I like the idea of that but but CPAs are going to be like well as a fiduciary I have to disclose that I'm going to be getting a kickback and I don't feel comfortable so like you'd have to figure out some other way for them to be incentivized to do it otherwise I just I think it would get Messier if if you start
paying them not because I don't think you should like you should pay them it would be way more valuable you probably get way more customers but I I could just see a lot of CPA kind of oh this feels dirty I need to tell my client but if they like let's say you get ahead of that and say we do advise you tell your client well you can do that you yeah you can definitely do that and do you think honestly do you think clients would mind and I'm not this isn't a leading question I
don't know like if if my CPA came to me and said this and he's like hey he charges 30% he is going to give me a cut out of that but you don't have to pay me you just pay him I don't think I would mind if I was the CPA I would probably just say hey this is a service we provide and like not even tell them about the pricing structure the biggest problem is going to be the CPA signing their name on recommendations and if if you make the CPA feel like hey look
we're just an advisory service you don't have time to go and find all these deductions let us do this like we'll do all of the work mhm you and the you know the payment runs through you and then you'll cut us our check our our portion of it but you have final say over what deductions actually get approved I think that I think that actually probably be the best way to do it because they're going to feel comfortable with it the customer is going to feel like it's run through that agency and and there's not
going to be any real issues okay I like it it's a good one graas all right Nick it's time for mered dator kill we've got the Reddit growth hack business in the Box idea distill the io and the CPA idea okay who's going for you for me marry the CPA idea date oh man this is very selfish date distill no date business in the Box kill Reddit okay and then distill is just in no man's land distill the the yeah tracking software okay what is your reasoning no no no you got to say yours first
and then we say our reasoning okay okay mared dator kill marry I'm going to marry the distill the io plan for car dealerships specifically I I really really really love that idea I'm gonna date the Reddit growth hack idea and I'm gonna kill the business in the Box idea it's so weird that we both married and dated our our own ideas no it's just a coincidence distill doio I just felt like I not yet cannot wrap my mind around like where would I use this exact and how would I use this right same with the
Reddit growth strategy it's just like how would exactly would I would I do this I think they're both really good marketing strategies I just don't know about how to build a business around those that's fair I I didn't like to still until we got to the very end of it and talked about the car dealership idea and I love that idea because you could start generating those reports for the car dealerships without them ever opting in and just start emailing them to them that's your distribution strategy give it to them for free yeah and then
you send it in boys that's why I love that business in the Box uh I killed that because it's just hard I think it's it's just hard to wrap my mind around and I I date the Reddit growth hack idea because I think it's underutilized and more business people more capitalists should own their own subreddit so they could monetize it done I love it all right that's a list a WAP Jack all right what' you think I legitimately want to go start that car dealership tracking idea I think that could be very valuable so if
you start it please email me let me know how it's going and we will feature you please share this with a friend subscribe and we'll see you next time
