Episode
#187 - How Vending Machines are Generating Millions, The Next Big Social App & Ghost Kitchens For Gifts
1:02:35
Published: Fri May 28 2021
Description
There are entrepreneurs quietly generating six figures working part-time in the vending machine business. Others have been able to scale to multi-million and even multi-billion-dollar figures in the industry. Shaan (@ShaanVP) and Sam (@TheSamParr) break down the vending machine industry with tons of numbers and exactly how some are pulling it off. The guys transition from a "boring" business to high-tech ones as they break down how Vimeo went from a College Humor project to competing with YouTube and earning an $8b valuation. They also talk about a trendy new pod that generated 500k downloads on its first day and they brainstorm on a fun concept: ghost kitchens for gifts. --------- * Want to be featured in a future episode? Drop your question/comment/criticism/love here: https://www.mfmpod.com/p/hotline/ * Support the pod by spreading the word, become a referrer here: https://refer.fm/million * Have you joined our private Facebook group yet? Go to https://www.facebook.com/groups/ourfirstmillion and join thousands of other entrepreneurs and founders scheming up ideas. --------- Show notes: * (5:55) How Vimeo became an $8b company * (14:26) The next big social app? * (25:45) The millions to be made in vending machines * (41:35) Ghost kitchens for gifts * (53:00) Post-podcast free talk
Chapters
The speaker shares their interest in scaling software companies but is intrigued by the concept of building a trusted base of fans, which could lead to great ideas, entertaining stories, and a strong sense of community.
00:00 - 06:05 (06:05)
Summary
The speaker shares their interest in scaling software companies but is intrigued by the concept of building a trusted base of fans, which could lead to great ideas, entertaining stories, and a strong sense of community.
Episode#187 - How Vending Machines are Generating Millions, The Next Big Social App & Ghost Kitchens For Gifts
PodcastMy First Million
With the rise of social media platforms like TikTok and Instagram, video content has become increasingly popular, even on niche platforms like Vimeo, which recently sold for $8 million.
06:05 - 20:07 (14:02)
Summary
With the rise of social media platforms like TikTok and Instagram, video content has become increasingly popular, even on niche platforms like Vimeo, which recently sold for $8 million. This exemplifies the importance of not underestimating a mega trend and embracing niche markets to stay relevant.
Episode#187 - How Vending Machines are Generating Millions, The Next Big Social App & Ghost Kitchens For Gifts
PodcastMy First Million
Quinn tells a story of how his family used to refill vending machines and make money while occupying his grandparents and kids.
20:07 - 32:17 (12:09)
Summary
Quinn tells a story of how his family used to refill vending machines and make money while occupying his grandparents and kids. He also shares insights into the repeat purchase rate and selling products in lower income areas.
Episode#187 - How Vending Machines are Generating Millions, The Next Big Social App & Ghost Kitchens For Gifts
PodcastMy First Million
The gift-a-meal option in food ordering apps provides customers with a feel-good vibe about eating more and getting a great deal.
32:17 - 45:06 (12:49)
Summary
The gift-a-meal option in food ordering apps provides customers with a feel-good vibe about eating more and getting a great deal. The food ordering apps that offer the gift-a-meal option have recorded higher ticket prices compared to those without this feature.
Episode#187 - How Vending Machines are Generating Millions, The Next Big Social App & Ghost Kitchens For Gifts
PodcastMy First Million
The speaker talks about their unhealthy eating habits and blames the food pyramid for promoting a carb-heavy diet.
45:06 - 52:28 (07:22)
Summary
The speaker talks about their unhealthy eating habits and blames the food pyramid for promoting a carb-heavy diet. They also mention competing against other food delivery businesses like 1-800 flowers and edible arrangements.
Episode#187 - How Vending Machines are Generating Millions, The Next Big Social App & Ghost Kitchens For Gifts
PodcastMy First Million
During a podcast, one person compliments another's appearance and suggests they look jacked from taking testosterone boosters, leading to a discussion on body image and the speaker's motivations for taking the boosters.
52:28 - 1:00:03 (07:34)
Summary
During a podcast, one person compliments another's appearance and suggests they look jacked from taking testosterone boosters, leading to a discussion on body image and the speaker's motivations for taking the boosters.
Episode#187 - How Vending Machines are Generating Millions, The Next Big Social App & Ghost Kitchens For Gifts
PodcastMy First Million
The hosts discuss Indian food and their grading styles while joking around with each other.
1:00:03 - 1:01:27 (01:24)
Summary
The hosts discuss Indian food and their grading styles while joking around with each other.