MFM #160: How to Build a Paid Community Making $20M a Year

No more small boy spreadsheets, build your business on the free HubSpot CRM: https://mfmpod.link/hrd - The Hustle presents - My First Million. A podcast where we brainstorm new business ideas based on trends & opportunities we see in the market. Sometimes we have famous guests, and they do it with us. — Check Out Shaan's Stuff: • Shaan's weekly email - https://www.shaanpuri.com • Visit https://www.somewhere.com/mfm to hire global talent (like Shaan does) and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than their US equivalents. — Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com • Hampton Wealth Survey - https://joinhampton.com/wealth 💰 Pitch your startup for a shot at a $1M investment with Sam Parr as the MC https://clickhubspot.com/pitch Links: • Check out our website for more business ideas: https://link.chtbl.com/ShgOGhEpBQY_MFM_youtube • Subscribe to the podcast if you’d like to listen instead: https://link.chtbl.com/Xo8Ke-A5 0:00 Intro 2:08 Tiger 21, a peer group doing 20m+ in revenue 18:13 Sole Savy, a sneaker community that started on Slack 21:04 What makes communities and paid groups work 24:03 Community ideas you can start right now 31:57 Why communities are great and how Shaan built one quickly and profitably 39:59 What is inertia and why it's stopping you 53:40 The Dave Selinger of Deep Sentinel interview 1:12:40 Dave applies the principles of Deep Sentinel for other sectors 1:19:02 Why Shaan and Sam might invest in Deep Sentinel #MFM