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THE LEVEL UP LETTER

Hi All!
Here’s your weekly Level Up Letter. This week we wanted to focus on a concept that is easy to lose sight of when you’re in the thick of it. Problems = Dollars. We all have problems to deal with. Some big, some small, but each of those problems has a solution, and people are willing to pay for those solutions. We hope you enjoy this week’s letter and next time you’re annoyed by a problem, you can start to see it as an opportunity. Also….please click this week’s sponsor and help support us!

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QUOTE OF THE WEEK

PROBLEMS = DOLLARS

⁣We wanted to give you a couple examples of people spotting problems in their everyday life and turning them into massive opportunities.

Spanx is a multimillion-dollar brand that revolutionized the shapewear industry and Sara has just launched Sneex after being frustrated with how uncomfortable high heels are for women.

Stripe gained traction through word-of-mouth within the developer community, thanks to its user-friendly API and straightforward integration process. As of July 2024 Stripe was valued at 70 Billion dollars.

LET’S TALK TAM

TAM or Total Addressable Market, represents the total revenue opportunity available if a product or service achieves full market penetration. Essentially the potential market size if every possible customer who could use the product or service actually did.

Problems of Kings: Small TAM - High Dollar
If the problem you’re trying to solve is only something for high-net-worth individuals your TAM is going to be small. (There are only around 800 billionaires in the US) so your product has to solve a pain point that’s worth them paying an extremely high price tag for.

Problems of the Masses: Large TAM - Low Dollar
If the problem you solve is something almost everyone can benefit from your TAM is huge and your price can be lower. If you can sell to the entire population of the US (over 18) you’ve got 258M customers that you could potentially reach.

Let’s say you sell all 800 Billionaires a $2M product you’d gross $1.6B
Now let’s say you sell all 258M a $20 product you’d gross $5.16B

You can be successful in either strategy, you just want to know the field you’re playing in and if the problem is worth your time to solve.

BUSINESS IDEAS

The My First Million Business Ideas List If you’re looking for fresh ideas, check out this list. Maybe there will be something you want to start or spark a totally new idea.

Product Hunt - Product Hunt has new releases every day. See what others are building.

BizBuySell - We’ll cover this in more detail in a future letter but you could always skip building something from scratch and buy a business that’s already solving problems.

READY TO KICK OFF THAT IDEA?

We’ve helped clients launch products, build their first drafts, analyze deals and craft pitches to launch their dream. Let’s work together to kick off your big idea.