Summary of Episode 9: "Boring" Businesses That Can Make You Rich in 2025
Podcast: The Journey with Morgan DeBaun
Host: Morgan DeBaun
Episode Title: "Boring" Businesses That Can Make You Rich in 2025
Release Date: January 21, 2025
Introduction
In Episode 9 of The Journey with Morgan DeBaun, Morgan delves into the realm of seemingly mundane businesses that hold significant profit potential in 2025. Geared towards aspiring entrepreneurs with limited startup capital, Morgan outlines practical business ideas that can be launched with as little as $2,000. Emphasizing the importance of multiple income streams, she encourages listeners to explore side hustles that offer financial freedom without the need for extensive credentials or glamorous titles.
"Do you care more about making more income, or do you care more about having a title that says you're an entrepreneur and it being something that other people can look at and say, oh my God, that's so cool?"
— Morgan DeBaun [04:15]
1. Transcription Business
Morgan kicks off with the transcription business, highlighting its simplicity and scalability.
- Overview: Offering transcription services to podcasters, businesses, and individuals.
- Why It’s Smart: Leveraging AI tools that handle 95% of the work, reducing time and effort.
- Expansion Tip: Multilingual transcription can command higher rates due to the added convenience for clients.
- Target Audience: Older individuals or those less tech-savvy willing to pay a premium for convenience.
"Always, always, always. No matter how much technology is out there, there is someone who does not want to learn AI... they are much more willing to pay you to do it for them."
— Morgan DeBaun [02:10]
- Implementation: Utilize platforms like LinkedIn, Craigslist, Upwork, and Fiverr to acquire clients. Potential earnings are estimated between $3,000 to $5,000 monthly.
2. Video Editing Services
Next, Morgan explores the video editing business, another low-barrier entry option.
- Overview: Providing video editing services for social media influencers, podcasters, and small businesses.
- Automation Advantage: Tools like Descript and CapCut can simplify the editing process.
- Convenience Factor: Many clients prefer outsourcing video editing to focus on content creation.
- Scalability: Hire freelance editors on Upwork or Fiverr to manage increased demand.
"Do you want to make money over here real quick. It's not sexy. You're not going to put it in your bio, but you're getting more income."
— Morgan DeBaun [08:30]
- Potential Earnings: $2,000 to $5,000 per month by offering comprehensive video editing packages.
3. Voiceover Business
Morgan identifies the voiceover market as a lucrative yet overlooked opportunity.
- Overview: Recording voiceovers for videos, commercials, audiobooks, and more.
- Low Entry Barrier: No acting skills required; a clear, everyday voice suffices.
- Flexibility: Can be done from anywhere, at any time.
- Passive Income Potential: Once set up, can continuously generate revenue with minimal ongoing effort.
"You don't need to be an actor. You could literally just be in your socks, in your pajamas, in a bathtub, and you could be making money doing a voiceover business."
— Morgan DeBaun [05:45]
- Revenue Streams: Clients may pay between $300 to $500 per project.
4. Product Flipping
Flipping products is presented as a hands-on way to turn a profit from undervalued items.
- Overview: Buying undervalued items from platforms like Facebook Marketplace and estate sales, then reselling them at a higher price.
- Process: Clean, refurbish, and enhance products to increase their market value.
- Startup Strategy: Focus on easily resellable items like furniture, baby products, and electronics.
- Earnings Projection: Potential to earn $3,000 to $5,000 monthly.
"If I had the time, that's what I would do. All day running around Nashville, picking up items and reselling them."
— Morgan DeBaun [06:50]
5. Virtual Assistant Agency
Building a virtual assistant (VA) agency is recommended for those interested in service-based businesses.
- Overview: Connecting clients with skilled virtual assistants to handle tasks like scheduling, email management, and research.
- Cost Efficiency: Offer both domestic and international VAs to cater to different client budgets.
- Business Model: Charge a convenience fee while allowing VAs to keep their earnings.
- Scalability: Manage several VAs to serve multiple clients, aiming for $10,000+ monthly revenue.
"You can be the arbiter of the pieces and put all the pieces together and package it up in a way that somebody else is willing to purchase."
— Morgan DeBaun [07:30]
6. Social Media Graphics Packages
Morgan suggests capitalizing on the high demand for social media content through graphic design packages.
- Overview: Providing pre-designed templates for social media posts to businesses and influencers.
- Strategy: Hire a graphic designer to create customizable templates, then sell them as packages.
- Profit Potential: After initial setup costs, each sale generates profit without significant additional investment.
- Automation: Use virtual assistants to handle updates and client revisions.
"Once I get the return on that investment, I'm just creating profit every single time."
— Morgan DeBaun [10:20]
7. Drop Shipping Business
Entering the e-commerce space through drop shipping is another viable option.
- Overview: Sourcing products from wholesalers like Alibaba and selling them via platforms such as Amazon.
- Low Inventory Risk: Products are shipped directly from suppliers to customers, eliminating the need for storage.
- Automation Potential: Utilize services like Amazon FBA for order fulfillment.
- Challenges: Managing minimum order quantities (MOQs) and ensuring product quality.
- Revenue Outlook: Significant profit potential if products consistently convert well.
"There's probably literally a hundred millionaires that all they do is just buy things from China and resell them on Amazon."
— Morgan DeBaun [09:40]
8. Balloon Design Firm
Morgan highlights the profitable niche of event decoration through balloon design.
- Overview: Creating and selling balloon arches and other decorative balloon structures for events.
- Ease of Entry: DIY tutorials available online make it accessible for beginners.
- Pricing Flexibility: Charge anywhere from $400 to $10,000 per installation based on complexity and client needs.
- Operational Scaling: Start solo, then hire assistance for delivery and setup as the business grows.
"Every weekend you could make a dude $4,000 if you do three to ten balloon arches for a weekend set."
— Morgan DeBaun [11:15]
9. Inflatable Rental Company
As a complementary idea to the balloon business, Morgan discusses the potential of inflatable rentals.
- Overview: Renting out inflatables like bouncy houses for children's parties and events.
- Initial Investment: Purchase a few inflatables and leverage local rental platforms like Nextdoor and Facebook Marketplace.
- Growth Strategy: Reinvest profits to expand the inventory, eventually creating a sizable rental fleet.
- Revenue Potential: Establishing a robust rental business can lead to substantial monthly income.
"And then after a few weeks, I'd probably make enough money that I have a return on my investment and I could buy more inflatables and just keep reinvesting."
— Morgan DeBaun [12:30]
Conclusion
Morgan concludes the episode by emphasizing that entrepreneurship doesn't always require groundbreaking ideas or prestigious titles. Instead, focusing on "boring" businesses that provide essential services can lead to substantial financial gain and personal freedom. She urges listeners to prioritize income generation and practical solutions over social recognition and entrepreneurial hype.
"If your main focus and your main priority and your main pillar is to increase your flexibility, increase your income, maintain your day job so you still have stability... it's the way to go."
— Morgan DeBaun [13:45]
Morgan encourages her audience to take actionable steps towards starting these businesses, reminding them that success often lies in the consistency and practicality of their ventures rather than in chasing lofty, attention-grabbing ideas.
Key Takeaways
- Practical Entrepreneurship: Focus on simple, service-oriented businesses that meet essential needs.
- Leverage Technology: Utilize AI and online platforms to streamline operations and reduce costs.
- Scalability: Start small with manageable investments and reinvest profits to grow.
- Multiple Income Streams: Diversify your income sources to enhance financial stability and freedom.
For more insights and empowering conversations, tune into future episodes of The Journey with Morgan DeBaun. Engage with Morgan on Instagram and YouTube to share your entrepreneurial journey and success stories.