Business idea · Education
Performance-Based Skill Challenges
Performance-Based Skill Challenges is a structured program similar to the MTV show 'Made' that encourages individuals to set performance goals and hire coaches to achieve them, whether it's in sports, arts, or personal development. It was pitched on My First Million in the episode "$1M+/yr Local Businesses Hidden in Plain Sight" (aired May 12, 2025).
At a glance
| Podcast | My First Million |
|---|---|
| Hosted by | Sam Parr and Shaan Puri |
| Episode | $1M+/yr Local Businesses Hidden in Plain Sight |
| Aired | May 12, 2025 |
| Category | Education |
| Real companies on the episode | iBuyFax, Owner.com, CopyThat, App Love, Goldfish Swim School, Lap of Love |
The problem it solves
Many people have goals but lack the motivation or guidance to achieve them. This program provides structured accountability and expert coaching to help individuals reach their aspirations.
How it makes money
Subscription model for ongoing access to coaching sessions and community support, along with potential one-time fees for specific skill challenge programs.
Skills you need
Coaching, event planning, marketing, and knowledge of various skill areas (e.g., fitness, arts, business).
The market, and why this works now
The rise of online coaching platforms like CoachAccountable allows for effective matchmaking between clients and coaches, making this business model feasible. A viable first-revenue move is to engage with niche communities on Reddit, such as r/GetMotivated, to promote skill challenges and attract initial users. A notable risk is the capital required to onboard qualified coaches and develop the platform, as well as the potential for high customer acquisition costs if initial marketing efforts do not yield sustainable engagement.
Our analysis, written after the episode. Not a quote from the show.
Real companies discussed on this episode
- iBuyFax
A service that allows Amish craftsmen to receive and send communications via fax instead of using modern technology.
- Owner.com
A software solution for restaurants that streamlines online ordering and helps businesses improve their online presence.
- CopyThat
A program designed to teach copywriting skills through a technique called Copywork, which involves rewriting successful sales letters.
- App Love
A company that was valued at $100 billion, known for its rapid growth and significant impact in the tech industry.
- Goldfish Swim School
A franchise that offers swimming classes for children.
- Lap of Love
A mobile service that provides at-home euthanasia for pets, allowing owners to have a more comfortable experience during a difficult time.
Where this idea came from
Podcast: My First Million, hosted by Sam Parr and Shaan Puri
Episode: $1M+/yr Local Businesses Hidden in Plain Sight
Aired:
Summarized from the episode transcript. The show does not say which speaker raised each idea, so we credit the show, not a person.