You Don’t Need To Change The World To Get Rich

There are two types of business pitches: raise VC funding for an AI-powered plumber booking tool, or borrow some cash from your mom to start a company that actually fixes people’s toilets. Many enterprising folks are lured by the latter path—rejecting innovative business ideas to found unglamorous companies like carwashes or childcares, known as sweaty startups.

The term was coined by the entrepreneur and content creator Nick Huber, who started a storage business while studying at Cornell University in 2011, grew it to 25 college towns, and eventually sold it for $1.7 million. Aside from running a storage private equity firm, a real estate consulting company, and a staffing agency, he now makes content advising aspiring entrepreneurs on starting low-risk businesses that don’t need to be explained to anyone.

No need to reinvent the wheel

Huber thinks the way to go is starting a local business and patiently growing it to achieve a solid income, an approach he details on his podcast and in his book, The Sweaty Startup: How to Get Rich Doing Boring Things:

• He contends that, unlike hyped Silicon Valley startups or trendy services like yoga instruction, old-school businesses are more likely to succeed, since competitors are often weak and there’s stable demand.
• His list of recommended businesses includes mold removal, firewood delivery, and portable toilet rental services.

Huber isn’t the only one who made a business out of talking about running a business. The 24-year-old Micah Stanley—who makes up to $75k a month from operating vending machines that sell vapes—makes videos and teaches courses on how to follow in his footsteps.

There’s evidence that “boring” businesses increasingly lead to wealth. The share of US income made by people in the 1% (those making $550k+) from midsize regional businesses like flooring and plumbing has grown to 34.9% in 2022, from 30.3% in 2014, according to an analysis by University of Chicago economists.

Young people are rolling up their sleeves: The number of applications to start a business from Gen Z has grown 66% in the year leading up to June, more than any other age group, according to the Bank of America Institute.—SK

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