My First Million

The best business ideas come from noticing what's working and doing it better, faster, or for a different audience.

Industry Benchmarking Data Platform

For: Business owners with $2M+ revenue wanting performance comparisons

Buildability

Business owners don't know if their key metrics (ad spend, payroll, profit margins) are competitive within their industry

Industry-specific benchmarking platform showing performance metrics across revenue per employee, profit margins, spending ratios by business size

More entrepreneurs sharing data, need for performance optimization, existing community access provides data moat

Day 1

Survey 50 agency owners on 10 key metrics

Day 2

Create simple dashboard showing percentile rankings

Day 3

Charge $99 for access to agency benchmark report

Day 4

Test demand before building full platform

Pre-sell benchmark reports to existing Hampton members

Survey specific industry asking if they'd pay for benchmarks

Partner with industry associations for data collection

A/B test price points for benchmark access

SaaS subscriptions tiered by company size and industry access, potentially freemium with basic benchmarks

Data network effects - more participants provide better benchmarks, exclusive community relationships

Insufficient data collectionPrivacy concerns limiting participationExisting players like salary.com expandingLow willingness to pay for benchmarks