I Make $1.7M/Year In The Most Boring Niche Imaginable

Summary

Discover how a business focused on U.S. citizens abroad paying taxes is generating nearly $2 million annually with just six employees. Bo, co-founder of Savvy Nomad, explains that the company helps Americans living overseas minimize their tax liabilities, having saved clients an estimated $10 million. Savvy Nomad operates with three subscription tiers, generating $140,000 in monthly recurring revenue by adding 120 to 150 new customers each month, with an annual recurring revenue of $1.7 million. Bo attributes his success to picking a boring, unsexy niche with low competition but high demand. He highlights four key reasons for this: low competition for real demand, high pay due to the unpleasant nature of taxes, concrete and quantifiable value proposition, and a good team fit for the niche. Bo suggests three other unsexy million-dollar business ideas: productizing immigration workflows for individuals moving to the U.S., facilitating smooth transitions for people moving to tax-friendly jurisdictions and cleanly exiting others, and offering international banking, asset holding, and estate planning services for globally spread founders and investors. His playbook for starting a million-dollar business in an unsexy niche involves identifying painful problems where people overpay, evaluating competition relative to opportunity, and productizing a single, critical workflow with a recurring revenue model. Savvy Nomad itself uses a simple, online onboarding process built on Bubble, demonstrating that complex problems can be solved with straightforward software. Bo’s ultimate advice is to try one more time, emphasizing resilience after setbacks.