The step-by-step process to building a $1m+ business
About This Episode
Sam Parr discusses the origin story of his business, Hampton, revealing the multiple target markets and business models he rejected during the 'idea maze' phase. He and Shaan explore the importance of founder-market fit, the tactical use of branding agencies to create a premium aesthetic, and the discipline required to turn down revenue in favor of maintaining high community standards.
Episode Description
Show Notes
- 00:00Intro - A radically transparent look inside Hampton launch.
- 2:22The beginning of the idea just after Sam sells The Hustle, starts tinkering with buying AirBnBs.
- 3:00Fail #1: Short-term rental crew. Fail #2: Community of truckers.
- 4:30The Hampton idea and what the business is.
- 5:45Fail #3: V1, V2, V3 of Hampton - no one wanted it
- 8:00Accepted where the demand was and found the hook for Hampton. Research begins.
- 10:08Where the name came from.
- 12:05Hired a branding agency (This was a hack that helped build the brand)
- 14:12Things Sam said no to
- 17:00Leverage the founder story
- 20:18Shaan's branding agency experience
- 21:40Shaan’s $25K Mistake: Hiring a naming agency
- 26:00Takeaways
Check Out Shaan's Stuff
Check Out Sam's Stuff
Key Takeaways
Validate market demand through direct interaction; Sam conducted over 50 sales meetings with various demographics to discover that marketing executives wouldn't pay the premium price point required for his business model.
Define a specific 'vibe' for your brand using a branding brief with visual references, such as Sam's 'elite but cheeky' theme inspired by 1970s luxury advertisements and British Racing Green.
Prioritize quality over rapid scaling by maintaining founder-led curation; Sam and his partner personally review every applicant interview to protect the community's integrity, even though it limits immediate revenue growth.