Making $4M/yr in Profit With An Offshore Recruiting Agency

GM! It's Friday, February 17th - Today, we're covering the Spotify founder's new startup, a $4m/yr offshore recruiting agency, Snapchat's wild growth, and a huge Tesla recall.

- Callum

FEATURE

Making $4M/yr in Profit With An Offshore Recruiting Agency

Yesterday, I listened to a podcast that featured entrepreneur Nick Huber where he said

This, of course, sent me down a rabbit hole.

I learned that in 2 years, Marshall Haas scaled his offshore recruiting agency, Shepherd, to $4m in profit per year.

What's The Business?

Shepherd is a recruiting agency specializing in offshore talent. They primarily recruit for US-based SMBs and focus on roles like social media marketing, bookkeeping, and operations roles.

The business model is similar to a traditional recruiting agency - ~35% commission on the first year's salary. The bulk of the roles they recruit for have salaries ranging from $800-$1500/mo, meaning they generate ~$3-$6k per placement.

This is a very operationally heavy business. They have a team of 150+ people based in the Philippines powering this machine.

How Did They Scale So Fast?

Marshall partners with business influencers like Nick Huber and Codi Sanchez, who would share Support Shepherd with their communities of business owners and get a ~15% affiliate commission for each client they bring in.

Offshore Opportunities

Marshall and the team at Shepherd have done a great job building a generalist recruitment firm for offshore talent. If you believe that the offshoring trend will continue, there are a few other opportunities you could explore:

• Specialized Recruitment: Instead of being everything to everyone, you could specialize in recruiting for a specific type of talent, or cater to a specific market. If you specialized in offshore recruitment of accounting and bookkeeping talent, for example, your operations and talent grading would be streamlined because you only need to recruit for one skill set. Additionally, your marketing, partnerships, and messaging would be hyper-specific for that role, so you'd be better positioned against competitors who don't have the same specificity.

• Make It Easy: Many businesses want the talent but aren't ready to pay a recruiting fee. Companies like Magic and GrowthAssistant give businesses access to offshore talent but maintain the employment of contractors, so you don't have to worry about hiring contrast, running payroll, benefits, etc. For example, Magic is an arbitrage play, customers pay them $10/hr, and they pay their talent $5/hr.

Listen to the MFM episode here

IN PARTNERSHIP WITH NAQI

Can Smart Homes Even Exist Without this?

As we flood the world with “connected devices” – smartphones, smart cars, smart fridges, smart beds, etc. – we need a way to bring it all together under our command.

Naqi is making that possible with an earbud that enables you to control your entire world with your mind.

But this is even better than science-fiction coming to life…

The company is giving our readers an opportunity to become shareholders for a limited time.

In other words, you can get in on the ground floor of the business that’s pioneering what could be the final all-important piece of the Smart Home puzzle.

Why Invest In Naqi?

Smart Homes represent a fast-growing $65B market loaded with devices that connect to each other, and Naqi has created a way to control those devices through a touchless, voice-less, screen-less interface.

The more devices there are, the more this industry is worth.

With one simple earbud, Naqi users can connect to billions of digital devices and deliver commands with tiny movements of the brain.

Unlike Elon Musk’s Neuralink (a $2B company), though, it doesn’t require any surgery or implants.

Naqi has 21 patents already, and no other earbud company has been able to replicate what they’ve achieved so far.

Become a Naqi shareholder to get a piece of the $65B Smart Home market now.

ON TREND

The Spotify Founder Has A New Startup

Spotify founder Daniel Ek has ventured into the healthcare industry with the launch of Neko Health, an AI-powered body scanning company.

• Neko Health was founded after four years of research and development.

• It uses AI-powered technology and a 360-degree body scanner to collect over 50 million patient health data points.

• A self-learning AI system analyzes the data, and the results are shared during doctor visits.

• Neko Health received more than €30 million in investment, mainly from Ek and his investment company, Prima Materia.

• A new health clinic has been set up in Stockholm where patients can undergo non-invasive treatments, followed by a doctor's consultation.

• The treatments cost €150.

• The clinic has already received buzz and is almost fully booked.

HEADLINES

Tesla Recalls 362,756 Vehicles

> Tesla recalls 362,758 vehicles over self-driving software flaw.

> Google has problems: Founder who sold his startup to Google says the company has lost its mission, is mismanaged, and has no sense of urgency

> Snapchat announces 750m monthly active users, up from 600m in April 2022.

> YouTube CEO Susan Wojcicki is stepping down after 9 years at the help.

> Adidas warns dropping Kanye West could cost it more than $1 billion

> Tesla workers allege company fired dozens in retaliation for union campaign

> Consumer debt hits a new record at $16.9 trillion as delinquencies also rise

> DocuSign to lay off 10% of its workforce, or about 700 employees

> World bank Chief resigns after dodging a question about fossil fuels' link to climate crisis.

> Axena Health, a digital health company focusing on women's pelvic health, snagged a $25M investment.

> Demand Base, a GTM company that helps B2B companies hit their revenue goals, raises $125M