How I became #1 in a "saturated" industry in my 20s...
ฝัง
- เผยแพร่เมื่อ 15 ก.ย. 2024
- Want to SCALE your business? Go here: acquisition.com
Want to START a business? Go here: skool.com/games
If you’re new to my channel, my name is Alex Hormozi. I’m the founder and managing partner of Acquisition.com. It’s a family office, which is just a formal way of saying we invest our own money into companies. Our 10 portfolio companies bring in over $200,000,000+ per year. Our ownership stake varies between 20% and 100% of them. Given this is a YT channel, and anyone can claim anything, I’ll give you some stuff you can google to verify below.
How I got here…
21: Graduated Vanderbilt in 3 years Magna Cum Laude, and took a fancy consulting job.
23 yrs old: Left my fancy consulting job to start a business (a gym).
24 yrs old: Opened 5 gym locations.
26 yrs old: Closed down 6th gym. Lost everything.
26 yrs old: Got back to launching gyms (launched 33). Then, lost everything for a 2nd time.
26 yrs old: In desperation, started licensing model as a hail mary. It worked.
27 yrs old: "Gym Launch" does $3M profit the next 6 months. Then $17M profit next 12 months.
28 yrs old: Started Prestige Labs. $20M the first year.
29 yrs old: Launched ALAN, a software company for agencies to work leads for customers. Scaled to $1.7mmo within 6 months.
31 yrs old: Sold 75% of UseAlan to a strategic buyer in an all stock deal.
31 yrs old: Sold 66% of Gym Launch & Prestige Labs at $46.2M valuation in all-cash deal to American Pacific Group. (you can google it)
31 yrs old: Started our family office Acquisition.com. We invest and scale companies using the $42M in distributions we had taken + the cash from the $46.2M exit.
32 yrs old: Started making free content showing how we grow companies to make real business education accessible to everyone (and) to attract business owners to invest or scale their businesses.
34 yrs old: I became co-owner of Skool.com to help the many people who want to start a business online do so.
Today: Our portfolio now does $200M/yr between 10 companies. The largest doing $100M/yr the smallest doing $5M per year. Our ownership varies between 20% and 100% ownership of the companies. Many of them we invested in early and helped grow (which is how we make our money - not youtube videos).
To all the gladiators in the arena, we’re all in the middle of writing our own stories. The worse the monsters, the more epic the story.
You either get an epic outcome or an epic story. Both mean you win.
Keep crushing. May your desires be greater than your obstacles.
Never quit,
Alex
FULL DISCLOSURE
I make content to make money - just - on a longer time horizon than most. I want to build trust with business owners so we can find the best ones and help them scale. And if they’re awesome, write them a check and go all the way as partners.
How to reduce churn
1-Contact Non-Consumers
2-Have Exit Interview
3- Regular Community Event - Every quarter
4-Personalized Attention like emails or cards about their individual progress
This dude is a genius. One day I just want to write him a check to pay him back for all the pure value he's been giving.
I think the 5th one is what i needed ;-)
Agreed! 💯💯💯
@@anthonyrude I need to apply all 5 to my business. As a matter of fact it’s our singular goal this year for 2022.
@@anthonyrude Are you bots???
@@20xxcomedy yes I am "bots"
You should try gramarly
When businesses compete, customers win.
To an extent. It's a bell curve. A monopoly is bad for customers, but too much competition makes way for low quality to enter the market
@@copainspammeur404 That's where market sophistication comes into play. People get burned by the cheaper, low quality offerings by cash grab businesses. Then the winning businesses are the ones who do right by their customers.
True that
True.
@james carbon
It depends, most companies won't change unless they're forced to change or they have actual morals. So as long these companies can survive scamming people, they will keep scamming people, which is why scamming is so rampant today.
"Do not automate what you can systematise." There's wisdom in that. Thank you Alex!
Do not automate what you should systematize
@@mrmushyroomscame here to write this comment. There's a big difference between "can" and "should."
There are days where I get nothing but roadblocks in everything I do. Watching you motivates me push through them. Thanks for sharing.
How's life been?
@@amazinglif.e3790 How is it for you?
“Don’t automate what you can systematize” 🤯🤭🔥🔥🔥
So much value jammed into every video. My list of things to implement in my business keeps growing.. Thanks so much Alex!
REALLY good actionable advice. Some businesses do one or two of these, but none do all five. They think it costs too much. It doesn't. In fact, it can make exponentially more than any costs involved
I can't believe how awesome and talented this guy is. Pure gold.
This is really, really useful.
Awesome work Alex. This video is distilled value.
Now if I could offer some constructive feedback to you: I think you should always lead with that phrase in the beginning, “I have nothing to sell you”. It’s genius and it caught my attention and stuck after seeing your videos the first few times.
Wishing you continued growth and success on YT 🥇
Bro... Just making a video abut Alex. You are an innovator of "I have nothing to sell you"?!!!!!! Amazing!
Alex you're a great human being. Thank you for being honest, thoughtful, and dedicated to providing value.
So simple but yet very few business does this.
Alex - I’m always looking forward to your next video.
This is one of my favs. I’m about to take massive action on this. PERFECT timing. Thank you Alex for all you do, 90 times over!
This maps exactly to Software as a Service.
"Well, this only works for gyms. Oh are the humans in your business different?" 👏
I’ve been binging your videos, and this one has SO much value. Top 3 video, Alex.
Bro make a video on your workout protocol you are jacked man 🤐🤐
second this
it's full body style, 3 workouts, he just cycles through it. thing is, he just hasn't missed a day for 15 years.
I like that. Do not automate what you should systematize. 💯
Damn finally an entrepreneur who doesnt spew bullshit to sell a course. Breath of fresh air. Subbed and shared.
Alex, mate, this is one of the very best business lessons I've had in my life (I've had a lot). Many thanks 😁
This video could be worth $0 or $100k (or more) depending on what you do with it. Really great value.
So in short you organized a high paying mastermind.
Content & Sass level 10/10, and I loved it 😂
I just found this channel. Blown away by how much value you are providing👍
I was expecting a lot but your tips for decreasing churn were still even better than I thought 👏
I love the suggestions of Personalized cards and actually caring about people.
I have always known that business principles apply to non profit principles and you just proved my intuition thank you!
"Do not automate what you can systematise" has blew my mind already.
Man truly valuable advice you shared here Alex! You simply brought light to the issues I have with my client retention! Thank you SO MUCH!
Lol love this! "You started off with the black band now your on the yellow, good for you!"
This is great information. Systems > Automation 🙌🏻✨
This video was so satisfying for so many reasons. Thanks for this. It was great.
The entrepreneur of the year 🔥
Amazing content. I will definitely not be among the 99% of broke people iA - keep the content coming bro.
Opened TH-cam for meditation while driving to work, 45 mins later I’m still listening to Alex 😑
This guy gives -10 fucks about the things that don't matter in a youtube channel. Love it
I live in a town with a few gyms but nothing in the location where i live, about 15 mins outta town - there is a booming population out there and no one has started a gym, ive thought about it but legit have nowhere to start (already work 9-5 fulltime) but jesus i reckon a 24/7 gym there would be so busy.
1. Tracking and focusing on metric
2. If they missed the service for consecutive days, contact them
3. Exit interviews (upselling)
4.member events every quarter
5. Hand written cards (personalized)
6. Contact them on personal basis every 2-3 weeks
7. Process of solving problem
Decreasing churn is an excellent way of increasing LTV and Profits.
Ways to decrease churn:
Contact people not using the product/service.
Exit interviews before they cancel so you can identify what is wrong with the business and product and fix it. Incredibly valuable data.
Sometimes people cancel because of unsolved pain (which can be solved and charged for on an upsell)
Have community events and reasons for them to not cancel. You can increase prices and grandfather them, give them long term customer bonuses.
Check on the customer frequently, make them feel cared for. Once every week or 2 weeks. Don't automate communication.
1: missed appointments are escalated and followed up with. This is accountability around consumption
2: exit interviews: what went wrong, why is this person leaving. feedback for you. if its a disgruntled customer, allows to vent, solve, and possibly upsell
3: member events: (wasnt too clear about this one, party with you clients?)
4: hand written cards: send out as appreciations, gifts, or reminders. have to be personalized.
5: check in every so often while delivery is happening.
This video alone gives me the confidence that my mechanic business will be successful
Thanks for all the value you bring to this channel👍🙏🏻👍
He basically described product management.
The single hardest part is getting the top successful members together and have them speak openly about their business.
Defining your success metrics is next. Research product management
You can see Alex has matured and softened in a good way. Really heartfelt words. What a great man.
Bringing the heat Alex"! Incredible advice, keep up the awesome work
Perfect example of Dan Sullivan's "Who Not How" process. Love it!
I like that you had a problem and didn't know how to fix it, so you went and asked the people that did know what to do - and they were your customers.
so good and helpful for what I'm working on right now
The value in this channel is unreal
I have never shared anyone’s TH-cam videos as much as I share yours. Your value without asking for money is insane.
turned my $800 clients to $4k program then $1.5k recurring. Thank you.
@6:40
When I watch your videos my mind is blown by what you teach me!
This is gold :) Thanks Alex, totaly worth it for my bussiness
I’m learning a lot. Thank you sir.
Side note… today, November 10th, is the Marine Corps Birthday making it 246 years since it’s establishment in Tun Tavern of Philadelphia, PA in 1775. 🤙🏻
OOH Rah!
Useless information
The exit interview is interesting. I would personally never do that unless there was cash incentive. I join and cancel gyms 2/3 times a year, usually due to scheduling.
this is powerful stuff! I am going to do this with youtubers and what they are doing then go from there!!!
I guess this emphasizes just how important customer service, when done in the right way, is. Most people don't even look at their churn metric and only focus on bringing new customers in. However, what they don't realize is that churn is fully preventable and actually compounds to take away significant portions of revenue. This works because business with higher churn rates actually have lower LTV. Thus, fixing the churn in your business could potentially make you significant more money in the long run then just focusing on your CAC.
You're inspirational af Alex, thank you for everything!
New to mozi nation but just on video sold me on getting the book. Great value
Pure gold for any service business.
Like, share and I'm already subscribed. I learn more from your videos than almost any other channel. Keep up the good work.
Every video you make is awesome. Thank you for sharing the 🔥
Service Based Business with memberships 1:37 - Calc How many customers you Keep/Loose for 12months based on Monthy (Churn- how many Customers you Loose) 0.97^12 (if 3% Monthly Churn)
Thanks for sharing your wisdom Alex
11:37 "Do not automate what you can systematize"
So much Clarity ! Thanks Man !
That bye at the end alone was enough to give energy and motivation lol. Learn to give a **** people
Saludos Sensei, I always learn a lot.
“Use your brain” 😂😂😂 it needs to be said.
This channel is a gold mine.
Thanks Alex for such a valuable information☺️☺️☺️
Wow! This is a really great video, and you have a lot of really great videos
You are great! You got yourself a new subscriber.
Alex: "I'm not even gonna comment on that"
Also Alex: *Can't help but comment anyway just to make sure that certain people will still actually get it*
Golden nuggets, thanks Alex!
This is wrong. He's assuming that the remaining customers will continue paying indefinitely lol. This is unrealistic because as you lose customers each month, the base from which the churn rate is applied reduces. For instance, with a 3% churn rate and 100 customers, you lose 3 in the first month, leaving 97. In the next month, the churn is applied to these 97, not the original 100...
Always quality stuff Alex. Thanks!
Wonderful techniques! No market is saturated enough if you have the right strategy and creative skills 😉
Good info Alex.
And the tech gods think making AI more human-like ....is the way😒
I got one question: how can one manage to gather the best of the best people in an industry, and ask them to tell you what makes them the best? This is effectively asking them to tell you their secrets. his is a genuine question. I'm a huge Mozi fan, not a hater 🖐🖐
Love this video dude🤘🏻
So muuuch value!! Thank you, Alex
9:53 i have no idea why but i was laughing my ass off here
Legit the coolest TH-camr out there rn
seriously good stuff!
Once I get my fulfillment team in place, I am immediately adding all five of these into my business. Although, I do have some of them it could be MUCH better.
Phenomenal advice as always.
Great advice Alex!
love your videos Alex ❤️ everytime i get an idea how to implement some things on my business which is not fitness.
💪✨
That’s why this man is a common sense genius!
Wow - so good. Subscribed!
Alex is my personal MBA 💪💪
Okay, but what incentive did you give to the gym owners to reply to your ask for them to give you their strategies to retain clients? Must have been a good incentive, because in a competitive market most people aren’t just handing out their successful business model 🤔🧐
Ok, but what did you pay or what did the owners get for them telling you this?
amazing video. waiting the next one.
Wow this video is brilliant. Thanks a lot. Really
Million dollar idea…branded nose strips.
Would the brand be called 'I Smell' ?
@@jasonjenkins6373 iSmell ;)
@@DeanArviv that's a billion dollar idea
3:15
6:42 what successful gyms did
Thank you