Get Rich While You’re Young | Alex Hormozi Answers Your Questions Live

English

창업/스타트업경영/리더십초보 재테크

스크립트

00:00:00i'm making this for people who want to get rich and if that is not you that is totally fine there's

00:00:06no judgment you can skip this but this is for people who are trying to call it money max for

00:00:11the short period so if you if you want to max you have to min and you have to be willing to do that

00:00:14for a period of time um and so i'm going to give you an argument that i think is very compelling

00:00:19for why you should do it sooner and so if you want to get rich then you should try and get rich

00:00:24as young as possible and i will break down very logical reasons for why so number one first and

00:00:30foremost one of the most underrated reasons is the math behind getting wealthy all right so money

00:00:36compounds at three to four times the rate in the beginning as it does later meaning your increase

00:00:43in compounding on the excess cash you have in the earlier parts of your um uh career will outpace

00:00:51the increase in earning power and so for example if you have one dollar extra when you're 25 it might

00:00:58be 90 dollars by the time you're 70 right whereas if that same dollar at 35 uh would only be a third as

00:01:07much and that same dollar at uh 45 would be a ninth as much right and so the idea is uh the dollars that

00:01:14you make even though they may be smaller by proportion when you get when you allow compounding to compound

00:01:21uh actually results in more money later now my argument there is not that you must take 100 of

00:01:27your dollars and put it into the sb 500 that's never been my argument but that the dollars you do choose

00:01:32to put into investments of any kind at an earlier part in your in your career do get disproportionate

00:01:36returns so that's thing one the second thing is that your skills will also compound disproportionately that

00:01:45you acquired a younger age right like there's a certain amount of repetitions that are required

00:01:49in order for you to become good bill gates was able to get those repetitions early because he started

00:01:52coding early and then as a result he was able to build software first and then basically was able to

00:01:56keep this kind of sustained advantage like i talked to a guy yesterday um not yesterday two days ago

00:02:01mehdi who had 700 000 by the time he was 19 right that saved up that was very interesting now imagine

00:02:07that that was a 65 year old guy we wouldn't be as impressed right and so time has a very real impact

00:02:12on the scope or scale of your accomplishments as it relates to your reputation meaning when i was younger

00:02:18and a millionaire early it meant a lot more and so you actually get more reputational um uh gravitas

00:02:25right and so um you can leverage a smaller win when you are younger for your reputation because you are

00:02:32younger right and i'll give you a secret that i you know only found out later is that you basically have

00:02:37until you're 30 to be considered young the moment i turned 30 i was just a white dude before that i was

00:02:43a young white dude uh then i was just white dude and then no one cared after that right so in other

00:02:47words youth is a multiplier on every win that you have whether that be press network mentors capital

00:02:53access um i just made an investment uh this last week uh i wrote a 500 000 check to a kid who was 18

00:02:59years old uh and he was doing he had just done 30 million dollars a year in an e-commerce business

00:03:03and wanted to develop a tool um to uh to help e-commerce store so i was like i knew he had the avatar

00:03:09i knew he'd able to do it but the fact that he was 18 and had accomplished that made me think okay

00:03:13this guy is really sharp now he got into my stuff at age 15 so it took him three years to get there

00:03:17right but in other words um that multiplier decays around 30 right but so you have this period of time

00:03:26we're going all in yields higher returns even for the same outcome now number three

00:03:32you leverage early success into bigger later success so his 30 million dollar business obviously

00:03:37everything's different in terms of what your scale of success is right but you can you can you can

00:03:42ladder on top of it they're stepping stones so for example me when i went through the beginning it was

00:03:48like i was able to get in shape really early and i was able to leverage that into personal training

00:03:53and online training clients which i was able to leverage into a gym and then from gym i got into

00:03:57multiple gyms and then from multiple gyms i was able to start gym launch and so the thing is is that

00:04:02every part of my career has been going back and basically taking a stepping stone on what i learned

00:04:07from the enterprise i did before and then obviously the sale of gym launch got basically gave us our cash

00:04:13for acquisition.com start the family office and so everything builds on itself and so if you if

00:04:17you're going to have these steps it's like the steps are are set it's just how soon do you want to get

00:04:22to this step it's just how late you want to start right so next one is that i'll just rapid fire some

00:04:30reasons why i think it's better to get rich while you're wrong young which is that like you also have more

00:04:34energy right so think about it like this like you you like you have to play the cards you're dealt

00:04:40getting those repetitions in takes energy and i only know this now that i'm almost you know 40 which

00:04:46is wild to say um that i have less energy than i see some 18 year olds right and so like that is a

00:04:50clear advantage that they have and so if you have that then like you want to use it right in addition

00:04:55to that you have fewer requirements meaning there are fewer things that you must do you probably don't

00:05:02have kids yet you probably aren't you know wifed up yet or our husband did up yet um you probably

00:05:08don't have the same level of geographic dependence and so you are more flexible you can go to places

00:05:13where learning can occur faster you can have fewer strings attached you can live for less which means

00:05:17you can be more aggressive with the excess cash that you make to reinvest in skills or informal

00:05:22investments because you understand the value of multiplying and compounding right and again this

00:05:26geographical flexibility i think is wildly underrated one of the things that you get the advantage of when you're

00:05:31younger is that like if you want to be in you know politics go to dc if you want to be in finance go

00:05:36to new york if you want to be in uh if you want to be in in influencer and media go to you know go to

00:05:41la right those are great places to learn now once you become joe rogan you can move to austin and do

00:05:45whatever the hell you want right but the thing is is that when you want to get those reps you want to go

00:05:49where the reps are are right you want to go to where the fish are if you're trying to fish and what

00:05:52you're fishing for right now is skills and network right you're trying to get places and you want to

00:05:58do it before you have strings tying you down and roots that you have set and that is again it's a

00:06:03competitive advantage it's not to say that when you're older you can't do it it's just harder

00:06:07right and so if you believe that uh it's hard for you now to uh forego your existing path which may

00:06:16have been given to you by your siblings or society or whatever i promise you it will only get harder

00:06:21and if you can't do it now the likely that you're able to do it later goes down right and for me i

00:06:26want to stack bets where the probabilities are highest for my success and whenever you enter a

00:06:30new system by the way this is game theory the most adaptable player wins so it's not it's like survival

00:06:35the fittest right and fittest is most adaptable and when you are younger you have the most adaptability

00:06:40you have the most neuroplasticity as in you can learn faster you have the most energy so you can do

00:06:44repetitions you have the least geographical uh constraints you can move to where the where the

00:06:48action is when you do earn you make more dollars on each dollar you make all the skills you acquire

00:06:55compound with time because you only get better at it the accomplishments that you get from being young

00:07:01mean more because you are young than they do when they're old and so the final point that i'll say is

00:07:06this is that you want to model success not the exceptions of course we want to tell the story of

00:07:13of uh of colonel sanders who started you know colonel centers when he's 63 and there's a bunch of you know

00:07:18other uh kind of call it exception stories of people who are older and then started companies uh and

00:07:24then obviously were really successful but like wouldn't it be better to be the rule than the exception

00:07:29like the richest people often got rich when they were young because they decided to right and i will say

00:07:35this because i love this quote from james clear but the thing that separates winners and losers are not

00:07:38their goals people's goals are the same the difference between the people who win and lose is the actions

00:07:43they take as a result and the risk that they're willing to tolerate and the pain that they're willing

00:07:47to endure for extended periods of time with an uncertain payoff and so if you think that you need

00:07:51certainty in order to move forward i promise you that this world will never give it to you and so it's

00:07:56really that there will always be uncertain and at some point you grow the cojones the gonads by the way

00:08:01that's bisexual or unisex um everybody's got uh gonads uh you will grow the gonads or they will drop or

00:08:07whatever it is um i told you i was gonna do some hr stuff um you will grow the grow the nads you need

00:08:13uh to take the bets and so i think what really happens is that at some point you realize that

00:08:16you're not gonna die if you fail you will just learn and you will get better which is the point

00:08:20of the process and you will never finish and you will never actually win because by the time you win

00:08:25you will have already planted a much bigger goal that you want because the the goal that you had

00:08:31came in shooting distance and the easiest analogy i can say for this is this when i wanted to

00:08:36you know uh you know bench 315 for example uh i was a dream of mine when i was in high school

00:08:42right because i remember that just one big plate was a was wow the strong kids could do a full plate

00:08:46right and then two plates was like super strong three plates was crazy by the time i benched 315 i knew

00:08:51i was going to hit 315 because i had done 275 for five and i did did 295 for you know a tripler

00:08:57instead of five and so 315 seemed obvious right and so the thing is is that by the time you accomplish

00:09:02goals the goals themselves seem less meaningful because you already did the work to make that goal

00:09:06reasonable which is why you achieved it which is why you have to do so much work that is unreasonable

00:09:10that you do not become successful and the best way to do that is to start when you're younger for all

00:09:14the reasons i just gave all right that's why you should succeed while you're young that's why you should

00:09:18ignore the people who are telling you uh who don't have what you want uh telling you how to get

00:09:23something that they've never gotten all right feeling spicy this morning on this friday flex fridays

00:09:30was that fun was that fun for you guys okay so uh i'm gonna do a little a little q's and a's

00:09:35and then uh and we're gonna do some chat and we're gonna do some q's and a's and uh it'll be fun all right

00:09:41let's go caller one ian conningham what it do bugaboo let's go if you can unmute ian that would

00:09:50be that'd be super swell ian what's up dude and you just meet me in the background right so we just

00:09:57go on can you hear me yeah just meet me in the background can you hear me out yeah i can hear you

00:10:04but i can hear me too so just i got spicy in the background yeah mute me hold on on the live

00:10:10stream sorry about that yeah there we go all right i got spicy alex this morning yeah let's do it let's

00:10:14rock all right why are you not making more money i'm not hearing you on zoom that's why i'm not making

00:10:22more money all right let's see uh i'm uh i'm muted there we go okay ian alex what's up dude what's

00:10:29going on man my name is ian go for it contractor independence we do search optimization and review

00:10:35generation for roofing businesses right um we've been in business for eight years we've gotten up to

00:10:42eight mil in revenue we have aspirations to get up to 30 million a year but we have some big problems

00:10:47happening this year in 2026 so this year in 2026 we backtracked we're actually on track for

00:10:52five mil this year okay so everything that we've built over the past number of years has been built

00:10:58on direct response offers over cold meta ads basically meta ads to cold audiences and you know

00:11:07lots of company strategy but if i had to narrow it down we were really just trying to keep cpl low

00:11:11like get better and better at ads while driving retention up getting better better at the product

00:11:16but over the last 18 months our cpl has six x as in your cpl to get your customers

00:11:22or cpl to get their customers yeah yeah to get our customers okay got it right because yeah cpl to get

00:11:28our customers has six x despite trying to adapt and drop i'm gonna etc and that's obviously it's it's

00:11:34strained and kind of broken the business model um we've recently turned ads off and we don't have new

00:11:40clients coming in so obviously you're going to begin descending or you're going to begin churning um just

00:11:45wrapping this up like my view on the biggest mistakes that we've made is like we just kept doubling down on

00:11:52direct response instead of investing in long-term like brand and organic and trust signals um and

00:11:58we also it was one offer like one offer to one channel which is great for a while but we should

00:12:03have built a better money model right like a better a better lead magnet better front end and so this is

00:12:09the place that i'm in right now is i'm trying to rectify those mistakes okay heard i think you've

00:12:14identified a lot of core issues um yes building a brand would have been nice yes building a second channel

00:12:20would have been nice um what's churn for your existing customers monthly so monthly churn is about 10

00:12:30okay and what's price point price point is averaging 3700 a month okay so 37k is uh lifetime revenue and

00:12:39what are gross margins gross margins are about 72 percent okay so call it you know uh 27 000 something

00:12:49like that is what you're making in gross gross uh gross profit per customer that's right okay so what are

00:12:54you paying right now to acquire customer what were you paying uh we were paying it towards the end it got out

00:13:02out of control we were paying towards 10 000 which is why we had to end up turning it off yeah well it

00:13:08sounds like um some of the issues was a cash flow constraint because even if you paid 10 to make 27

00:13:13it's not bad um obviously you wanted to be better than that because you'd be basically your conversion

00:13:17cycle is too slow um but like i wonder if it got shut off preemptively because of like call it a slew of bad

00:13:29creative and maybe a pixel getting trained on the wrong audience for a short period which makes it

00:13:32really difficult to get out of and it becomes this like death cycle

00:13:36i'm pretty confident on the the tech like we've gone really deep on the tech i'm also confident

00:13:42on the creative uh because we've we've adapted a lot like i've been to to uh acq working work like we've

00:13:49adopted all this stuff we're doing 15 diverse creatives a week yeah uh as much as the account

00:13:55can handle yeah and my my take on it is actually um i mean the cpms went up 3x over 12 months okay so

00:14:03just just the cost to get in front of people and then the second piece is i think the home services space

00:14:10i think trust has become the currency yeah uh because so many they've either found successful

00:14:15marketing and they've stuck with that or if they haven't they've been burned five times over and

00:14:19they're just like very untrusting in this space and i think that we haven't done a good enough job

00:14:24like we have great reviews right 100 we have five stars 130 reviews on google but i have no personal

00:14:30brand i'm not pre-educating them all right it's been running cold well let's let me just ask you this

00:14:35because i just want to zoom out for a second um what do you what do you want like what do you want

00:14:39to have happen i want to have a world-class product that i'm incredibly proud of and i want

00:14:45for every customer that i get i'd love to get to the point where that creates another customer

00:14:49yeah like the referral flywheel so the the really difficult part with the business you're in and

00:14:55you've you've consumed i think enough of my stuff to know what i'm going to say here which is that

00:14:59the call the the the smb you know lead gen agency is a very very tough business um it's like the

00:15:11restaurant of digital marketing uh it's very easy to get started very hard to scale and the main issue

00:15:17is the avatar uh their volatility becomes your volatility it's just like it's it's it's near

00:15:23impossible to scale a business with 10 churn yeah because you have to every basically in order to

00:15:29scale the business the only thing that actually scales is your sales motion because if you lose

00:15:3370 of your customers every year which 10 churn does that right right then your entire revenue on an

00:15:39annual basis minus 30 is what you sold that year right that is that's definitely a core issue i i agree

00:15:46with you we can't get to our goal on 10 churn right and so but the thing but what i'm trying to what

00:15:51i'm trying to hit on here is that like it's like having an agency is a great way to make three

00:15:56million dollars a year with you know 20 or 30 margins um it just it's very very difficult to

00:16:03scale because churn becomes this monster issue and the thing is is that it's an avatar problem more

00:16:07than a than a product problem right and so i've and i've said this before but i've only seen two

00:16:15marketing like true turnkey marketing offers scale uh that are done for you um and i'll say with the

00:16:21exception of one thing which is like you can keep all the things that you said and then just build a

00:16:25brand that's gigantic like if you had neil's patel's brand in seo you could scale right but he's also been

00:16:31doing it for 15 years and you know etc etc um but the the other two angles are like you go purely ai

00:16:39automated very low cost because then you can cut churn down um but you have to do it so it's high

00:16:44gross margins but low price right uh or you have to go out market which you have to earn the right to

00:16:50do that which you kind of have to slog your way through what you're doing right now to eventually get

00:16:53to the better customers or the multi-location uh owners right right now i think that um is there

00:17:01a sub cohort of your customers that are more valuable and churn less than the existing customers

00:17:06i'm absolutely sure there is i need to get better on the data yeah we've narrowed down over time

00:17:11right we're we're basically going for two million above roofers at this point we used to be generalist

00:17:15and home services so we have narrowed down but we can go further yeah i think that you would probably

00:17:20like it might be worth looking at like roofers in at least three markets you know what i mean something

00:17:25like that um because they're just going to have a different time horizon in terms of returns and seo

00:17:30is one of those things that just needs time um in order to work uh when does churn happen for you

00:17:36guys because you might be at 10 monthly churn but if you look at it by a cohort basis um i'm sure you

00:17:41have a you call it two and a half million of the five that you have left right now has been with you

00:17:46for over a year something like that that's my guess um is that true or is that wrong say the question

00:17:52one more time call it two or two and a half million of the of the five that you have has been with you

00:17:57for a long time yeah i would say between one and two years for sure yeah right and so basically you've

00:18:03stacked up the people who two years ago were in that 30 percent and once you get them to month six the

00:18:09likelihood that they stay goes up by a lot and that's we've just seen that across all services

00:18:13independent not just marketing just like all services if you get someone a month six churn

00:18:17typically drops to below two percent which is wild but when you look at blended which is what

00:18:21you're looking at with ten percent um it feels like so basically the objective has to become how

00:18:26do we get them to month six which is a much more solvable issue than how do i cut churn from ten

00:18:29percent lower is that like tactically okay um and so if i were to do that i think that the cpl going

00:18:36up i care less about i just care about ltv to cac right so like that that matters very little to me

00:18:43in fact one of the highest roi uh campaigns i ever ran at gym launch i had the highest cpl of all time

00:18:50right so just something to consider and so i think that um the algorithm has gotten so good at pulling

00:18:55who you want that you can be even more selective than ever now so that's a good thing um because i'm

00:19:01trying to get you out of your current situation because like you know i could say yeah go build a

00:19:05brand it's like yeah you should have done that two years ago you can't do that right you know like

00:19:07tomorrow so what are we gonna do right um so i i've called call it my like my three-step fast cash and

00:19:14then i would still want to deploy this into uh into marketing um on the outside because i don't think

00:19:21it's i don't think you're done there dude that's the thing it's like i don't think it's done i think

00:19:25we can still market where other people aren't which is being more selective and going up market and so i

00:19:32think roofers with at least three three locations or something like that might be a better start look at

00:19:38the people who've been with you for two years see what they have in common make that the messaging in

00:19:42the avatar if you need to do a lead magnet or something like that you can the lead magnet is not really

00:19:46going to be the thing i'm just being real like lead magnet really just serves as just a different hook

00:19:50on the front end so that you can refresh and when you have a smaller market more so than like oh the lead

00:19:55magnet is why people are buying now if you're able to get mass mass mass distribution like my book or

00:19:59something then it can serve a different purpose but by and large the lead magnet is not like the

00:20:03thing you want it to be good obviously but like the you if you want to turn a large percentage of the

00:20:10audience warm you have to do that with the least amount of friction which is what content is like

00:20:14content is the lead magnet it's just free right right so i think that short-term steps are number one

00:20:21i would go past customers win back campaign number one uh number two if you are cash constrained you could

00:20:29get some people to pre-buy future services and give them a deal uh number three do some sort of

00:20:36attraction offer from money models to the leads list uh kind of like the countdown in the campaign maybe

00:20:42giveaway um that would pull some cash forward with that additional cash i would step two uh reimagine

00:20:51the avatar from the messaging and the funnel uh perspective and i would call out what you don't

00:20:57want which is like if you want somebody who's going to get you leads in three months this is not the

00:21:01thing for you like seo takes a minute but let me show you what my one year laters look like so my

00:21:06campaign would be and this was the highest all right campaign i ever ran at gym lunch was a one year

00:21:09later campaign and so you have those customers right now i would capture what their lead flow was before

00:21:14and what their lead flow is now and it automatically frames like whenever you talk in one year into your

00:21:19increments you're going to get a far better customer but the cost really will be higher so we just care

00:21:23about is ltv to cac more so than than cac now you're not going to know ltv but if we have leading

00:21:28indicators that this is the type of people who stay twice as long three times as long willing to pay more

00:21:32then at least gets us on the right track right so that would be my that would be my one two three

00:21:39if i had um if i had a an item four because you're trying to kill yourself um i would try and post as

00:21:45much content as i possibly could obviously um but i'm trying to get you out of the current situation

00:21:48that you're in right now um if you want to build something that is world class in terms of product

00:21:53you're going to end up having to go up market or down market it seems like you're probably better

00:21:57situated given you have a service business right now to go up market and just niche down and up

00:22:03awesome appreciate you ian thank you sir hey just so you know man

00:22:10everyone's been through this like it sucks but like you're not going to die and the worst case

00:22:18scenario is that you have a bunch of money that you've probably saved up from the years that you

00:22:21were doing well and you could just start something new knowing everything that that you know right now

00:22:25that is the true worst case scenario which isn't that bad really good perspective thank you alex

00:22:31appreciate you all right let's go the chat that's french for uh chat by the way for those guys don't

00:22:38speak french um let's see here uh do we have preguntas okay uh will you try to scale a business in an

00:22:47industry vulnerable to ai as a software engineer i don't want to about how difficult it is to scale

00:22:54my business on the other hand i can't ignore the market trend um

00:22:59it's a tough one man uh you could make the argument that on a long enough time

00:23:03rising all businesses will be vulnerable to ai what i would caution you against is

00:23:09not solving the problems you have today for fear of tomorrow because i heard this uh this

00:23:14quote which i think is like one of the number one hard a school of hard knocks quotes of all time

00:23:19which i really i heard it and i liked it um but they asked the ceo of goodyear uh what's the best

00:23:25piece of advice that you've ever gotten and he said a bird doesn't land on a branch because he trusts the

00:23:31branch he trusts his wings and so what that means is is like if you go do this thing that is vulnerable

00:23:39to ai and you're afraid to start it's being afraid of walking out on the branch but you can't be

00:23:44afraid of the branch you have to be confident that you'll be able to figure it out because whatever

00:23:50market forces you're going to come in contact with you have to remember that every other person

00:23:54is going to come in contact with it and if you figured out things before in the past you'll be

00:23:58able to figure out things again in the future and the problems aren't going to go away they're

00:24:01just going to change all right a next pregunta all right uh you say the fastest way to make 100k is

00:24:09different uh to a million the fastest way to 10 million is different than 1 million how can you explain on that

00:24:14yeah so it's actually the example that we tried with ian is a perfect example like it's it's not that

00:24:19difficult to make an agency that does a million dollars a year and the main reason for that is

00:24:23because you just need to sell a certain amount of customers in order to do that um and you and

00:24:27there's a lot of call smbs who will pay 2500 to 3500 a month or 1500 to 3500 a month um to get lead gen

00:24:36services um the problem is that churn in that business is very high and when you have high churn

00:24:42at scale it does not work and so basically the the potential of a business is almost is is directly

00:24:51correlated with revenue retention all right which means how much does last year's revenue affect this year's

00:24:56revenue and so the common scenario which is the worst scenario is everything that i sold last year i have

00:25:02almost no credit for it this year which means that every year if you want to grow you basically just

00:25:06have to increase acquisition and you have to sell more people to grow the second scenario is that and

00:25:12this is a much better scenario right is that you keep the revenue from last year now that's an amazing

00:25:17scenario way better so you sold a hundred thousand dollars last year and then this year you already have

00:25:21a hundred thousand as your base day one and then you can sell a hundred thousand dollars this year and

00:25:24now you have two hundred thousand right so it keeps stacking the best scenario is something called net

00:25:29negative turn which is where the revenue that you have is over a hundred percent retention now to be

00:25:34clear you cannot have over 100 percent logo retention meaning you can't keep more than a hundred percent of

00:25:40customers if you sell 100 customers at the end of the year the most you could have is 100 customers so

00:25:44logo retention is always going to be 100 or less right but revenue retention can go up which means that you

00:25:50need to have a model that allows for customers who are good to spend more money with you so that means

00:25:54that if i started with 100 and i end with 90 but the 90 that are there have let's say in total

00:26:00uh spent 50 percent more than they did before i might now be at 145 no that'd be

00:26:07yeah 135 uh on my revenue compared to the 100 that had the beginning even though i have fewer people

00:26:14and so there's kind of like three different scenarios in terms of what you get credit for in the future

00:26:18and so what happens is once you find a vehicle that has high revenue retention then it's just a matter of time

00:26:23because you literally grow by default and so as long as you keep selling customers you will keep growing

00:26:28and this is the state where you want to be in and i spent a very long part of my career pursuing

00:26:33businesses that did not have high revenue retention now typically high revenue retention businesses have

00:26:38high revenue retention because they are slower on the front end it is harder to get people in which

00:26:42is why it is harder for them to leave and so it is actually a function of patience which is why

00:26:46patience is more of a a personality trait than it is um that it is a tactic in business but is

00:26:52absolutely required based on the opportunity vehicle selection that you do day one and so at some point

00:26:57you decide uh that you want to get into a stickier vehicle and then when you do that you get you can

00:27:03unlock the level if you wanted to make a million dollars a year the fastest way to do it is just go

00:27:07sell something to a lot of people and you can do it one time but the difficulty is that you're going to

00:27:12have to keep selling people and when you want to make a hundred million dollars a year building the sales

00:27:17infrastructure sell a hundred million dollars of revenue every single year when you have zero from

00:27:21the year before is incredibly risky because it means that every single month you basically are

00:27:26only as good as your last month which means payroll rent all the bets you want to make like you can't

00:27:31forecast out any horizon if you know that in the future this money that you just sold last year is

00:27:37still going to come in you can take bigger bets you can make bigger investments you can do a brand move

00:27:41these are all things that having revenue retention affords you and that is the difference between

00:27:44building a 1 million dollar business versus a 10 or 100 million dollar business okay uh let's see

00:27:52next pregunta and then i'll do uh and then we'll get to the next unit um how do i deal with myself or

00:27:59how do you deal with yourself when you don't feel like doing anything like no drive to achieve anything

00:28:03can you teach somebody ambition um ambition is a very uh vague word but i think what we're really going

00:28:10for is like can you create a condition that increases motivation and i think the answer to that is

00:28:14absolutely um and so i i like to use this very extreme example of like if i wanted to motivate

00:28:20people to take off all their clothes what i would do is i would lock the doors to wherever they were

00:28:24and then i'll continue to crank up the heat and i would remove water and when you do that eventually

00:28:28people would disrobe because it's so hot right and so you just do that long enough and eventually

00:28:32you will motivate the behavior that you want and so if you want to motivate yourself you need to

00:28:36create the conditions where motivation uh happen which means you have to make the right choice

00:28:39the easiest choice that of the choices available to you and so um breaking that down is okay are the

00:28:46people that i surround myself with people that are taking the actions that i want are the things that

00:28:51i have in my physical environment the things that are conducive uh to taking the actions that i want

00:28:56like if i have a netflix subscription if i know that um i have a tendency to watch that then i will

00:29:00cancel the subscription right um if i have apps on my phone that tend to distract me i'll invest in

00:29:05you know one of the many products that make it more difficult to get an app to distract right because

00:29:10if you like you it's not that you lack focus it's that that you are focusing on the wrong things

00:29:14because focus is always present we're literally always focusing on something it's just that you

00:29:18need to remove everything else besides the thing you need to do so that the only thing you have to

00:29:23do is the only thing you can do right jerry seinfeld was famous for um writing his jokes for two hours

00:29:29every single day and the way that he did it was that he has a room that has nothing in it and a desk

00:29:33and a yellow pad and he gave himself the rule that he doesn't have to write but he can't do anything

00:29:37else right and so it's by removing distractions if you're in a room with that's all white with nothing

00:29:42in a black dot the most interesting thing in that room is the black dot and so you need to make work the

00:29:45most interesting thing in your environment and ideally surround yourself with people who are doing better

00:29:50than you who reinforce work-related activity i thought that was a pretty thorough answer all right let's

00:29:59do pregunta numero dos david let's uh let's do this hey alex i'm david i run an erp consulting firm

00:30:11i'm on track for 1.9 this year and i'm trying to get to 5 million and basically what's stopping me is

00:30:17that i'm the chief cook and bottle washer key man got it um is it that you don't you can't get more

00:30:25customers or that you are the one who's involved in the delivery of the customers a customer acquisition

00:30:31is pretty easy right now it's it's all affiliate and client referrals so you're delivery constrained

00:30:36functionally like you are the one who's required to do the stuff more okay got it um question is uh

00:30:42shift one can you shift from doer to architect uh it's it's in progress i do have one other doer that's

00:30:51well i have i have eight people total i have one other doer who is very self-sufficient and would be

00:30:56the other half of the key man equation here um but really i do everything else so he does over half of

00:31:06the delivery i would say but then i'm the key man on the entire rest of the business as well

00:31:10yeah so i'll say two things that i think will be relevant um like we do this with everyone and it

00:31:15sounds boring but it's super effective and it's not going to take you more time which is to just do a

00:31:18time study and look at where you're spending your time now it's going to fall in a couple buckets and

00:31:23the biggest one that i think people don't pay enough attention to is problems that aren't actually

00:31:27worth solving so napoleon had this problem solving method that i actually just recently read about

00:31:32um which there was was very confirming for how i like to solve problems so i'll share it with you

00:31:36which is that he would not open letters from his generals for three weeks because he didn't

00:31:41want he wanted to let some problems resolve themselves so he wouldn't have to put any effort

00:31:44into it um and so i'll bet you there are some problems that you're solving right now that are not

00:31:48the constraint of the business but you are still solving them so that's thing one in terms of buckets

00:31:52of things that we can eliminate um the second thing is okay of these other activities um what's the

00:31:59margin on the one point is it 1.9 yeah 1.9 50 gross 30 net okay so you have the cash flow to be able

00:32:07to hire out call it another person at 150 000 a year and it's not gonna like sink the business

00:32:12right right and so i'll bet that if between elimination and delegation you can probably get

00:32:18more than half of your time back just from those two things but i would encourage you to say that uh one

00:32:23i wouldn't obsess too much about keyman you're not big enough for it to matter right now any any small

00:32:27business has keyman risk you know below 10 million it's just what it is um it's painful but it is just

00:32:32reality um and so don't like don't obsess over that um and then in the things that are coming up it's

00:32:39like it feels as though the fires are sporadic but it is just because we have not measured them over

00:32:45a long enough time horizon and so it feels like these problems pop up but they really pop up once a

00:32:50month we just don't know what day they pop up on but on a monthly basis the thing has to happen

00:32:54and so basically the longer you do the time study on the more you're going to be able to codify the

00:32:57activities that you're doing which will then allow you to delegate them or eliminate them

00:33:02which is a variation of what i'm already doing because my main my main product is actually spotting

00:33:08problems in my client systems and raising them before they see them yeah and so it's it's kind of the

00:33:16same work i just have to look inward and outward at the same time well then i mean fundamentally if you

00:33:21if you feel like a solution is in flight is it just that you are upset that it is not happening as fast

00:33:26as you want not even upset okay i just want to make sure that i'm not being naive to the fact that

00:33:35like like i can't fix everything and there's plenty of people that are way smarter than me

00:33:41yeah should i be getting those people on the bus sooner rather than later yeah 100 i mean you're

00:33:46you're going to take risk in terms of cash flow that you're betting some of these people are not going

00:33:49to work out and that's just going to be a cost of doing business um the faster you get your pattern

00:33:52recognition the faster you're going to be able to scale the company if you think about um this is

00:33:57an easy frame for it to consider if you were to start over tomorrow from zero um the bets that you'd be

00:34:04willing to make at zero to get to where you're at now you probably make without thinking because

00:34:07you're not that worried about it right right and so there's a 10 million dollar version of you as

00:34:13an entrepreneur who considers the bets that you have to make right now the same way you just haven't made

00:34:18them yet okay that makes sense so tldr time study backfill be willing to make the bets on

00:34:30the people that you have to accept the fact that you're not going to get it right over emphasize

00:34:34onboarding and training and this is the nature of a service business is that you have to people are

00:34:39clogged in the machine automate as much as you can which you probably already are um and this is just

00:34:43the nature of the game and i don't think you're doing anything wrong it's just like this is the part

00:34:46that sucks so i have an offer question sure as well so um previously i was just selling general

00:34:54consulting i've worked my butt off on the last 18 months since i got your book yeah and i've got an

00:34:59offer now that's kind of a three-part uh onboarding expansion and ongoing continuity what i what i tried

00:35:07to do and it failed three times in a row is go from what previously was working 90 of the time

00:35:13so 90 of the time if i did like a 30 000 assessment at the beginning of the project i would always win

00:35:20a larger multi-six-figure deal okay i've tried to jump straight to the six-figure deal okay and i've

00:35:26struck out three times in a row and so i know there's not a lot of context but does it just make sure

00:35:32make sense to kind of go back put the assessment back in as a stepping stone knowing that most of the

00:35:37time i'm going to win the big money anyway yeah i mean it's part of your sales motion

00:35:43yeah i just tried to take out a step basically no i hear you but i mean if if you know that you're

00:35:47winning 90 then you can just basically uh approximate the value of a 30k deal is 0.9 times the whatever

00:35:55200k or whatever your average order value is um so it's 30 plus call it 180 so every one of these 30ks that

00:36:02you're selling is actually worth 210 and then you can just basically factor all your marketing knowing

00:36:07that math got it which feels worth perfect yeah appreciate you man thanks for thanks for calling

00:36:14in yes sir see you soon all right later okay hi alex this is uh el chatto which is spanish for chat

00:36:24that's right we got jazzy jazz with the jazz fingers and jazz hands telling me real-time translations

00:36:29that el chatto did i say that correctly el chatto okay there we go um not to be uh uh confused with gato

00:36:37which is cat quite different um yeah anyways so uh hi alex uh how do i how do i do a suitable

00:36:45how do i find a suitable passion huh i try content creation ai apps and so much stuff but

00:36:51i really don't feel comfortable doing it i'm still hanging in there uh the hard way okay um

00:37:01yeah yeah sucks when you suck and the only way to not suck is to do it while you suck uh so you suck

00:37:06less and then eventually when you suck less you tend to like things that you're good at um i i've made

00:37:12multiple videos on the the misconception around passion and how it is a fallacy overall um but like if i

00:37:23shit's going to suck like it is not going to be fun and failing and getting rejected and trying to do

00:37:29something that doesn't work over and over again is not enjoyable but it is the period of time that you

00:37:33have to go through in order to get to where you want to go and so you fundamentally have to want to get

00:37:36to where you want to go more than you uh then you fear or uh tolerate the pain of suffering the failures

00:37:45on your way there right and so i do love the saying that i think i invented um but failure and success

00:37:51are on the same road it's just that failure is an earlier exit all right um but i think that what

00:37:56you need to do is you need to pick and commit two things you need to pick and commit and commit

00:38:01and commit means the elimination of alternatives which means you need to let all the other ideas

00:38:04that you have go away until you've seen this all the way through and so i would write myself a goal

00:38:09that feels unreasonable that if i did it i wouldn't succeed and say okay so if i made a thousand pieces

00:38:14of content and i had feedback between each thousand so not just cranking out a thousand pieces of slop

00:38:19i'm saying manually did a thousand pieces of content and got better from each one of them do i think

00:38:23i'd be good at making content probably if i made you know uh an app and i spent two thousand hours

00:38:31on the app myself do i think that with feedback from customers or people that i gave away for free

00:38:36that i could make the app good or useful probably right and so the reason i i like the unreasonable

00:38:42goals is because it actually gives you something to control right like i want to get in shape okay

00:38:46work out a hundred times and make sure that every workout you add weight or reps to the exercises you

00:38:51did and you don't have to put a lot on just make sure you make progress so if you did 10 pounds do 11

00:38:56and you're like how they don't even have 11 pound dumbbells yeah they have magnets you can stick it on

00:39:00i use them for a lot of my earlier part of my lifting career so the point is it's like talk in increments

00:39:05instead of saying i want to do this in so many weeks talk in uh work span right it's a hundred workouts

00:39:11right do 100 workouts do uh 2 000 hours and so like when i when i when i make a project like the books

00:39:18that i have like i put 2 000 hours into the books and you can see it right a lot of time goes into that

00:39:24and it's only one book now how fast can i write a book a hell of a lot faster than 2 000 pages it's

00:39:28just not going to be as good and a lot of the good is removing the stuff that sucks and a lot of stuff

00:39:33you make sucks which means you got to delete hit delete over and over again on things that you thought

00:39:36were good but aren't and so uh i think you have to accept the fact that it is not going to be fun

00:39:41and that is the period that you have to get through and that is how you earn the right

00:39:43to become successful and i think one of my favorite tweets of my own the old self quote

00:39:50nice um greatness rejects all first-time applicants and you are a first-time applicant so it is not

00:39:57surprising that you've been rejected okay uh brother uh you say you need to pick the right opportunity

00:40:04vehicle because other vehicles get you further in the same amount of time how do i know the opportunity

00:40:08i have is the right vehicle well you start and once you start you'll get perspective that you could

00:40:15only get from starting right because you get perspective from feedback and you get feedback

00:40:19from taking action you do not get feedback from contemplating right you do not get feedback from

00:40:25weighing options you get feedback from taking action on a path that you begin to walk down right the

00:40:31future is foggy you will only be able to see a couple steps ahead of you and as you continue

00:40:36to walk the next steps will become clear but i think that there's this this over emphasis on this

00:40:42perfect pick the fallacy of the perfect pick that you're somehow going to get your pick so right

00:40:46that everything's going to come true and i promise you even if you had the best vehicle in the world

00:40:49even if you wanted to do open ai and start it in 2017 and then suffer for years before it actually

00:40:55was a product even then it will suck and you won't be sure right and so i think there's this big

00:41:00misconception that somehow um you're going to know steps a to z when you start and you will not and so

00:41:05you will learn step uh b when you do step a and then maybe you get to step d and see that there now

00:41:11that you've learned something there is a superior path maybe but i will say this which is that almost

00:41:16all paths when taken to the natural extreme accomplish most people's financial goals and so

00:41:22whether you want to be rich from restaurants or you'll be risked from apps or from whatever you

00:41:28want like i had a question the other day that was like you know what business can i get to a hundred

00:41:33thousand dollars a month in profit and the answer was basically every business can get to a hundred

00:41:38hundred thousand dollars a month in profit and then people in other countries were like no no that's

00:41:42only in the us and it's like you literally are missing the point every model when expanded enough

00:41:47can't hit a hundred thousand dollars a month in profit period now it might not be the one location

00:41:53if you're brick and mortar it could be multiple locations right it might not be uh you know one

00:41:58customer it might be multiple customers but the thing is is that a skilled version of the thing

00:42:02just about any business i've yet to encounter one that cannot hit a hundred thousand dollars a month

00:42:07in profit the only way conceivably that you could have a business that it would be impossible

00:42:11to get a hundred thousand dollars a month in profit which let's say the vast majority of

00:42:14people if they did that they'd be pretty stoked the only way that you'd make that impossible is if

00:42:18there's literally not enough people who are willing to buy your thing and there's a lot of people

00:42:26so yeah a lot of businesses can do it okay let's go uh go go gadgets next cue next caller jazz hands

00:42:42jazz hands we're going yes sir awesome hey man i'm james it's a pleasure to meet you i started harbing

00:42:48home outfitters here in alabama we help the elderly age in place through home accessibility modifications

00:42:54we did 500 000 last year with 40 margins and we're having a tough year this year only at 150 000

00:43:01with 58 margins i want to get to a million a year within six months we have 20 to one ltv to cac and i

00:43:08believe a constraint within my control is legion specifically with baby boomers so how do i get

00:43:15southern baby boomers to want to buy a ramp place a grab bar for themselves or their parents

00:43:22who are you who are you predominantly selling to the kids or the parents

00:43:26the kids most of the time i say 85 percent of the time got it um how are you doing legion right now

00:43:32mostly referrals i'm a nurse by trade as well as a medical social worker so i'm able just to walk into

00:43:37hospitals with my scrubs on and that gets me through any doors in the hospital um i'd say that's 90 percent

00:43:42of it that's like a man with a cone and a neon vest and a clipboard can get into anywhere um yeah and

00:43:51man with yeah man with scrub skin can get into any any hospital setting um that is so okay here's the

00:43:58good news uh well your ltv to cac those numbers are kind of off because basically your cac is your time so

00:44:05i don't know how much we can create so we can put it to that but what is what do you make per call it

00:44:09unit sold yeah yeah so we're six thousand dollars average ticket we have uh 30 close rate and i'm

00:44:16only getting around 10 leads a month that we're incoming so and that's all from referrals and call

00:44:20it door knocking fundamentally yeah yeah yeah 90 yeah that's correct so um i would say you have two

00:44:25options that you could pick from that you're already like very very equipped for um you could do google ppc

00:44:30which is just like basically keywords and looking for people who are looking for ramps which is option

00:44:35one i'll bet though that if you bid there there's probably already some players and you'd have to

00:44:39have a more sophisticated sales motion otherwise you're going to waste money um waste money that

00:44:42like you'll get leads but it'll cost you more than you're able to afford right now um the other option

00:44:47which i think is probably more likely to work because you have a very visual service

00:44:51um is showing before and afters i mean you've seen these ads right um and if you're targeting the kids

00:44:56it's like did your parent recently have a fall right which is super common um it's like and

00:45:00did you know that 90 of falls are are um preventable by just having by outfitting the home environment

00:45:07and it extends how long they can live in their home by another 10 years so parents are happy and kids

00:45:11are happy like to me that would be my hook and my angle for my ads and then the creative itself would

00:45:15just be before and after on the homes that you're doing the outfitting to and you'll probably be able to

00:45:21get leads from there and i'm sure do you have like financing or insurance something that covers it

00:45:25yes sir yeah dude like like if you could say that it's like and we you know insurance covers x y and

00:45:31z i think this is just a pure you could you could probably have the simplest funnel in the world which

00:45:36is just run a lead ad and then call the leads up have the uh the thank you page sorry the the lead

00:45:42ad redirect to a vsl so video sales letter um and then with a call now button underneath of the video

00:45:49and that's probably all you need and you just got to work this out of the leads like that's really like

00:45:53this is super super super simple like you had like i if you just do this and ignore like do nothing else

00:45:59i'm just telling you do nothing else yeah run meta ads use the angle that it's free use the angle that

00:46:06a lot of falls are avoidable i'm sure you can find the stats on that right um use the stat that parents

00:46:10are happy because it pushes them out going to a home for another 10 years right they want to be in their

00:46:14home um that way the kids don't feel guilty about it um and that it's free right like those like there's

00:46:19a ton of meaty angles right there it is not free the ramps the grab bars 95 percent of the time uh

00:46:26they're paid for they used to be free but we had a lot of a bunch of cuts in alabama which covered

00:46:30those so now i'm happy to march for them which kind of sucks that's the decrease it's fine it it's fine

00:46:36it's fine um got it it doesn't matter and if if like two options there one is you can just not say

00:46:42it's free and then just collect leads like normal the other option is that it's free and then you just

00:46:45find out if their insurance covers it and if it does you do the sale if it's not whatever

00:46:50heck yeah cool but do nothing else i'm just telling you right now do nothing else like you can get

00:46:55an ad like do you have any any creative on before and afters of like outfits you like it being

00:46:59outfitted and whatnot okay so like 100 today write your first five variations of the ad copy and put

00:47:07five variations or 10 variations of the creative and then run it in a 20 mile radius drop a pin on the

00:47:13map of where you're at in alabama yeah and then just do a leap just do a lead form keep it really simple

00:47:19i don't even like we could have a video on the after page but i'd rather just get live and start

00:47:22getting leads so you're like holy shit this actually works and you can have ai walk you through the

00:47:25setup it's not hard heck yeah man i appreciate the time that helps a ton thank you bet appreciate you

00:47:30man cool business though very cool business by the way for everybody who's listening to this there's so

00:47:35many ways to make money who here walked in being like you know what i could outfit houses with ramps

00:47:39for old folks right there's so many ways to make money by the way growing market lots of pain

00:47:44they've got the money it does check the offer boxes all right um question from el gato uh from the cat

00:47:54in spanish so uh hey alex i run a business where we train team slash business how to use ai

00:47:59not done for you uh how do i hire trainers without them taking our training resources and sops to start

00:48:05other businesses uh dude just use ai uh um like i think what you're dealing with is is like that's

00:48:14basically like saying how does any business that educates anyone hire anyone without those people

00:48:21taking your stuff this is the nature of competition the thing is is that there are more components to a

00:48:29business which you already know uh than just delivering the materials you have to generate leads you have to

00:48:33close sales you have to price uh there's a lot of other pieces that make the business work right

00:48:39if you want to make it less likely you can switch from a one-on-one to a one-to-many model and you

00:48:44can rotate who's doing the instructions and you can make it a kind of call like a four-phase approach

00:48:48so imagine you've got somebody teaches phase one somebody teaches phase two somebody takes phase three

00:48:52that way you keep some of the keys in the castle in your own pocket and you're kind of uh siloing the

00:48:56information by design that would be something if you're really you know anal or worried about it

00:49:00i personally i would only do that if it actually served the business model and it was a

00:49:03material problem rather than a fear so basically are is this actually happening or is this something

00:49:09are you trying to solve a problem that hasn't happened yet if it hasn't happened yet let's make

00:49:13sure it happens then we can solve all right uh i recently quit my job to go full-time into starting

00:49:20a business but i am not sure what business to start i feel stuck in this analysis paralysis oh man um

00:49:31okay i'm going to give you actually very tactical answer here instead of just saying well obviously

00:49:35do just pick one you need to put limitations all right you need to add constraints if you have

00:49:39said if i said pick from everything in the world it's very hard to make that right if i give you 25

00:49:44different jams to pick from it's hard to pick your favorite jam if i give you two much easier right

00:49:48and so what you need to do is give yourself constraints on the question this goes for everybody

00:49:52so instead of saying what business should i start say what are the requirements that i have for this

00:49:57business do i want to be in person do i want to be remote do i want this to sell to businesses do i want

00:50:01to sell consumers uh do i want to do phone sales or do i want to do a checkout based system do i want

00:50:06to get customers from ads or do you want to do it from door knocking right like each of these things

00:50:10is going to narrow down um the types of business that will be available to you do i want a business

00:50:15that i'm gonna have to put capital into start do i want that doesn't require capital um do i want

00:50:20to have a business that uses a lot of employees it's gonna be service-based it's gonna be technology-based or product-based right

00:50:24right each of those are decisions that you can make and if you're like well which one i promise you

00:50:29all of those can grow into big businesses and it does depend on your goals but let's assume

00:50:32for the sake of argument that you want to make a hundred thousand dollars a month in profit

00:50:35all of those paths can lead you there right and so if you follow my stuff i would encourage you to

00:50:40sell fewer things to add a more expensive price tag to fewer people because it takes fewer

00:50:45customers to make the amount of money that you want to make to solve your current life problems

00:50:50but the answer to your question is that you have to add constraints to your question in order to answer it

00:50:54uh one more and then we'll do the next one okay so if sales was your main constraint in business and

00:51:01you need to learn it from zero what would you do um i you want to get as many reps as you can

00:51:08uh and so i mean this is one of the advantages of working at a business before you go out because

00:51:14you basically get to learn on a business's dime which i'm a big advocate of um i'm i'm like

00:51:20like i'm gonna guess that you're not learning it from zero because like you said sales your main

00:51:25constraint but you need to learn from zero which means you've never made sales before which means

00:51:28you don't have a business and so if you don't have a business then you could start on a call

00:51:34floor anywhere or on a door knocking team and learn from there and get paid to do it so that's option one

00:51:39which i'm a big advocate of um option two is you basically got to go out and my encouragement would

00:51:46be to sell people for free and so in the leads book i talk about getting your first five customers

00:51:51follow that playbook of get your first five customers for free because it's still a sale

00:51:55it's just a much easier sale because you're still going to get them to risk their time sometimes their

00:51:58money um in order to to get some sort of you know deliverable service from you um and then from there

00:52:04you'll be able to learn from those conversations to then eventually start charging money um but some

00:52:09people i would say the the poor people in the comments will say uh never give away your service

00:52:13for free because it'll devalue you as they say being poor you get more from giving away your stuff

00:52:19for free than they get for getting it for free because you will get feedback and you get learnings

00:52:22and you will get lessons and you probably do suck which is why you probably shouldn't charge and you

00:52:26should be very willing to give away your stuff for free because you should not be valuing your time

00:52:31because it is not valuable the market has already determined it's not valuable people are not knocking

00:52:35on your door it is valuable when the market determines it is valuable which means when demand

00:52:40surpasses supply and the easiest way to do that is to decrease price and so when we decrease price

00:52:45we can increase our demand and then over time as we get better and better demand will go up and

00:52:49then price can rise naturally with the market and it's the beauty of a marketplace i think that's

00:52:54a very elegant answer very good all right let's do next q q to the a perhaps definitely a q

00:53:05all right what do we got mr gong

00:53:09byron you're up byron let's do it hey alex man this is exciting thanks so much to you and layla for

00:53:16what you do i run a disability support provider in australia it's government funded scheme price capped

00:53:22high compliance requirements can't build in advance last year we did one and a half million in revenue

00:53:27gross margins at 30 percent this year scaling back to focus on target audience because i was just

00:53:33accepting money from everyone and it was a nightmare um so we're aiming to do about a million dollars this

00:53:38year currently though breaking even due to debts from stupidly starting another adjacent business manpower

00:53:46shortage my goal though is to productize my service to distinguish myself from the commoditized industry

00:53:53then work to sell the business and go into something that isn't price capped my question

00:53:58is what would revenue net margin and the org chart need to look like in order to sell it and is it worth

00:54:04it yeah so from a sellability perspective i mean you could sell any business the question is who do you

00:54:10want to sell it to and at what kind of price or multiple so you kind of have to reverse from the goal

00:54:14like i could buy your business today for zero dollars just to put it as a hypothetical extreme so what

00:54:18more specifically what kind of outcome you want yeah so i'd love to sell it for five hundred thousand

00:54:23dollars and if i could do that in the next two years that would be incredible well that's a lot i

00:54:30mean that's that's a lot easier um so do you have any revenue retention or is this all one-off

00:54:37as in for the clients that that stick around well i mean is the service a recurring service or is it a

00:54:43one-time service it's recurring service so yeah is it sticky in that do you keep people from last year

00:54:48to this year yeah about people stay for about 12 months okay so it's not sticky because they leave

00:54:56right yeah okay yeah okay so that is the thing that will make the business more valuable also it'll make

00:55:01something it'll make it into something you might not want to sell which like the goal to build a

00:55:04sell a business is build something you don't want to sell because it makes a lot of money that's the

00:55:07goal um okay so five hundred thousand dollars uh you said you had 30 gross margins what are net margins

00:55:15net margins right now is pretty much nothing so i started the yeah i started another business and yeah

00:55:21that sucked up everything well okay if you hadn't started the other business what would the margin have

00:55:26been if you hadn't blown all the money 12 and a half percent okay which is actually you know if your gross

00:55:31margins 30 doing 12 and a half is is not bad relatively i do think that 30 gross margin is

00:55:36very hard to make a business work there um and so when you are price fixed you have two options available

00:55:43to you all right option one is that you sell insurance plus which is like we'll do the stuff that's covered

00:55:50by the government and other stuff if you want it which some people are willing to pay out of pocket and

00:55:54that can make a material difference in the net profit of the business so even if 10 of people are willing to pay

00:56:00you know 50 or 7 more it doubles the profit of the business right yeah so that's options that's where

00:56:08okay sorry that's where so what i found is that we've just accepted work from anywhere and everywhere

00:56:16and so it's been difficult to try and find staff because somebody leaves and then it's like i've

00:56:20you know i've got a hiring target but then i realize i'm hiring really only one person so if somebody else

00:56:26you know it doesn't solve the problem so looking at productizing so rather than molding ourselves to

00:56:32everybody's infinitely complex life it's saying this is a problem that we solve this is what we're going

00:56:37for um so the idea yeah okay so i'm on the right track there yeah scaling roadmap one to three you have

00:56:43to start templating your solution yeah so you you kiss a lot of toads which is what you did you kiss a lot

00:56:48of toads you figure out a bunch of these suck and then you figure out a couple of these are good and then you

00:56:53realize that they don't have different problems they have the same problem you can solve them the same

00:56:55way so you create the template which is what you're doing right now which is fine um but i said

00:56:59there's two strategies to get out of this all right so strategy number one is that you can do insurance

00:57:04plus or whatever you know government's government sponsored plus uh which is when you ask again

00:57:09it's a sorting question right at the front of the sale which is are you here to get this the best

00:57:12solution to this problem or the only one that's free right and that way some people say they want

00:57:17the best and the best is that listen we'll give you the free thing plus these other things which we do

00:57:21at you know whatever cost then you can charge with a much better margin that's option a option b and

00:57:26you can do both these together by the way option b is when you have a price capped business you have to

00:57:33create margin from the floor which means that you have to cut all expenses um like everything

00:57:40uh which templating is a big you know big part of that solution um but it's like you have to think

00:57:44from like you want to do something called zero cost budgeting which is imagine you had no expenses

00:57:48and then you build only what is required yeah okay so part of this is leads me to the next question

00:57:57which is that i find it frustrating from the point of view that it doesn't matter how good i make the

00:58:05service obviously there's the insurance plus approach um but i feel as though a lot of the people in this

00:58:13area their family like so they come from a family and many people in the family have a disability as

00:58:18well so they don't have a lot of uh cash left over yeah so it's like i would want to work in a space

00:58:26where i can charge for the value that i provide rather than just being price capped yeah i mean you

00:58:31talk about serving public sector versus private sector so yeah yeah so if i was to i mean i have thought about

00:58:40moving starting something else maybe in the same industry but working with businesses but i don't

00:58:45know whether this is just me going look it's getting hard and i need something else out of

00:58:49it or whether i'm assessing and going look based on what i now know about business i would like to be

00:58:53able to set my own prices it's a tough call man because right now it's a push or pivot question which

00:59:00is relatively personal um in terms of you know the risk that you're willing to take on um you want to sell

00:59:06this for 500 000 but basically to sell this for 500 000 you're going to need to make it make at least

00:59:10250 in profit probably i mean maybe more than that um which i i don't think is that hard for you to

00:59:18do if you did the plus model and eat up some margin from the bottom and you didn't have the distraction

00:59:23and the cash that went out right because you did 12 and a half percent on a million or a million five

00:59:27right um so you had 200 000 in profit on that year correct yeah and so does that include my my wage

00:59:35or yeah it does sell it it's called sde seller discretionary earnings uh which typically small

00:59:39businesses like yours they trade there um they trade on sde not evita um and so but typically when

00:59:46you're trading for those types of business you're going to get one two three times earnings maybe

00:59:50and it's usually going to be a somewhat structured deal depend because it'll just be somewhat structured

00:59:55so they might say like okay uh you know you get to 250 000 a year i'll buy the business for 500 i'll

00:59:59give you 200 000 up front and then 300 000 over time as long as the business stays at this level or

01:00:04whatever right so um the better the business is the more the multiple is the more you'll command because

01:00:09it's still supply and demand on the business side like the the product becomes the business and then

01:00:14the demand is what what investors want to buy it and it's going to come down to the nature and

01:00:17the quality of the business overall right but i would say that you would you would for sure get

01:00:21offers at 500 000 if you did 500 000 uh in profit in the business um and depending on how reliable it

01:00:27is now if you can show that these people are going to consistently keep paying you over if you can get

01:00:32it to like two or three years then the business is going to grow no matter what which ultimately would

01:00:37make it both sellable and accomplish your goal so there's a number of ways we can solve this but if i am you

01:00:44if the goal was 500 grand then i would just say i'm going to do cost plus on the front end i'm going

01:00:50to do i'm going to eat up margin on the back and then i'm going to try and see what i can do to get

01:00:55people to stay two years or three years like if you just accomplish those three things you will likely

01:01:00recreate the margin you had and then you'd be able to sell the company yeah awesome okay cheers yeah

01:01:06cheers brother appreciate you astraya astraya all right um so those guys who asked in the chat how do

01:01:16you get a chance uh to converse uh with mom which is also french for me um we have a link i'm sure

01:01:23somewhere uh i'm taking calls from people who are in vantage which is our online community which we we

01:01:28created uh a lot of which for international folks who can't come out in person um so if that's you then uh

01:01:34come advantage basically our advisors in there um we share the stuff that's working best for us right

01:01:38now so it's like if you want the behind the scenes of like how we're making the content how we're

01:01:40cranking out so many ads like our sales process that basically every week we have tests that are

01:01:44running inside the company like this test right that i'm doing right now with these lives like i'm

01:01:48doing more details inside of there um and so yeah that's what advantage is for and it's for million

01:01:52dollar plus businesses so if that's you you can join if not enjoy the free shit all right

01:01:57let's go and goto all right so hi alex i'm a one-man music academy owner okay uh what do you

01:02:03think of my industry and is it still worth pursuing since i live in the middle east

01:02:07and my main western clients are migrating due to war um

01:02:16i i'm gonna guess that's in person and not not remote because if it was remote then i don't think it

01:02:22would matter if they were migrating because they could just keep working with your remote

01:02:26um but it sounds like the reason that you're giving to change the industry is because of the

01:02:32geography which doesn't actually translate because you could say like i'm a one-man dry cleaner

01:02:38i'm a one-man lonco service is it still worth time since people are moving away from the middle east

01:02:42um so i don't know if that's a reason to stop doing it i think that there's you know there's always

01:02:46been strife there um and that has not really changed for you know like a thousand years um so i wouldn't

01:02:52make that the reason it's more likely that you're attributing a difficulty in business to an external

01:02:56environment thing which you don't really have any control over um so that being said i'd say your

01:03:03options are as follows number one you could just do online which then you could serve anyone anywhere

01:03:08which i think it's a great idea um or option two we could just advertise more because you don't need

01:03:14that many clients to feed you like think about it like this music will be consumed or music lessons will be

01:03:20consumed in the middle east and if it is harder then it will make the people who are bad at it go out

01:03:26of business faster than the people who are good at it and so you would just absorb market share by being

01:03:30better and so either of those options work both of them are under your control

01:03:38all right uh next question from el chat um i'm a failing let's see i'm failing i'm on failing

01:03:49business number six right now they haven't all failed per se but none have yet to generate cash and

01:03:54running out of runway do you recommend i get a job or keep pushing harder to get one of these profitable

01:03:59i will be a business owner one day but the phase i'm in right now sucks i feel like i'm on the verge of

01:04:04something great but my bank account says otherwise well first off you are a business owner you're just

01:04:09not a profitable business owner so so don't feel too bad um technically you're a multiple business

01:04:14owner which i think might actually be your issue so you said you're you're on failing business number

01:04:18six right now um you said uh i'm pushing hard to get one of these profitable um i have this feeling that

01:04:28you have more than one that's ongoing right now and that your attention is split you have such limited

01:04:33resources that you need to allocate all of them towards one thing because you can do so little

01:04:39like compare like i'm just being real like compared to me you can do not a lot i have a lot of money

01:04:45i have a lot of media i have a lot of employees and i say that just to um demonstrate the difference in

01:04:53leverage that exists and i don't say that to make you feel bad i do that to clarify how concentrated

01:05:01you need to make your effort in order to get a reasonable enough return to multiply that effort

01:05:06multiply the output so big picture i am guessing that you are over complicating the process of getting

01:05:13your business started which just means that you need to get a stranger to give you money in exchange

01:05:17for doing something for them that they do not know how to do or want to do or have time to do right

01:05:24they don't have the time to do it they don't want to do it or they don't know how to do it those are

01:05:27your three buckets you do any of those three things for somebody in exchange for money and you get them

01:05:32to give it to you as the trade that is the easiest business to start and so if you're struggling there

01:05:38i'm guessing that you're not doing that which means that means you're probably not letting people know

01:05:42about your stuff and you're spending all your time trying to think about your business rather than

01:05:46letting people know about the one you got like you will iterate the business in time but the

01:05:51requirement for having the business is having strangers find out about it and so you are focusing

01:05:55on the wrong part of the business you need to be promoting the business as almost all you're doing

01:05:59every day and so right now for those of you who are in the fallacy of i don't know what business to

01:06:03start the best way to figure out to start is to talk to people advertise let people know so outreach

01:06:08content paid ads going to affiliates and saying hey you got a bunch of my customers what can i do for

01:06:12them right solve people's problems that's it that's all it is and then you ask for money to do it and

01:06:19in the beginning you can do it for free and then if they value it for free then they will value it for

01:06:24less than free if you get enough of them and you have testimonials and then that is what spins the wheel

01:06:27this is the first five clients chapter in the leads book so review that okay and the offers book

01:06:33you should read that anyways okay um i'll do one more so uh i have a okay so i've run a coffee business

01:06:41for five years doing 300 000 annually at 32 how do i know when it's time to leave the business supporting

01:06:46my family to pursue something with more upside and long-term potential what you ask is when is

01:06:52the right time to take a risk it's entirely up to you um and i know that's not the question you want

01:06:58but is the answer that is correct uh which is that you could i mean you have you have dependence right

01:07:05you have dependence um you know you're doing 300 000 a year i don't know what your profit is maybe

01:07:09that's your profit maybe that's revenue i'm not sure um i would say having a nest egg is a good idea

01:07:15um and i would say considering having a conversation about downsizing lifestyle um you know with your

01:07:22spouse and saying hey this is going to be for a season not forever and this is so that we can

01:07:27unlock things greater and i just need you to have faith in me um and this to be fair it's a hard

01:07:31conversation like like your spouse has to believe in you now um i mean i think that you have to believe

01:07:39in you i mean it is your life but i think having spousal support is really important i will wager

01:07:45that your kids probably don't care or know the difference um because you know depending on how

01:07:49young they are like cardboard box often entertains just as much as a toy that it came in uh and so i

01:07:56think that um we have this idea that we need to make lots of money in order for our our kids to have

01:08:02a good time but i think more often they just want to spend time with us um and i say this not being a

01:08:07father yet uh but that is a wager that i'm willing to bet on um but with that being said i think you need

01:08:13to have a convo with your spouse and then say um this is the question i would ask what would you need

01:08:20to see or what would it take for you to feel comfortable for me to make this bet and so instead

01:08:27of asking how long or when ask what conditions would need to be true in order for this to feel

01:08:33like a good idea and i think that is something that you can check off and then as soon as you have

01:08:38that rubric you can then just go check off the list and go do it rather than saying arbitrarily in six

01:08:42months in 12 months which which there'll never be a good time and you'll always kick it out so i

01:08:47would say what has to be true about the environment or my conditions in order for me to move forward

01:08:51and then do it once you have met those requirements all right uh hi alex i'm 13 and i have an a

01:08:58automation company awesome i have no clients uh i have more than 6 000 messages sent

01:09:05only tips to scale and actually close i'm working on a few deals currently hard to close sometimes i

01:09:12doubt this uh start for free get testimonials demonstrate value once you have a demonstrated

01:09:19value you can advertise the value create and then attach a price tag to that value and charge a

01:09:23discount on the value you create i think i'm guessing you're just trying to sell people when you don't

01:09:30have track record get a track record first and then it's much easier to sell also it's easy to sell

01:09:34those people also it's easy to ask those people for referrals if they don't want to pay so it's a great

01:09:38first start no matter what you're going to do all right let's do the next one mr gong

01:09:46prosper you're up uh hi alex i'm prosper what's up and my my wife and i were really huge fan of uh

01:09:54of your family and congratulations on soon being a father uh so my wife and i will run a private

01:10:01sport coaching business in freebook switzerland we started outdoors in 2024 and now we have

01:10:08two studios with one including a hundred percent uh woman only space with a dance studio and a fitness

01:10:15boxing uh space and now uh the problem is that my wife and i were the only ones who are actually uh you

01:10:25know dealing with the whole with the whole business and we need approximately 4k a month to cover our costs

01:10:33and you know be able to pay ourselves salaries but right now we're doing approximately 20k a month

01:10:40and so the question is should we um actually delegate should we be delegating some work to people so we

01:10:48can concentrate on growing our business or should we still be doing it ourselves so

01:10:56your fixed costs are four thousand you're making 20 so there's 16 in profit is that right yeah okay no

01:11:03sorry no uh fiscal is 40 000 a month oh 40k a month and you're making 20 yeah so you're losing money right

01:11:11now exactly because we opened the uh the woman only space in the month of may and in my region that's like

01:11:19uh the summer down period and so we were actually expecting to lose a bit of money okay are you making

01:11:28progress every month uh yeah okay and i mean i mean i mean like we're expecting like uh right now we're

01:11:36uh we're on break for three weeks and we're going to start up in the 17th of august and usually at this

01:11:43period we have so many so many demands and so we actually uh i will actually you know thinking of

01:11:51delegating so we can grow the business or we're thinking of you know doing continuing continue to

01:11:56do it ourselves since we don't have uh since we're in a financial struggle yeah um i mean it sounds like

01:12:04you don't have many options though um because the book is two locations or one two locations so you

01:12:11guys are basically is your wife at one and you're at the other exactly more or less yeah um

01:12:20with the time you get back fundamentally the only thing that's going to grow this business is selling

01:12:24memberships right yeah okay so it's this is a pure dollars and cents question but you have to be

01:12:31confident about the answer which is if i got somebody to train let's say eight hours a day so you don't

01:12:36have to be on the floor can you make more basically can you make enough money in in membership sales to

01:12:42cover the cost of that labor i think so because um uh well the problem we have is that we also have two

01:12:50kids and you know if we can get if we can liberate a bit of time so you know like uh you know run so

01:12:57the business we don't have to be in the business for the business to run and so with this way we can

01:13:03also concentrate more time on you know getting the business to get bigger and you know like have clients

01:13:08and you know and so that's the question well like that's a bit of the question we're asking each other

01:13:13right now if you can take the extra time and make more than it costs you to pay the person to do the

01:13:21training then it makes sense to make the trade so the first hire i had when i would i was in your

01:13:29exact position so i know it very well um was i got somebody to handle all my uh morning sessions

01:13:34sorry afternoon session i actually think i started with my morning sessions but um i probably should have

01:13:38started in retrospect with my afternoon sessions but i think i was just dying because i was waking up at

01:13:42four o'clock every day um and going to sleep at like 11. anyways um point being i'm guessing your

01:13:50when is winter sales the best for you afternoons yeah i think i have more people in the afternoons

01:13:56right so i would say teach the morning sessions get somebody to cover the half day in the afternoon

01:14:00it's going to cost you i don't know maybe 20 bucks a session you're going to do

01:14:02four sessions the afternoons group right yeah right so it's going to cost you 80 bucks a day

01:14:07and so as long as you can cover and that's going to be what five days a week they're going to do that

01:14:12yeah five six days a week yeah so if it's so if it's let's just say five days for simple math so

01:14:17it's me 400 bucks a week it's sixteen hundred dollars uh a month that it's going to you know add

01:14:21up for uh in terms of total costs as long as you can if you had all your afternoons free so you can

01:14:26do your sales cover sixteen hundred dollars a month you should do the trade as soon as possible

01:14:31okay and then once you have that then you can say i'm going to do the same thing in the morning

01:14:35but the thing is is that you have to make sure that whenever you make those trades whenever you trade

01:14:39money as in like it's a reverse trade you're trading money for time that when you make that trade you

01:14:43have to make the money back otherwise you're actually losing money yeah well you know though

01:14:48we also have a feeling that most of our clients they come because they actually come because of us

01:14:55and we're also afraid that if they come and they don't see like our face or if it's not us doing

01:15:00this it's easy it's fine everybody goes through this because you have to take it to the natural

01:15:04extreme which is you're not going to run every class forever it's not going to happen right you know

01:15:07that's going to that's not gonna that's not gonna be forever so what you can do is do this over the

01:15:11next call it four weeks have somebody come in for one session or two sessions and then three sessions

01:15:16and four sessions and five sessions um over time you can do them together in the short term you transfer the

01:15:21authority over and then when people come in you can still greet them say hi you know do the the back

01:15:26and forth and whatnot and you're gonna have to accept the fact that some people are like ah it's not like

01:15:29you and you're like yeah you're right he's even better so you you are in a service business you have

01:15:33to make sure the person who comes in is good um but the goal should be to find somebody who's better

01:15:36than you but you can still greet people have the social component all that but then the rest of the

01:15:41time during the sessions you need to do sales and if you don't have sales go out on the floor

01:15:45and basically anytime you're not in sales be on the floor so that you can still kind of cover that in

01:15:50between does that make sense yeah it does okay and if if if i may just one last question like uh right

01:15:57now uh client acquisition uh method is mostly instagram right or like wall-to-mouth and we've tried uh

01:16:06putting up some ads but we feel that it's not really working for us so what do you actually like uh

01:16:13what do you think we should do about this well i think you probably don't have the right offer or sales

01:16:18motion ads for sure work for are you doing like what meta ads for the gym yeah i mean meta ads still to

01:16:24this day work fine what was your cost per lead uh i think uh we did a 500 swiss francs that's about

01:16:32500 for one month just to try i mean we got we got we got some clients well i think people mostly come

01:16:39because you know i'm quite famous in my region yeah and so it's uh i think that's what really attracts

01:16:46people more than you know the metal ads well if you're quite famous in your region ads will only work

01:16:54better and you'll be able to liquidate or you'll be able to get the cash back for the time that you're

01:17:00paying the trainer to be on the floor and so yeah i mean i think you should run ads you should post

01:17:06constant the way that you are and do sales okay i just don't think don't over complicate this take

01:17:13the afternoon sessions that's when you sell if you don't have a sales appointment go on the floor so

01:17:16people see you but otherwise you should be basically working leads and selling that's that is the job that

01:17:21you're in right now okay all right like you got in the gym business but you're actually in the marketing

01:17:26sales business yeah sometimes it's hard to you know like switch it's a different game dude different

01:17:32game i started my gym because i thought it was gonna be about fitness but i'd never think about

01:17:34fitness so i was thinking about membership sales yeah all right appreciate you dude yeah thanks a lot man

01:17:40also read the uh gym launch secrets book i i i do i did okay good i am actually well good then

01:17:48then do that run the like the whole the whole model is already in there just do it yeah i always speak

01:17:55i always pick a chapter and i try to uh you know do the exact same thing good you know so yeah good

01:18:02you're gonna want to get semis going as fast as you can so you can sell higher ticket stuff

01:18:07okay and so if you want to have people come to you again this is short-term long-term but short-term

01:18:11if you want to increase the cash of the facility depends how much money you want to make and what

01:18:13your ultimate goal is but if you got two facilities and you and your wife are comfortable working i would say

01:18:18you guys can do the semi-privates let the the trainers do the the one to many and then people

01:18:22are going to want to ascend to the semi-privates at a higher price point instead of paying you know

01:18:25150 a month they're going to pay you know 400 500 600 a month do you one on six with you yeah we

01:18:31actually thought of doing that but we don't really know how to put that into motion well yeah we are we

01:18:37already thought about this run ads and sell people into it that's it that's how you put into motion

01:18:43pick one time a week that you have and you keep adding times okay all right appreciate you yeah man

01:18:49thanks a lot all right bryce clifford 89 74 hey alex i started an llc last week business account is

01:18:58open website is built early access launch is saturday and i'm excited to put a thousand hours

01:19:03consume her mosey content to work haha great love it um you either get an epic outcome or an epic story

01:19:12both mean you win that is such a powerful mindset shift for any entrepreneur facing obstacles right

01:19:15now thank you for this you're welcome okay um

01:19:21raul flo uh hi alex i'm 24 years old and look like i'm 18. i made a restaurant management sass and i

01:19:28can't seem to get any customers the problem is that i have an age difference because they think of me as

01:19:32a teenager um so let me give you a secret that i did when i started at 22. um i didn't tell people i

01:19:40own the business i told people that i was the manager and that the owner was someone else and everyone was

01:19:45very happy to pay adult prices to someone a kid who worked for an adult uh and whenever i had to like

01:19:51you know let me see if i let me let me see if the boss you know will do it i would step outside and

01:19:55i'd pull my phone out and i would just do nothing and then i'd come back in and be like yeah yeah he's

01:19:58good with that um and then i like even had a celebration where like i'm a part owner and people

01:20:03are like oh yeah he's a part owner um and so that's actually how i managed to do that when i was younger

01:20:08fyi so use it i mean i think tim ferris talked about this where he would respond to emails as like

01:20:16the name and then like head of customer success but he was also uh head of sales and

01:20:21head of marketing and head of of everything else so uh yeah you do what you got to do when you're

01:20:26when you're starting out okay i know you say don't switch businesses every time it gets hard

01:20:33but how do you know if you're just hitting a wall uh you need to push through or if the business

01:20:37itself is just not going to work out it just comes down to whether the fundamental assumption that

01:20:41you built the business upon is false so if it's i don't know how to get customers that is not

01:20:48uh an assumption that is just a lack of skill if you are talking to what you believe to be your

01:20:53core avatar and they do not want your thing we have to make sure that it is not an offer or sales

01:20:57problem but assuming that you were doing everything correct in those instances uh if people just don't

01:21:02want the thing which is which is only true when you're trying to invent a new category and so to be

01:21:08really clear about this if you're getting into an industry that literally already exists you just lack

01:21:12skill period so if you're like oh i i don't know if um you know how to if i'm just hitting a wall i need

01:21:18to push through if you're starting an agency for small business owners and you're not making money

01:21:23it's not like the agency business somehow has been disproven by your failure you just lack skills and so

01:21:28for the vast majority of you the vast vast majority of you you're trying to get into businesses that have

01:21:33already existed it's like almost none of you guys are inventing something that doesn't already exist

01:21:38and so that if you're in that 99 bucket it means there's already a version of your business that works

01:21:43and you can look at what that model is and how they price and you can begin there and then you can

01:21:47start to iterate but you'd have to have some assumption that has been proven wrong which is

01:21:52that people do not want this thing fundamentally not just from you they just the whole market doesn't

01:21:57want it so if there's anybody else who can sell something similar to what you do or rather at

01:22:01least has the problem that you're trying to solve then you know there is a version of your

01:22:04business that works and you just need to push through all right let's do uh mr gong next what's up

01:22:16one more all right let's do another chat give me uh give me a scroll up though because i gotta

01:22:20i'm i'm getting a little free guy zone

01:22:26all right i'll take this as a shake a shake moment

01:22:34all right let's get some nicorette hold on i think i got one a little nicorette break nicotine break

01:22:43this break brought to you by nicotine all right um okay so guys let's see steven here um

01:22:51can you scroll up a little bit or no all right okay that works too okay um i'm starting an online

01:22:58lead generation and qualification site where it's self-serve how would you get customers with a

01:23:03limited budget so alibaba 24 78 so you're trying to do lead gen and then sell those leads

01:23:18i mean fundamentally if you're starting out you're going to do a lead gen business the whole game is

01:23:21arbitrage which means you have to buy leads for less than you're going to sell them for

01:23:24and whether you're selling them on a retainer or on a per leads basis it doesn't really matter

01:23:28but your entire game needs to be understanding customer acquisition at a deep level and so i would

01:23:33just like really heavily think about the question because you're basically saying

01:23:37this is the core thing of my business and i don't know how to do it which is kind of an issue

01:23:42but the cheapest ways of getting customers is going to be seo aeo content and then

01:23:50selling them to people who are accustomed to paid ads prices and so you'll have high quality leads

01:23:56for low prices and that is the fundamental arbitrage that you are selling

01:24:01all right um let's do daniel camillo 01 i'm a local food content creator but i have a hard time

01:24:11charging restaurants over 300 i'm one of the most known in my city but i sometimes have restaurants who

01:24:17don't want to pay okay so restaurants are tough because they make no money and they're really volatile

01:24:26um but you just have to show them that you're going to get them customers and you could have a

01:24:34i don't know how many customers you have uh it's a tough niche man um there for sure are people who

01:24:44make money in that niche um i think what you'll end up having to do is like it's probably content plus

01:24:50ads which is like you can make the the you know the ad the content that you're going to make but then

01:24:55you put money behind it and if you can uh if you can capture the leads and demonstrate that those

01:25:01people are showing up uh then you will have a much better chance at demonstrating roi because like

01:25:08if people don't want to pay 300 it's because they don't believe you right so that's really what it

01:25:12comes down to is they don't actually believe that you're going to be able to get them a return

01:25:15and so you have to pay down is the risk they have associated with not getting it and so you know the

01:25:19easiest version of this is that you say you'll do it for free once and if they want it again they can

01:25:23pay that's the easiest offer that you can give um you could also do as a trial again which is same

01:25:29concept um or you can do as a pay per the difficulty with paper is the attribution of like how honest

01:25:34they are going to be um and so that's the hard part i don't i don't love like i don't want to dissuade

01:25:45you from doing it i don't i don't love the it's just a very tough avatar it's a tough avatar because

01:25:52they're usually not that sophisticated i think that you should be anchoring much higher than 300

01:25:56though um you're probably looking at like 1500 a month something like that uh for it to even be

01:26:01worth it um but i think it's the combination of content plus ads that's going to be like the unlock

01:26:05for you so that's my tldr all right um nyards 4532 hey alex if you can pay for specific knowledge

01:26:17skills and want to learn one-on-one how would you approach someone in the same industry since they're

01:26:21likely competitors and might not want to share so important question um

01:26:27i i've learned from two people uh typically not competitors they're usually not willing to just

01:26:33give you their secrets um so i like learning from outside of people who literally just teach for a

01:26:39living right outside of those obvious answers um our number one vendors so people who serve your type

01:26:46of avatar so let's say you're a painter and you find an agency that helps painters get leads i would

01:26:52offer that pay them double what they currently charge to learn the thing and then sell them on the fact

01:26:57that listen i'm sure your turn is you know your average stick is six months or or nine months and

01:27:01like i'll be worth more than that and then i would just pay you the same amount after the fact just

01:27:04for consulting um and if you do that for enough people you'll have somebody who's willing to to take

01:27:09the offer that's number one the second way and the way that you sell it is time on task by the way

01:27:14which is you say listen i'm sure that what you would end up doing is like you check my account

01:27:19you know twice a week or you know so this is how i'd reverse sell it you say hey i'm a painter you

01:27:25do legion okay how much time are you going to put on my account at this point because they're selling

01:27:28you they're going to say a lot of time right and so they're going to be like oh i check your account

01:27:32daily and then you know we have a weekly one-on-one you're like okay cool so i want to do all of that

01:27:37stuff except when you check daily i just want to be there so just tell me when you do it um and i want

01:27:42to be the one to click the buttons and when we do the daily you know the weekly one-on-one i just want

01:27:45feedback so i can understand the decision making process and i'm willing to pay the same or more in order

01:27:49if you do that but it takes no extra time for you i'm just gonna get more value from it that's the

01:27:53idea that's the pitch to a vendor if you want to go to a competitor you will absolutely be able to learn

01:27:57from a competitor if you do it in a market that you're not in so when i had my gyms uh in california

01:28:03i went to um different gyms that were not in my local area um and those gym owners were happy to

01:28:09help me out and i also said i was willing to share anything that i knew um to help them out i didn't have

01:28:15to pay them they said they'd do it uh because i was also young and typically older business owners

01:28:19if they don't see you as direct competition which being young helps and not being in their area double

01:28:23helps uh they were willing to just put me under their under their wing and so i got a lot of help

01:28:26from early uh gym owners which is also why i make this concept because many people help me out

01:28:31uh on my way and many people did it for free some didn't but many did it for free

01:28:35um please give any brutally honest advice to help me i'm 24 single father lost my fiance of nine years

01:28:43uh my job had to drop friends because of bad decisions they made about to lose my house okay um

01:28:53i mean i think you don't need brutally honest advice um i think you just need encouragement

01:28:59um which is just that bad seasons happen i'm sure that you contributed partially to it i think it is

01:29:06worthwhile trying to understand how you contributed to the outcome i think saying woe is me is not valuable

01:29:13but i think you're going to have to do it i think you're going to have to do it for a lot of people

01:29:18um and realizing that you are still alive and if you had cancer you would wish for all of the problems

01:29:19you have instead of cancer all right and so it's reframing your reality as someone else's dream

01:29:26and the tldr of this whole thing is that you simply are going to have to change your lifestyle in the

01:29:34short term which might mean moving in with friends moving back in with parents in the short term so

01:29:41that you can basically get your feet back under you which really just means financial stability

01:29:45and then start making bets yet again on what you need to do next but i think you need stability right now

01:29:51before you try to add more chaos variables into your life because you've had a lot of change

01:29:56and so i'd say like i would want to introduce routine and i would want to introduce stable environments

01:30:00physically and emotionally um so that you can weather the time period but the strongest frame that you

01:30:05should approach this with is that i am living someone else's dream and just think about what that

01:30:09person's life would have to be in order for your life to be the dream so that you can flip it like

01:30:14layla has this frame that i've been thinking about a lot lately which is um 50 of your life is good

01:30:19and 50 of your bad 50 of your life is good 50 of your life is bad and whether you have a good life

01:30:25or a bad life it just depends on which 50 you focus on so dude you're healthy you're young you have

01:30:31energy you have a kid who hopefully likes you like you have other things that are going for you you said

01:30:35these other things that are out there like you lost your fiancee but at the same time you're single

01:30:40and there's some people who were in relationships that all they want is single so it's like even though

01:30:43these things like many of the things you described are changes to your condition rather than

01:30:47inherently negative outcomes and so you lost your job but also many people hate their jobs and wish

01:30:54they could change jobs and you just got it changed on you and so each of these conditions like could be

01:30:58reframed as potentially positive because you have the opportunity now to do whatever you want which in

01:31:05some people that is their goal is freedom and you have it right now so maybe see it as the beginning of

01:31:11something new and great and emerge from the ashes which is what the most fertile ground is

01:31:19both of that helps um royal international academy i'm organizing feminine retreats in turkey i don't

01:31:26know how to act to be hurt to be heart touchable i'm so natural please advice me

01:31:36that's a lot that's a lot that's a lot that made no sense at all um

01:31:50no clue yep move on from that one uh

01:31:56uh i'm a 15 year old freelance marketer i've been learning for two years i had a client for three

01:32:01weeks but he didn't pay me jackass bro come on i will bet dollars to donuts that you made some

01:32:10mistakes in this process and you need to learn from it thankfully you don't need the money you're

01:32:14probably living at home and you're not going to starve um i don't even know if there's a question

01:32:20in that one but i think that you just need to go get more customers and learn from your mistakes

01:32:24all right mr gong let's do another cue

01:32:29alex you have a special guest for me today special guest for me today that could be bad or good we'll see

01:32:43hello

01:32:46hi alex yes hi alex this is lily from the uk

01:32:51hey lily what's up nothing i'm a little nervous me too oh i see i run a local coffee shop with my

01:33:02husband and um i just wanted some advice okay so i'm trying to figure out how to get him to listen

01:33:12to me um i can't even get a hold of him and i'm hoping maybe maybe you could help me get a hold of him

01:33:20i

01:33:23like he's not returning your calls

01:33:30like he doesn't text me back ever i'm trying to talk to him about the business

01:33:35he's just so busy and he won't he won't rest he won't listen to me when i ask him to rest

01:33:40but are you working in the business too yes so you see him at the business right yes

01:33:47so when you see him at the business do you not talk to him

01:33:50no i do but you know there's employees there can you go like the back the storage room closet or something

01:33:56to do what to talk to him oh oh god or walk outside

01:34:07it's just a little frustrating you know because i'm constantly i just figured it out

01:34:13it was the laugh that did it it was the laugh that did it

01:34:18love you this is leila there we go

01:34:24yeah you didn't get it from lily the name we were talking about earlier no i did think that

01:34:28and i was just like that is an odd coincidence and i just kept living my life

01:34:35so so this husband of yours um do you not talk to him at home

01:34:42i'm gonna call into his hotline that's what i'm gonna do is this how you uh this is how you

01:34:46get a hold of me hold on one second i'll see you in a minute oh you're you're busy now uh now you're

01:34:51busy to be clear i'm available i'm making time i'm making time let the record show i was available

01:35:01all right um was that fun uh okay i need a pep talk uh diagnosed hold on uh wait what we got let me

01:35:12what's up what's up

01:35:16hmm wait a live one

01:35:24are you coming you're joining the all right we have a special guest i was like why is this special

01:35:31it's like i mean nothing wrong with some uk shop lady it's like it's fine

01:35:40i almost beat my pants

01:35:44all right we're getting a double trouble we're getting the uh we're dynamic duo

01:35:50okay let's uh what do we have another do we have another uh next up my god you reek of nicotine

01:35:57so bad yeah all right so let's um let's look at the chat can you slow down the chat so we can uh

01:36:03we can answer some of these all right so i'm 25 years old i'm pursuing a bs in mechanical engineering

01:36:09you know something about that uh how do i beat the fear of failure with taking six classes and working

01:36:1540 hours leila for lily

01:36:22i had to get the giggles out um i don't think that you beat the failure

01:36:27or the fear of the failure i think that you have to take it with you i don't think that you're going

01:36:31to like everyone always wants to get rid of the fear before they do something but the reality is

01:36:37is that the fear only goes away when you do the thing and that's the reason why i don't think you

01:36:42ever feel ready or you ever lack fear until the second time you do something um i think it's reasonable

01:36:49to have a healthy amount of concern if you're like hey working 40 hours a week and taking six classes

01:36:54like that's a lot for me like literally looking at the hours in a day i think it makes sense that

01:36:58you'd be concerned about that i don't think that that is i think it's also like how you're talking to

01:37:04yourself about the situation which is like i'm fearing the failure it's like okay what's actually

01:37:09likely going to happen what like you don't do as well in one class maybe you're late to work a time

01:37:13or two like i think it's better to contextualize realistically what could happen rather than

01:37:18catastrophizing and thinking that i'm going to lose my job and i'm going to fail out in all my classes

01:37:23um the reality is it's probably somewhere in the middle like there will be times where you sacrifice

01:37:28some of your studies for work and some of your work for your studies and you're going to have

01:37:33to figure out how to balance that but you're not going to ever figure out how to balance it unless

01:37:36you just go and do it and what an amazing opportunity of a story that you will be able to someday tell

01:37:41to your kids about how you persevered when it was difficult or like if you've never if you just took

01:37:47six classes you would have no story you'd be like everyone else if you just work 40 hours a week you'd be

01:37:50like everyone else and so you have the opportunity something that's more exceptional more above average and i think

01:37:56most people hope for that opportunity because like the story that you're going to be able to tell is

01:38:01going to be based and built on the hardships that you endure to get to where you want to go

01:38:06inspiring yeah inspo inspo lily all right uh leila i'm going to ask you this question i'm 37

01:38:15is it too late you're literally about to turn 37 i know that's why it's so relevant well that's too late

01:38:20that's quite depressing that you're 37 let's just ignore that fact um no it's not too late like that's

01:38:28ridiculous um i think some of the you know most successful people on earth started when they're 45 50

01:38:34who is it the founder of mcdonald's was it him that was ray crock ray crock wasn't he like almost 50 or 40

01:38:40something when he started um i just think to myself you have so much life left why i don't know why

01:38:48people ask that question actually is it too late too late for what like too late to live your life too

01:38:53late to succeed too late to have what you want yeah exactly it's like why does this prohibit you like

01:38:57you're not at the point yet where your health is like rapidly declining either so like i don't really

01:39:01understand what that means let me give you an interesting frame on this when you are 20 30 50 100

01:39:10you literally only have one thing which is the present so there is fundamentally as much as i made

01:39:16an argument very beginning of this that like you should go hard when you're young because you have a

01:39:19lot of advantages it doesn't negate the fact that you should go pursue your goals with whatever condition

01:39:24you have it doesn't mean yes there are advantages when you're younger there's also advantages when

01:39:28you're older like you might have more experience might have more wisdom you might have more resources

01:39:32but let's just assume for the purpose of this discussion that you have no resources and no

01:39:36experience because you wasted the first 17 years of your life great think about this are there 20

01:39:41year olds who start at 20 and then at 24 are crushing it yes so there's no reason that at 37

01:39:45you can start at 41 you're crushing it like like by saying it is too late is accepting that you will

01:39:52accomplish nothing between now and when you die that's what it turns into and so right so as long

01:40:00as you believe that you're going to stay alive and you're going to do something with the time you have

01:40:04you're going the time is going to get spent either way you might as well spend it building something

01:40:08that you want to build rather than basically running the clock out until you die i also think it's you

01:40:13know you said this but i think highlighting it is there are advantages to being young there's also a lot of

01:40:18advantages to being older so i mean i can think about when we our first 10 years of work you know being

01:40:24in our early 20s when we started like complete like you have so much energy you have i started you

01:40:31have no pain what you started the whole life like that so much energy yeah um you don't have any physical

01:40:38pain you don't have any ailments um you don't have a lot of responsibility so like there's a lot of things

01:40:44there but then as you get older you have way better critical thinking you have i would say way better

01:40:48judgment emotional control way better emotional control more patience you're typically wiser so

01:40:55there's a lot of advantages and i think that as you get older you see ways to do things that um you can

01:41:01get things done with more leverage like you don't have to use yourself to get everything done you see

01:41:06a lot i would say smarter ways that you can get things done in business so if i were starting you know and

01:41:11actually we have done this i mean on our third business started it completely different than we

01:41:14did in the very beginning first business is like did everything myself first didn't hire anybody smart

01:41:20for a long time like duct taped everything together with brute force um and then on our third business

01:41:26it's like all right hiring the entire executive team first so and i think that's just judgment that's

01:41:32learning that's understanding oh i don't have the energy to do it all anymore it's reputation it's

01:41:36leverage with capital like there's a lot of things that go into it um but yeah i mean that's why it's a

01:41:40stepping stone you know i mean like we would have been able to get the talent that we have on this

01:41:43team if we didn't have the track record that got us here so you just build on what you got all right

01:41:48i'll ask you a question okay okay so i'm 20 and i'm at my breaking point i'm tired of everyone and

01:41:53everything i have no family no counsel and no friends i've been betrayed laughed at mocked and thrown away

01:41:58i'm tired and i want to win well i'll say this everything you said before i want to win doesn't really matter

01:42:06nobody really care yeah it just doesn't really matter if you want to win great do the do the stuff that

01:42:11winning takes i think everything else that you mentioned there was to try and get

01:42:14a sympathy response but like the world will not give you sympathy like the world does not care

01:42:19it is uncaring it cares about the value that you can create for it people are self-interested and so

01:42:25your sob story only helps you feel better about your current condition but it does not change your condition

01:42:32what was it your dad used to say better to be envied than pitied i know my dad used to say

01:42:36it all the time yeah alex's dad likes to say that better to be envied than pitied yeah like

01:42:43i um so i'll give you guys like a little bit of deeper insight into this for those of you who

01:42:49like take this the way i mean it like many people talk about having an immigrant father um i was an only

01:42:55child with an immigrant father and my mother wasn't super present um and so it was just immigrant father

01:43:0224 7 and one of the thing that's like there's there's downsides to that for sure but and but i feel

01:43:09like i am the output of what happens when you have a pure immigrant father who just drives and one of

01:43:14the things was that because i love you dad no my dad's a sweetheart now but um and he's evolved he's

01:43:20evolved right um but one of the things that i would say that he had absolutely zero tolerance for

01:43:28was complaining it was just zero like and so he would actually give me a null response like he would

01:43:34ignore me and anything that i said if it was negative or if it was complaining and like anytime i complained

01:43:44because i wanted to get sympathy or i wanted comfort and maybe that's what a motherly role would have

01:43:48been but like whenever i basically made a bid for that kind of attention it was completely ignored and

01:43:54i'm not saying that's healthy or unhealthy that's not my point of this you know live your life the way

01:43:59you want but i am saying that it is it served me in the pursuit of accomplishing things by not putting

01:44:08a lot of time into all the things that went wrong because the first person i got feedback from

01:44:13in reality completely disregarded it and was just and he always used to say like it's better to be envied

01:44:19than pitied never seek to be pitied and that was that was that just like rang true in my whole life

01:44:25and i would say it's been incorporated into how i function like you saying all of these things just

01:44:30breeds victimhood and i'm like do you really want to be a victim like do you want to be a victim of your own

01:44:38life you might be right and so what like if you are right that you are a victim is that the award that

01:44:44you want to win

01:44:47it's competing for a prize that when you win you lose

01:44:54what so intense i know right i know brutally honest this is not how it normally is this is not how

01:44:59dear layla goes this is not oh no i think it's interesting too is like what as you say this you

01:45:04know i have people that have missed me and said i'm at my breaking point i'm heartbroken i'm and i'm

01:45:08like you're not at your breaking point and the words that we use to talk about ourselves and describe

01:45:12our lives it's very important which is like a big reason why people will say they'll look at my content

01:45:17and they'll be like i'll say something like well i'm concerned they're like why will you not you're

01:45:21suppressing your emotions like no me saying i'm stressed out of my mind i'm overwhelmed and like

01:45:26that doesn't actually make me feel better and i remember we had a conversation like early in the

01:45:30relationship and i remember i wouldn't like outwardly express my emotions a ton and we were

01:45:36like is that healthy is that not healthy and there was a ton of studies basically that came out on

01:45:41venting and the way that you speak about yourself and how like large outbursts of emotions speaking

01:45:47negatively about yourself and exaggerating your situation or using dramatic words to essentially

01:45:53like create an emotive response yeah it actually makes it worse it doesn't help you move forward in

01:45:58the situation so it's like maybe those things are all true what you do next is up to you all these

01:46:04things may have happened you may have been betrayed you may have had bad luck you may have had all

01:46:07these things occur but you're an adult who can take action to move forward in their life next

01:46:12you're not stuck where you are and all of those things happened yesterday they're not happening

01:46:17today so i don't know if that's helpful or not but i think the way that you talk about yourself is

01:46:22really important that's one thing i say a lot is like i'm concerned um i'm frustrated like i think

01:46:28it's very important to use precise language when you're talking about how you feel and your situation

01:46:32because you might actually be digging yourself into a much deeper hole than you're actually in

01:46:37yeah i'm at my breaking point it's like what if you just weren't at your breaking point and you're

01:46:40fine and you'll still eat and live and be fine the next day it's like heartbroken it's like your

01:46:44heart's not broken i'm sad yeah which is fine yeah i miss somebody um this is a uh i need a pep talk

01:46:55diagnosed with melanoma at 38 one and a half years ago uh can't get out of my own way and build my

01:46:59marketing business i mean i think the pep talk is you're still here a year and a half later so there's

01:47:06something positive in the statement itself i think i think it would be reasonable to say if you're

01:47:12dealing with overcoming cancer it's going to be hard to have a hundred percent of your attention to build a

01:47:18business you're not like obviously this is like the same question i get when people are like what do

01:47:22i do i have a new baby but i'm also trying to build my business i'm like what do you want me to

01:47:25say fuck your baby like no seriously though it's like what like be like your cancer pay attention to

01:47:31the business it's like it is of course going to take attention from you it's going to take time

01:47:35from you it's going to take mental bandwidth that somebody else who doesn't have that diagnosis is

01:47:39not going to have to deal with but i try to look at the bright side which is like look at all of these

01:47:45skills that you're going to have to acquire to be able to pursue both of those things and how can

01:47:50you overcoming and dealing with your melanoma diagnosis actually help your marketing business

01:47:56and i think it's always in these situations that are presented as outwardly bad you have to ask

01:48:01yourself what's good about this every time something like absolutely tragic has happened in my life i've

01:48:06always said but what's good about it and it feels sometimes really impossible to find it but i actually

01:48:11think that you can find a lot in that i'll tell you um so first off uh i'm sorry second off uh this

01:48:18will be part of the story that you tell and you can see from the comments we mentioned earlier there's

01:48:22tons of people who don't have cancer and are struggling to get you know started in their business and so

01:48:27there's not like even the fact that you're starting is still an advantage of the people who haven't

01:48:32even though you have cancer so kudos to you on that um i'll tell you a story that i think might

01:48:35illustrate this what layla was saying we have a friend brooke castillo who a big life coach um and

01:48:42one of the questions that she said um i think she did on a podcast but she said she got she got divorced

01:48:47later in her life and she said she said how could getting divorced be amazing yeah she said how could

01:48:53i have the most amazing divorce that's ever been had and she did and she did they like they have a great

01:48:58relationship their kids were fine like everything was good and so it's it's basically asking the question what would

01:49:05it take for this to be a good thing and then solving for that which is usually what action would i have

01:49:10to take what attitude would i have to have about the situation someone recently here actually was getting

01:49:15divorced and then they like everyone looked at me like how i respond i said congratulations yeah

01:49:19congratulations you made a decision you've probably been wanting to do this for a long time

01:49:23so like good luck like you get to move on with your life now and to be clear we're not saying divorce is

01:49:28good or bad or anything like that she made a decision it's great whatever your decisions are congrats now you get to live life

01:49:34um so yeah focus on what you can do and uh my my kind of ruthless tactical stuff on this for uh my melanoma

01:49:41friend um is if you feel sad about the cancer stuff work can be a great distraction and introspection is a

01:49:50modern invention yeah i don't think i mean i've had to deal with health issues over the last few years

01:49:56not cancer but you know still things that were like got in the way of me living in my life um and the

01:50:03biggest thing i will say is i do not everyone told me that like you should stop working so much to focus

01:50:07on this how on earth would that have helped i would have gotten rid of the things in my life that made

01:50:12me feel good that gave me confidence that i got to use my skills and to then what focus on something

01:50:17i can't control because the reality is you can't control cancer you can do your best to show up and

01:50:22to do the treatments and to do and to find the best doctors but we can't control some of these things

01:50:28and so i i actually just really disagree with a lot of the you know quit everything to focus on what the

01:50:34health diagnosis is i actually think it makes things worse much of the time it's removing the positive

01:50:38reinforcers in your life yeah it's like yeah i should also get divorced and say bye to my husband because

01:50:43then i can focus more on my cancer or my my diagnosis it's like that's silly and i think a lot of times

01:50:48business and building a business gives people the same reinforcement and people who give the advice

01:50:53also have a negative label associated with work so they're saying oh work is stressing you out therefore

01:50:56you should stop it to give yourself rest and if work was stressing you out then you that would make

01:51:02a stronger case but they make the assumption that it is but if you enjoy the work that you do or you

01:51:06find it stimulating or interesting uh and you continue to develop skills you interact with you know clients you

01:51:10enjoy that like you might need to adjust how you work but not necessarily remove everything from your plate

01:51:16so hopefully that helps sorry they're going through it um but we are rooting for you

01:51:23all right i'm 21 just graduated and torn between two careers that i love filmmaking and robotics that

01:51:30is a wild dichotomy uh i believe i could become world class in either but dividing my focus could cost me both

01:51:36how do you decide how do you decide how do you decide um my god um my bladder um

01:51:51leila's pregnant um

01:51:56i think for myself when i'm making a decision like that

01:51:59i think about a couple things which is like what i anchor to at least so this is just what helps me i'm not even saying it's good advice

01:52:04um i look at my life and i look at the conditions that make me happy and it's like the things that make

01:52:11me happy are usually doing something i love with people i love and something that i'm substantially

01:52:15challenged in if that's either of those things then i don't really know if you have a a wrong answer

01:52:22um i would say that the question that we don't or the the frame that we would need to answer this or help

01:52:27you more is what are your goals um you could become world class but are you trying

01:52:32to make money are you trying to build a business are you trying to have a certain type of career

01:52:36and so i would say what are your career goals why even go into filmmaking or robotics

01:52:41are you somebody who's trying to have a lifestyle business you're trying to build

01:52:45a generational business you want to be a technician

01:52:48because like reality is that in either of those businesses if you start a business

01:52:52then you'll be doing business for the majority of your day not filmmaking or robotics yeah and

01:52:56so then you have to analyze which business opportunity you want to get into like for

01:52:59example i was really into fitness but as soon as i started my gym fitness was a very small percentage

01:53:03of the time that i actually did and so like business was the majority of what i spent my time doing

01:53:07and so we have this fallacy that if you you know do the thing that you love you'll never work another

01:53:11day in your life but the reality is that the actual day-to-day is you never you're very rarely doing

01:53:15the thing that you actually love you're doing all the supporting overhead so that four or five

01:53:19percent of your time you can do something that you quote love which the only thing 95 versus five

01:53:22you're like you know what i might as well just build a business that i really like i will say

01:53:25one i think one thing though which is i think if if you like the customers you serve i think that's

01:53:30important because when you build the business yes you'll be in business no matter what but if

01:53:34you don't like the customers you serve that's really tough and i think that's something that

01:53:39we think a lot about when we start businesses is like do we like the customers that we're serving

01:53:43so that being said you have to anchor to your goals you'll be good at either one of these you'll

01:53:47probably have a great life either way there's probably a low risk in this choice it's just a

01:53:51matter of okay what are my goals and is there one that's more aligned with those career goals than

01:53:55the other so i'll give you a different frame on your question which is i have my last meal

01:54:01it's the death row last meal question should i have steak and potatoes or should i have a pizza as

01:54:06my last meal you'll probably be full either way and you'll probably like either of them

01:54:10but what actually guarantees you not uh doing either is not deciding and so i'd say the court

01:54:17the core skill that you have to have is and you're becoming you're getting older right and one of

01:54:22the marks of getting older is is trading in options is that you commit you make decisions

01:54:26that you eliminate alternatives and so that is a sign of maturity is that you're willing to forego

01:54:30some things that you might like for something that you might like more and if you still are not

01:54:34sure you just have to decide either way because you won't you know that you have a guaranteed

01:54:38zero if you don't make a choice and i promise you in retrospect you will um probably what's it called

01:54:48not um you will retroactively logic how you will justify you will justify the decision that it was the

01:54:55right call in either of the paths that you choose yeah i think it's more about like in anything in life

01:55:00it's like bet on the jockey not the horse like you're betting on you so in either of these situations

01:55:05you're you so you'll win in either one also elon started in zip 2 recruiting then he got into

01:55:12payments and banking and then he got into solar panels and cars and so it's very likely that you'll

01:55:19live multiple lives throughout your entrepreneurial career and so there's nothing to say that you can't

01:55:24do filmmaking second or you can't do robotics second and there's also a likelihood that you leaning really

01:55:29into robotics you might be able to capture better with some of your filmmaking skills or if you do

01:55:32filmmaking stuff that you will be better at some of the i don't know what robotics or filmmaking maybe

01:55:37the technical components right and so like they're still going to be carryover like i started as a

01:55:41writer and then i learned sales and then copywriting happened right and so like these things are additive

01:55:48they're not necessarily completely siloed there's lots of crossover and that's where a lot of magic

01:55:51happens and where you get very like one of zero talent that makes you more unique all right how can i

01:55:57overcome procrastination even if i get myself sorted and put in the effort the moment i get close to

01:56:02results i can feel my bad habits coming back yeah oh me the bad habits are returning the return of the

01:56:11bad habits not procrastinator however i think there's three reasons that people tend to procrastinate

01:56:17um anxiety which is the task that you need to do makes you anxious and so you avoid doing it

01:56:24boredom it's not the past is not stimulating enough so when you think about doing it there's always

01:56:29something that's more exciting or more stimulating and rebelliousness which is somebody else has asked

01:56:34you to do the task and because of that or because of some deadline somebody else put on you whatever

01:56:38you would like to say it to the man and not do the thing um all of those things i think are solved

01:56:44in the same way which is um frustration tolerance which is most of the time when somebody is procrastinating

01:56:51something it's because they're not good at you could say or not practiced at tolerating the feelings of

01:56:59boredom anxiety um or frustration in general and so that is why a lot of people end up procrastinating

01:57:05something because they don't want to feel the feelings that will occur when they do the work on the

01:57:10thing so i think it's good to know which of those you tend to lean into like i would say if there's anything

01:57:15that would ever be for me in my past it would probably be more of anxiety i would say now it's probably more

01:57:21boredom of just like that's just not stimulating i don't feel like doing it um and then the next piece

01:57:28to it is like okay um if i continue procrastinating this thing right um then you're obviously going to

01:57:35keep reinforcing those habits so how do i raise my frustration tolerance well the only way to do that is to

01:57:41decrease your sensitivity in the situation which is to increase your surface area of exposure to the

01:57:47situation which is to do the thing do more shit so the best way that i like to tell people to do that

01:57:52is to just um create goals that are incremental of how long you spend doing the thing that you're

01:57:58avoiding or procrastinating um so maybe it's like i procrastinate by you know i'll start doing the thing

01:58:04and then i start doing something else okay well let's just do the thing for 40 minutes then 45 then

01:58:0950 then 60 whatever it might need to be um the second thing you could do is say you continue to

01:58:14put something off into the last minute it's also a common one okay well tend it typically is that you

01:58:20wait until a day before the thing it's like could we do three days before the thing four days before

01:58:24the thing a week before the thing so like even with myself i have things that i don't like to do that

01:58:30that are good for me i have plenty of things right now that i am doing that are not fun but they are

01:58:34good for me like say physical therapy exercises so that i'm not in pain all the time because i'm

01:58:38pregnant um the first day i did those it's like okay i don't want to do this it's like i'm just

01:58:44going to do it for 10 minutes and it's like okay i'm going to do it now the next day for 15 minutes

01:58:48and then the next day i'm going to say i'm going to do one set of each i give myself small goals

01:58:53because it's almost like building up a tolerance it's like a muscle and so if you have atrophied that muscle

01:58:58you don't just go and bench you know 300 pounds the next day it's like we're going to bench 150

01:59:03then 160 then 165 then 170. so these are just um emotional muscles or i would say like soft skill

01:59:11muscles and i think you have to train them in one way or the other i think something i've learned a

01:59:15lot from layla is that she's able to uh recognize emotional discomfort and act despite it meaning we do

01:59:21not need to change our plan and this is where like the mood fuck her mood follow the plan really came from

01:59:26which is like how you feel and what you do do not need to have any correlation to one another

01:59:31and so the more you can act in an uncorrelated way to your emotive state the more likely you will stick

01:59:35with things for extended periods of time past the points of emotional volatility which ultimately

01:59:42gets you to your goal faster and so you feel uncomfortable and you feel because of that

01:59:46discomfort you must change something but the fact that you are uncomfortable is why you should persist

01:59:51and here's what's really interesting is that a lot of the time people think well i feel this way or i

01:59:57think this thing therefore i don't want to do this thing well you can either say okay that means that

02:00:02i have to wait until i feel or think differently to do the thing or what i know is that doing the

02:00:09thing actually changes how you think and feel so if you start to do the thing what you'll find is that

02:00:14if you've been procrastinating is 20 minutes in 30 minutes in suddenly you feel like doing the thing

02:00:19suddenly it doesn't give you so much anxiety suddenly because your body is teaching your brain the

02:00:23same way your brain teaches your body so it's a two-way system it can work either way so it's like

02:00:28whatever one you got use that for me it's easier for me to take action most of the time i'm not as good

02:00:33at changing my mind about something oh that's an interesting one go for it okay i'm 22 my girlfriend

02:00:40is annoyed that i'm working so much it's making me feel like i have to choose between my business

02:00:43and her what's the trick to make them both coexist kill one of them

02:00:55um i think like i don't know if there's a trick yeah i don't know if there's a trick so i'll say like

02:01:01two two different frames on this so one is there's a selection thing which is like i found someone

02:01:07who when i started our relationship i was like i work all the time and you have to be cool with that

02:01:12and then it turned out layla was like well i have to work a lot too and i was like well maybe we can

02:01:15work together and that's what basically started our journey together i'm not saying that's right for

02:01:18everyone i'm saying that was right for us um the other side of it is um basically making agreements

02:01:24like they're like this will be a perpetual problem for you so it's probably it is unlikely that you will

02:01:29solve it and you know this is from gotman the uh relationship people 69 of problems in relationships

02:01:35are perpetual they are unsolvable meaning they are two different preferences that sit uh in contrast

02:01:40to one another and so uh you might have a minimum amount of work that is required uh and i'll actually

02:01:46give you one from sam ovens from from school that he had with there has currently with his wife

02:01:51um she obviously wants him to be home because she loves him and they have kids and all that he also

02:01:56knows that he needs to work 12 hours per day uh to get school to be the number one platform in the

02:02:00world for communities and so the way they reconciled that was for her she's like i really want you to be

02:02:04home for dinner every night and so dinner is six o'clock and so six onwards he's at home he's having

02:02:10you know dinner with the kids etc and so uh their agreement is functionally uh as long as he's home at

02:02:15six uh and he's completely present during that time period and he takes off sundays they're fine and so

02:02:21he works from six to six and then takes evenings off and then on sunday he's fully there with the

02:02:25kids and i think every 12 weeks they take a vacation together and so that is their agreement

02:02:29and so i think you just have to come to an agreement and then once you make the agreement you both stick

02:02:33to those terms if you cannot come to an agreement that is a compromise that that meets both of your

02:02:37minimum requirements then it might mean that your goals are misaligned and it might not make sense long

02:02:40term i gave them some tricks that was a trick what do you want to check and

02:02:52yeah fire some um that always does work yeah with all that money you're making it work uh

02:03:00it does work i don't know like that's actually a thing though it's like i think men don't like

02:03:04to be bought things women do like to be bought things it always works so maybe if you go over

02:03:13by a certain amount you can purchase things as almost like paying for your overtime so then it

02:03:18gets into the question of like how much am i making in my overtime versus my cost per gift

02:03:22for excuse and so then you're like in a ratio of like okay if i work 10 hours over i might make an

02:03:26extra five thousand dollars like my 500 gift 500 gifts you're still getting 10 to 1 on the time

02:03:32arbitrage leverage leverage uh mahmoud katib uh leila i'm 39 married with three kids working full

02:03:42time while launching an ai sass with a technical partner no revenue yet i have no bandwidth and i'm

02:03:47holding the business back when would you quit your job that's a question that's really personal because

02:03:56you have to understand like your what is going to because if you're working in this business especially

02:04:03in the beginning if your head's not in the game is your head going to be less in the game when you

02:04:08don't have the job or is going to be less in the game when you do have the job and that's really only

02:04:12something that you can answer because i think it's difficult to know how people are going to act

02:04:17like i've seen some people like i'm the type of person that i have to go all in i need to cut off the

02:04:21job and i i trust myself so it doesn't scare me i will go through all the worst case scenarios i'm

02:04:26like here's all the things that i would do if the business doesn't make money but i've quit my job

02:04:30um and then i just kind of think that through before i make the decision some people i've given

02:04:35that advice and then they get really nervous and freak out and like burn the business down so i have

02:04:41reneged on that advice and say like you have to do what works for you if you're going to be really

02:04:46freaked out and anxious and sabotage the business when you're quick if you quit your job then it's

02:04:50like maybe wait a little longer until you have a certain amount of money um i will say this which

02:04:55is like i think in general being in the situation you're in when you're married you have three kids

02:05:03you have a job you're also launching a new business you're going to feel like you don't have any

02:05:08bandwidth even once you get rid of the business because you have so much other stuff in your life it's

02:05:13going to continue to fill the space i think it's more about a it's more of an emotional question

02:05:18than it is a logical question which is just like what do you have to do to get to a point where

02:05:23you can actually give majority of your attention to the business um i would say that in general

02:05:29if you were asking me what i would do i would say that once the business has proven that it produces

02:05:35revenue i would feel okay quitting my job if i knew that i could get customers and continue to sell

02:05:41them more products if i did not have revenue in the business and people were not buying the thing i was

02:05:47selling i would definitely not feel comfortable quitting my job so this is what i would i'll

02:05:52tactically add this on which is that you're working a job and you have a family my my ask would be your

02:05:58is that you block two hours a day to work on the new business and in that two hours you need to go

02:06:04generate revenue and if you cannot generate revenue in two hours per day times five so 10 hours a week

02:06:10you're not going to generate it with 40. so generate the revenue prove that you can do it on a limited

02:06:15amount of time and then you can do the math on well if i had all my time or four times time five times

02:06:19the time i'd be able to 5x or more the amount of revenue they will generate so prove that you can get

02:06:24a dollar across the bridge for this new business before you're going to go all in that is my that

02:06:28would be my wreck they can't fire you if you're unemployed you will understand what clutch man

02:06:372025 i think it's called ghosting and pussying out but whatever when somebody quits because they know

02:06:45they're about to be fired i'm like pussy anyways sorry i'm not supposed to say that we'll find out what

02:06:50leila really thinks after the commercial break and uh let's cut that one all right win0622 hi leila

02:06:57and alex why do i suck i'm a lash salon owner with one employee and filled our bookings uh no more

02:07:05space to bring uh more employees and customers i don't know if it's a location expansion or a price

02:07:10issue i'm guessing when you say suck means that you're not making money which i find hard to believe

02:07:15but if you are fully booked you and your employee at a location and you're not making

02:07:20money then you should absolutely increase price now when you have a supply demand like when you

02:07:25when you have zero supply left which is what booked out means right then that means you have more demand

02:07:29than your supply which means price goes up that is what happens yeah i mean as somebody who was an avid

02:07:36customer of this type of business for many years i don't think this is one where you're like yeah let's

02:07:41get a larger location and try and get more employees and more customers like it is very difficult to find retain and

02:07:50pay really really good lash techs and if this is your first business that sounds like that sounds hard

02:07:57so like i would rather you got lashes done those aren't natural nothing nothing is natural on this

02:08:04about as natural as a can of diet coke um so i think in general go towards the price increase continue to

02:08:11increase your prices increase your skill set so you're constantly on the edge of like all the new lash

02:08:16techniques that everyone's figuring out um and focus on yourself and that one employee until you have

02:08:22enough profit and revenue that you can take days off and not worry about it um you can be selective

02:08:29with your customers like you have to get to point of excess before you say i want to expand again and

02:08:34that's a tough business to expand we've talked to a lot of people there's a reason there's not a lot of

02:08:39like enormous chains that are highly talented there's like a lot of run of the mill you know i don't know

02:08:45what i like to call them but like um just like kind of shitty lash chains um because again it's just

02:08:51hard to expand if you want to keep that quality so yeah increase your prices get to a point where you can

02:08:56be selective and have a talent strategy and so you will need to have higher prices so that you can have higher

02:09:03cash flow so that you can pay better people so that you can get better techs which is what's going to

02:09:08ultimately be the thing that you sell which is the product which is the quality of the service and so

02:09:12we had a chain that we almost looked at buying that was it was actually nails but same concept

02:09:17and one of the the things that made the business really interesting is that they had a very very

02:09:21developed uh career path for their technicians and in so doing they were able to retain them

02:09:27significantly longer than industry average and as a result because they retained them better they were more

02:09:31skilled and so they were able to fill up their salons much faster almost entirely off word of mouth

02:09:35because their texts were so good and so i would encourage you not to go for the lowest price techs

02:09:39but go for the highest skilled techs and whenever you have the highest skilled people you will always have

02:09:44uh women and i guess guys i don't know if guys do lashes uh you have customers who are willing to pay

02:09:49premium for the best that's tough all right bruno guerrero 53 14. hi guys congrats on the baby i've been

02:10:00connecting more with leila's content as of late okay great love that for you uh dear leila is sick

02:10:08yeah happy for me yeah keep going this was a great comment glad uh glad you're loving leila's stuff

02:10:16glad you've moved on you know and uh you know you're you're resonating more with her content you know

02:10:21what is funny though this is actually really funny it's like when we're out in public and we see people

02:10:25like people come up and they'll be like oh my god why is the stuff guys blah blah and

02:10:29oftentimes like if somebody comes up and and they're a fan of mine they'll be like oh

02:10:33uh alex like love your stuff but you know love leila love leila nobody's ever said that to me they've

02:10:39never been like oh you know leila good stuff but love alex love out i'm like i'm like you actually

02:10:45make me feel like shit by saying that by the way because you make me feel like i am lesser i know i don't

02:10:49make as much media okay i'm like you don't need to make me feel good by putting him down being like

02:10:54your shit isn't that interesting though nobody's ever said that to me they've never been like yeah

02:10:59i'm actually a much bigger fan of alex's nobody's ever said that but people say that all the time

02:11:04to me that i'm a way bigger fan of leila stuff actually and i'm like you know that's rude we are married

02:11:10all right fun life 016 how do you become courageous and shameless when you are a coward and shameful

02:11:20tough well first off i will just i'll crack and then i'm sure leila will add on a bunch but um

02:11:27i would stop calling yourself that first and foremost uh i would say that you have exhibited

02:11:32behaviors that that that tend to get that label so i've acted in a cowardly way i've acted shamefully

02:11:38not that you are a coward or that you are shameful right so just big thing number one then we have to

02:11:44define what these terms mean right and so shame is when you break other people's rules guilt is when

02:11:49you break your own rules and so then it's like okay whose rules am i breaking and why do i care

02:11:55about their rules what punishment are they inflicting on me that i that i deem meaningful

02:11:59enough or more meaningful than the punishment i'm inflicting myself for not achieving what i want

02:12:03so that's on the shame side on the coward side um it's that on some level you are basically not

02:12:11taking action for fear of punishment right um now whether that is like call it righteous cowardice

02:12:18versus like in some ways you can be cowardly of of uh of breaking a traffic law because there is a

02:12:23consequence that you don't deem worth it and so it's kind of like the same thing which is like what is

02:12:27the outcome or the consequence of this behavior that you're deeming more important or more painful

02:12:32than the pain that you're currently experiencing and so um i think it's a really common saying

02:12:37but it's like when the pain of change is less than the pain of staying the same is when you change

02:12:41and so you will flow to the path of least resistance and so you need to make the path of least resistance

02:12:47the path that you want to take and then all of a sudden you will feel like you are more courageous

02:12:51and you will have less shame around it because you are taking the easiest path but you just arranged

02:12:56the conditions so that the easiest path path was the best path

02:13:01i don't know thanks you probably like your content better does it resonate better with you

02:13:11okay one more and then you should take a call okay i mean we could do one now

02:13:16i'm gonna have to go oh you don't want to take the call no i just i have to go well you probably

02:13:20have really important content to get to i have to go to a meeting

02:13:25all right i suspect much of your success was followed by how aligned you and layla are

02:13:31so were you always so aligned how did you manage to keep that alignment when things were not so

02:13:36clearly successful how did we do it how did i do it dragged her kicking and screaming

02:13:48how did i do it i don't know i'm pretty easy no you're fine um fine yeah i mean you weren't you

02:13:56weren't you didn't yeah fine mid

02:14:04um okay how did how do we keep alignment i mean actually i don't think we really got out of alignment

02:14:10i mean we knew what the goals were and i think we were both just very dedicated to the process of just

02:14:14continuing to work at it i think we both had a lot of faith that we would eventually figure it out

02:14:18it's also we didn't blame i'll say it's a big one you've never blamed me for a mistake no we don't

02:14:23blame each other i also think we were very clear about our goals up front and basically like in our

02:14:30business and marriage like giving up is not an option like i both think both of us have said that many

02:14:35times and that was just like the building blocks of our relationship and partnership i also think

02:14:41both of us take 51 accountability and so what i mean by that is like neither of us has to like correct or

02:14:47chastise the other person because the other person is already beating themselves up about the mistake

02:14:51that's not everyone but i'm saying for us that was that was probably more common and so um a lot of like

02:14:57the more difficult times it was me beating myself up and lately being like it's fine we're figuring

02:15:01it out or the or the converse right like she was beating herself up and i'm like no you crushed

02:15:05that it was fine like we'll get it give each other benefit of the doubt yeah so it's like round up

02:15:09you know give each other grace more than like you don't need to blame them and like i think the

02:15:13worst thing you'd ever do is i told you so right it's like the person fucking knows like they and

02:15:18like if you did tell them they know um and they probably feel terrible about it and so i would

02:15:23warn against any i told you so type behavior um but like if you are if you're the if your partners which

02:15:28you are independent even if you're not business partners if you're life partners and one of you is in

02:15:31business um like you want to like support i define as increasing the likelihood of success or said

02:15:39conversely decreasing the likelihood of failure and so are you actively decreasing likely to failure and

02:15:44if we define failure as quitting then like your job is to keep the other person going

02:15:50yeah by any means possible any means necessary encouragement like when one of us is down

02:15:58the other one will lift them up even if that has to be for a sustained period of time and i'm sure

02:16:04there were many times where i like didn't deserve to be lifted up or encouraged uh and layla did it

02:16:10anyway because she probably asked herself well what it how much does this help if i just make him feel worse

02:16:16like does it increase the likelihood that we actually get what we want like i will be right today but

02:16:21we will lose i just don't see i'm much more than i know i think that way but um i also think it's

02:16:28that's fair um where's the lesson in that um i also think it's looking at a relationship in

02:16:36the long term not the short term which is like they're going to be over the entire length of the

02:16:42partnership or relationship they're going to be years where one person is pulling more weight than the other

02:16:46it is not and that's in in only because there are ways where somebody will have something happen

02:16:52you know i a year ago had a bunch of health stuff go on and then now i'm pregnant and so like there's

02:16:57a lot of things that like i used to do in the relationship i don't do and like you do more in

02:17:01other ways recently and we acknowledge that and don't think there's anything wrong with that because

02:17:06we're in it for the long haul and so it's like then again you know a year or two years from now i'll

02:17:11probably step up and be doing more in a different way so it's just also i think patience like if you

02:17:18want to be in a relationship or a partnership indefinitely then like you can't look at things

02:17:22on a month or even like a yearly time horizon at times it's like i think we say it all the time

02:17:27like a minute for the long haul like i'm reading one of the comments and i'm going to say it and i'm

02:17:32going to sound mean but i i want it to resonate and you're anonymous so no one knows it's you that i'm

02:17:36saying this too but you said there's no such girls where i live i will add on to that that are attracted

02:17:42to you there absolutely are girls where you live that are high quality girls you just have to be

02:17:51eligible like you have to qualify you have to meet the requirements a girl like that has a lot of

02:17:57options and so you need to be the best option which means that you have to work on you got to get better

02:18:02got to get in shape make some money be a nice person be interesting have other you know have other stuff

02:18:08going on like those like that is what a you know top tier girl will find interesting

02:18:17and i'll also add something that layla said i heard you say it on a lot but i thought it was really

02:18:21good which is like how do you watch my content well i mean i like it better than my content

02:18:27um you said this thing i think to to a girl who called in it was like you know should i said

02:18:32oh blah blah blah blah blah um and you said you guys are looking at alex and i this is me talking

02:18:38as you as we are today and think that is that is who we were when we met yeah and that is not true

02:18:47and so if you take the position that you are both going to get better then the relationship hopefully

02:18:53should also get better too but both of you guys are going to grow and so to look at you know someone's

02:18:58chapter 10 versus your chapter one it's just it's a it's not a good trade and if you wait for somebody

02:19:04who's at chapter 10 and completely you know dialed in all these different arenas guess what you're not

02:19:08going to be able to have the story of the fact that that you know like layla and i met when i had

02:19:12nothing and i got to lose everything with her and multiple times and we have the story of overcoming

02:19:18that and so when you meet in your imperfections you give yourselves the opportunity for a more

02:19:25meaningful story and i never have to doubt is layla just here for the money is layla just here because

02:19:32i'm so incredibly good looking is just here for you know insert reason because the thing is is that when

02:19:38we met i didn't have those things and and not only that i also actively failed and moved backwards i

02:19:44would say in status for the first probably year or two of us dating um before moving forward and so

02:19:50you can have some confidence that the person at least as a guy you want a girl who believes in you

02:19:56and bets and sees in your potential and is like i'm willing to make this bet

02:19:59um and i mean and for me looking at layla is like i just wanted someone who was was loyal

02:20:04and would go through thick and thin with me and she has and so you don't get the opportunity to see

02:20:10any of those things if you have perfect conditions or you are at your quote finish line and so i think

02:20:15that i would look for somebody who has potential more than actual because if you're starting out too

02:20:19you probably can't attract actual you have potential that's not actualized and they have potential that's

02:20:24not actualized and both of you make a bet that the person is growth oriented and that's why it's like

02:20:28do you have aligned goals do we have aligned values like how we want to get there right do

02:20:32we want to go to the same place we want to get to the same way i also think it's there's

02:20:38and we're not fucking relationship experts i'm just saying will work for us no no no but i do think

02:20:41there's something that's interesting that i've noticed has continued to evolve over time which

02:20:45is like people are incredibly have incredibly high expectations of the people that they are dating

02:20:51meeting etc like to the degree that it's almost impossible to win it's like i i can't tell you how many girls

02:20:57tell me they're like well i went on a date with this guy and it's like every guy there's something wrong

02:21:01and i'm like have you ever thought there's something wrong here um and it's the reality is is that

02:21:07everybody has something wrong with them you also have something wrong with you something wrong with me

02:21:12well seriously i mean like and there's and there i think there's also like you're going to have

02:21:16there's no person that you're going to meet and be like i have literally zero doubt in the world and at

02:21:22every point in time i am so incredibly happy to be in a relationship with them and i've never desired

02:21:27to be single i'm sure there's been plenty of times you've thought about being single

02:21:30so many all the time so much constantly it's only thought i really but you look at it and you you say

02:21:39i've made a trade-off and i would make that trade again and does that not mean that i i could see

02:21:44another life with another person or another this or somebody who didn't have this issue or this of

02:21:48course but it's just a matter of what you want in life and do you want to be in a relationship or do

02:21:54you want like do you want to be right and have the perfect person or do you want to be in a relationship

02:22:00because you're never going to have the perfect person and you're never going to be right about

02:22:02everything so i would also just say like it sounds contrary but like you have to lower your standards

02:22:08a little bit in the sense of like there's this illusion now with social media that everybody is

02:22:12perfect and nobody has flaws and it's like we have plenty of flaws and imperfections and we talk about

02:22:17them with each other all the time and we're open about it which i think is why it's okay do we have

02:22:22imperfect yes and it's it's an open dialogue between us versus something that we hide and don't talk

02:22:29i'm always giving leila feedback always giving me feedback you know emotionally avoid it anyways i'll

02:22:39i'll add this one point in which is that yeah i will just a little piggyback yeah well just a little

02:22:43little sprinkle on top you know just make it just put the gravy on the on the biscuits if you will

02:22:46i wasn't done um yeah this is a good point though um what i would say is that i think you're also

02:22:53trying to find 10 different people in one right which is um the analogy that i give is like you

02:22:58want to have the perfect house and that house is by the beach it's also in the mountains it's also

02:23:02walking distance from a mall it also has uh room for uh you know entire family and entertainment but it's

02:23:08also small and cozy uh like you will not have a house that has all those things and to the same

02:23:14degree you will not find a person that is incredibly consistent but also loves variety and also is your

02:23:20therapist and your coach and a good provider and amazing in bed and also super romantic and wants to

02:23:25write you poems like you're not going to have all those things just like you're not going to find a

02:23:28house that has every single view you will make a trade and you will be just as happy in a house on

02:23:33the beach and at the mountain knowing what you're missing and accepting that that was the trade that

02:23:37you were willing to make because you wanted to have a home that's good and later i'm going to ask you

02:23:42which house i am because i would like the best house my a beach the best house that was the right answer

02:23:47the best house with that huge we'll leave you two live callers huge i am a planet jesus christ i

02:23:55never say that again and with that we have our next caller uh we've got some a's for some q's so uh

02:24:05bring on the q's and that's not the way you leave this room all right let's try to leave because

02:24:12she makes so much content she didn't even know the exit

02:24:18all right mr gong who do we got alexander you're up i know i'm up who else is up

02:24:29our caller's name is also alexander i i figured i was making a funny alexander are you here

02:24:36alexander was like this he's like at the house analogy got him he was like nope no thank you

02:24:42all right eva's gonna be up next eva the legend

02:24:53so eva is the oldest the oldest client we have at the ripe age of 20.

02:25:01i think what else we got all right i'll answer another question and while we wait for whoever

02:25:06to pick up their phone um okay i know we did the okay brutal question do you agree with the love of

02:25:13money is the root of all evil

02:25:18yes i think that is i think it's biblical love of money is the root of all evil i think fundamentally the

02:25:22point of this statement is that if you sacrifice um the things that matter for money you have lost the plot

02:25:33but the love of money yes because there's another version of it that's like um

02:25:41the the when you look i think it's the i can't remember if it's the aramaic or the hebrew whatever

02:25:45the original translation is kind of interesting if you look it up because there's different ways of

02:25:47translating it um but yeah i think loving money is probably not the the best the best play

02:25:54and whether it's the root of all evil i believe ignorance is the root of all evil

02:25:58that's my perspective it's also socrates's perspective um but that's my two cents so is it

02:26:03the root i don't know because in a moneyless society is there still evil i'd probably say yes

02:26:08um and so i would bet that ignorance is the root of that like when we slight other people it's because

02:26:13we do not have complete context on their situation i think the reason that um a god figure is so valuable

02:26:18to us is because the dream or fantasy of having someone who completely understands us has complete

02:26:23context on our situation um understands our intentions rather than our outputs or outcomes

02:26:28is incredibly satisfying so let's move to something lighter like meta ads uh meta ads didn't ruin me

02:26:36i did okay uh i built a one product business on two years of strong meta results then andromeda

02:26:40changed everything how did you recover diversify and rebuild the business now dude i think i mean

02:26:44they just changed the algorithm so that it favored more diverse creative um i mean i know a lot

02:26:51of people who andromeda has only helped um i would say the majority of our businesses improved with

02:26:56andromeda the only downside was that we had to have significantly more creative that needed to get

02:27:00made um but i mean that type of winning strategy of volume uh is one that i am very well uh set up

02:27:09to do and so i think you just needed to do more and not say that it ruined you you just had ads that

02:27:14didn't work because you didn't change your strategies you have to you know change your strategy because

02:27:17the conditions changed i just wouldn't catastrophize it it's just like it's not like ads stop working

02:27:22ads still work i promise you uh you just need to change your your ad strategy uh i'm 25 with a

02:27:27relatively successful business what can i do about apathy i want to do more than i am now but i feel no

02:27:31urgency until i manufacture can you scroll up quick until i manufacture uh a real condition to force

02:27:39action yeah i think that you you're on the right path um once you satisfy your personal needs you have to

02:27:44have something bigger and so the something bigger can either be something you're running away from

02:27:49uh or something you're running towards if the thing you were running away from was poverty then that

02:27:53need was satisfied and so either you run towards uh kind of the mission you have behind the business

02:27:58which is why many people talk who have very big businesses about the mission because that's what

02:28:01motivates them um i would also say that many people that i met who have larger businesses that i would

02:28:05say have more boring businesses that don't have some like incredibly charismatic mission um they really care

02:28:10about their teams and so they care about providing career opportunities and growth opportunities for

02:28:14the people that work for them um and that can become incredibly uh motivating um on top of that

02:28:20uh you can think about it from a citizenship and community perspective like what impact are we

02:28:24making as a result and so um those are i would say the the very like time tested ways of solving it

02:28:31but if you want a kick in the ass so to say um i think you need to make a big bet and so basically you've

02:28:36gotten to the point where you're playing uh blackjack at a table with ten dollar hands and you are a

02:28:41millionaire and ten dollar hands make no difference in your life and so you have to up the ante in

02:28:45order for the game to still stay stimulating all right uh eva or eva eva or eva hi my name is eva

02:28:56hey eva what's up i appreciate this uh opportunity i run a hungarian online membership and digital products

02:29:03business last year we did one million dollars in revenue go revenue is three million dollars what's

02:29:09stopping me low net profit low lifetime value lack of focus and not enough launches and i provide you some

02:29:17data 84 percent gross margin seven percent net profit worst and best ltv to kek is five to one or we can do

02:29:3180 to one as well ltv is uh three hundred and three hundred and twenty dollars

02:29:39in my membership the churn is seven percent average but in the first months 14 percent we have 80 000

02:29:49people uh email opt-ins they are active on my list and uh 1500 members in my membership how to improve

02:30:00ltv and a triple net profit what to focus on in your opinion thank you so you said you had a focus issue

02:30:08and you're not doing enough launches um my my initial thought would be remove the things that are

02:30:14distracting you and do more launches so what stops you from doing that yeah thank you and i removed it

02:30:21already so now i start to focus on yeah if you have a digital products membership the churn on those types

02:30:28of products are typically higher and so i think that you will probably waste a lot of time trying to

02:30:33get it lower um if you're at seven percent you're you're doing you're doing okay for digital like

02:30:38the incremental return that you're gonna get i mean you can make sure that you have good onboarding

02:30:42make sure that it's consumable value meaning that the value that you give to them out on a monthly

02:30:47basis is something that they can consume rather than they learn once um and so if you have a one-time

02:30:51learning thing then you need to deliver it every month uh or it's something that is consumable in

02:30:55nature so like if we did market signals for trading or uh hot niches if we're doing buying real estate if

02:31:02like if we said uh trending t-shirt designs if we you know showed people how to like make t-shirts

02:31:06like whatever is trending anything that's news for that uh you know for the audience that you have

02:31:12uh you know like sticker templates like there's there's always something that's consumable it's

02:31:16typically lower value than the upfront education they're going to receive so all that to say i don't

02:31:21think the churn that you have is the issue i'm going to bet that it is the detraction problem and doing

02:31:25more of the what works issue because when you're at one to three where you're at right now it's usually

02:31:30a very limited resources and you need to very much focus those on the one things that are making the

02:31:34most money which is probably running ads and doing launches yeah yeah and so like everything that's not

02:31:43that is probably taking away and just streamline the delivery so that you can like one of the things

02:31:48that's a big uh misconception or mistake i think that happens especially with digital um products

02:31:53and memberships is that people try to put too much in them right they think oh i'm going to solve this

02:31:56by more but you don't solve it by making more you solve it by making better and fewer because you have

02:32:01to think about value per second if you make 10 things and people only consume one even if it's good they

02:32:05think they're only consuming a tenth of the value and so you want to make it as easy as possible for

02:32:09them to consume all of the digital assets that you give them and just make sure that when they consume it

02:32:13it's as good as possible does that make sense yes thank you so on the delivery side think better not

02:32:20more and on the front end side think more ads more launches and anything that is not both of those

02:32:26two things i would ignore okay thank you i will do that all right eva appreciate you i appreciate it thank

02:32:33you you bet that was an easy one might work might work all right i think i'm coming up on i'm getting

02:32:42close to i'm getting close to lunch it feels like it's getting close to lunch time it is getting

02:32:45close to lunch time all right so i'm going to do uh i'm going to do one or two more um and then we're

02:32:50going to uh wrap this b all right so final and best question of the day at alex tramosi uh how would

02:32:57you advertise screws and fasteners it's a commodity product you can't even see it once it's installed

02:33:03lots of good high quality product difficult to stand out really really good question man so um there

02:33:08are two kind of strategies that you can employ to decommoditize a commoditized product um one is we

02:33:16have to think about all the other facets of the product so if you think about a car a car gets from

02:33:22point a to point b but there's still tons of differentiation within cars now there's luxury

02:33:25vehicles their status i'm not to say the same thing with fasteners because people don't see it and it's

02:33:29probably more of a utility that being said you have service quality you have speed of delivery

02:33:35um you have what percentage meets qualification so that's kind of a quality metric um and so we

02:33:40have to look at the other variables like the actual purchasing process so think about swallowing up the

02:33:45entirety of the customer experience and think what happens before during and after someone makes a

02:33:48purchase for me how can i make that as easy and seamless as possible so sometimes it's expanding the

02:33:53scope so that you can have differentiators that are outside of the core product that still

02:33:57in a very real way deliver value and so it's basically getting out of the micro of this local

02:34:02transaction and think about the macro of the business or customer that's buying it right so if we can

02:34:06frame the purchase from you as a even though it's locally more expensive it is globally cheaper to

02:34:12purchase from you and that they get it faster they have fewer mistakes etc then you can have a commodity

02:34:16product that becomes decommoditized through the additional kind of layers of service and value that

02:34:21you provide around it that's thing one the other thing is just the brand associated with it right which is

02:34:28what are the associations and pairings that we do on an active basis so that people like for example the

02:34:33reason that sometimes these types of businesses are relationship driven is that the person that they

02:34:37rather buy from they like that salesperson so that person's reputation brand kind of confers over to

02:34:41the product and so we have to think what kind of brand um allows us to charge a premium for what is

02:34:48otherwise considered a commodity and so those are the two elements of basically increasing the premium the brand

02:34:53itself right and the associated elements of the offer or product or deliverable and so those are the

02:35:00levers that you have at your disposal the brand will take time the other ones you can do more immediately

02:35:05and in thinking and reframing the sale from local short term to global long term or the holistic view

02:35:11of the business and the customer experience that was a thorough answer all right uh with that being

02:35:18said uh this is our third day of our experiment of 30 days of lives um stay real stay awesome stay hard

02:35:26or hot oh no stay hard as dave's goggins thing stay hot there you go or is that a parasol thing just stay

02:35:32stay i don't like that either i gotta grow how about this uh improve how about that we'll do that and

02:35:38with that have an amazing day bye

핵심 요약

Pursuing wealth creation and aggressive business scaling at a young age leverages compounding returns, higher energy levels, and greater adaptability to achieve long-term success.

하이라이트

Money compounds at three to four times the rate in the career beginning compared to later stages.
Youth acts as a multiplier on reputation, press access, network growth, and capital, which decays around age 30.
Churn rates above 10 percent monthly make scaling a service business exceptionally difficult due to constant customer acquisition demands.
Fixing a business model requires establishing precise operational constraints, conducting thorough time studies, and ruthlessly eliminating low-value tasks.
Lowering prices to increase demand and gather early feedback yields more value than charging standard rates for unproven services.

타임라인

Why Getting Rich Early Matters

Early investments compound at three to four times the rate of later investments due to expanded time horizons.
Youth serves as a multiplier for reputational gravitas, press access, mentors, and capital acquisition up until age 30.
High monthly churn rates destroy business scalability by requiring constant customer acquisition just to maintain baseline revenue.

Starting young provides mathematical advantages because excess early cash outpaces later earning power through compounding. Furthermore, early accomplishments carry disproportionate reputational weight, giving younger founders an edge in networking and capital access. Service businesses with high churn struggle to scale because their annual revenue depends almost entirely on new sales rather than retained accounts.

Solving Business Constraints and Scale

Revenue retention dictates business potential and separates sustainable enterprises from high-risk acquisition treadmills.
Time studies help isolate tasks of low value and eliminate operational friction that slows growth.
Price-capped service businesses must create margin from the floor through strict expense budgeting and tiered upsell models.

Scaling beyond one million dollars requires shifting from immediate transactional sales to high-retention models that compound baseline revenue year over year. Founders must conduct time studies to eliminate non-essential problem-solving and delegate delivery to step into an architect role. In constrained industries like government-funded support, profitability relies on cutting operating expenses and introducing premium add-on services.

Overcoming Adversity and Managing Growth

Procrastination stems from anxiety, boredom, or rebelliousness, and can be overcome by raising frustration tolerance through gradual exposure.
Precise emotional language prevents unnecessary catastrophizing and maintains focus on actionable problem-solving.
Decommoditizing standard utility products requires expanding customer experience layers, delivery speed, and brand reputation.

Overcoming business inertia requires treating difficult tasks like physical exercise by incrementally increasing exposure to uncomfortable work. Emotional outbursts and self-victimization destroy momentum, whereas precise framing keeps entrepreneurs focused on controllable actions. Commoditized products stand out through superior service layers, rapid fulfillment, and holistic customer experience management rather than the core utility alone.

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