Service-Based Business | Ep 344

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.9 • 4.4K Ratings

🗓️ 9 November 2021

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

Serving with a smile! Today, Alex (@AlexHormozi) talks about 4 ways to package your service-based business and labor into a profitable one! Don’t miss out on his simple but very insightful tips!

Welcome to The Game Podcast where we talk about how to get more customers, make more profit per customer, and keep them longer, and the many failures and lessons we have learned along the way to $100M in sales. We've got roll-up-your-sleeves kind of hustle with a little bit of cleverness and a lot of heart.

Timestamps:

(1:51) - The 1st and 2nd types of service-based businesses are “privately held chains” (owned end-to-end) and “franchising” (single model)

(3:32) - The 3rd and 4th types of service-based systems are “licensing” (involving Intellectual Property) and “software” (providing a service that can be done digitally)

(5:41) - Keep in mind, however, the advantages and disadvantages of these 4 types of service-based businesses

(13:06) - If you’re thinking about scaling your service-based business, think about which of these buckets best suit you and which strategy makes the most sense

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Transcript

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0:00.0	Hey guys, real quick. So Layland, I are definitely working on our social media presence.
0:03.0	If you guys haven't noticed and we're just breaking now into linked in.
0:06.4	All right, it's not as bad as I thought.
0:08.1	It's actually been pretty awesome so far and you guys have been really cool in there and people are sharing our stuff a lot.
0:12.2	So if we aren't connected on LinkedIn, go ahead and let's connect and let's rock and roll.
0:17.2	So if you have a service based business or something where you have labor of some sort that you rent out at a profit to other people to provide value,
0:25.7	then this video is for you.
0:27.9	Welcome to the game where we talk about how to get more customers, how to make more
0:30.8	customers, how to keep them longer, and the many failures and lessons we have learned along the way.
0:34.6	I hope you enjoy and subscribe.
0:36.2	Mozination, the other day I was approached by a service based brick and mortar business and they have a very profitable single location model.
0:43.1	And they wanted to figure out a way or what path was going to be the best vehicle for them to make the most money.
0:49.8	And so we had a really good conversation about this and they broke down the different paths they could take.
0:54.6	And for them it was really valuable and they were very happy about it.
0:57.2	And so what I wanted to do was break down this exact same process for you.
1:00.9	So if you have a service based business or something where you have labor of some sort that you rent out at a profit to other people to provide value,
1:09.6	then this video is for you.
1:10.7	And if you want to figure out a way to package those services in a way that has a lot of enterprise value that has a lot of cash flow while you're growing,
1:19.8	then this video is for you.
1:21.1	Okay, so I'm going to break down the only four ways that I know of that you can package your service and the labor and knowledge that you have
1:29.2	into a profitable business.
1:30.7	Now some of these have pros in terms they provide more cash flow via margin or lower operational drag.
	...

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