The 5 Phases of Niche Hopping | Ep 621

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.9 • 4.4K Ratings

🗓️ 19 October 2023

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

(This episode is a re-run. Original airdate was July 17, 2020)

You have to pick one which you can win at. You can’t win with all. Today, Alex (@AlexHormozi) talks about one of the common mistakes new entrepreneurs make: niche hopping, discusses the 5 stages that the entrepreneur will go through, and why picking just one is way better than spreading yourself too thin.

Welcome to The Game w/Alex Hormozi, hosted by entrepreneur, founder, investor, author, public speaker, and content creator Alex Hormozi. On this podcast you’ll hear how to get more customers, make more profit per customer, how to keep them longer, and the many failures and lessons Alex has learned on his path from $100M to $1B in net worth.

Timestamps:

(1:33) - Personal story of lack of focus and its consequences

(3:20) - The 5 Phases of Niche Hopping

(8:56) - Encouragement to stick with one niche and become better

(10:49) - Importance of testing and improving processes

(12:01) - Avoid being spread too thin; don't mix strategies

(14:32) - Choose one niche and stick with it, don't bail.

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Transcript

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0:00.0	Real quick, guys, if you can think about how you found this podcast, somebody probably
0:03.8	tweeted it, told you about it, shared it on Instagram, or something like that.
0:07.5	The only way this grows is through word of mouth. And so I don't run ads, I don't do sponsorships,
0:12.2	I don't sell anything. My only ask is that you continue to pay it forward to whoever showed you or
0:16.5	however you found out about this podcast that you do the exact same thing. So if it was a review,
0:21.0	if it was a post, if you do that, it would mean the world to me and you'll throw some good comment
0:24.3	out there for another entrepreneur. I'm telling you this right now, it has everything to do what's
0:28.4	going on in your head. You have to go through the shit and you have to figure out the stuff that
0:32.7	they aren't figuring out. Every problem that you encounter instead of running away from it,
0:37.6	which is exactly what niche hopping is, exactly what new opportunity hopping is, you have to confund.
0:46.0	The wealthiest people in the world see business as a game. This podcast, the game is my attempt
0:49.9	at documenting the lessons I've learned on my way to building acquisition.com into a billion
0:53.4	dollar portfolio. My hope is that you use the lessons to grow your business and maybe someday soon,
0:57.1	partner with us to get to a hundred million dollars in beyond. I hope you share and enjoy.
1:02.7	I want to tell you a story that will hopefully break some of your beliefs and I think will be one
1:06.2	of the reasons that you like, if you can internalize this story, this may be the way that you can say
1:10.0	figures or seven figures, if that is your goal. When I started in the information, marketing,
1:16.2	agency world, Leyla and I were dating. At that time, I had six gyms that I was that I owned. I had
1:27.2	gym locks, which was a done for you sales and marketing system where we'd fly out and
1:31.9	launch other people's gyms. I had a dentist agency where I would generate leads for dentists
1:40.9	and I had a chiropractic agency where I generated leads for chiropractors. And guess what?
1:48.1	I made no money. The reason I made no money is because I could not focus on anything.
	...

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