Why better leads to bigger and why I tell people to close locations... ..and how to grow VERTICALLY not HORIZONTALLY | Ep 87

The Game with Alex Hormozi

Alex Hormozi

Business, Education, Entrepreneurship, How To

4.9 • 4.8K Ratings

🗓️ 26 November 2018

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

"Money works differently than status does." Today, Alex (@AlexHormozi) talks about the importance of making one gym location successful rather than opening multiple locations to satisfy ego. He explains how holding off on opening a second location until the first location has consistently made $20,000 a month net for six months and has grown during that time can lead to better profits and success.

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:

(1:03) - Owners lose focus and dilute efforts with expansion.

(3:25) - Simplifying and focus leads to better results.

(5:29) - Vertical growth can be more profitable than horizontal.

(6:54) - Prioritize making your gym better over expansion.

(9:09) - Shift to a profit-driven mindset for success.

(10:11) - Prioritize profit and success over influencer status.

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Transcript

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0:00.0	Mozination real quick, if you are a business owner that has a big old business and wants to get to a much bigger business,
0:06.1	going to $50, $100,000 plus we would love to talk to you.
0:09.5	And if you like that or would like to hear more about it, go to acquisition.com and you can play anywhere on the page
0:14.3	and talk to one of our team and see if we can help you get there.
0:17.5	Hello everyone, welcome, happy Friday. Hope you guys are having an amazing, our have had an amazing week.
0:24.6	I wanted to talk to you about something that I bring up a lot within our gym or community,
0:29.9	but I don't think I've talked much about it publicly.
0:33.0	And it's why I tell people to close locations.
0:36.7	And so kind of an interesting topic because a lot of people are like, wait, what?
0:41.6	You tell people close locations and the honest truth is yes.
0:45.2	And the reason is because I think a lot of gym owners,
0:50.1	or really business owners and entrepreneurs in general, tend to open locations not based on math,
0:57.1	but they open it based on emotion and ego.
1:00.3	And so what ends up happening invariably, and this has happened so many times and we've had so many
1:05.6	gym owners who've come into our world who when they watch a video like this or what I'm about to say,
1:10.6	or like I feel like you were speaking to me, but the reality is that if you have a single location
1:17.2	and it starts to make you money, right?
1:20.7	I can't tell you the amount of times that we've, you know, we've even turned to Jim around.
1:23.9	And then within 12 weeks, the gym owners are like, hey man, I'm looking at my third, my second location.
1:28.7	And it makes me want to run my head through the wall because they forgot what the objective was.
1:34.4	And I think the reality is that they didn't forget what the objective was.
1:37.0	The objective was always for them and ego thing.
	...

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