Your Business Is NOT What You Think It is | Ep 724

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.9 • 4.4K Ratings

🗓️ 14 June 2024

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

“People don’t know the actual business they’re in.” Today, Alex (@AlexHormozi) dives into the core elements driving business success, emphasizing the significance of sales, marketing, brand, media, and distribution. Using real-world case studies, he illustrates strategic pivots and the importance of recognizing unique business challenges, offering invaluable insights for entrepreneurs, gym owners, software developers, and supplement companies.

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:

(0:22) - Understanding the gym business

(2:54) - Lessons from the software industry

(5:12) - The cleaning business revelation

(8:52) - Scaling service-based businesses

(12:48) - The hard truths of entrepreneurship

(20:23) - Maximizing enterprise value

(23:48) - Case study: The canned cocktail business

(26:21) - The importance of repeat customers

(30:42) - The hail mary strategy

(36:13) - Confronting the real problem

(38:09) - Concluding thoughts

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Transcript

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0:00.0	The magic you're looking for is in the work you're avoiding.
0:02.7	That's Chris Williamson.
0:03.7	And I think that quote is a perfect quote that summarizes this,
0:06.5	which is, do you know the business you're really in?
0:09.4	And the right type of hard versus the wrong type of hard and when to push and when to
0:14.8	pivot and how you can unlock the greatest amount of enterprise value in your
0:19.3	business that sits on the other side of that hard road.
0:22.8	In the very beginning, what I got in the gym business,
0:24.6	I thought the gym business was about results.
0:27.0	I thought it was about results,
0:28.3	and I thought it was about like killer, killer workouts.
0:32.2	And it was really about neither of those things. The gym business is
0:37.1	actually about sales and marketing and so I got into it because I was like I'm
0:40.5	passionate about fitness and I'm passionate about getting people results.
0:43.0	But what actually drove the business economics with sales and marketing.
0:47.0	The big problem is that with gyms, as you might imagine, a lot of people don't actually like going to the gym.
0:52.0	Like it has inherent difficulties.
0:53.8	The good news in the gym business is that everybody wants to get in better shape.
0:56.5	And so you have this massive market, but people tend to turn out of gyms.
1:00.3	Even the very low-cost gyms, like a lot of people have this misbelief that they think like oh well
1:04.7	planet fitness or crunch fitness is 10 bucks a month so of course no one
1:07.3	cancels but they actually have five or six percent monthly churn they just have a
	...

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