10 Millionaires Asked Me How to Get Richer

Summary

• I believe in always being ready to pivot and adjust the business model to better match the market and resources available.
• When facing issues with marketing, you should consider creating more ads and improving the quality of those ads.
• Present different pricing options but ensure you understand the most popular packages so you can optimize those.
• Transition from selling programs to selling goals. This helps in increasing conversion rates and can improve lifetime value (LTV).
• Adding supplement sales through affiliates can substantially increase revenue with minimal extra effort.
• When experiencing issues scaling ads and remaining profitable, remember that quality creative is key, and sometimes bringing in a sales team can help manage this.
• Understand that if you are receiving low-quality leads, sometimes it's about targeting higher salaries and more senior profiles, which can involve changing the ad platform or improving your ad content.
• Always test new platforms while continuing with what already works and optimize ad spends to ensure profitability.
• If faced with a team restructuring crisis, like losing key sales personnel, it might be essential to step into sales temporarily and ensure structured training and processes.
• New sales team members need immediate corrective roleplay and continuous drilling of scripts to improve.
• Dividing roles between co-founders and ensuring accountability is crucial for managing responsibilities efficiently.
• Be aware of the pipeline sources and continually add value to the customers to retain them.
• Constantly evaluate the price and value offering; often, you can simply charge more for the value you bring.
• If facing high lead acquisition costs, fix your business model first to either increase pricing or make delivery more efficient.
• For content and marketing, begin by tackling immediate revenue opportunities like enhancing Google Ads and then gradually expand into broader content marketing.
• Studying past successful models like Disney might offer valuable insights on combining media and commerce effectively.
• Always look for inefficiencies within the business operations; sometimes it’s about making processes more efficient rather than expanding immediately.
• In service-based businesses, consider consulting as an offering to extend lifetime value and build stronger relationships with clients.
• Hiring the right people at the right time and ensuring they have space to show return on their roles can significantly enhance business performance.
• Continue educating yourself on critical business functions like marketing and finance to effectively delegate and manage these areas.

Video

How To Take Action

I would suggest implementing these strategies for small businesses, entrepreneurs, and individuals interested in personal growth:

Pivot and Adjust

When your current business model hits a roadblock, be ready to pivot. Always look at the market and resources available. For example, if internal referrals and Google Ads have been your main sources of clients, but the quality is dropping, try adding social media ads or partnering with companies that can drive more quality leads.

Improve Marketing

If marketing is your issue, focus on creating more ads and improving the quality. Tweak your ads regularly and test them on different platforms. For instance, overly relying on one platform like Meta could be limiting. Explore LinkedIn or other professional networks if you target a higher-income or senior audience.

Optimize Pricing

Offer different pricing options but know which package is the most popular and why. If a six-month program at mid-tier pricing is popular, focus on that and transition to selling goals instead of programs. This approach can significantly improve your conversion rates.

Add Supplementary Sales

To increase revenue with minimal effort, consider affiliate sales for supplements or related products. Introduce these in follow-up consultations to provide recommendations that fit naturally into clients' routines.

Content and Marketing

Start enhancing immediate revenue opportunities like better Google Ads, then gradually move into broader content marketing. Use data to continually optimize ad spend, making sure every dollar counts.

Educate and Delegate

Continue learning fundamental business functions like marketing and finance. This will allow you to delegate tasks more effectively as your operation scales. Real training and script drilling for new team members improve efficiency and performance.

Team Roles and Responsibility

When faced with a team crisis, step in temporarily but ensure structured training. Dividing roles between co-founders and ensuring strict accountability helps manage responsibilities efficiently.

By focusing on these low-cost, high-value items first, you create a strong foundation to implement more complex strategies as you grow.

Quotes by Alex Hormozi#### "I'm here with 10 business owners doing between 1 million and $10 million per year"

– Alex Hormozi

"If you don't hit the goal by that point I'll keep working with you until you do"

– Alex Hormozi

"So that's kind of what the issue is and then the current you have 100 trying to farm"

– Alex Hormozi

"I honestly just think everyone sucks at sales training"

– Alex Hormozi

"So your problem sales lead flow is the same so should you hire or should you get in is the question correct"

– Alex Hormozi

Full Transcript

I'm here with 10 business owners doing between1 million and $10 million per year and we're talking about the things that are holding them back to scale their companies enjoy what are your biggest issues right now with growing your business two I think it's a marketing problem for us okay not enough ads not enough creative I think the my eyes have been opened to what it actually takes to scale advertising campaigns basically we have scaled our entire um program on single I lead for ads on LinkedIn that's Linkin Linkin iing sing professionals tarting we can Target it really well the leag quality is amazing okay what's LTB uh so this has been slightly miscalculated because we completely revamped our business in the last 1 months from what I could GA it was about 3.7 and but that's not capturing the people who are actually staying longer at the moment so I think it's slightly high but conservatively 3. so yeah okay yeah got it so um what are you charging uh so we have one program but there's three timelines three packages a 3 month 6 month 12 month 2K 3K 5K okay 2K 3K 5K got it why do you have uh if it's one thing with just different timelines do you just start high and then work your way down is that all no I just present three options depending on the pass okay um what's the most common goal um probably losing 30s a six month program is definitely the most popular by yeah so um I mean this is super tactical but obviously I've done a lot of Fitness sales um I would probably just switch to a diagnostic sale okay so basically you say it's uh what was the what was the 12mth price 5K yeah yeah so I would probably do something like um 129 a week something like that and then uh just say Okay cool so you're here you want to get here that's you know you're you're 200 you want to be 160 it's 40 lbs and so uh that's we lose comfortably a pound a week and that includes kind of our Recon period at the end to kind of like bring you back to maintenance blah blah blah blah blah um and so that'll take us 40 weeks and so 40 weeks times 129 boom and that way and the key part is that as soon as you do that you're selling the goal rather than selling programs you'll convert a way higher percentage of people and then that's where I I gave my um the whole uh if you don't hit the goal by that point I'll keep working with you until you do provided you XY Z and that murders and that way because then I translate that which means that when you buy this you'll be that way whether it takes this time or this time you'll get there and as soon as I said that people like done here here's the card yeah great so I would just do that as like Thing Thing One um but in terms of the LTV so that that'll probably help LTV a little bit because you'll um and if you like need to extend time to make the contract H just have like longer maintenance periods huh yeah yeah yeah yeah it's fine yeah I'll leave it there um do you do supplement sales do you have an affiliate thing for supplements we do no okay I would add that in because you can usually get another 50% in supplement sales because people want to get all the fancy dude ads and there's zero delivery for you yeah and they want the recommendation and so like literally you just hand them the product you make the split and then you just move on with your life and don't sell it on the first package sell it on the second so you do your diagnostic meet with them 48 hours later for nutrition consult then try and sell probably 500 2,000 bucks in supplements 100% more would you have a sales person to I no I Ed the same same guy he's like cool we're going to walk you through and first half is a nutrition consult yeah and then the second half you basically bake in hey I want you to take this at this time and you want to do it like in assumed close which is like I need you to take this this and this and then you go into their habit so it's like what do you do in the morning what do you do in the afternoon um so you have your coffee in the morning Force think okay want you put these three supplements next to your coffee that we don't forget it okay where are you going to be going to the gym okay I want you to put your pre-workout and your post-workout in your car we don't forget it okay you're going to take two scoops of that this one great by the way do you want to use the card you have on file for this awesome I'll have them shipped to your house sense cool um but yeah this that'll just make you more money but um the issue we're talking about is you growing your business um w't you spend more money on ads um we do find we struggle to kind of uh remain profitable once we start getting above like 1,500 a day in that spend so again the was me creating enough ads yeah that's it yeah so that's kind of what it came to from the last couple of days we are we are bringing the sales team in as well so I I've been training those guys and that's been a little bit of a constraint but they're closing plus 40% yeah so that's not a you shouldn't be should get ads yeah yeah that makes sense cool awesome good all right rock and roll FR so um my main constraint right now is the quality of the leads we're getting getting a lot of leads but there are low salaries basically profiles and uh we need so we compensate implementing a R1 R2 Sal process you know like qualifying P 10 minutes and then you go on this and so what we are trying to do is to get to the higher salaries and with more seniority where the the ROI for our is better uh so we are thinking about changing the platform where we spend our ads we're spending around 10K a month a bit more uh on meta ads only and maybe switch to LinkedIn or Twitter or I mean LinkedIn will for sure murder for what you're looking for like I mean you're looking for executives who want Seance packages or cold Outreach now or what cold Outreach um cold Outreach I mean I would I would do link if I had to do this in order I would one I wouldn't turn off your meta ads I would yeah I wouldn't like don't stop a flow like keep like you're making money with it right so then just make more money by doing the other thing on top like don't stop that um okay Sor it's my just saying it test other by all means test other things but what's the return on this one again I know you told me less than I can remember to 3 to one but we talked about uh just add in the performance piece so if you added the performance piece and you were doing 10 to one would you care that would be fine yeah I I mean I concur it'll be fine as well well then it's only me this if if you were getting 10 to one would you spend more on meta we tried to spend more but then the the some diminishing returns well of course there but now you got 10 to one but then you can get three to one with 10 times a spend yeah we need to more creative we need to to do more creative every week okay so I think so we talked about this last night but I think that you add in that performance thing would be like step one and I think that that takes you from 3K to like 10K or or 12K right per customer right so that takes you from 1 to 3 or 3: 1 to 12:1 if you just made that one change M so the diminishing return which goes from 3: 1 to 2:1 means you go from 12 to 1 to 9 to one so you're still killing right so sure I'll bet your ads could use work sure you spend 10 grand a month you're not spending money anyways but um I would do that first before I even start another platform okay because you might just be fine and just need to like tweak the LTV M okay just do that okay sweet yeah cool uh biggest concern right now is sales yeah uh sales manager left because he was not a good culture fan [ __ ] an [ __ ] or you an [ __ ] he's the good guy who knows you who knows yeah the plot thickens but he left uh top closer became sales manager second top closer left went to another offer so sales went from you know one point top closer becomes manager yeah a a song as old as time yeah okay so it's a really a sales problem right now that we have and uh Lea was just up there telling somebody to like hey you need to go back into sales I just don't have the expertise in sales so my solution is to hire a sales director on top of the sales manager h i mean you did wholesaling for a long time like you know what to sell y you also believe in the product well how many how many deals are you doing in a month right now so we were doing around 70 now we're doing around 40 okay yeah that'd be tough for you to take go the calls but you're saying you don't have the expertise to be a sales director basically I mean I'm pretty much doing it I mean you're doing it now right yeah I'm doing it now it's just like do I let yeah how deep do I get into it or do I find somebody else who has cuz all the other departments I have a director who so is lead flow the same and you went from closing 70 to closing 40 right right and it's really now the remaining team is closing the same percentage and just the two best guys left Yes except now that this sales manager this top coach became sales manager it's almost like a respect thing like he's not a very good coach in my opinion of course not he's the best clacher is a killer yeah and so that's kind of what the issue is and then those the current you have 100 trying to farm yeah yeah trying to develop people just wants to kill people um yeah it's like also like they were all as competition like a week ago and now he's like now I'm G to help you [ __ ] you um is he still on the phones the director yeah right so um one I'm sure she probably told you like don't promote the sales director uh the sales guy when you did say it were you like are we going to try this out uh I said there's so the last sales manager was paying him under the table to do like call reviews do this thing that so then I was like well why the [ __ ] am I paying this guy when you're doing all the work and then he became sales manager and now it's yeah I'm so weirded out by this whole thing um okay but he was so he was closing and doing the stuff and he was closing great and now that he's no longer closing he's doing he's just dedicated he was just doing calls right bad okay so so just reviewing their calls with them yes okay so um all right so I'll I'll walk through it okay so I'm going to give you like Sales Training 101 on this but um I honestly just think everyone sucks at sales training so I don't think it's a a you thing or anything like that I think literally like 95% of compan have no idea how to train sales and they just hire sales people and hope for the best and then they just like talk at them and hope that they get better but have zero measurable Improvement to show that they can actually take someone and make them better um so anyways that's like a a side side rant on that but um people get better at sales by watching a ton of game tape of people who sell well one by modeling just like children learn anything and then two by corrective very immediate role playing like when this happens what do you say and so they say great say it again like this try again awesome keep going try it again great one more time again and that's it and you just really drill one aspect of the script until they breathe it and they're like I get it I get it I get it I know like and then you're like great now we will work on the second part of the script and you just work your way down until they like they breathe it and think it and they can't do anything but that that way they can actually listen on the call because they're not thinking about what they're going to say next and so you need somebody who like really really loves salese and like wants to teach and invest in people which is not usually the personality of a sales killer every once in a while you'll have an absolute Savage but it's usually not that person it's like the salesman who's like like a killer killer is not that guy and those guys usually crush on sales there's a different type of closer who's like really attentive and like very caring and those guys can also kill and those sometimes are the ones who can become really good sales managers but it's a different Persona like Jacob if you met Jacob oh there you go right like he closes exceptionally well um when he was at gym launch and like he worked his way up from the call Floor to the setting team to the closing team beat all grown ass men and he was selling to 42y old gym owners like male gym owners um and then was able to train because it was like I just want to help the guys out you know like I understand what we're struggling with like let's just work on this and it's more about like I just want to win it whatever I do not because I am a psychopath which the one like you know who I'm talking about like the butch The Butcher of blavin um like we've all had those guys so your problem sales lead flow is the same so should you hire or should you get in is the question correct I think you should get in you have a sales driven business you're the CEO you should know how it works you're going to keep running this issue and whoever runs sales is going to have leverage over you until you know how to do it like if if a sales director you a sales record can be like no one can run this team like me if you don't double my pay I'm leaving I'd be like like I can name 10 people like in this building who can do it better than you CU trained all of them you know what I mean and so um what what happens so what happens from the team you had and then I'll go to Jacob um is you basically brought as many people as you could in Saw who could sell and then just let them themselves that's how most people do it nothing wrong with that what happens though is that there's no process and so so basically it's just whatever way you know how to sell sell it creates difficulty on the Cs side because everyone kind of promises a little bit differently some people sell hot they over promise blah blah blah blah blah and so even if you do try and train no one's following the script to begin with so the training is irrelevant and so basically like step one if you have to turn around a sales team is like everyone followed the script the script becomes it's like the script becomes the Bible it's like if this is word of God now that means that if you follow the script perfectly and they don't close you crushed it because if I get every following the script now we can tweak the script because that actually changes how everyone says it that make sense yeah so otherwise if no one says a script to begin with why do we even bother having a script gotcha and so do you think it's going to be more on script script making changing the flow and process and then training yes and making the script as simple as humanly possible okay most times when we look at a script we cut half of it got it is it me taking sales calls I think it would I think it would help you to better iterate the script to that teach it cool you'll bet I'll bet you there's parts of script like we don't even have to have this I took five calls you're like I can just skip over this whole thing why are you here what's the problem T cool yeah no worries seor Auto Sales do you auto sales training or you do Auto Sales Auto Sales okay got it got it got it do you have a dealership or do you oh sweet car use yeah oh cool how long you been in it eight years okay you like it I love it actually I I really do um long story short I've never been in sales I was never a Salesman I was a pipe fitter a pipe welder okay I bought some cars and said how hard can it be yeah and so I've just kind of been pile driving through it and um here we sit I love it um it's a hell eight years it's awesome from pipe welding to to have you know I know I saw your your uh your numbers is great so now I think the bu key man problems right [Music] um sales processes um scripting I talked to Jacob about that um we don't like I I can do it but how to teach you how to do it like that's I don't know you know like it's just go talk to him like I don't you know um so I think coming up with that plan um the advertising piece um we've been branding for a long time probably wrong I think I'm really kind of like me too like radio we've been doing a lot of radio and it's actually worked I feel like but I I think digging into the Social Media stuff would kind of accelerate it um and I talked I don't know the CEO gu the um I don't remember I talked to him I've got commercial Vans um so I got kind of two three four five facets of my business that we can do Comm like I have access to like massive amounts of commercial Vans um and so I'm thinking I'm going to do like a specialized push on that and see how that does because my margins in the Vans you know what I can sell a typical car for there's $2,000 of margin uh this van I can make anywhere from 6 to 12 wow um so why not sell $6 to 12,000 deals instead of $102,000 deals preaching to me man yeah so I think he said you know throw throw money at it test that and but because he said maybe you don't have the market to sell 30 Vans a month in this in that local market yeah I mean if it's a profitable line then yeah line of business um so I think really it's just ironing out like from top to bottom obviously we need more money like I to fill my position I haven't really taken any money out I've just like that's why you keep buying more cars well yeah we've gone from 15 to 30 to 45 now we have 100 on the lot yeah awesome plus I have a full-time service shop uh so I need to hire a mechan another mechanic I'm working on a service riter he's got to learn how to sell oh I get it the sales you know what I mean so like the one thing I've realized with the auto with three people it's super simple the minute you try to build like holy [ __ ] you need a lot of money yeah yeah I mean I think like you know the how much the franchises cost for like a BMW franchise or like they're unbelievable they're super expensive for you guys know it's unbelievably expensive uh like I think was like what 20 30 million something like that well and then tomorrow they just show up with a truckload of tools that you've got to write a check for you owe us 150 grand for context like that's almost as much as it cost to start Bank like but to be fair like there's the whole financing arm is a part of the business anyways okay not to get into the car business too much okay so um biggest limiter on your business is so one you you brought up branding you brought up leads you brought up uh picking the products s you brought up sales process so honestly I think you need priorities so it's like okay of the ones that we just went over which is the you know the biggest problem for the business what's limiting you the most to me hearing all that when I hear like six problems it's people you need help and I I there was something in the first day it was like you don't have problems you just need people to help you yeah and that I think is but I need to be you're missing like three smart people right I'm serious you're missing like three you need somebody who can run the whole mechanic division the service department you need someone who can run that and you get someone who can run the normal used car lot and then you can then take the Excess band with and be like all I'm going to pursue this van opportunity but like you can't pursue a new opportunity where you got another new opport which is the service business which you're spinning up you still have to keep the wheels on pun intended the the main the core you know the core Cash Cow business um so I would be looking at uh how much how much uh are you doing in the business how much what uh profit so I didn't bring that number with it I was looking through it I think I think I'm around 5 600,000 okay so I think you can get somebody so one honestly man I think do you have a good Finance person who works for you yeah okay so I'll bet you I'll bet you right now this it's just me just talk like shooting from the I'll bet you could probably get close to doubling your margin just from somebody who had some Finance discipline being like let's look at all of these expenses and just do that as a regular discipline at the very basic i' say like you could do that because you I I almost guarantee you can find 250,000 a year from your top line versus your bottom line and if you find that then you can find the like you can bring someone in and say find your salary like to a good a good controller or a good CFO you just say like listen I can't afford you I'm willing to pay you this you need to find your salary and cost in the next 90 days and they'll find it and they say cool I just bought you let's see what else we can find because I need help doing this find that carve that guy out too so you're talking hiring someone that's going to like just run the dayto day of the money I think I mean the perfect hire for you would be somebody who's taken a business around that was like 5 to 10 million in uh in sales not car sales but like receivables right for the for a dealership to 25 to 30 and has strong financial background if you don't have that then just the operation side would be helpful the reason I would put the finance person first is because it's likely that they'll be able to carve themselves out and carve out the hole for the other guy who can then fill that up the perfect guy would have both in awesome but if you can't find that guy then it'd be like I would want somebody from another car dealership who's been a little bit bigger who has more Finance discipline and I'd find somebody who's grown uh and run like LED uh one of those businesses and bring those guys in because that will free you up because like you can go get the the van thing and you'll if you have space you'll pay for both of those guys well I've so I've already got 40 bands I meant you'll pay like you'll make the money with your free time to cover their salaries yeah exactly I think you're at the point right now where you need to you need to make a bet on trading you need to buy some time for you back and it's just that the time that you now need to buy is more expensive time it's easy to make the Early Trades because it's like lower value skill but as you get better you just have to it's kind of like breaking into a new territory for ads like people are like I've never spent more than $5,000 a day I've never spent more than $110,000 a day I've never spent more than 100 Grand a day and it's like you just they're just like new territories and the same thing with uh Talent it's like I've never paid someone 250 Grand a year I've never paid someone 500 Grand a year never paid someone a million dollars a year like they just become levels that you just get through and then you find what different levels of talent look like and so right now I think you just have never paid someone what you're going to have to pay this person who's not a salesperson so I have I have like a sales slash finding it like we kind of do our own deals here I'm only going to move on to this one cuz I got 60 and I want to hit to everybody but no you're but hopefully that that gives you at least some direction okay cool Miki let's rock uh sales pretty much so last year we've been steadily putting like 20% growth last year what do it about about we build websites so Weise websites for Enterprise client so like Enterprise okay so we deal with digital media to start with but mostly marketing how big is Enterprise has to be on like th000 employees it's like has to be million pay view per day or higher that kind of it's a traffic so like it's like it has to be custom build everything's custom build there's a lot of innovation there like some banking companies marketing it's like super cool how'd you get it I mean well we don't have time for that but like very interesting okay so you've got this I yeah I totally want to hear the story but we well not so what's what do you want to do why like what what do we need to do to grow your company so last year new your clients I but within clients they add projects and expand that want more people there so like those we've been doing but also we have two big Wells so we have two big companies that are like 90% of our revenues so like we wanted to not do that cuz we had that experience I think year two one leaves and you're like yeah we we had that happen cuz like one of our client got merged by division or some some other companies and then they kind of decided not to use us but we quickly got another wh which was good but we've been kind of having try to what did you do when you had to quickly get another whale well we're very refal yeah we like we literally like s s s s Sal then like both of both of and then you're like okay now I've made enough money again so now I don't need to do sal sal sal sal yeah and also like we both of our own both owners are still very Hands-On so we do a lot of client work so if the C you say both owners you mean you and and the 50% own okay you said the owner of acquisition. comre um so co- Founders and then he and I we had a third partner but we have to buy him up and all those stories um after that so we when there's a client war that always takes president so like some of the things that we split it out so he's doing sales and um and financial and I take care of marketing and um HR and other operations are kind of shared including account management so when there's a client work that gets busy like one of us gets busy so one depart or whatever the operation kind of gets behind so that always happens it's been our struggle to then we try to hire some people but I didn't know too much about other departments so like this hiring didn't really work out I think I kind of mentioned that too you need division of roles between you and the co-founder and then you need to not step over each other's like territory and no one owns new businesses just why you don't have new business that's actually my question cuz because his client got really busy so he's on sales so I felt like sales I'm like I can help but normally we really separate it out cuz we figured it out that accountability actually work better if you split it out the divisions so it worked out good but last year for some well and by divisions you mean you have one client he has the other client so oh no no no not that so like ex sales is him so like I wasn't really touching the sales part and by sales you mean like internal sales like trying to upsell them and just get them to buy more [ __ ] from you no outbound sales actually outbound sales but you're not getting any customers from that so far got it yeah so outbound is not it's pretty D up so inbound like is that I don't know the the sales time to actually figure out inbound is like someone reaches out to you outbound you reach out to them first that's all yeah yeah so inbound has been fine but like outbound hasn't been so like we because we didn't want the two Wells we wanted to do more outbound sale but that hasn't been successful all last year and we're hearing that cuz he's a part of like a mastermind for agencies that last year was pretty bad but I think the it's kind of like a [ __ ] know excuse that there should be some way to figure out we can get new clients there is a way to get new clients I promise but I wanted to figure out like well so I don't think it's all his fault but like how can I convincingly put a measure that we can kind of like make sure this is done so like and it's also we're both owners and like we have a we both are very responsible but at the same time do we need to have some sort of measure that we always kind of make sure that hey we so have to be first I mean this is how Partnerships work yeah and so that's also why division of roles is important and so if you're like I will take over 100% of delivery if you go get us customers and then if you don't get us customers then one of us isn't necessary and so I'm just be like really real this is me just reading between the lines from what you're saying um honestly I just think like when you needed to go get a new client and get good a new whale you got a new whale fairly quickly it sounds like which means that if you need to go get business you know exactly what to do go get business you just aren't doing that right right and so the question is why and it means that one of you is satisfied with the lot of income and the amount of work that they have right now which I say is fine if you both agree on that but if one of you doesn't agree on that then you have conflict and so that conflict turns into direct conflict or it turns into when becoming resentful and so I'd prefer it if you just if you or the person whoever just say like we like the way that I'll explain something that might be helpful for everybody it really helped me out a lot so you guys know the difference between an insult and criticism help me a ton so an insult is an attack on someone's character right you suck you are an idiot whatever a criticism is you said this you did this these are not the same right it's a discrepancy between stated and reality it's all it do so you said you would hit this skull this is reality there's a difference so this is criticism and here's some things we can do to make that up and ideally next time you say this and that's what happened awesome right and so it's not a attack it's a statement of fact it's an observation of reality and so being able to explain that be like you are responsible for sales we have no sales this Gap is the problem that we have right now now if we did not want to grow this company and we both were align with that that then we would have no problem but I do want to grow this company you are not currently doing the activities that would grow this company so what do we do either you change what you do or I stop being here just being really real so you presented with a sales problem but I think you have a hard conversation with a co-founder to have being really honest we had the conversation so we actually having we did a new partnership you have a what sorry we we started a new partners ship you started a new partnership no no no the partnership with a like a hosting provider company so like they're actually bringing more Le to so we're we're development agency so like so like they're not like the competitors but we kind of went back to cuz we were used to work together so that actually bring in some outbounds so now we're getting that but his well yeah so I'll probably have like another conversation go back to like have the conversation and then I promise you if you really really have it and the thing is don't pull the punches if you're going to have the conversation be like this is what I want you're not doing that and that's my fault too because I probably haven't been clear about it but let me be clear now yeah like and if and if you don't want to do that fine let's figure out a way that we can just work on separate things CU I want to keep growing cool I think you do that the sales problem solve itself Alexander D very interesting business so tell me about it what's the problem why are we growing so it's a eom business so we sell clothing um and the clo is inspired by like Jack Ste so uh at the started I had a when I created the business I had a big vision for it like I wanted to be something more than just a clothing brand um so what I realized is like a lot of people who shot who shop with us would have similar interest so I wanted to create a community around that so I started uh you know creating a Discord Community now we have over 14,000 numbers and those people you know they're fan fans of the brand and uh they all share similar interest and they're actually one of our Lop converting customers like we people were through launch Mar products yeah yeah um and so you built a community and about stuff that they're all interested in sold them stuff related to that yeah exactly and so what we what I also wanted to do is I wanted to create because they're all enemy fans or Japanese culture I want to create something i r though as well so for example we created a nasca and we we started putting it on packaging like in the in their orders and they started learning more oh who is this character yeah and my goal was sort of like I want to like expand her and create a whole universe around her and then create eventually create like our own anime add as well okay right what's the problem uh the problem is I'm trying to figure out what I should put my resources to whether I should focus on scaling the clothing and maximizing that that's what's bringing in the revenue or focusing on this sort of like Universe building and creating our own characters to later on you know create value in other ways which will tie like FL day and maybe later on I was thinking like create an nft project around like the audience as because all have like similar interests right yeah so I just don't know like what want to focus on so one is like you have the economic engine in the business which is you sell clothing with a logo on it I'm just breaking I'm breaking thing down to like absolute Basics right so you need to keep doing that to be able to pay for the bills to do all the rest of the stuff now everything you describe with the universe is as far as I'm concerned in the micro is going to be basically media it's it's it's content basically around this character that allows you to charge a premium and attract more people to the brand right and so I don't think you need to do either or I just need you need to think about that as marketing spend and then you need to make sure that you you you cap it based on return on investment then provided your goal is to make money there I mean that I mean that super genuinely now the alternative of this is like I want to go build Disney and have a zillion characters but like it it it requires a ton of capital in order to do that and so in my opinion what you have been doing has been working really well and so I would take if you want to like reinvest Capital take the profit from there and reinvest more in that into building out more cool media for the character that you want uh to build and the lifestyle that you want to represent for your audience yeah he just I know that like down the line it's this going to be like you know what's going to create like generational wealth and I know that's what I want to do this original Ip yeah but right now like there's no return on investment for like I can't see it right just like I'm putting P money to it but it's going to pay off like well that's kind like a lot of times branding works that way like if I make content for three years and ask for nothing from people yeah my brain is going to be worth something and it is already and I'm like still really early to it so but I was able to do that because I had money I could not have done that if I I mean I could have done it I would just had to work a lot harder you know I could not have done other things Etc so you have an economic engine which will fund this thing the thing is is that like you will get a return because if you if if this works the way you want it to work it should grow so if you just pour money into it and more people don't find out about your stuff which doesn't then create more people buying then it's not working so I think I love the vibe because I looked at your sty like it's cool um so like I think more of that is a good thing and I think that'll just create more people who are raving fans in your audience but the thing that like I get the good thing is that you're a missionary not a mercenary like you want to make this thing real and it's awesome it's cool I want to make sure that it actually happens in the real world and not just in your head and so like there has to be money attached to it somewhere or you need somebody who really believes in it a ton and will take their money and just risk it for you it's either that either you're going to risk your own money or someone else is going to risk it but it's going to cost money and time to build this and so the nice thing is what you want to do is have a symbiotic relation between the character and the and the media that you're building and the way that you monetize and this is ultimately what you're going to want to do anyways because if the audience that you build that loves this character and stuff doesn't want to ever buy stuff from you then you're not buding the right behaviors anyways for it to achieve scale Mickey Mouse has to sell shirts hats t-shirts movies right so that's I would also study the hell out of Walt Disney yeah I I I looked into it okay yeah I would read everything that's ever been written on him um and look at like new age stuff look at what Gary's doing with um uh V friends he has a whole universe around the different characters same concept but there's Commerce there he's got cards he's got you know shirts he's got merch he's got all these other things um to build up the characters yeah I'm doing a lot of like Research into nft projects because like they're able to provide value through storytelling and like making value creating value out of nothing pretty much and to just I just never say those words again sorry I would just never say those words again value no value out of nothing no yeah um especially tied to nfts um but yeah does that make sense that's what I focus so to answer your question yes I would invest the cash that I have um as much as you believe because it's it's a it's a bet it's as much as you believe in this um but I would make sure that people are still being more attracted to your brand and buy more stuff yeah you bet how's it going rocking what's up J [Music] um I don't even know where to start it's we'll just ask one question I'll try and answer that one when you were in the process of pivoting with the model for gym launch and you were trying to just like get money together to even make it to the next thing that's exactly where I'm at Sweet fun like I have reread and watched and researched like everything you've ever done regarding that because it's just I I feel it balls because I mean what do you need to do right now I need to have people so that it is not solely me what does our by the way what do you sell uh it's a paid advertising agency for cannabis for cannabis okay got it okay tough yeah but that on the flip side of it being tough that's why there's there's so much leverage with that cool uh okay there's a ton so what's the issue what's the problem uh me well yeah sure it's always you but like what's the what's the business problem like is it not make is you're like I need to make all this money like are you not profitable are you it is profitable however it's just not well on long enough for the profit to just exist in a lump sum enough to be able to like pay for people because I've been I actually don't know what that means well I've been actively doing this for like four months okay so it's like I've brought money in okay but I've never had payroll never done any of that I've never hired anybody it's all those soft skills and just have it and working through the anxiety of getting through that first higher what's what's Revenue right now revenue is 600k okay okay got it um however okay that is the literal metric but I collect ad spend for them so actual profit would be like 90 900k a year okay yeah so okay so this will so so you got to sit in this room um and have some different different conversations I'm going to be super direct with you you don't need to worry about anything you just said yeah like you have 90k a year that you have to work with you have no room to hire people you either need to fix your model uh because if I'm guessing you're working all the hours of the day to make the 90k yeah right which means the model's broken so you can't hire more people because you basically you the most valuable employee in the business like the founder is always going to be the most to a person in business especially day one when there's no one else so you need to get to a point where like you should be able to make way more than what you need so that you have room to hire other people who can help you and so right now you don't have a people problem you have a model problem which means the way that you're charging or billing the Cannabis people you're either offering too much for them well it's really you're just like you're offering too much for too little fundamentally that's what it is cuz either you need to be working way less to be making the money you are and be like shoot I could take 10 times the customer I just need more customers or you should be charging way way more for where you're at and be like okay well I'm making 10 times more than I am right now and now I can go afford people that's it so either you need to do need to work on how you do delivery to make it 10 times more efficient or make it so that how much you make you make 10 times more per customer for what you're doing it's by about a factor of 10 like I think if you came here you're like we're doing about 900,000 a year and it's just me I'd be like okay okay cool let's draw orang on people that makes sense um h i i get it it just I I I didn't know that the question was oh you're fine dude no no no I'm no dude you're good you're good I'm trying to help you where you're at you get what I'm saying though forget about that do you get what I'm saying yes so you need either 10x the price that you're charging for what you're currently doing or make how you deliver what you're doing 10 times more efficient understood that's it otherwise the model was not going to work so trying to scale what you're currently doing is a bad idea you need to fix what you're currently doing so that you can scale it okay cool question me k m he does a lot of buy businesses okay I you anyways just a quick background so I own four auto body shops and then I pivoted into garage door there's a there's a Hailstone which I love and he got it I visited pivoted to garage stores because it's just um industry highly fragmented right now there's only maybe two big players that area I'm in is there not that many cool and so we started professionalizing the company I've been installing Sops checklist forms process yeah trainual it's really good um but my one issue is uh we have a weird Niche APPA moment which we're trying to diversify heavily away from where we kind of have a single Channel risk we pretty much give most of our leer home warranty companies there are eight of them so it's not like one you know jail but I don't like yeah I used to work like Geo and we would get a body shop and we'd become 30% 40 50 60 70% and we own them I don't want that I want just like I'm buy organic customers coming in paid leads you all these things and so where I'm at is I'm at this pivot point where I'm just about to start Mark you doing seven are you doing 7 million was it 7 million got 1.5 million cash flow and um but it does have far money in the debt I purchase got it anyways the cool thing is is doing no marketing right now at all like we have one lead every month from marketing so we're about to start this whole SEO PPC maybe Facebook etc etc so my one question is you know I got to organize how it's going to happen how should I organize it should I get a marketing manager where should I get them from should I hire them kind of supervise build that up I teach me so if I can know because it it'll integrate with other parts of the business you know and it's just how do I would you organize it if you're at my state I basically get a build it from the ground up which is kind of cool yeah yeah I'm trying to think because it's kind of it's kind of the issue that Anon had with um like when it's a core function of the business like I see I see Rin making as a big part of the business like customer you have customer acquisition got delivery as the two you know and then you got Ops is the Third Leg of this stol like every business needs all ra someone to get customers someone deliver customers and someone to make sure that no one goes to jail right and like make sure all three have to like keep going around right and by that one I mean talks to people HR Finance legal all that stuff right um okay so it's a core function of the I mean like generating Le now I like the the fact that you have the eight the eight different places that you're getting the the warranty leads from so that's kind of sweet um I mean I would just continue to do that as much as I could get you know go from eight to you 20 or whatever um I don't even know how many you probably know the number saturated them there was one of them who said like oh you're biggest vender along with pal deep B my I'm a wh to them yeah right I would would probably if I'm trying to think about where I would start I me personally um PPC is is uh will be harder to crack initially but then once you have it it's very uh stable okay and so for local PBC I think will will work really well um it's a totally different monster but then social media ads like meta um specifically I think will work really really well the thing with meta ads for local is I'd want to have someone in house for that um the PBC guys there's a bunch of really good agencies for PPC that can do pretty good work for you on the local level um who can just probably handle it pretty well uh but the the social media side I have yet to see people who don't do huge companies do a good job and that's just because you have to have so much creative like creative gets tired in local market in like two to three weeks so you have to make creative every 21 days like and like a decent amount of it I mean this is why we had gym launch like we just we took all the creative burden over but we did it for a thousand locations so you'd have to build that in house so in terms of like ease and speed I would probably go vendor first for the PPC um this is me just saying what would I do yeah yeah I would probably go vendor first for PPC um and then I would and then I would probably I'd try and bring someone in house who understand probably a younger guy who understands um paid ads at a local level and the nice thing is that there's a gazillion of them guys who understand local ads on social media um and uh and give him some sort of exciting like little mini comp that he can turn into um and uh because if if he's relatively techsavvy and knows how to do social media ads and whatnot he could become a weapon for their business um and that could probably really help you on the acquisition side because you'll just like scoop them up put whatever 100 Grand 200 Grand in whatever you buy them for Lever the rest and then you could like immediately triple the business and roll it in just I'm kind of excited about the SEO portion I know that we're doing a Rebrand too so have the trucks wrapped a certain way by company and all that the SEO would you do that same kind of go through and agency out loud or a house see like HC but yeah I mean a PBC is really simple and so I think and they're usually pretty well priced especially for local and when you get a good guy it's like they just run the same Playbook they go for the same links they build the same way and they just kind of like it works um for seo seo is more complicated um and it is very much like the skill of the like there's I feel like there's more skill in my opinion for SEO than there is for PPC um but the nice thing is that local is easy to win um compared to like National and so since you're just trying to win local markets um again I just whenever I do anything in a new thing I start with vendors I if you gone through the agency chapter in the um leads book have it bought like just showed up on just literally read that chapter just read that chapter yeah it's um it just gives you my playbook for how I crack every new channel it's really what I do I buy buy the agency and then I I tell them I'm going to take over in six months you help me train the person and then eventually I won't need you yeah that's exactly why I bought the book and I came because I was like when I think of think yeah I think of marketing and sales and conversions have you had offers yet I'm not yet but I yeah missing out man going release yeah yeah you could you could literally both in like there's one's three hours the other's like four and a half so you should be good all right Adam TNT so uh pay ads agency um Google or meta both okay totally different monsters yeah but um I like 12 years in experience Google and I saw how important that it was too so I just learned that you I those yeah um my biggest issues are sqls that within mind zone right and then who do you sell to primarily company spending over 100k and that's per month or per year per per month okay per month got it okay um and then on top of that like what you just talked about what other people talk about is one replace agencies and H house okay which Cur LC be short unless you plan for it so if I plann no I said unless you plan for it yeah yeah and just bake it into how you do things so those are my two problems okay so the I mean the the them trying to bring it in house I would bring it up front and um I would have you read that chapter in the book okay good so so I would say like cool so what I'm going to do is this is the first part and then whenever you want to start bringing this in-house we'll switch from this to Consulting and we'll men M the transition period and we'll stay on a Consulting basis until you your team is outperforming what we were doing now if the team never outperforms what you do then you stay on a Consulting basis forever but it's still the nature of the relationship is fun because like being a service provider versus being consultant totally different vibe which I'm sure you've done before um and so it actually goes from like subservient to you being a teacher which is actually kind of fun and so that'll extend LTV it aligns your interest blah blah blah so that's good uh What was the other problem so for the how do you price living fare to that done for you um what's your uh current done for your pricing typically 10% immediate right um it's a good question I mean honestly I just uh I'd probably end up just saying like I'll either add in the Consulting you know what I mean I'll either add it in to what we're currently doing because they're going to need the they're going to need the the service from you while they're getting the Consulting mhm and then basically so the question is after the Consulting sorry after the delivery period's over what's the consulting fee for after the fact yeah that one I mean I'd probably look at something like I don't know 30% just as a starting point 30% of what you were doing so probably like 3% of AD spend mhm and so then you can just be like listen the question is can I get your guy to be you know this much more efficient if you think the arguments there great if not no worries so probably 20 30% is probably where I'd be okay and then the second part is SQL for my genius which is over the 100K um I just see any account take over that's over 100k I CR in few weeks under 10 a lot harder um so I want more SQL that way right now my entire python is through Affiliates okay and just referral partners and cupworth yeah you need you just need to go get what you want so it's got to be outbound so either got to go outbound in terms of like high value targets uh so like cold call cold DM whatever um one two you can make content very niched in terms of what you're talking about um that'll still get everyone but you'll also get the good people um or you just use your own expertise of running ads and Target those people so if I had to do these in order I would probably start with ads cuz that's your bread and butter and I would just start a campaign that's specifically for those people and calls them out in every single way you can like targets that way but then the messaging has to be just super harsh like if you're not if you're not spending 100 Grand a month please just scroll past this ad like don't mess my pixel up and probably LinkedIn yeah I think LinkedIn has a lot of really good quality people yeah Muhammad yes all right well thanks for this opportunity you bet um little bit background about me I'm a dentist uh own my practice for 15 years and I focus on dental implants and um the primary uh patient inflow method has been Google ads for the past eight years uh I'd say about half of my patients come from internal referrals from friends and family and then the other half come from Google ads that company that I've been with for eight years has had the same landing page for eight years and has not gotten any feedback from us about lead quality or anything and past year I would say don't you wish you had him as a customer like I love this right that's easy quality's gone down you know it's just all kind of [ __ ] so last year I decided you know this is a really important part of my business I want to just take ownership of this so I partnered up with these people who I was introduced to say Hey you cracked the Google ads algorithm I'm gonna uh work on the the coaching and Lead nurturing and value building aspect of it so we and that didn't work out this company didn't know what they were doing so it all went to [ __ ] so anyways now I'm working with another company trying to build um The Funnel the landing page and what not have not made any content but I have all the set up to start doing that uh so I wanted to um build content specifically for the funnel so when people click on the ad they have a video being you know social proof all that kind of stuff but I also want to build uh or create content uh just for General like social presence and and also value building um so should I focus primarily on the Google ads first and lean on that and then start working on the general content right second question I have for you is I've been doing what you have said that everyone does which is survey the market for what the price is charge a little bit less offer ton more value so the ton more value that I'm offering is a lot of additional procedures that go along with the service that I'm providing that help create predictability in long term and I want to lean in on that as a differentiating factor because a lot of the competition is newer newer chains newer doctors they don't have the track history and I have a lot of patients that I've treated 10 12 15 years ago that I want to sort of highlight and so in that regard should I continue charging or advertising the price that I am advertising and just highlight the more value that I'm getting to get more more Revenue coming in first and then try to raise my price or you know love feedback on how to position myself in this new funnel this new my favorite way of doing it would be just raise your price okay I mean i' I've told my father this for the entirety of my life and he has still never listened to me so you know maybe maybe it'll work for you he's like I booked out for N9 years and I'm like yeah what if you just doubled your price you could work the same amount you currently do every day and just make twice as much money uh and so unless you have a demand issue or a convers like do you have a conversion issue right now like when you get people in do they not buy um so I don't really have a sales process a sales system it's all just me well you do have a sales process you just haven't documented it right but I just you know I just talk to them and let them know hey this is what your situation is this is how I would handle I'll bet you if I recorded you and I played 50 of those side by side second by second you'd be like oh this is the part where I make the same amount of jokes about this thing and then I ask them why they're here and then I say what have you thought about before why now why why ises this to help you out okay got it okay has there been anything else no want me to tell you about this thing I think you might be a good fit here's what you can expect great do you have any questions for me blah blah blah and so you probably do have a process you just don't write it down now after you know reading your books and listening everything now we're we're working on creating a system and then educating the team on it so they can carry the Baton so um that's where I am and uh you know um raising the price I certainly can justify it just because like I said I have you also do it even if you couldn't justify it just raise it anyways because you felt like it because it's Tuesday because who cares you raise it because you want to it's America and you can chose charge what you want and they can choose to say no and you can choose to say this is all what I'll what I pay for what I uh what I charge and so like it's like just in terms of the idea of like I have to do this because to do this it's like you can just do it like we just bought a company a year ago and I mean I tell the story because I like breaking the belief and so we bought it we did this massive analysis and I was just like I the whole leadership team and they're like so what's the big how are we going to like grow the hell out of this company I was like I think I'm just going to double the price and they were like what else are we gonna do I was like I think that's it I think that's all I'm going to do and they're like but what about all these other I was like I don't think that's I think we're just going to do that and so we did that and the sales team was like so would we need to retrain the sales team I was like no no I was like you're going to say the same thing and then the very end when you say the price I was like instead of saying this number say this number that's it and then we did that and um it took me nine calls with the founder nine uh and he didn't agree and so we settled on 50% increase so he increased the price by 50% and close rates went up oh [ __ ] because they were mispriced and so we sold a higher percentage of people add 50% more money and if you do more times more it's way more because all that goes to the bottom line and so uh that's the beautiful thing with price increases is that it's all profit one of my favorite ways to make more Profit just charge more so um tldr yes I think you you charge more and in terms of uh the ad stuff uh you're either going to have to learn this which feels unlikely or you're going to have to keep doing this trial and everything well I am uh learning it myself I actually have uh started the courses and gotten into Google ads and Facebook ads it's again it's not something I'm going to do myself but I can't delegate until I have full in-depth knowledge which is kind of how I built the rest of the business I like it we have uh the lab site also on site so it's vertically integrated we just need to just crank that engine of of once you get that going the ultimate version of the businesses that you start buying other practices right because then you can install your systems on top your reputation Etc and like that's when this gets a lot more interesting