Why I Turned down two people who offered me $50K (ALEX HORMOZI)
Summary
- I recently attended the Funnel Hacking Live event and won the Axe Award for sales over $10 million.
- After speaking at the event, I had offers for $50,000 for a single day of consulting, but we turned them down.
- My wife and I believe in staying focused on our core business, which has been a key factor in our rapid growth.
- Entrepreneurs often spread themselves too thin across multiple ventures, ensuring that none fully succeed.
- By concentrating on a single business and consistently improving a specific service, businesses can scale significantly.
- The difference between a $30 million and a $100 million business is often just doing more of what already works.
- Refusing distractions allows us to fulfill our promises to our gym owner clients and continue to refine our existing business model.
- Sometimes, doing less—in terms of variety of tasks, not effort—is more effective and leads to greater financial success.
- Cutting out side projects and focusing on delivering exceptional service in one area is the most effective way to grow.
- Learning from a mentor who was the CEO of a $10 billion company, I've realized the importance of focus and doing one thing well.
- Avoid self-sabotage by not overloading with too many projects and instead concentrate on the main goal for better results.
Video
How To Take Action
I would suggest really focusing on your main business instead of spreading yourself too thin. Here’s how to do it:
Identify the one thing that your business does really well and stick with it. Cut out any side projects or services that don't align with your core offering.
Say no to opportunities that might seem good but will distract you from your main goal. Even if you can make a quick buck, remember that it can cost you in the long run.
Pour your energy into improving what already works. If you've got a service that's selling, find ways to sell it better. Maybe that means tweaking your sales process or ramping up your marketing efforts.
Avoid new ventures, especially if they take your attention away from your successful business. That attention is your most valuable asset. Don’t give it away lightly.
Commit fully to delivering exceptional service in your chosen niche. If you're a gym owner, this might mean saying no to online training or meal prep services and just doubling down on your in-person gym services.
If you find yourself getting bored, resist the urge to start something new. Instead, ask how you can do your boring, effective tasks even better. This is how businesses scale.
- Learn from successful people who have stayed focused on one thing. They often find that by focusing on doing a few things well, they do more, earn more, and achieve their goals faster.
So, really, just dial in on that one thing that makes money and repeat it. Over time, you’ll see your business grow without spreading yourself too thin. Concentrate on the essentials and watch the success roll in.
Quotes by Alex Hormozi
"the better you are, the better the opportunities you have to say no to"
– Alex Hormozi
"as much as you want to do the next thing, all you do is you go back to that first thing and you do it better"
– Alex Hormozi
"the only thing that changes is that a 100 million business does more of the same thing"
– Alex Hormozi
"if you look at that versus 100 million business, they’re virtually the same"
– Alex Hormozi
"sometimes you have to go slow to go fast"
– Alex Hormozi
Full Transcript
i wanted to make a another little video for you because it was on my mind and i thought it was uh i was telling someone else about the story and i figured i might as well share with you guys so um so some of you guys might know uh we were just at the funnel hacking live event where some of the speakers were talking about high ticket sales and um you know we won in one of the rewards which is like it's called the axe award which is um it means you did over 10 million in sales which is pretty cool um i mean we were excited about it but i mean it's awesome but the the thing that happened afterwards is where i kind of want to bring the lesson home so i had a couple people after we you know spoke and um we were kind of showcased as kind of a success story type thing um who were like hey you know could you consult for my business i'd like to do something like this in my space and chiropractors and dentists or blah blah blah right and people um offer to pay us 50 000 for a single day we have two people come up and offer that for us to kind of coach them on their business help them scale help them start doing high ticket whatever right and my wife uh before i even had a chance to answer the question um step forward and said no we don't do that and um i wanted to kind of highlight why it was important and why um why that kind of attitude has helped us grow so fast and so what happens is you you know continue to scale and continue to make more money continue to have stuff that works is that the better you are the better the opportunities that you have to say no to are and so what happens especially as entrepreneurs a lot of times we see things that we're like man this would be so cool i got like six businesses and like none of them really make money but like i'm like i don't know which one i'm gonna do but i'm gonna invest in all of them and like i'm gonna see which one takes off but like that's fundamentally flawed because you as an entrepreneur make any business take off and any single business can be as big as you want it to be and so all you're doing when you're diluting your attention is you're diluting your attention and then ultimately you're ensuring that none of them will work right and so we turn down these two 50 000 a day consulting clients because the attention that that would take is going to take more from our business than it will give us um and making decisions in that way has been probably the number one thing that has grown us to where we are now i can't tell you the amount of guys who i think are um than we are and it's because they can't focus like they cannot focus they can't stick to one thing they do launch after launch they switch product they switch industries they switch customer avatars they're like i was thinking about doing this and i was doing this and um they just can't stick with it right and if you look at our business right and if you look at our gym model and then if you look at our current gym launch business it's all about doing the same thing over and over and over again and it's so boring it's so boring right all you do is you get really good at doing one thing and then that's it and as much as you want to do the next thing all you do is you go back to that first thing and you do it better and you do it better and you do it better right and that's all you do is you continue to scale if you look at the difference between a 30 million dollar your business and 100 million your business so right now we're on pace for a 30 million uh run rate is where we're at now um if you look at that versus 100 million business they're virtually the same the only thing that changes is that a 100 million business does more of the same thing they just do more instead of having 10 set five sales a day they do 15 sales a day that's it it's the only difference they're not doing new verticals they're not constantly um trying to sell different things they usually cut focus on the same customer avatar and they solve the same problem that they're really good at solving they sell it better and that's it and so by us turning down these 250 000 a day consulting deals um i can guarantee you that having that fitness is what has been some of the reasons for our success is that we've been able to focus on doing one for you to not look at if you're a gym owner not look at online training not look at meal prep services not look at um all the many things that you can do that will distract you um you know doing this jv or doing this this 50 50 thing with my buddy who's got this little thing going on the side like there are always things but i can guarantee you that they always have strings attached and the strings are attached to your attention and that's the most valuable asset you have now your time it's your attention and so even if we did do this 50 000 consulting day even if we did do this fifty thousand dollar consulting day um what would end up happening is that person after that dance would still try and take attention and ultimately what that'll do not allow us to fulfill on the promise that we made to our initial gym owners who came to us and so if i take that same amount of attention and then i put it towards the existing model we have and brick vibrate continue to stack don't make more and more and more focusing on those fundamentals than you want anything else so um sometimes you got to do more to do less and i had a mentor once sometimes you got to go slow to go fast and i really believe in that and he was the ceo of a 10 billion dollar company with a b 10 billion and um i had an extended period of time where i was working really really closely with him and i learned a lot of things from him and um that was one of them was that sometimes you have to go slow to go fast and sometimes you just gotta get good at one thing and all you have to do is focus on doing that thing more and more despite being an entrepreneur and wanting to do lots of things the ones who make the most money are the ones who do the least right and by at least i'm not saying you don't work i'm saying you do the least amount of things and you just do a few things extremely well so double down on that don't get distracted with shiny objects the better you are the better the opportunities you have to say no to so keep that in the back of your mind say no to the meal prep service say no to the the online training thing say hello to the training from afar say no to the the you know the little corporate deal that you might be able to set up um because they will distract you from the main thing because those are not the end goal and if you have the gym selling them giving amazing results get them send more people to you and do that over and over and over and over again and then one day you will look up and you'll be really really that's the point all right it's awesome a lot of us are just used to struggle and we basically self sabotage um by just putting us more stuff on a stuff on our plate rather than just focusing some of you guys right now have multiple things on your plate and you can't focus on it um but imagine if you only had one thing to focus on maybe it was one location you have three and you know you should have done it you should have only had one how easy would it be to make money with one location super easy because you have all your attention on it right but some of you are making attention with three right maybe not making money with three same thing if you're multiple businesses you can't make it right a lot of times because your attention's still split so focus in on one thing that makes you money and do that over and over and over and over again until you're sick of it and then do more of it and i promise you'll make money all right lots of love guys hope you have an amazing day i'll catch you guys [Music] you
