The Game with Alex Hormozi - When It Gets Easy, Go Hard | Ep 581

Episode Date: August 31, 2023

Strike while the iron’s hot. Today, Alex (@AlexHormozi) discusses attending a mastermind where he presented his business numbers. He shares how everyone in the room was amazed at the fact that he wasn't taking advantage of the massive potential to increase his profits by 10x. He shares the lesson of stepping up and seizing this opportunity before it's too late.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:(1:37) - Story of the mastermind, attendees suggest improving business(4:25) - Attendees see potential, suggest 10x the business overnight(6:44) - Internet culture: belief in needing multiple revenue streams for billions(9:53) - When opportunity presents itself, step up and take advantageFollow Alex Hormozi’s Socials:LinkedIn | Instagram | Facebook | YouTube | Twitter | Acquisition(This episode is a re-run. Original airdate was March 11, 2021)

There's no way to strike out. You just have to wait and wait and wait until you get the perfect pitch, that fat pitch that's in your sweet spot, and then you step up and you knock it out of the park. And if you look at the people who are the wealthiest in the world, invariably, the vast majority, made their money with one vehicle. The wealthiest people in the world see business as a game. This podcast, The Game, is my attempt at documenting the lessons I've learned

on my way to building Acquisition.com into a billion dollar portfolio. My hope is that you use the lessons to grow your business and maybe someday soon, partner with us to get to $100 million and beyond. I hope you share and enjoy. I want to tell you a story that was really impactful for me earlier on in my life and my business career. And it was when Layla and I went to the Pirates Who have Mastermind. Now, if you've ever listened to my podcast or you've been on this channel, I've talked about this before. But it was one of the most impactful experiences of my life.

And it was because I had multiple mentors who made more than me, speak belief into me and also made sure that I capitalized on the fat pitch. All right. And so I'll tell you how this went. So I was, Layla and I had just gotten married. this was 2017 May. We had just gone from, you know, me almost losing everything to this business that we had just shifted from a done for you flying out doing gym turnarounds to a consulting service, teaching other people how to do our model.

And we were doing, we were like in our second month and doing 350,000 a month. It was insane. And it was just Layla, me and an assistant over the selling over the kitchen table. It was absolutely bananas. I didn't even know. We made more money than I knew what's even do with. It was crazy. You know what I mean? We're living on $1,200 a month and taking home $340,000 of $350,000 a month. It was crazy. And so anyways, I got invited to an eight-figure mastermind. And clearly, if you're doing the math there,

I'm not making eight figures. And I felt like really out of place. I was like, are you sure you want me to come? And he was like, yeah, dude, you're going to like, you're going to blow past eight figures. And I was really? And so first person that spoke into me was Russell, which is why I'm always grateful for that. And so he saw something in me that I couldn't see for myself, which is why I think it's so valuable to to pay for mentorships and pay for, you know, people who are ahead of you to give you perspective that you lack. Because a lot of times it's beliefs, the things that you don't see that kill you, right, and that prevent you from succeeding. And so anyways, we get to this event, super nervous to speak, because all these guys are like Titan. They're all doing, you know,

10 million, 20 million, 30 million. And I think Russell at the time, I think they were doing 35 to show you how long ago it was, because now I think they're doing 150. And I got up there. It was finally my turn. And I, you know, I rode on the board and I told how our whole process worked and how much money our gyms were making on average. And Jason Fladdlyan, actually, I'll start with Alex Sharfen said. So Alex Sharfman was in the room and he's like, you have a hundred million dollar business right now. And you don't even know it. And I remember feeling like the air was sucked out of the room because I felt all of a sudden I was like really proud of what I had accomplished, but all these guys made so much more money than me that they were like, dude, you need to like,

you need to step on the gas. And I was like, what? They're like, you've got a huge thing in front of you if you like, you need to take advantage of this. And at the time, I was saying how I was like, okay, we're making $3.50 a month and I'm going to start a supplement company. And they were like, why would you want to start a supplement company? Just double your ad spend because you're not spending anything on ads right now. And I was like, okay, I guess I'll do that because I listen to these guys because it made more money than me. I was like, all right. And so that was my end all. So rather than starting another business, I just kept doing the thing that I was doing, which ended up being an amazing

piece of advice for them to give me. And I probably would have sabotaged myself. I had not paid for that. So it's like if you ever have the opportunity to spend more than you're probably comfortable with to be surrounded by people who make a lot more money than you, you will almost always disproportionately move up faster. And every time in my life, I have always disproportionately moved up faster when I can surround myself and figure out, I want them to speak into me and tell me what I cannot see. Right. I'm like, tell me what I'm missing. What am I not seeing that you can see? Right? Because for whatever your business is, right, or whatever your skill set is, I'm sure that there's, if someone who's doing something that you are very good at, you can immediately

see what's going on. It doesn't take you, it takes you two seconds. Right. You're like, oh, this is what's wrong. This is wrong. This is wrong. When I look at a business, now I can be like, oh, this is the issue, right? It's immediate. But when you don't have the context, you just run your head into the wall, wondering what's going on, right? So anyways, after the, my little presentation was over, Jason Flatley came up to me, and he had done $100 million on webinars. And I was like, man, this guy's super smart. And he was, you know, he was really aggressive and bright. And I was like, man, we got to figure something out. Or I don't want to say anything stupid. And so anyways, he comes up to me and he said, you need to 10x overnight. And I was like, what? He said,

what you're saying is true and you're making gyms this much money he's like someone bigger than you who already has all your customer base is going to take everything you have and distribute it i was like what he's like they're going to take everything you have and just destroy you before you even have a chance and i just felt even worse after this right i feel this pit in my stomach and then he leaned into me and he said when it when it gets easy is when you go hard and i remember how much i was shaken by that and leila was right next to me and i was like when it gets easy is when I go hard. When it gets easy is when you go hard. And the biggest gift I got from those guys there was that this was my fat pitch. Real quick, guys, if you can think about how you found this

podcast, somebody probably tweeted it, told you about it, shared it on Instagram or something like that. The only way this grows is through word of mouth. And so I don't run ads. I don't do sponsorships. I don't sell anything. My only ask is that you continue to pay it forward to whoever showed you or however you found out about this podcast that you do the exact same thing. So if it was a review. If it was a post, if you do that, it would mean the world to me and you'll throw some good karma out there for another entrepreneur. Right. There are only a handful of opportunities that present themselves in the course of, you know, entrepreneur's career where you have the opportunity, you have the skill. And like basically the stars align, right? Now, that being said, you have to

develop the skills so that when the opportunity presents itself, you can knock it out of the park and step up to the plate. But when I listen to Warren Buffett and he talks about the investments, right they they choose very sparingly what things they're going to invest in but when they do they back they load the truck up they go all in you know you find your sphere of confidence in and you just get pitches all day long right just like a baseball analogy you get pitched over and over but you have no strikeouts right there's no way to strike out you just have to wait and wait and wait until you get the perfect pitch that fat pitch that's in your sweet spot and then you step up and you knock it out of the park and if you look at the people who are the wealthiest in the world invariably the vast

majority made their money with one vehicle. They made all of their wealth or the vast majority of their wealth with one vehicle. And then after they made their wealth, then they diversified, right? And so this is one of the big issues that I feel like I see in the internet culture and the Instagram culture is they're like, you got to have like the billionaires have seven, you know, revenue streams. Yes, but they didn't have that to get there. Right. Now I have lots of revenue streams, but I didn't have that building this. Right. And so the idea is it looks much more like umbrella. You've got one straight path all the way up on one vehicle where you're all in invested, which is your business most of the time or your career. And then it balloons out.

Then it umbrellas out. And then you sprinkle those investments and other things because you're overly leveraged in one business. But every single one of them, most of the guys that you see all of them came from one thing that made their money. And then they sprinkled it out on top of the other vehicles. And so if you listen to Gary Vee even, he talked about one of his biggest regrets was how when Google ads were really cheap that he should have spent more for one library. And all of these things kind of collided at the same time in my life where I had, you know, I'm listening to Gary. He was saying, you know, I wish I had spent more, right? And I had Jason saying, hey, when it gets easy is when you need to go hard, all these guys are going to take all

your stuff. And then, you know, Sharfen's saying, hey, you've got a hundred million dollar company and you don't even know it. And then, you know, Russell's like, you're going to blow past day figures. And all of this stuff was spoken into me when I was just a kid. Like, you got to understand, like, I didn't know anything. Like, I knew nothing. We're doing 300,000 a month. And I was like, holy crap like what is going on is this legal i don't want to mess it up like it's just like holy and so but because of their encouragement rather than a distract myself and start another business right all we did is we i followed what they said i five x my eyes meant and and then it just took off like a freaking rocket you know what i mean we went from you know 350 to 1.5 million in the next like

five months as in per month and so it was just bonkers and i just listened to what they had said And so my my my takeaway from this and me sharing the story is that I don't know what pitches you have in front of you There are only a certain amount of times where we're going to get that fat pitch and I think we might the point of this is that if it is easy for you right now This is the time to step up I was talking to some entrepreneurs that were younger not that long ago and they went from You know next to nothing I think not next to nothing I think they were doing that that sounds horrible what I'm about to say They said they were doing like one or two million dollars a year. I didn't mean it like that. But their last month, they made like $20,000 or $30,000 in their last month of the year.

And then the next month, they hit this offer out of the freaking park. And they did $3 million and they did $5 million the next month in revenue. I mean, that's insanity. I mean, I've never heard of anything growing that fast without like a JV, you know, like some sort of joint venture thing. Like never in my life I've heard something grow that fast. And they were like, yeah, you know, we're trying to like enjoy the fruits of our labor. and not spend a ton of time on the business,

on the business. And I want it, and I got to have the opportunity to be the older person in the situation because I could see in them what I imagine people saw on me, which was like, you've got a hot one right now. Like you need to ride it hard. Like when, strike when the iron is hot, right? When the fat pitch comes, you step up

and you put everything you've got into it. And so like this is not the time to try and figure out work life balance because you're gonna have this finite window where you're gonna make disproportionate amounts of money, where you're gonna make your, generational wealth in this short gap. And we just have to hope that when that opportunity presents itself, we take full advantage. Right. If you're going to California and during the gold rush in 1849

and you start panning for gold and you start getting gold, that's not the time to say, you know what, I've made it. I'm going to stay at home. I'm only going to pan for gold an hour or two a day. Of course not, right? Because you'd be like, I got to pay, I got a try and to take as much gold out of this river as humanly possible. It seems obvious to us from the outside. But when you're in it, You have all these other things that are going on in your mind. Right. And the thing is, is that opportunity, like many, are finite. There's a defined period of time where you're going to be able to ride that wave and be early on it and crush it.

And so most people who were very wealthy had one big pitch that they swung hard on. And then after they've made it, then they sprinkle their other investments. Just don't try and reverse engineer the wrong sequence.