The Game with Alex Hormozi - Why I turned down two people who offered me $50k for a single day of coaching/consulting | Ep 224

Episode Date: July 31, 2020

Your focus determines your reality. Today, Alex (@AlexHormozi) shares with us a time when he was asked to be a coach/consultant and what was the reason he ultimately said no to these offers (even if they were willing to pay a high amount for his time).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:(1:45) - Better journey, better opportunities to say no, avoid distractions(3:22) - Focus on scaling business, more of the same thing(4:59) - Attention on other things, build onto existing model(5:58) - Avoid shiny objects, better opportunities to say noFollow Alex Hormozi’s Socials:LinkedIn | Instagram | Facebook | YouTube | Twitter | Acquisition

Welcome back to the Jim Secrets podcast. This week we're listening in to an episode that actually aired in March of 2018. But don't let that throw you. It's just as relevant today as it was then. Enjoy. Hey, what's going on, everyone? Happy, happy hump day. I wanted to make another little video for you because it was on my mind and I thought

I was telling someone else about the story and I figured I might as well share it with you guys. So, some of you guys might know, we were just at the Funnel Hacking Live event. some of the speakers were talking about high ticket sales. And, you know, we won, you know, one of the awards, which is like, it's called the Axe Award, which is, it means you did over 10 million in sales, which is pretty cool. I mean, we were excited about it, but, I mean, it's awesome. But 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 we were kind of showcased as kind of a success story type thing.

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 offer to pay us $50,000 for a single day. We had 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, before I even had a chance to answer the question, step forward and said, no, we don't do that. And I wanted to kind of highlight why it was important and why that kind of attitude has

helped us grow so fast. And so what happens is you 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 don't know which one I'm going to do, but I'm going to invest in

of them and like, I'm going to see which one takes off. But like, that's fundamentally flawed because you as an entrepreneur can 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 $250,000 a day consulting clients because the attention that would take is going to take more from our business than it will give us. And making decisions in that way has been probably the,

the number one thing that has grown as to where we are now. I can't tell you the amount of guys who I think are 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, well, I was thinking about doing this. And I was doing this. And 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. And that's all you do as you continue to scale. If you look at the difference between a $30 million your business and $100 million your business. So right now we're on piece for a $30 million run rate is where we're at now.

If you look at that versus $100 million business, they're virtually the same. The only thing that changes is that $100 million business does more of the same thing. They just do more. Instead of having 10, 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 trying to sell different things.

They usually focus on the same customer avatar and they solve the same problem, but they're really good at solving. They solve it better. And that's it. And so by us turning down these $250,000 day consulting deals, I can guarantee you that having that is what has been some of the reason for our success is that we've been able to focus I'm doing one. I implore 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 all the many things that you can do that will distract you, you know, doing this JV or doing 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. Mosy Nation real quick, if you are a business owner that has a big old business, and wants to get to a much bigger business, going to $50, $100 million plus.

We would love to talk to you. And if you like that, we would like to hear more about it. Go to acquisition.com. You can play anywhere on the page and talk to one of our team and see if we can help you get there. 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 $50,000 consulting day, what would end up happening is that person after that day was still trying to take attention and ultimately what that will do 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 by brick continue to stack,

you'll make more and more and more focusing on those fundamentals than you want anything else. So sometimes you've got to do more, do less. And I had a mentor once in, sometimes you've got to go slow to go fast. And I really believe in that. And he was a CEO of a $10 billion. company with a B, 10 billion.

And 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 that was one of them, because sometimes you have to go slow to go fast. And sometimes you just got to get good at one thing. And all you have to do is focusing 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 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 online training thing.

Say no to the training from far. Say no to the, you know, the little corporate deal that you might be able to set up because they will distract you from the main thing because those are not the end goal. And if you have the gym, selling them, give an 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 the struggle and basically self-sabotage by just putting more 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. 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. But some of you are making attention with three, right? May not make money with three. Same thing. If you have multiple businesses, you can't. make it, right? A lot of times because your attention is so split. So focus in the one thing

that makes you money and do that 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. We'll have an amazing day. I'll get you guys on the flip side. Right.