Helping A Failing Business Owner Fix His Business | Ep 870

In this episode, Alex Hormozi speaks with Alexi Omar, a legal attorney for musicians who is facing severe financial difficulties, having lost $100,000 over the past year. They start by breaking down Omar's business units, including services, education, and software, revealing that, despite a total revenue of $300,000, he is struggling to generate profit. Hormozi identifies that most sales lead comes from Instagram DMs rather than from the business's website.

The conversation shifts toward effective customer engagements, where Hormozi encourages Omar to focus on the profitable service aspect of his business rather than spreading his attention across education and software initiatives that don't yield returns. They outline a plan that centers around utilizing Omar's established online presence to create an effective sales funnel through YouTube and Instagram, directing all traffic toward consultations that convert into high-ticket service offerings. Hormozi advises on using VSLs (Video Sales Letters) for better preparation of leads before sales calls and emphasizes the importance of selling outcomes rather than hourly services.

They discuss pricing strategies, aiming to elevate the average sale to $5,800, which would sustain Omar's business expenses while further supporting the musicians he assists. The episode concludes with Hormozi expressing optimism for Omar's potential growth in income and scalability, highlighting that the primary goal should be profitability. Overall, it’s a practical session focused on reorienting the business towards high-yield activities.

Key Takeaways

• Focus on profitable services instead of spreading resources across multiple business units.
• Utilize social media for better customer engagement and conversion into high-ticket services.
• Implement sales strategies that focus on selling outcomes rather than billing hourly.