I Solved Three $100,000,000 Business Problems | Spotify Video Exclusive
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What business problem does the appointment setting company face?
I'm going to solve three massive business problems that are going to take you from $10 to $100 million. And at the end, I'm going to walk you through the framework so that you can apply this to your business, your work, or your personal brand. I recently spoke at an event that had a Q&A section, and there were three different business owners that presented with different problems. One was an employment setting business, and they knew how to set appointments and build outbound teams for agencies, coaches, consultants, whatever. The second business was a marketing agency for HVAC business owners.
How does understanding business constraints lead to growth?
The third was actually a very big influencer with 30 to 40 million subscribers across all platforms with the objective of making more money. So each of them had very differently phrased questions, but they were all suffering from the same constraint and it wasn't what they thought it was. So the first business that asked a question was an appointment setting business.
What is the significance of building a strong business foundation?
And he was saying that his problem was that he needed to get more customers, which by the way, most of the time, that's not the problem. It's usually because the customers you have keep leaving and that's the real problem. And when we look at businesses to invest in at acquisition.com, we operate off of a singular concept, which is the theory of constraints, a business will grow up to its constraint and then it will grow no longer. Most entrepreneurs continue to work on the things that they enjoy rather than the things that the business needs. It's usually because they haven't actually identified the correct constraint. For example, if you have a three-step sales process and you get 50% to go through step one, 5% to go through step two, and then 50% to go through step three,
What challenges does the HVAC marketing agency encounter?
You could improve each of them by 10%, but which of them makes the biggest difference in your business? Going from five to 15 triples the business. Whereas the other ones only incrementally improve it by 20%. He had a very low quality of customers. The vast majority of customers didn't make enough money.
How can influencers effectively monetize their content?
They didn't stay long enough. They didn't have enough skills, et cetera. That was what he thought he had to solve. He said, okay, of all of the companies that you've ever worked with, which of them made the most money off of the appointments that you set, right? And he had a very specific answer of what type of avatar he did best with. And so there's two directions for that business. One is you niche down on your service delivery and say,
What strategies can be applied to choose the right business path?
These are the only types of businesses I'm going to take because they're going to be worth more, stay longer, refer, et cetera. That is probably the easiest next step for that business. I were going to own this business and I transplanted my brain and my experience with his body that he could own half of a 50 to a hundred million dollar business that he grows over the next five to 10 years, picking the most valuable business that he sets appointments for. What would the marketing spend be of a business that's doing $50 million a year, realistically? Probably somewhere in the neighbor of $5 to $10 million a year. So he could either partner with that business or spend a year or two learning how that business works so that then he owns both sides of it.
How can the theory of constraints be applied to various businesses?
If you partner, you can usually go faster, but you give up some of the upside because you slice the pie. It's up to you. Because most business owners, the reason they don't create valuable businesses is because they have to keep doing the same work over and over again and they don't get credit for it. They're basically sentenced to this terrible Atlas-like existence of rolling the boulder up the hill and then rolling it back down every month. But if the team that he built was 50 outbound guys this month and then next month he starts at 50 because it's all within the same company and then does another 50 and then another 50, six months later, he's got 300 outbound guys that are all still working for him
all generating revenue, that he is owning a slice of all of it.
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Chapters
8 chapters
1
What business problem does the appointment setting company face?
0:00–0:26
2
How does understanding business constraints lead to growth?
0:26–0:41
3
What is the significance of building a strong business foundation?
0:41–1:16
4
What challenges does the HVAC marketing agency encounter?
1:16–1:32
5
How can influencers effectively monetize their content?
1:32–1:53
6
What strategies can be applied to choose the right business path?
1:53–2:31
7
How can the theory of constraints be applied to various businesses?
2:31–3:56
8
What actionable insights can entrepreneurs take from this episode?
3:56–9:49