If you don’t know who Alex Hormozi is, he’s an American entrepreneur who’s net worth exceeded $100M by the time he was in his early 30s. He publishes content on social media designed to help average people succeed in the personal business of their choice.
In the video below, Alex shows viewers what business to start, who to serve, how to serve them, and how to get their first five customers.
If you’re like me, you tend to get paralyzed when making a big decision like what type of business to launch. But Alex has an answer for this. Drawing on his experience of helping thousands of people launch online businesses, he emphasizes that it’s normal not to have the perfect business idea when you start. Instead, he explains that success comes from action and iteration.
1. What?
The process begins with the “What”, using the Three Ps framework. Most businesses are born from one of the following:
- Pain
- Profession
- Passion
Pain refers to a personal problem you’ve overcome and can help others solve. Profession involves monetizing skills learned in a job, often by solving a narrow but valuable problem. Passion includes topics you obsess over naturally—what you read, watch, and think about in your free time. Any of these can become a viable business if focused on a specific problem.
2. Who?
Next is the “Who”. You choose one of three audiences:
- people like you
- people you’ve helped before (even for free)
- an underserved market.
The fastest and most sustainable option is often helping people like yourself, because you deeply understand their pain, goals, and language. Businesses built this way tend to be driven by purpose rather than pure profit.
Create an Avatar of Your Ideal Customer
You should be able to identify at least 3 of the following 5 characteristics about your ideal customer.
- Age
- Gender
- Profession
- Problem
- Interests
3. How? Part 1
First list the good stuff about your solution:
- How is your solution EASIER?
- How is your solution GUARANTEED?
- How is your solution FASTER?
- How does your solution HELP THEM EXPERIENCE THE DREAM?
4. How? Part 2
Then, list the bad stuff your solution helps your customer avoid:
- What is HARDER without your solution?
- What is RISKY without your solution?
- What is SLOW without your solution?
- What UNDESIRABLE LIFE EXPERIENCE are they having without your solution?
5. Combine
Now you put it all together in a phrase Alex calls the “Mozi Money Madlib” but you can just call your “offer“.
“I help 2. WHO get 3. HOW PART 1 without 4. HOW PART 2 through 6. UNIQUE MECHANISM.”
6. Unique Mechanism
Use some “special sauce” that gets your customer over the hump.
Create a list or sequence of steps that your customer follows to obtain the benefit of your solution. Give this list or sequence a cool name. And this process becomes your product.
7. Get Your First 5 Customers
Follow the 4 steps below whenever you meet someone for 4 hours per day or until you have your first 100 customers.
- Greeting
- Compliment
- Sentence introducing your product (See Step 5 above)
- Know anybody who could benefit from this?
Alex offers a paid coaching service that helps you implement the steps above here: https://www.skool.com/signup
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