The Game with Alex Hormozi Service-Based Business | Ep 344
Nov 9, 2021
Discover four innovative approaches to packaging a service-based business for increased profitability! Learn about the pros and cons of privately held chains, franchising, licensing, and software solutions. Alex shares practical insights from his journey in scaling businesses and highlights the importance of choosing the right model. Uncover the strategies that can keep customers coming back and optimize your operations for success. Tune in for a masterclass on turning service into profit!
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Four Business Models
- Consider four business models for service-based businesses: private chains, franchises, licensing, and software.
- Analyze the pros and cons of each to determine the best fit for your business.
Private Chain Suitability
- Private chains are suitable for businesses with low build-out costs and low service requirements.
- Consider this model if your location build-out costs less than six months of first-year profit.
Licensing to Private Chain
- Alex Hormozi transitioned one of his businesses from licensing to a private chain model.
- This change led to significant growth, increasing from $500,000 to $12 million annually in 14 months.