Deep Dive with Ali Abdaal Snippet 19: Alex Hormozi Explains How To Start Your First Business
29 snips
Apr 4, 2023 
Alex Hormozi, a successful entrepreneur with multiple businesses under his belt, shares his transformative journey from offering free training to opening a gym. He discusses the key role of customer feedback and testimonials in shaping his services. Hormozi recounts his explorations from a yogurt venture to launching a gym, highlighting the challenges of collaboration and the importance of gaining insights from industry veterans. Emphasizing experience over immediate profit, he reflects on how a frugal lifestyle fueled his entrepreneurial growth.
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Monetize Favors
- Identify problems people ask you to solve for free.
- These problems can be monetized into a business.
Free Training Project
- Alex Hormozi started with a "free training project," charging clients $500-$1000, donated to charity.
- This built goodwill, testimonials, and transitioned into a paid service.
Simple Business Needs
- Starting a business requires a bank account and payment processing.
- If you can Google these, you can start; 30 million others have.