Alex Hormozi: A Blueprint for Entrepreneurial Success

Risk and pressure of doing something entirely new. I have got a solution for you. It's called the solopreneur's Fast Track. A step by step process on how to start a business using the skills you already have and actually enjoy using. So let's say your favorite part of a previous job was email marketing. You'll learn how to start a business offering other companies advice on how they can improve their email marketing. Or maybe you are really good at integrating complicated tech tools. You can help other organizations do the same thing without the need to bring on a full time hire. So the main point here is that everything you need to start a business is already within you. You don't need a cool website or fancy tools. And by completing the course, you'll also discover a simpler approach for attracting clients without using complicated funnels or cheesy sales tactics. You can finish it over a weekend and start making money in as little as 30 days. You'll gain the clarity and confidence you need to start your business and and receive a one page business plan so you can immediately apply what you've learned. Get started today and receive a 20% discount by heading to terryrice co. Fast. That's terryrice co fast. So how do you distinguish yourself from the competition? How do you get to the point where it's almost impossible for your prospects to directly compare you to any other offer? As Alex states in his book, if there are two products or services that both help the customer achieve the same outcome, these three factors will differentiate the perceived value of each offer. The first is the likelihood of achievement, the next is the time delay between start and achievement, and the last is the effort required to meet the goal. In short, you can charge more and create a better offer by addressing these items. So let's move on to the next one. The Likelihood of Achievement People pay for certainty. In other words, how likely do I believe that I will achieve the result I'm looking for if I make this purchase? And you can increase this received likelihood of achievement in a number of ways, including your messaging, guarantees and testimonials. And your messaging can be as simple as how you describe the offer. For example, so easy even a 7 year old can do it. And by the way, I have a seven year old and she's convinced she could do anything. So this definitely works. Next up guarantees. These are helpful because they reduce risk and prove you're willing to put your money where your mouth is. Lastly, testimonials. These are even better since it involves a past client sharing their experiences and outcomes and you might be thinking, well, all that sounds great, but I'm just getting started and I don't have any testimonials yet. If that's the case, I hear you. And here's another way to increase your prospect's perceived likelihood of achievement. Create content on social media that highlights your expertise and personality. This will allow them to know, like, and trust you, even if you don't have an established track record just yet. So here's how I incorporated that part into my offer. I described how anyone can create content, even if they don't think they're creative. And I also include templates and prompts to help with that content creation process. I also share testimonials from previous clients who have worked with me on more than one occasion. And I added a guarantee. If you don't feel your team is creating content that attracts prospects within 30 days, I'll keep working with you until you get three qualified leads. So now it's your turn. Based on the example and guidelines we just discussed, jot down how you'll increase this perceived likelihood of achievement for your customers. The next driver in the value equation is time delay. How quickly can we help them achieve their goal now? In some cases, it's impossible to quickly reach a goal. For example, let's say you're setting up a new process at a company that will take months to complete. That's just how it is, but you can still deliver a quick win. So maybe it's an audit or a custom roadmap that shows exactly what needs to be addressed in order for the organization to reach their goals. Alex makes a great point in the book that highlights the importance of speed. Fast beats free. Think about it. Would you rather wait in line at the DMV or pay $10 so you can skip the line? For many of your prospects, paying $10 sounds like a great deal since it'll save them so much time and deliver immediate results. So here's what I did for my LinkedIn training offer. I pre recorded all the training videos as well as the associated exercise. That way, any client who signs up with me gets instant access so they can start reviewing the content way ahead of our live training. As a result, they've already seen signs of real progress before I even meet with them. Most of my competitors aren't doing this, so my service is automatically perceived as more valuable. All right, your turn again. How can you reduce the time delay involved with your audience achieving their outcome? Or what's one quick win you can deliver? Go ahead and jot that down alright, so by now we've covered the dream outcome your audience is searching for increasing the perceived likelihood of success and decreasing the perceived time delay between start and achievement. Now let's discuss the last part of the value equation. Decreasing the perceived effort and sacrifice involved. And this reminds me of a favorite quote by Eric Thomas, who's a motivational speaker. Everybody wants to be a beast until it's time to do what real beasts do. And that sign is actually hanging at my gym. And it reminds all of us that we have to put in work to see results. Now, unfortunately, many of your clients or customers may not want to put in that work. So you need to develop and describe the process for how you make it easier. And one option is a done for you service, meaning you're doing all the work. And while that may be time consuming, you can also charge more for it. However, it doesn't scale too well. So another option is to provide customizable templates and tools that make it easier for your customers to make progress on their own. There are several options and they'll all be unique to your business, but do not skip this step. So now that we have the core elements of your offer in place, we just need to complete two more steps. The first is aligning your audience's problems with your solutions. And the next is determining the bonuses you'll offer. We'll start by aligning your audience's problems with your solutions. And the first step is to list out all the problems your audience will have before, during, and after implementing your services. So we'll go back to my example. Here's one problem a company may run into when trying to implement my services. Some people on their team may not be creative, so how are they going to create content? That's a good question. And I can address that problem and offer a solution as part of my offer. Here goes. You will rapidly create engaging content that attracts leads and partnerships, even if you're not creative. So that alone takes care of that issue. And here's another problem. The people that I'm training don't have all day to sit around making content. They have to be working. That's how the company makes money, right? They still have a job to do and this can't get in the way of that. So here's how I can address that challenge. You will become a recognized industry thought leader without spending hours per day on social media. Again, I'm addressing the problem they have in their head and solving for it. Another problem that comes up. How can we consistently make content and coordinate with a larger team my response plan and schedule high impact content to ensure consistency, save time and align with organizational priorities. So again, I'm addressing all the issues they have in their head and saying why this is still a great solution to solve their problems. We'll do one more problem and solution and this one's really important. How do I know if this is even working? How do I know if I'm getting my money's worth from this? And here's my solution. Clearly measure the revenue impact of your content without complicated tools. So you get the point here. On your end, I want you to write down all the problems your audience may have and describe how your product or service solves these issues. Now, you'll eventually want to condense this. It should be four or five bullet points and you're going to want to display that prominently on your website and your social channels. Okay, one last thing and you'll have your irresistible offer Bonuses Everyone loves a bonus. You know, just hearing the word can catch someone's attention and increase the perceived value of your offer, along with their likelihood of purchase. Alex points out how well these work during infomercials. And you've seen it before. The presenter makes some offer, states the price, and then says but wait, there's more before describing the bonuses. This works very well, and here's why. Since the offer and price have been established or anchored, all the bonuses make the price sound like an even better deal. Because you're getting more stuff. So just pretend you're watching one of those commercials and they're selling an electronic toothbrush for 40 bucks. If the presenter swoops in and says they'll also give you a month's supply of tooth whitening toothpaste, suddenly the deal becomes exponentially better. A bonus can be anything, including increased access to you bonus videos or complimentary products. Now for my LinkedIn training program, I'm offering monthly office hours at a bonus. Any company that goes through my training can drop in on monthly office hours to ask questions and get feedback on their content. They have access to this service for a year and can renew it at the end. Now this bonus is very powerful. Since they're not just getting one training session, they can continue learning from me as they implement what they've learned. Your turn. Determine a bonus that will enhance your offer, but be sure to keep in mind how much time or effort it will take to deliver those bonuses. And that's why tools and checklists are often better than additional services or products. So now we've covered how to create your irresistible offer. And by following this framework, you'll be able to make more money while also delivering better results to your customers. But wait, there's more. See what I did there. If you want to increase the likelihood of getting a yes leverage scarcity. This can include a limited number of people who you can help per month, a specific number of items you can sell, or a deadline for when people must say yes. And of course, this only works if they're actually considering making a purchase. But it can be a powerful force in regard to moving people from consideration to commitment. And as Alex points out, fear of loss is stronger than desire for gain. So determine how you can make your offer more scarce and share that with your audience as well. And in regard to my program, I can only help two companies per month because I have a bunch of kids and you must book at least two weeks in advance because I have to prepare for it. So these are authentic constraints and mentioning them increases the likelihood of me getting a yes and getting that yes faster. So there you have it. Your guide to creating an irresistible offer. And if you enjoyed this framework, I highly recommend buying Alex's book. $100 million offers. And you know what? Let's do something different here. I'm going to give away a few copies as well. Just share your favorite takeaway from this episode on social media and Tag me at TerryRice. Thanks for listening and I'll catch up with you next time. Apply what you've learned on today's show. You'll find the show notes and more resources at TerryRice co. Podcast. Again, that's TerryRice co. Podcast, and the best way to support this podcast is by subscribing, telling a friend, and leaving a review. Also, you can get more tips by following me on Instagram R it Terry Rice, or follow me on LinkedIn. This episode was produced by Josh Wilcox of Brooklyn Podcasting Studio and edited by Dan Lardy. Special thanks to my wife, Dominique, for keeping our kids relatively quiet as I recorded. Thanks again for listening. I'll see you next time.