00:43:57 · Alex Hormozi, John Coogan, Jordi Hays
[00:43:57] S3: I think it's barbell. Mhmm. So it's either, like, make it the Mona Lisa Yeah. And, like, play to win that game Mhmm. Or you're in the volume game. Mhmm. And the volume is just value per second and just trying to get as many of those seconds out as you possibly can. Sure. And, like, I just think it's it's it's both. And they're I think they serve they serve different objectives. To your point of, like, you gain authority in different ways, it's definitely there's an element that it shifts the brand. Yeah. There's access to new distribution or eyeballs. All of that happens over here. Yeah. But over here, I think, is where you get a lot of the closer to buying behavior, believe it or not. And so I see this as more top of funnel, and this is, like, closer to middle and bottom. Yeah. Obviously, you can get discoverability. Like I said, this is full stack, but you get way closer to purchase it on the site. [00:44:35] S0: Yeah. Is there can we offer you a Diet Coke? Can we offer you anything? We have a variety of beverages if you'd like. [00:44:41] S1: What's a category of business that you haven't built or invested in that you're excited to at some point? [00:44:49] S3: I'm still looking for the the magical med spa. I think med spas are super I love pseudo medical [00:44:55] S0: Mhmm. [00:44:56] S3: Because you [00:44:57] S1: What's maxing?
00:44:57 · Jordi Hays, Alex Hormozi
[00:44:57] S1: What's maxing? [00:44:58] S3: Yeah. All of it. Well, think about it. Like, there's this aging population that has more money than anyone else. They don't want to age. They see the Brian Johnsons. Yeah. Like, it is the zeitgeist of right now of, like, I wanna live forever. I wanna look beautiful and young forever, and they have all the money. And so if you look at the demand side of that, it's huge. Yeah. When you look at the supply Mhmm. Med spas are are they're still wildly understaffed. And I know this because I see business owners every single week. Yeah. And so I have, like, there's handful of categories right now that I'll meet business owners, and they're doing better than they should be. Like, there's some business owners I meet. [00:45:30] S1: I met a med spa owner when I first moved to LA. They had started their business and within a year, they were doing like 1,200,000 of like like straight free cash flow off of like $400,000 invested. Yeah. Yeah. It was like actually unbelievable. Yes, the entrepreneur in this case was like very talented. [00:45:47] S3: Mhmm. Because he watches this and he's Oh yeah, he's great though.
00:45:47 · Alex Hormozi, Jordi Hays, John Nay, John McElhone, John Coogan
[00:45:47] S3: Mhmm. Because he watches this and he's Oh yeah, he's great though. [00:45:49] S1: No, but this was this was, But you know, years yeah, I'm I'm surprised that also like differentiated shots at that category because if you look at like, I would expect Brian Johnson to do something like this. Right? Because there's a lot of people that follow him and he has, you know, as many maybe he probably has like 10 times as many like critics as he does people that are like, I'm gonna do exactly what he's gonna do. But that group of people that will just like copy what he's doing is actually pretty pretty meaningful. Right? Huge. [00:46:17] S6: And so [00:46:18] S1: MedsBoss, you go into these like high ticket kind of like procedures, treatments, things like that. To me, that's where I think he could really start to print. [00:46:27] S3: He had 1,200 people apply for his million dollar per year thing. 1,200. Do that math. Yeah. Yeah. Real fast. That's right. [00:46:35] S5: That's a [00:46:35] S3: lot of money. And then there was a $60,000 per year thing that was underneath and multiply that by just probably an order of magnitude greater. Yeah. Wildly underestimated. So you take that and then you have these 10,000 or 15,000 med spas that exist. [00:46:46] S0: It's like,
00:46:46 · John Coogan, Alex Hormozi, Jordi Hays
[00:46:46] S0: It's like, [00:46:47] S3: it's nothing. And the it's super fragmented because still no one's really, like, gobbled that up well. Not that that I've seen. And to your point of, like, when I asked them, like, hey. So what are you doing right now to get your 6,000,000 a year top line and, you know, 40% margins? And they're like, kinda just, you know we just opened up and put the sign up and you just did a good job. And and, you know, you know, people customers tell customers, like, you know, that's not how it fucking works. [00:47:10] S1: Yeah. And it's not how it's gonna work forever. [00:47:12] S3: No. They're just in a completely supply constrained environment. They just don't know it because when you're on the inside, don't know. You're like, oh, I'm doing a job. [00:47:18] S0: Is part of the problem that a lot of the med spa, like, founders get a little bit too sucked into the bio hacker nature of these things and it feels a little bit too scientific? [00:47:28] S1: Think it's that at all. I think it's like it's it's so short term. A lot of the med spas, I think, are, like, very short term cosmetic driven. Like, how do we make you look good for the next three to six months? Is not necessarily what makes you look good over the next three to six years or over the next few decades. So that's at least generally [00:47:50] S3: There's a slice for Johnson to attack, which he obviously that's he's a very smart dude.
00:47:50 · Alex Hormozi, John Coogan, Jordi Hays
[00:47:50] S3: There's a slice for Johnson to attack, which he obviously that's he's a very smart dude. [00:47:54] S0: Yeah. Yeah. How would you attack the problem? Roll up, find a bunch of operators, put them together, start start something from scratch? [00:48:01] S3: I mean yeah. I mean, the roll bottle would make the most sense. Yeah. The thing is is like de novo is not that expensive. Sure. Yeah. And if you are a good operator, you can go into Smash. Yeah. Yeah. Because when when people are coming in when your when your CAC is zero and your and your gross margins on these services are absurd Mhmm. The the actual difficulty in that model right now is getting the talent for the technicians because because it's supply constrained at the business level, it's also supply constrained at the talent level. Yep. [00:48:27] S1: Yeah. And so And it's so easy for them to open up a door. Exactly.
00:48:27 · Jordi Hays, Alex Hormozi, John Coogan
[00:48:27] S1: Yeah. And so And it's so easy for them to open up a door. Exactly. [00:48:30] S3: They hang their own shingle. They take the customers, and, like, that's the issue that those companies have. And so the key to really winning that game is having a really good talent strategy for how do I make their lifestyles? How do I how do I compensate them as directly as possible on what they're generating? And get it to the point where my godfather is in wealth management, and he's a really cool model. He's managed several billion dollars and he but he started at nothing and built it all himself. And his big thing was and his big thing was basically letting the other person have a little more. Yeah. And so it's like, he'll he's like, I'll give you 51 so that you don't ever wanna leave [00:49:03] S1: Sure. [00:49:04] S3: But then you do all the work. [00:49:05] S1: Yeah. It probably looks more like a law firm over time. [00:49:07] S3: A 100%. It's more of a partner pro and to be fair, if you've been to any of these, I would say it's a high touch service. They're they're not loyal to the business. They're loyal to the girl who does her injections or does their lasers or whatever. [00:49:16] S0: Yeah. [00:49:17] S3: Yeah. And so it's like we just gotta tie those people in like a partner firm. Yeah. [00:49:21] S1: Speaking of Brian Johnson, do you care at all about living forever?