The Business I'm Most Excited to Build Next

0:00What's a category of business that you haven't uh built or invested in uh that you're excited to at some point? >> I'm still looking for the the magical med spa. >> Um I think med spas are super I love pseudo medical. >> Um because you >> maxing >> 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 Johnson's like it is the zeitgeist of right now of like I want to live forever. I want to 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. And you look at the supply. Med spas are are t they're still wildly understaffed. And I know this because I see business owners every single week. And so I've like there's a handful of categories right now that I'll meet business owners and they're doing better than they should be.

0:46>> Like there's some business owners. >> I met a 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 1.2 2 million of like like straight free cash [laughter] flow off of like $400,000 invested. Yeah. And it was like actually unbelievable. Yes. The entrepreneur in this case was like very talented >> cuz he watches this and he's Oh yeah, he's great though. >> No, but this was this was, you know, years ago. But 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 going to do exactly what he's going to do. But that group of people that will just like copy what he's doing is actually pretty pretty meaningful, right? And so meds boss, you go into these like high ticket kind of like procedures, treatments, things like that. To me, that's where I think he could uh really start to print. He had 1,200 people apply for his million-doll per year thing.

1:50>> 1,200. Do that math >> real fast, right? >> That's a 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. It's like 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. Um, and to your point of like when I asked them like, "Hey, so what are you doing right now to get your 6 million a year topline and you know 40% margins and they're like we kind of 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 works."

2:28>> Yeah. >> And it's not how it's going to work forever. >> They're just in a completely uh supply constraint environment. They just don't know it because when you're on the inside, you don't know. You're like, "Oh, I'm doing a good job." is part of the problem that a lot of the med spa like founders get a little bit too sucked into the biohacker nature of these things and it feels a little bit too scientific. >> I don't I don't think it's that at all. I think it's like it's it's so shortterm. A lot of the med spas I think are like very short-term cosmetic driven. They're like how do we make you look good for the next 3 to 6 months

2:59>> which is not necessarily what makes you look good over the next 3 to six years >> or over the next few decades. Mhm. >> So that's at least >> generally >> there's a slice for Johnson to attack which he obviously that's he's a very smart dude. >> Yeah. >> How would you attack the problem? Roll up, find a bunch of operators, put them together, start start something from scratch. >> I mean yeah I mean the role model would make the most sense. Um but the thing is is like denovo is not that expensive.

3:25Sure. Yeah. Um, and if you are a good operator, you can go in and just smash. Yeah. Yeah. Because when when when people are coming in when you're when your CAC's zero and your your gross margins on these services are absurd, 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. And so, >> and it's so easy for them to open up a door. >> Exactly. They hang their own chindle. They take the customers and like that's the issue that those companies have. And so, um, the key to really winning that game is having a really good talent strategy for

3:57>> 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 has 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 heyo um and his big thing was uh 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 want to leave. Uh but then you do all the work.

4:23>> Yeah. It probably looks more like a law firm over time. >> Yeah. 100%. It's more of a partner pro. And to be fair, if you've been to any of these uh 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. >> And so it's like we just got to tie those people in like a partner firm. Yeah. If you like this video and you're a business owner who wants to break through your current revenue ceiling, I distilled every lesson from scaling 10 businesses past 10 million and three businesses past 100 million into a completely free scaling road map that I've used to go from 0 to 1, 0 to 10, and 0 to 100 plus. And so you can click here and you can check it out. Again, absolutely free. And since you're a business owner, appreciate you. And uh enjoy.