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Do the thing that costs you no time to do, and then do it 10 times.
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- And he was like, "I want to have more stores." I was like, "Then don't do that.
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Locally archived YouTube transcript with timecodes. Speakers are assigned heuristically and may be corrected editorially.
0:00I was having my monthly haircut with my barber. He was like, "Yeah, I want to add in like some vintage clothing and stuff. Increases LTV." Do you want to have one shop that makes a lot of money, or do you want to have many stores? And he was like, "I want to have more stores." I was like, "Then don't do that. You want to keep the base unit as simply possible because you, as the single owner, can manage multiple things. And you could squeeze one store, but if you want to have 10, do the thing that costs you no time to do and then do it 10 times. For example, this guy was still cutting hair. Half his income was from him cutting hair. Half his income is from all the chairs. He makes a margin on all the chairs he rents. Let me just get this straight. You make half your income, and that income costs you no time. He was like, "Yeah." I was like, "And the other half of your income costs you all your time." He was like, "Yeah." What if you just opened a second one and cut and got rid of all of your haircuts, lived on the less here, and opened a second one? Because then you make the same money, and now all of a sudden you have double the cash flow.
0:52Open a third. That's the the scale model.