VIDEO
TITLE: How to Grow a Bootstrapped Business Without Running Out of Cash
URL: https://youtu.be/WkkBosm6mmg
PRIMARY_TOPIC: guarantees
TOPICS: guarantees

[0:00] YouTube https://youtu.be/WkkBosm6mmg?t=0 || How to Grow a Bootstrapped Business Without Running Out of Cash
So, what is payback period? It's how quickly you can recover the cost of getting a customer. Now, for me, ideally, I try to do it within 30 days. So, payback period in general is how fast you get the money back from what it cost you to get somebody. My goal is within 30 days. Why? Because just about

[0:15] YouTube https://youtu.be/WkkBosm6mmg?t=8 || How to Grow a Bootstrapped Business Without Running Out of Cash
every business owner, at least in America, and at least the developed world can typically gain access to a credit card, which gives you 30 days of interest free money. Now, the reason that's important is that if you have interest free money, then it means that you can grow without money out of pocket. And that allows you to have

[0:28] YouTube https://youtu.be/WkkBosm6mmg?t=21 || How to Grow a Bootstrapped Business Without Running Out of Cash
limitless growth. If it if I can take a $100 of credit card money, which I don't have to pay anything for until the end of the month, and I can take that $100 and go get me a customer, and at the end of the month, make that $100 back, then at the end of the month, I owe no one anything, and I now have a customer.

[0:43] YouTube https://youtu.be/WkkBosm6mmg?t=36 || How to Grow a Bootstrapped Business Without Running Out of Cash
That is the power of this. Now, you can repeat that at infin item, which is Latin for lots of times. It's into infinity, but let's not get let's not get too technical. Um, so the reason that I use that as my as my as my rule of thumb is for that very practical reason. Now you might think to yourself,

[1:00] YouTube https://youtu.be/WkkBosm6mmg?t=53 || How to Grow a Bootstrapped Business Without Running Out of Cash
well our payback period is 90 days. There's nothing wrong with that. It's the same as like you know we had LTV to CACM launch of 100 to1. It didn't stay 100 to one. It was 1001 the first year right and over time it ended up being somewhere in the neighborhood of 30-ish to1. Um but the idea because as you

[1:14] YouTube https://youtu.be/WkkBosm6mmg?t=67 || How to Grow a Bootstrapped Business Without Running Out of Cash
scale more levels of of infrastructure will get introduced to the business and so that will drive down operating margins and that's okay as long as you have a business that scales. Now back to payback period. You could I want to shift the perspective on this which is that like even if you currently spend and get paid

[1:33] YouTube https://youtu.be/WkkBosm6mmg?t=86 || How to Grow a Bootstrapped Business Without Running Out of Cash
back in 90. You should still think to yourself like is there a way is there a money model? Is there a setup? Is there a configuration of pricing and products of what I currently have without introducing operational drag or too much operational drag that could pull cash forward? And functionally this is

[1:50] YouTube https://youtu.be/WkkBosm6mmg?t=103 || How to Grow a Bootstrapped Business Without Running Out of Cash
literally what the entire book for money models was about was driving more cash flow forward. Now, if you have a business where you're funded from the outside, A or B, you're very large business that has huge capital reserves, you have a huge base of recurring customers, then you can get more aggressive, of course, right? Like, if

[2:04] YouTube https://youtu.be/WkkBosm6mmg?t=117 || How to Grow a Bootstrapped Business Without Running Out of Cash
if you're going to go head-to-head with, you know, Apple, then sure, they can they don't need to get their money back in 30 days. I mean, they are a bank at this point. Like, they can they can borrow money from the entire world and and fund whatever they want. Um, but for again, everybody who's watching this,

[2:19] YouTube https://youtu.be/WkkBosm6mmg?t=132 || How to Grow a Bootstrapped Business Without Running Out of Cash
most of you guys are bootstrapped. Actually, can we do a poll real quick? Can we do a poll? Yeah. All right. Let's say who here is bootstrapped versus has investors. That's it. Bootstrapped versus investors. Um and if you don't own a business, you can actually put third uh wage. Wiji as the third option. All

[2:40] YouTube https://youtu.be/WkkBosm6mmg?t=153 || How to Grow a Bootstrapped Business Without Running Out of Cash
right. So, wage bootstrapped and and investor. No, no. I want to get I want to get the poll answers. Put it in the poll. Don't put it in the chat. Put it in the poll. I've already seen Bootstrap. Justin. Justin, such a Get these wages out of here. I think that might become permanent. Okay, put put it in there. Put it in

[3:01] YouTube https://youtu.be/WkkBosm6mmg?t=174 || How to Grow a Bootstrapped Business Without Running Out of Cash
there. I want to see I want to see. Okay, 97 votes, 16. Okay, we got 200 votes. Okay, great. Let me see what we got. What? Let me see some results. Brazil tales. See what we got. Okay. 21% investor. Okay. Great. So, one out of 25 of you guys, you don't have to worry about the payback period, but you still should.

[3:32] YouTube https://youtu.be/WkkBosm6mmg?t=205 || How to Grow a Bootstrapped Business Without Running Out of Cash
Uh, which is all the investor bros. Now, all the guys who have in outside investors, I promise you, you will get investors frothing at the mouth if you can uh show that you can get payback grade within 30 days. Number one. Number two, if you have payback period in 30 days, guess what? You also don't need

[3:48] YouTube https://youtu.be/WkkBosm6mmg?t=221 || How to Grow a Bootstrapped Business Without Running Out of Cash
investors because you don't need their money to scale, which gives you a huge amount of leverage into when you're getting into your fundraising period. Now, that's the one out of 25. For the other 20 out of 25 of you who are bootstrap business owners, y'all are like me, which is that I like Bank of Alex is what's funding this stuff. And

[4:06] YouTube https://youtu.be/WkkBosm6mmg?t=239 || How to Grow a Bootstrapped Business Without Running Out of Cash
so, we have to think, are there initiation fees? Are there setup fees? Are there is there an onboarding process? Is there an on-ramp? Is there a front-end defined program or setup that I can sell? Can I can I bundle in some sort of physical product upfront with my services? Can I sell a bundle of an

[4:24] YouTube https://youtu.be/WkkBosm6mmg?t=257 || How to Grow a Bootstrapped Business Without Running Out of Cash
extended period of time to cash flow at day one? Can I do a buy one get two? Can I get them to pay for the last month up front? All of these are different tactical versions of solving for the same problem, which is I want to pull cash forward so I can recover CAC within that first month. Because when that

[4:40] YouTube https://youtu.be/WkkBosm6mmg?t=273 || How to Grow a Bootstrapped Business Without Running Out of Cash
happens, I'm telling you, like all of my businesses, every single one that's gotten really big, we have been able to recover what it cost us to get a customer in the in the first 30 days. Period. So, it's the strongest recommendation I can give you. Real quick, I'm going to show you the exact 10stage road map from

[4:56] YouTube https://youtu.be/WkkBosm6mmg?t=289 || How to Grow a Bootstrapped Business Without Running Out of Cash
zero to 100 million plus that less than 1% of companies finish. I've now done multiple times. And so, I can say with a lot of confidence that these are the stages as headcount increases that you need to get through. And I broke each of these down by eight different functions of the business. What the constraint

[5:12] YouTube https://youtu.be/WkkBosm6mmg?t=305 || How to Grow a Bootstrapped Business Without Running Out of Cash
feels like, like what are the symptoms of it when you're going through it, and then what steps we actually took to graduate. And we've done this across software, physical products, uh, service businesses, brickandmortar, all of this. And it works. And it's my gift to you. It's absolutely free. And so the link's

[5:26] YouTube https://youtu.be/WkkBosm6mmg?t=319 || How to Grow a Bootstrapped Business Without Running Out of Cash
in the description, but you just go acquisition.comromadap, just enter your info, and it'll spit it right back to you. Offering.


VIDEO
TITLE: My Favorite Offer for Home Service Businesses
URL: https://youtu.be/_9tKTLQqIcc
PRIMARY_TOPIC: guarantees
TOPICS: guarantees

[0:00] YouTube https://youtu.be/_9tKTLQqIcc?t=0 || My Favorite Offer for Home Service Businesses
any kind of home service, the big issue is commoditization, right? Like there's huge demand for it, there's not a lot of supply, and so people are going to make money without really a lot of scale. Um, and so then you have bad players who underpric because and then basically it's a race to the bottom, which sucks, right? And

[0:15] YouTube https://youtu.be/_9tKTLQqIcc?t=8 || My Favorite Offer for Home Service Businesses
so with on time, on budget, the big concerns that every consumer or every homeowner has is is this going to be is this going to be on time? Is it going to be on budget, right? Um, and so with an on bud on time on budget guarantee, what we do is we say, so you already raised your prices, but I would say like you could probably get

[0:34] YouTube https://youtu.be/_9tKTLQqIcc?t=27 || My Favorite Offer for Home Service Businesses
away with raising them even more. But this is my process of doing this is like we're going to bump price by 20%. And then this gives you all the leverage you need in the conversation. So if I'm talking to a homeowner, I say, "Listen," they're like, "Well, I've got, you know, two other quotes for less." It's like,

[0:53] YouTube https://youtu.be/_9tKTLQqIcc?t=46 || My Favorite Offer for Home Service Businesses
"Oh, yeah. Um, did they guarantee time and budget? No one will. Uh, it's like, oh yeah, well then I can do it for a dollar as long as I don't have to guarantee time and budget. And then they're like, oh. And like, right, it's complete make believe with me. When you pay this, you know that it will be done

[1:08] YouTube https://youtu.be/_9tKTLQqIcc?t=61 || My Favorite Offer for Home Service Businesses
by this time and it will be done under this number. Period. And if it's not, I'll give you my profit, which I run 20% margins. I'll give you 20% back. Right? And we just bump it by 20% and you capture it on everyone else. And you're probably not going to do it. What makes this now here's what makes it a

[1:24] YouTube https://youtu.be/_9tKTLQqIcc?t=77 || My Favorite Offer for Home Service Businesses
little even sexier is that this guarantee is contingent on one very important thing which is that they don't change their mind which of course they're going to change their mind obviously. Of course. And so and so so this allows you to win every bid. But then you say, "Hey, to be clear, I can guarantee this as long as you're

[1:40] YouTube https://youtu.be/_9tKTLQqIcc?t=93 || My Favorite Offer for Home Service Businesses
good that this is what we're doing." Yeah. But then they're like, "Actually, I kind of want the other turf or I want that edge. Can you cover that area over there?" You're like, "Absolutely can. I can't stick with this anymore, but like I'm still gonna try and hit that goal, but I just want to make sure that you're

[1:52] YouTube https://youtu.be/_9tKTLQqIcc?t=105 || My Favorite Offer for Home Service Businesses
clear like I can't like you just change the terms. Yeah. And everyone's like, "Yeah, I want the extra." Great. So that's the kind of like no change contingency which protects you. And then in the in the rare circumstance where you some they don't change their mind and you somehow go over, you just give back the price raise that

[2:14] YouTube https://youtu.be/_9tKTLQqIcc?t=127 || My Favorite Offer for Home Service Businesses
we just did, right? And so you keep what you were going to make anyways. And so this covers you on both sides. Whenever you're in a commoditized business, um you're not obviously the goal is not to be in one, but it's like you either have to win on risk as in you are less risky, which is what a brand premium does, is

[2:29] YouTube https://youtu.be/_9tKTLQqIcc?t=142 || My Favorite Offer for Home Service Businesses
that like people believe that you're they're more likely to get the good result because of your reputation. That's the inverse of that. You now you can put covenants and guarantees if you don't have a brand, but long term it's reputation. The next one is speed. Like if they if you I mean if you could get

[2:42] YouTube https://youtu.be/_9tKTLQqIcc?t=155 || My Favorite Offer for Home Service Businesses
the horses healed faster than somebody else, that's valuable, right? or if you could see the horse faster than somebody else, that's valuable. Um, and then, uh, ease, right? Like how do I make it less friction for you so that you can just drop the keys off, you know, functionally, um, and not have to worry

[2:59] YouTube https://youtu.be/_9tKTLQqIcc?t=172 || My Favorite Offer for Home Service Businesses
about anything else. Yeah. But that's like, and we just like whenever we're trying to work with a business that's like relatively commoditized, happens a lot in home services, um, is we just try and figure out which of those three vectors of value we can we feel like that that business can win on. Sometimes it's

[3:15] YouTube https://youtu.be/_9tKTLQqIcc?t=188 || My Favorite Offer for Home Service Businesses
speed, sometimes it's risk. Like they never have defects. Like it depends on the business and we just we that's part of the discovery. I know yours is speed because you're faster than your competitors. It's like that makes sense. Real quick, if you're a business owner and you are not growing as fast as you'd

[3:27] YouTube https://youtu.be/_9tKTLQqIcc?t=200 || My Favorite Offer for Home Service Businesses
like, I'd like to give you a free gift. So my team and I put together the $100 million scaling road map, which is basically 200 hours of us looking over all the portfolio companies we've had and what stages of growth they went through and more importantly where they got stuck and how they got past it. And

[3:42] YouTube https://youtu.be/_9tKTLQqIcc?t=215 || My Favorite Offer for Home Service Businesses
so we broke it into these 10 stages and we made this little kind of quiz thing where if you put in your business information, it'll tell you where you're at. And the most important part for you, what to do for each of functions of the business across product, marketing, sales, customer success, recruiting, IT,

[3:54] YouTube https://youtu.be/_9tKTLQqIcc?t=227 || My Favorite Offer for Home Service Businesses
human resources, and finance. And so no matter what you're struggling with, someone else has already struggled with it and solved it. And so I'd like to give you this thing absolutely free. You can go to acquisition.com/roadmap, plug in your business information. And if you want us to actually help you

[4:08] YouTube https://youtu.be/_9tKTLQqIcc?t=241 || My Favorite Offer for Home Service Businesses
deconstrain the business and you're trying to scale, we'd love to help you out on the thank you page genius. book a call with my team and we will look at the business, see if we can help, and if we can, we'll invite you out to Vegas and we'll do this in person live.


VIDEO
TITLE: Why Partnerships Make You Poorer
URL: https://youtu.be/lafoLRXSiUQ
PRIMARY_TOPIC: guarantees
TOPICS: guarantees

[0:00] YouTube https://youtu.be/lafoLRXSiUQ?t=0 || Why Partnerships Make You Poorer
should only have to get rich once. In other words, don't bet what you have and need for something you don't have and don't need. And some of the gravest mistakes I made manifested in, for example, me getting into a partnership that I shouldn't have gotten into because I wanted even more faster. Now,

[0:18] YouTube https://youtu.be/lafoLRXSiUQ?t=11 || Why Partnerships Make You Poorer
when you get into a partnership, which is usually the time where you put the most risk on the table, one is you guarantee the largest decrease in your earning power. pay with the most expensive thing you have, which is equity to somebody else. And so people get obsessive about what they're they're, you know, 5% 10% later when

[0:35] YouTube https://youtu.be/lafoLRXSiUQ?t=28 || Why Partnerships Make You Poorer
we're making money, but day one they're like, "All right, we cut the pie in half. Oh, we cut the pie into thirds." Right up front before anything's really happened. If you work with a partner or decide to partner up with somebody, one of your friends, one of your co-workers, this is coming from somebody who has

[0:49] YouTube https://youtu.be/lafoLRXSiUQ?t=42 || Why Partnerships Make You Poorer
nine failed partnerships before I met Leila and then that has now worked and now I have successful partnerships. A partner needs to have one of these three things that you do not have. They either have to have money that you don't have. And then the clear contribution is that money. They need to have experience you

[1:05] YouTube https://youtu.be/lafoLRXSiUQ?t=58 || Why Partnerships Make You Poorer
don't have. And the clear contribution is that experience. Or number three, they have time and energy that you don't have. And the clear contribution is that time and energy. And so I added that second part on is that just because someone has experience, if they're not contributing it to the partnership

[1:19] YouTube https://youtu.be/lafoLRXSiUQ?t=72 || Why Partnerships Make You Poorer
clearly, then you're still not going to get the benefit from it. If they have the time and the energy, but it's not clearly defined how they're going to invest that time and energy into the things you both get a return, then it's not going to be a good partnership. And I've lost so much money in partnerships,

[1:32] YouTube https://youtu.be/lafoLRXSiUQ?t=85 || Why Partnerships Make You Poorer
especially early on. One of my two big losses was from a partner. And a big part of it was I was insecure and I thought I just had to have somebody else cuz I was afraid to do it on my own. Real quick, if you're a business owner and you are not growing as fast as you'd like, I'd like to give you a free gift.

[1:47] YouTube https://youtu.be/lafoLRXSiUQ?t=100 || Why Partnerships Make You Poorer
So my team and I put together the $100 million scaling roadmap, which is basically 200 hours of us looking over all the portfolio companies we've had and what stages of growth they went through and more importantly where they got stuck and how they got past it. And so we broke it into these 10 stages and

[2:02] YouTube https://youtu.be/lafoLRXSiUQ?t=115 || Why Partnerships Make You Poorer
we made this little kind of quiz thing where if you put in your business information, it'll tell you where you're at and the most important part for you, what to do for each of functions of the business across product, marketing, sales, customer success, recruiting, IT, human resources, and finance. And so no

[2:15] YouTube https://youtu.be/lafoLRXSiUQ?t=128 || Why Partnerships Make You Poorer
matter what you're struggling with, someone else has already struggled with it and solved it. And so I'd like to give you this thing absolutely free. You can go to acquisition.com/roadmap, plug in your business information, and if you want us to actually help you deconstrain the business and you're trying to scale, we'd love to help you

[2:30] YouTube https://youtu.be/lafoLRXSiUQ?t=143 || Why Partnerships Make You Poorer
out on the thank you page. You can just book a call with my team and we will look at the business, see if we can help. And if we can, we'll invite you out to Vegas and we'll do this in person live.


VIDEO
TITLE: How to Find Work You’ll Actually Stick With
URL: https://youtu.be/n_OEQYFuPzQ
PRIMARY_TOPIC: guarantees
TOPICS: guarantees

[0:00] YouTube https://youtu.be/n_OEQYFuPzQ?t=0 || How to Find Work You’ll Actually Stick With
So passion is vague and so it's very difficult to say I like this thing more than this thing but what you can say is I'm better at this than that and so passion usually then comes from competence not creates competence and so we usually like things that we get good at rather than getting good at things

[0:16] YouTube https://youtu.be/n_OEQYFuPzQ?t=9 || How to Find Work You’ll Actually Stick With
that we like right and so this is the thing like that I think confuses a lot of people and so the other flip side of this is that enjoying something doesn't even guarantee that you're good at it or that you're going to be able to make money from it and I remember my dad used to tell me when I was much younger he

[0:28] YouTube https://youtu.be/n_OEQYFuPzQ?t=21 || How to Find Work You’ll Actually Stick With
said listen if I were following my passion I'd be a bartender to ski slip, right? He said, "If you can just make money," he said, "The rest of your life, you can do whatever you want." And I actually think it was very practical advice for me, and I'm very grateful that I got that. But the thing is is

[0:38] YouTube https://youtu.be/n_OEQYFuPzQ?t=31 || How to Find Work You’ll Actually Stick With
that getting good at anything, you have to slog through this period where you're probably not going to be passionate about it because it's very boring. It's very monotonous, very repetitive, right? It's it's one thing to say, "Oh, I like ping pong." It's another thing to say, like, I hit 500 forehands and 500

[0:48] YouTube https://youtu.be/n_OEQYFuPzQ?t=41 || How to Find Work You’ll Actually Stick With
backands every morning and every night, right? It's a different level of dedication that you have to have to it. And that isn't going to be something you're passionate about. You might like playing the game, but getting good at the game are two very different things, right? And so it sets this false

[0:59] YouTube https://youtu.be/n_OEQYFuPzQ?t=52 || How to Find Work You’ll Actually Stick With
expectation that I think ultimately harms more people. And I think one of the biggest reasons of not following your passion is that your passions will change as you age. I promise you the things that I was passionate about when I was 20 is not things I'm passionate about now. And I'm sure that things I'm

[1:13] YouTube https://youtu.be/n_OEQYFuPzQ?t=66 || How to Find Work You’ll Actually Stick With
passion about when I'm in my mid and late 40s are be different than things I am now. Same as 50s and 60s. And so this idea that like I have to find this one thing, it puts a ton of pressure on that thing that it has to be perfect forever. And if it's not going to be perfect forever, then why don't we be practical

[1:25] YouTube https://youtu.be/n_OEQYFuPzQ?t=78 || How to Find Work You’ll Actually Stick With
now so that we can give ourselves options later. So fundamentally, all we're going to look for are things that you're good at that people already spend money on cuz that creates a very high likelihood outcome of you creating something that you can exchange in the marketplace. Once you've decided on something that you want to get better

[1:41] YouTube https://youtu.be/n_OEQYFuPzQ?t=94 || How to Find Work You’ll Actually Stick With
at, you're already good at it, you want to get better at it, which is hopefully, you know, maybe it is your passion, which would be amazing, but a lot of times it's not. Real quick, if you're a business owner and you are not growing as fast as you'd like, I'd like to give you a free gift. So my team and I put

[1:53] YouTube https://youtu.be/n_OEQYFuPzQ?t=106 || How to Find Work You’ll Actually Stick With
together the $100 million scaling roadmap, which is basically 200 hours of us looking over all the portfolio companies we've had and what stages of growth they went through and more importantly where they got stuck and how they got past it. And so we broke it into these 10 stages and we made this little kind of quiz thing where if you

[2:08] YouTube https://youtu.be/n_OEQYFuPzQ?t=121 || How to Find Work You’ll Actually Stick With
put in your business information, it'll tell you where you're at and the most important part for you, what to do for each of the business across product, marketing, sales, customer success, recruiting, IT, human resources, and finance. And so no matter what you're struggling with, someone else has already struggled with it and solved it.

[2:24] YouTube https://youtu.be/n_OEQYFuPzQ?t=137 || How to Find Work You’ll Actually Stick With
And so I'd like to give you this thing absolutely free. You can go to acquisition.com/roadmap, plug in your business information, and if you want us to actually help you deconrain the business and you're trying to scale, we'd love to help you out on the thank you page. You can just book a call with my team and we will look at

[2:39] YouTube https://youtu.be/n_OEQYFuPzQ?t=152 || How to Find Work You’ll Actually Stick With
the business, see if we can help, and if we can, we'll invite you out to Vegas and we'll do this in person live.
