How to MAKE MILLIONS of Dollars in a SERVICE BASED Business...

what's going on everyone i want to show you in this video one of the fastest ways to make a tremendous amount of money in a service business all right so right now if you want a service business or any kind of business where you provide stuff uh to customers if you sell stuff then this video is for you um just so you if you don't know me my name's alex romozy i own acquisition.com we do about 85 million a year in revenue uh and this channel is just because a lot of people are broke and

i don't want you to be one of them all right so uh i was thinking about the different businesses that we have um we have a publishing business we have a photography business which is a chain of brick and mortar um somebody asked me in one of the comments to name a out i don't tell you the actual names of these because part of the deal structure that we have with a lot of these are our influencer based or personality driven brands and so i don't want it to be like oh you're just one of

alex's businesses all right so just to be clear for everybody the reason i don't do that i'll tell you the ones that i own 100 of but the ones where i'm a minority partner in i don't um i don't tell you what they are i'll tell you what categories they're in um so like i said we've got a publishing business which is a digital digital business we have a brick and mortar chain photography studios we have we have a certification business we also have a an online it's a similar business but online for trainers we

have our gym licensing business which is gym launch we have our cell phone business which is prestige labs um and then uh we have allen which is our software uh company for for agency owners that helps brick and mortar agencies uh work leads all right so just so you're curious that's what we do and we're looking getting some others anyways one of the things i was thinking about within our businesses is like what are the different categories and this is kind of a spin-off of the recurring video that i made about cracking netflix's code right

is what are the different types of products that we can sell and i'll show you one of these that's incredibly valuable that if you're ever pressed for cash it's the easiest thing that you can sell for a ton of money first there i was like you've got products right you've got widgets you've got stuff all right that's the first category the second category let me see if i can draw some nice lines here the second category is you've got services right where people do stuff right for other people and the third and this is the

one that a lot of people miss out on is access all right so i'm gonna go through all three of these in a second all right so products everyone should kind of understand what these are right you get these in the mail and they can also be digital goods so here's a here's an aab version of each of these right so you've got physical and then you've got digital so you've got physical product would be getting you know supplements in the mail a digital product would be uh buying buying to buy netflix uh like you

know buying a netflix subscription right that's where you're you're consuming a digital good when you buy media that is a digital good right you're buying eyeballs right if you're buying physical services that would be like buying a massage you've got digital services which would be like um like a marketing agency that would be a digital service right they're not actually buying you're not buying something that's going to happen in the real world you're happy you're buying something that's happening in the digital in the digital sphere right third is access where you've got physical access which

would be like uh concert tickets right you have access like to someone or to an experience of some sort and then you've got digital access right which would be uh you you buy access either to um like a virtual a virtual event or or you have access to me via slack or something like that right that would be digital access all right and so when you're thinking about your products and services right one of the easiest things to do to make it more valuable is think how can i add if you have let's say products

how can i add some sort of service component to it to make this more valuable and we do this so that we can not be a commodity right the goal is to be so different from everyone else in the marketplace that people have to consider you on their own as your own standalone business so that you can have monopoly prices all right despite what the government will tell you in antitrust laws the goal is to become a monopoly like you win the game by being a monopoly by being so good that no one else can

compete with you right and now because those companies have so much power they own the government now anyway not getting into that that's not the point but the point is is that uh you can pair these concepts so most people just consider themselves i am just a physical products business it's like okay well can we add some sort of digital products right to our physical products to enhance the value and differentiate ourselves if i have a service i have a physical service maybe i can add some sort of digital component to it or maybe i

can add some physical products that go with it or digital products right they go with it or thirdly is there a way that i can add access which is probably one of my favorite of the types of of businesses and here's why this one has almost 100 margins right digital access is almost 100 margins same thing with digital products almost 100 margins right um digital services less so so services just so you're you're wondering why so many service businesses of a hard time scaling this is very hard to scale people it's also hard to scale

things that have hard costs right and scaling people you have to scale culture you have to scale training you have to scale onboarding there's a lot of things have to scale for scaling services which is why most people don't like buying those types of businesses which is why and i'm making this video right now if you want to increase your enterprise value it's trying to figure out how you can add multiple of these things so i just gave you six different categories here right of things of different types of things that you can have in

your business i know that the sun is making me you know i'm dodging the sun here right i'm a sun chaser right now when you're thinking about how you can add more value right and i'll tell you the hack right now all right so you guys ready for this in terms of if you needed to make money the way that you do this all right this is my favorite one that you can use which is access all right i'm gonna put this in big is that you sell a more individualized higher touch version of your

own solution all right and so what that means is you can say hey i can only take five people for a one on one right or a small group right experience for one year for this big outcome that they're all going to want and i'll guarantee that you'll get it or i'll keep working with you for free until you do which means when you buy this thing and when you give me this money right now it means that you've solved this problem you can put this money down it means that that outcome is going to

happen i'm going to try and get it to happen 12 months because i don't want to keep working for free but you know that i will continue to work with you until you achieve it all right so right now if you have a client base and you're like man i'm strapped for cash and the only way that they can do this is if they prepay the entire period of time all right and so the thing is is you don't need to have any kind of discount for an offer that's structured like this the reason that

they're getting a lot of value is because they're getting access right they're getting access in addition to a service all right and they're getting some level of expertise on top of it all right and so right now if you need to make an extra five grand 10 grand 20 grand 50 grand whatever it is that you have depending on the size of your business that is one of the easiest fastest ways to generate cash flow for your business and use up some of the uh audience while still maintaining good pent-up demand all right what i

mean by that is that if you sell a hundred of these or you sell out in terms of like you sell out all the demand that's there you running something else in the future will bomb right and so the idea is if you know that you could sell 20 people sell five if you know you could sell 100 people sell 20 right try and maintain the vast majority 80 of the demand still there and have it pent up so that when you do another offer like this in the future you'll sell out again and the

idea is that as you grow the number of people that you will have in that demand pool continue to increase and so you will always be able to sell out but the number of total slots will continue to increase whereas most people always go for the biggest ass they possibly can try and sell out and liquidate all the good well they have in their audience all the time which means they're always searching for building up the next demand which is why they're always poor because it's very hard to do that all right it's much easier

to maintain goodwill and multiply it and then feed and then just skim a tiny amount off the top and then grow the goodwill of the base to go from you know 100 people in your base who want to buy the thing to 200 people in the base and the next time you go from 20 to 40 rather than going from 20 to 200 right because you could do it but then after that you're done nothing you got to start from scratch again and so it's much better to always keep some goodwill kept up one of

my favorite ways to liquidate that in a very controlled burn manner is to have access so you can have implied urgency and applied scarcity uh with a very very high ticket premium and you'll probably get some of the best customers to do this with you they'll be the least needy believe it or not um and get some crazy great testimonials and great outcomes as a result of it so um anyways moseynation like i said my name's auction wizzy on acquisition.com uh with 85 million dollars here and i have nothing to sell you if you enjoyed

this video uh hit subscribe i share other stuff like this that's helped us scale our businesses all right so keep being awesome and if you didn't enjoy this video i still love you anyways and i'll see you guys the next bit bye