Podcast Summary: "I'd Like To Be At A Billion" | Ep 241

Host: Leila Hormozi
Title: "I'd Like To Be At A Billion"
Release Date: February 14, 2025
Description: In this episode, Leila Hormozi delves into the challenges faced by entrepreneurs aiming for exponential growth. Through real-life listener questions, she offers actionable insights on scaling businesses, leadership, marketing strategies, and personal productivity.

Introduction

In this episode, Leila Hormozi addresses a series of listener questions centered around scaling businesses to the billion-dollar mark. Each listener presents their unique challenges, and Leila provides tailored advice to help them overcome obstacles and achieve their ambitious goals.

Listener 1: Patrick – Residential and Custom Homes

Business Overview:
Patrick sells residential remodeling and new custom homes to affluent clients. Last year, his business generated $1.3 million in revenue. His aspiration is to scale to a billion dollars.

Challenges:

• Focus and Vision: Struggles with staying focused on the current business while chasing long-term goals.
• Capacity and Expertise: Lacks the capacity and experience to execute large-scale projects directly.

Key Discussion Points:

1. Alignment of Current Actions with Future Goals (00:56 - 01:36):
   Leila emphasizes the importance of ensuring that present actions are directly linked to future objectives. She questions whether the foundational work Patrick is doing now is building towards his billion-dollar vision.

   “Do you see how what you're doing today ties to what you're going to be doing then?” (00:56)

2. Accelerating Growth Without Compromising Quality (02:21 - 06:23):
   Leila advises Patrick to eliminate limiting beliefs about slow growth. She suggests finding ways to speed up the process without breaking the business structure. This includes leveraging partnerships wisely and questioning the necessity of each step in the growth plan.

   “Maybe it's harder in construction, maybe it was harder in gyms... but it’s not useful and it's not going to lead to getting there faster.” (04:30)

   “Compress the timeline in half by finding other ways.” (05:45)

Conclusion:
Leila encourages Patrick to challenge his growth timeline and explore innovative methods to accelerate his business trajectory, ensuring that each move aligns with his long-term vision.

Listener 2: Katie – Boudoir Portraits

Business Overview:
Katie operates a boudoir portrait business catering to women seeking empowerment and self-love. With 17 years in business, she achieved $1.2 million in revenue last year and aims for unlimited growth.

Challenges:

• Leadership Development: Frequently changes teams due to leadership issues.
• Improving Leadership Skills: Seeks resources to become a better leader beyond current strategies.

Key Discussion Points:

1. Learning from Diverse Leadership Models (07:30 - 09:40):
   Leila recommends studying leadership from various fields such as sports coaches and pastors. She highlights figures like John Wooden and Andy Stanley as examples of effective communicators and leaders.

   “I studied a lot of coaches for basketball teams, football teams, and then I've studied a lot of pastors.” (07:30)

2. Implementing the Pyramid of Success (09:40 - 10:39):
   Leila shares John Wooden’s Pyramid of Success as a tool for evaluating and improving leadership qualities within her team. She suggests rating team members on key traits to identify areas for development.

   “At the top was competitive greatness... I have to work on that.” (09:40)

3. Prioritizing Focus Areas (10:39 - 10:57):
   When addressing multiple leadership flaws, Leila advises focusing on one critical area at a time that offers the most significant return on effort.

   “Which rug is worth picking up?” (10:39)

Conclusion:
Leila encourages Katie to adopt structured leadership frameworks and focus on incremental improvements, enhancing her ability to build and retain effective teams.

Listener 3: Trey Shenneman – Growth Strategy Consulting

Business Overview:
Trey provides growth strategy consulting and implementation for founder-led public figure brands. His business generated $1.5 million in revenue over the past year, aiming to double it to $3 million.

Challenges:

• Dual Business Units: Balancing consulting and implementation sides.
• Operational Independence: Seeking to expand the implementation side without over-reliance on himself.

Key Discussion Points:

1. Hiring the Right Talent (11:00 - 14:00):
   Leila advises against acquiring an agency solely based on revenue. Instead, she emphasizes the importance of finding individuals with relevant experience and the right attitude towards leadership and teamwork.

   “Find somebody who is humble, who's growth oriented, who wants to learn more than they want to be.” (12:57)

2. Avoiding Common Pitfalls in Hiring (14:00 - 14:35):
   Leila warns of hiring candidates who may resist authority or have an aversive attitude towards teamwork, which can disrupt business operations.

   “Are they aversive to authority?... It doesn't work when you're on a bigger team.” (13:10)

Conclusion:
Leila emphasizes the importance of strategic hiring, focusing on individuals who align with the company’s growth objectives and can operate autonomously within the business framework.

Listener 4: Jane – Naturopathic Fertility Doctor

Business Overview:
Jane specializes in fertility as a naturopathic doctor, helping couples conceive. Her business achieved $700,000 in revenue last year, with goals to exceed $10 million.

Challenges:

• Overcomplicating Processes: Struggles with simplifying business operations, particularly in content creation.

Key Discussion Points:

1. Simplifying Content Creation (14:53 - 16:13):
   Leila suggests streamlining Jane’s content creation process by reducing steps and embracing more spontaneous methods like live streaming or selfie-style recordings to increase volume and authenticity.

   “The most important thing is that you out execute it.” (15:53)

2. Embracing Low-Effort Content Strategies (16:54 - 19:09):
   Leila advises focusing on content that feels natural and requires less effort, noting current trends favor more genuine and less polished content.

   “The more effort that you put into content, the more it becomes like you're an actor, not a content creator.” (18:16)

Conclusion:
Leila encourages Jane to adopt simpler, more authentic content strategies to enhance engagement and reduce the overwhelm associated with complex processes.

Listener 5: Amy – Contingent Workforce Solutions for Cybersecurity Vendors

Business Overview:
Amy provides contingent workforce solutions to cybersecurity vendors, with a revenue of $5.6 million and a target of $10 million.

Challenges:

• Time Management and Admin Tasks: Struggles with balancing business demands and personal life, seeking ways to free up time.

Key Discussion Points:

1. Delegating Non-Core Tasks (20:11 - 24:36):
   Leila emphasizes the importance of hiring support staff such as executive assistants (EAs) to handle administrative tasks, allowing entrepreneurs to focus on high-impact activities.

   “Anything that is not the best use of my time... I would love you to help with.” (21:07)

2. Changing Mindset on Delegation (24:35 - 27:03):
   Leila highlights the necessity of viewing delegation as a strategic move to reclaim time and improve overall business efficiency.

   “It is selfish to allow your time to go to those things when you have that many people relying on you.” (23:18)

Conclusion:
Leila advises Amy to invest in support personnel early on, transforming how she manages her time and enhancing both personal well-being and business productivity.

Listener 6: Thaddeus – Boutique Hotels in Oregon

Business Overview:
Thaddeus operates two hotels in Oregon, with current revenue of $4 million and an EBITDA of $1.5 million. He aims to scale to $10 million.

Challenges:

• Marketing Constraints: Limited marketing expertise and resources.
• Operational Involvement: Over-involvement in daily operations hindering growth.

Key Discussion Points:

1. Hiring Senior Marketing Roles (25:25 - 30:56):
   Leila recommends hiring a senior-level marketing professional who can strategize and execute marketing plans, freeing Thaddeus to focus on operations and expansion.

   “Hire a senior marketing role... to immediately get your time back.” (28:59)

2. Strategic Hiring Practices (30:56 - 34:26):
   Leila emphasizes proactive recruitment strategies, such as leveraging LinkedIn for finding qualified candidates and setting realistic expectations during the hiring process.

   “Set expectations low... give them three to six months to get acclimated.” (30:57)

Conclusion:
Leila advises Thaddeus to prioritize hiring experienced marketing leaders, thereby addressing both his marketing constraints and reducing his operational burden to facilitate scalable growth.

Listener 7: Greg – Tax Strategy Services for Real Estate Investors

Business Overview:
Greg offers tax strategy services to real estate investors and blue-collar businesses, with a revenue of $850,000 aiming to reach $3 million.

Challenges:

• Employee Skill Gaps: Existing hires lack the necessary skills for the next level of growth.

Key Discussion Points:

1. Transparent Skill Assessment (31:42 - 34:26):
   Leila advises Greg to conduct honest assessments of his employees' skills against required roles, clearly identifying gaps and setting realistic expectations for growth or transition.

   “If somebody's aspiring for a role... I'll show you the gap.” (32:07)

2. Managing Employee Transitions (34:26 - 35:06):
   Leila underscores the importance of setting clear, manageable expectations and providing adequate time for new leaders to integrate and contribute effectively.

   “It has to be a very realistic expectation setting... give it three to six months.” (34:26)

Conclusion:
Leila recommends Greg implement structured skill evaluations and transparent communication with his team, fostering an environment where employees understand their development paths and the company’s growth expectations.

Listener 8: George – Wealth Advisory and Tax Planning

Business Overview:
George runs a wealth advisory and tax planning business generating $9 million annually with 47% margins. His goal is to scale to $25 million within the year.

Challenges:

• People Constraints: Needs to hire staff more rapidly to meet growing demand.
• Balancing Distributions and Reinvestment: Struggles with managing personal distributions while ensuring the business has sufficient funds for growth.

Key Discussion Points:

1. Managing Personal Distributions (35:06 - 36:10):
   Leila advises George to balance personal financial well-being with business reinvestment by taking distributions that allow him to feel secure enough to take calculated risks within the business.

   “You take enough distributions so that you feel comfortable taking risk in your business.” (35:06)

2. Risk Management Through Personal Savings (36:10 - 36:19):
   She emphasizes the importance of having personal savings to mitigate business risks, ensuring that personal financial stability does not hinder business decision-making.

   “If you have enough, you feel like you can take that risk.” (35:10)

Conclusion:
Leila encourages George to establish a balance between personal financial security and business reinvestment, enabling him to make strategic growth decisions without personal financial constraints.

Listener 9: Cheryl – Printable PDF Travel Itineraries

Business Overview:
Cheryl and her husband sell printable PDF travel itineraries for destinations in the western United States, generating $450,000 annually with plans to scale to $3 million.

Challenges:

• Product Pricing Constraint: Currently selling itineraries at $50 each, limiting growth potential.
• Exploring High-Ticket Items: Considering the addition of high-ticket items like tours but concerned about the associated risks.

Key Discussion Points:

1. Introducing High-Value Products (36:27 - 37:15):
   Leila suggests experimenting with high-ticket items that align closely with Cheryl’s existing offerings, such as physical maps or enhanced digital products, to test market feasibility without overextending resources.

   “Do an experiment before you do the entire entire change.” (37:15)

2. Executing Small-Scale Tests (37:15 - 39:00):
   She advises launching small-scale pilot projects to assess the viability and execution quality of new offerings, ensuring that any expansion is met with exemplary execution to validate the strategy.

   “Test it first for real... ensure you have the right execution.” (37:15)

Conclusion:
Leila recommends Cheryl adopt a test-driven approach to introducing high-ticket items, ensuring that each new product aligns with customer needs and is executed flawlessly before scaling.

Notable Quotes

• “Maybe it's harder in construction, maybe it was harder in gyms... but it’s not useful and it's not going to lead to getting there faster.” – Layla Hormozi (04:30)
• “If you have enough distributions, you feel like you can take that risk.” – Layla Hormozi (35:06)
• “The more effort that you put into content, the more it becomes like you're an actor, not a content creator.” – Layla Hormozi (18:16)

Conclusion

In "I'd Like To Be At A Billion," Leila Hormozi provides invaluable guidance to entrepreneurs striving for significant business growth. By addressing diverse challenges—from leadership development and marketing strategies to personal productivity and product diversification—Leila equips her listeners with the insights needed to navigate the complexities of scaling a business effectively. Her emphasis on strategic hiring, authentic content creation, and balanced financial management serves as a roadmap for those aspiring to build unshakeable, billion-dollar enterprises.

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