How I'd Turn One Event Into $2.5 Million | Ep 1000

Alex Hormozi (0:00)

My name is Alex Hormozi, and this is Scale or Fail. All right, tell me about the business.

Zyad Asi (0:12)

I'm Dr. Zyad Asi, MD. I own Precision Health Concierge Medicine. The business was in business for 18 years before I purchased. I've owned it for the past 18 months.

Alex Hormozi (0:23)

Okay.

Zyad Asi (0:23)

So when we purchased, revenue was around 1.8 million. We've grown it to 3 million in the last 12 months, profit of 600K, excluding my comp.

Alex Hormozi (0:35)

What comp do you take?

Zyad Asi (0:36)

Last year, it was about 300 And this year, it will be a little bit more than that. And then three-year revenue goal of $15 million.

Alex Hormozi (0:44)

Cool. How do you get customers right now?

Zyad Asi (0:46)

Right now, most of it, well, it used to be mostly word of mouth, and over the past four months or so, it's switched to SEO.

Alex Hormozi (0:54)

Yeah.

Zyad Asi (0:54)

So originally, we had a rough first year, issues with the seller and then issues with marketing. So we knew that marketing was our big bottleneck. And so we went out and we interviewed five and we hired one, and $50,000 later and no progress, we ended up firing them.

And I went on the website, I did all this myself. SEO turns out on the back end was trash. So when we finally found somebody to fix it, they started actually doing their job and SEO converted really well.

Alex Hormozi (1:26)

So what's stopping you right now from scaling?

Zyad Asi (1:28)

It's mainly the marketing piece. We're just not that good at it.

Alex Hormozi (1:32)

It is interesting.

The $55,000 on the bad agency and what you were saying earlier about this motherfucker. So because I see that and I just think, yeah, it's cost to do a business. Of course. I wouldn't even.

Zyad Asi (1:44)

That was the lesson learned.

Alex Hormozi (1:45)

Yeah, but like it doesn't mean agency suck. Like the next one you work with, it worked fine. It's just like, it's just part of the game. It's just you have margin so that you can try out a couple until one works. What do you think is going to get in the way of scaling for you?

Zyad Asi (1:59)

The landscape is changing pretty quickly. And if we are not doing it correctly, it can fall apart pretty quickly. The technology aspect, just from when we started, the technology has improved so rapidly. If we don't do it properly, every practice that we go into that we don't do well could cost us months to a year or whatever that is when we're small and the competitors are going to eat us up.

Alex Hormozi (2:25)

Okay.

Zyad Asi (2:25)

Do you not agree?

Alex Hormozi (2:28)

I'm all for having a lot of urgency. I think people are going to keep getting sick for a long time. Yeah, of course. And if I were to bet on industries, I think healthcare is fine. They're like, which ones are going to get disrupted? They're going to have more time to themselves.

And I think there's also a high-end component to this, which is like you're servicing people who have money. And I think generic healthcare will change a lot with AI, your GPs, your general practitioners, et cetera.

People will always be willing to pay more. There always will be a slice. All right. Well, let's sit down and figure out a scale to sleep.

Okay. So I really think there's, call it three real things to cover, and that's kind of it. All right. So the first is, how can we speed up the referral machine? Right.

And so the question is, right now, what are you doing? Obviously, you're getting word of mouth, what are you doing in order to lubricate or facilitate it?

Zyad Asi (3:31)

So we need to do more open houses. We did two. The one open house, we offered members a $500 credit for both the member and the new sign up. And then we did some raffles, gave some people some free stuff. So we introduced them to some of the aesthetics.

Alex Hormozi (3:44)

I love the giveaway. If you want to have way more people participate, just give a year of the service away. Just a full year of your optimized health. That would be my grand prize. The second place prize, and the way I'm thinking about this is like we want, you want every referral to have a great reason to tell a friend. For the customers that you have $500 probably makes no difference. They're probably going to refer you anyways. So and you just asking is what facilitated it. But to like make it so that it's social capital positive rather than neutral, it'd be better to do either. Your friend gets some real treatment, some actual thing that's like a body optimization, whatever, or the six month supplement thing or that. Or you both get it. As like if you refer a friend, you get this treatment. The shtick is that it's a $1,000, $2,000 type, I would say type ticket.