As successful entrepreneurs like Alex Hormozi prove, having an idea and opening the doors to your business is not enough. You have to give yourself time, put in the work, and reinvent yourself as you grow.
Many know Alex as a serial entrepreneur and the co-CEO of Gym Launch, a multimillion-dollar company. He is also a philanthropist who has donated large sums of money to charitable causes. He and his wife Leila recently donated $2M to After-School All-Stars.
The success Alex enjoys today began with a single business. In fact, he was on the verge of bankruptcy when he opened his first gym. At the time, he couldn't even afford to pay two rents. He'd spend the day with clients in the gym and then sleep on the floor later in the evening.
However, Alex had a vision, so he didn't give up. For the next three years, he put the earnings he got back into the business and scaled to six locations. From 0 to 6 was an incredible feat for someone who had no reputation initially, which made other gym owners curious.
They started seeking his help, and that’s where he got the inspiration for his second business.
Alex sold the 6 gyms and started Gym Launch, where he helped other gym owners become profitable. In 2 years, he did 33 turnarounds and then licensed the model out. It is now being used by thousands of companies in different parts of the world. The business grew rapidly, and 5 years after the initial business launch, he achieved an ultra-high net worth.
Alex then started a supplement company and later a software company. After successfully exiting the latter, he started buying pieces of other companies. Alex grew 3 companies to a $50M+ run rate in 3 years and grew his net worth further. Today, his combined portfolio makes about $85M per year.
The biggest key to Alex's success is perseverance. Even though it might appear like his journey has been hassle-free because of its speed, he has gone through his fair share of trouble. His company lost its processing relationship at one point because of a legality. He didn't always have the money he needed to start his projects. However, his persistence did pay off when his business grew into an international enterprise.
Other factors have helped Alex to grow so fast too. He says making rational decisions is one. When self-doubt strikes, he puts in more work and tunes it out. He has also shed off the old identities that no longer serve him and embraced new ones that do.
Having a long-term strategy has also worked well for him. He says you must provide value to your customers if they want to remain relevant, and he has done exactly that. Selling things that people don’t want to stop buying has given him a loyal clientele and helped him grow.
Alex's journey to the top hasn't stopped yet. There are many things he wants to achieve in the next few years. For now, he wants to expand his portfolio to 100+ businesses bringing in $1B+ per year in revenue. After achieving billionaire status, he plans to transfer the lessons of how he went from $0 to $1B to a large audience through books and courses.