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A lot of times, new businesses are not actually really new, there's slight iterations on things that are old.

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Welcome to the game where we talk about how to get more customers, how to make more

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customers, how to keep them longer, and the many failures and lessons we have learned along the way.

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I hope you enjoy and subscribe.

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In this video, I'm going to walk you through the best way, in my opinion, to pick the niche that

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you're going to focus on to start your business. So I asked my Instagram, you know, one of the

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questions that you have. And this one came up a lot, which is like, how do I pick my customer,

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how do I pick the niche, like what's the process, et cetera. And so I see my book, this guy,

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it's 99 cents on Amazon. For those of you guys who don't know, like, it's not 99 cents.

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The Kindle is 99 cents, because it's digital, the hard copy, Amazon changes the prices,

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but you can get a hard back, or you can get the digital one for 99 cents, because it's the lowest

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they would let me sell for. All right. Anywho, so picking the niche, I think this is something that's

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like wildly misunderstood. And I'll tell you where most people get wrong, is that they pick a

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niche and they have no idea about the niche. All right. And so why combinator, which is a venture,

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it's like an incubator type thing in Silicon Valley, they have their things that they look for

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when they're investing businesses and they're accepting them into YC. And one of the ones that

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was really interesting to me is that they look for past experience within the space. And because

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I think a big part of that is that a lot of times new businesses are not actually really new,

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there's slight iterations on things that are old, right? And candidly, within my own business

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experience, I don't even do anything now. I just try and do stuff better, which people somehow

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poo poo on. It's like, you go into dry cleaning and do it better than everybody else and still win.

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Like, you can go into lawn care and do it better than everyone else and still win. And I think

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that's wildly underrated, because you will 100% make money if you just try hard and know how to do

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business. You don't need anything new, right? And so like, I think that is a wildly underestimated

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component of having strategy in businesses. It's just like, how do I get the use the value

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equation in the boat? I can't buy more value to my customers than anyone else can. But like,

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the actual industry itself that you're serving doesn't need to be new or different, right?

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So that being said, like servers with the smile while they're underrated. But the piece that I

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wanted to hit on here is that like, I'll tell you this story because I think it really drives

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this point home. So in Alan, our software company that we recently sold the majority stake in,

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one of the agency owners, you know, for nine months, it's just like never making progress,

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right? Like, it was always hopping on. It was always having issues and it was like, his

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clients were getting results. He was like, how do I get around that? And I was like, you don't,

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you need to fix that. And it got to the point where I just said, listen, man, like, you don't know

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what you're doing, which is why your clients are getting results. Period. He said, well, I've got

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this one guy who does, he makes all this money using our, you know, using the leads that we get

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him. And I was like, okay, well, why is he getting making money in the other ones aren't? He's like,

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well, I don't know. And I was like, right. So that's not because of you. That's because of him.

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And so what I told him to do, which was wild at the time, I said, I need you. I think that you

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should close your agency. I was like, I don't think you know anything about real estate. I said,

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I think that if you know how to get real estate leads, then you should go get your real estate license,

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go generate your own leads, and go build a real estate business, and learn it. And then once you

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have succeeded in doing that, then if you want to, then go make the agency and show other people

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how to do it because you've actually done it. And so there was a tweet by Layla, my wife. She said,

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like, stop listening to people on the sidelines about like, sorry, stop listening to people about how

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to play the game who've never been anywhere with the sidelines, right? And the problem is too many of

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the people who are watching this right now, y'all are on the sidelines and have always been on the

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sidelines and are trying to pick a niche to get into to sell how to do the niche. Well, that's dumb.

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You've never done it. So a lot of times people are trying to skip to a higher leverage opportunity

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without having done the requisite work of understanding the niche, which is why the Y Combinator people

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look for like if you want to make a software in the payment space, we'd love to see that you have

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experience in the payment space because there's so much stuff that you don't know that you know

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when you actually spend three, five, you know, years doing something in an industry, you understand

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the lingo, you understand the avatar, you understand the problems, and you can see opportunities if

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you have an entrepreneurial hat on. There's always problems in every industry, which means there's

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always opportunity. And fundamentally, business is just solving problems that exist and making sure

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the math makes sense. Like that's literally it. It's like, where's their problem? How much did they

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think this is a problem? And is there a way that I can solve it and charge for it? That's it. Like,

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that's really all that business is, right? And so and really how well you solve the problem is

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going to dictate how much virality your business has because if you solve it really well, people will

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tell people and you will and your your business will grow, right? I think the problem that a lot of

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people have is they didn't know how to make it offer, right? It's the fundamental thing that

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is the beginning of building a business is you got to know what you're selling, right? And so that

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was a problem for a lot of people and then people got that problem solved and then they told their

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friends and folks sold a hundred thousand copies in six months with no promotion, right? And so

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I'm only I'm sharing this because I couldn't write a book on offers without having made it

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on the offers. And I feel like there's too often people who are trying to focus on a niche who've

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never actually done the thing in the niche. And this is really, really rampant in the internet

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space because everyone's trying to take a shortcut to get there when they realize like when I'm

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telling you right now you're never going to get there because you're not good enough. Like,

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you're never going to get there because you're not good enough. You have to do the rocky cuts and

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you have to eat the shit for a period of time so that you can get the rep since you can put your

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time into the bar in so that you can actually get good. And before you are good, you will suck and

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you have to accept long period of sucking and you do enough volume that eventually you'll suck

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so little that you'll actually be good. And then at that point, then you'll actually have a real

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decision to make which is I'm actually really good at this thing now that I've learned. Do I want

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to teach it to other people or just want to do more of the thing that I'm doing, right? Because like

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a realtor can then just grow a team of a hundred realtors and only the entire thing which is what

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I'd recommend this guy do, right? Rather than have an agency.

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Real quick guys, if you can think about how you found this podcast, somebody probably tweeted it,

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told you about it, shared it on Instagram or something like that. The only way this grows

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is through word of mouth. And so I don't run ads, I don't do sponsorships, I don't sell anything.

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My only ask is that you continue to pay it forward. Do whoever showed you or however you found

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out about this podcast that you do the exact same thing. So if it was a review, if it was a post,

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if you do that, it would mean the world to me and you'll throw some good karma out there for another

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entrepreneur. That doesn't, right? And so this is kind of where I think the problem is, is that

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like I had another question that was sent to me on Instagram, which is like, hey, how do I

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soft turn? Because a lot of my clients are getting results and I'm like, well, duh. He's like,

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you know, he said, he said, how do I sell from 10,000 to 100,000 a month when I don't have a lot of

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testimonials. And I was like, you're not good at the thing that you're supposed to be good at,

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why do I have testimonials? This is why you're not going to 100,000 a month. Like these making the

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goal 100,000 a month, rather than being good. I have no words. I have no words. I don't get it.

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You know what I mean? Like everyone's in such a fucking rush that you will never get there.

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It is the slowest path to getting there is to fool yourself and the thinking that you're good,

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something that you're not. You have to go and pull the thread and say, which and the thing is,

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is like, well, do what you're passionate about, whatever. You're not going to be passionate about

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self that you suck at. What you have to do is like, which of these opportunities seem like they

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have potentially high leverage, right? And I'm going to learn from the bottom, right? It's like one of

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the best ways to learn stuff. You're starting at the bottom, not because you, because it's the only

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option. But because if you understand the entire pathway of of a client journey or of an industry

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journey, then you will have more trench knowledge, more depth of experience that you will be then

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able to apply, right? Like people see my, you know, videos on personal finance, people see videos

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of mine on sales, people see videos on mine recruiting, people see videos of mine of marketing.

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And it's like, how did you acquire all these skills? It's because it's not like I tried to jump

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to the spot that I met and then like, you can't skip, you can't skip. Like there's a sequence.

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Buildings are built with foundations and your career is a pyramid and the peak of that pyramid

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is based on the depth of the foundation that you build. And so like, I've said this before and I'll

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say it again, but your work works on you more than you work on it. And so even though you might not

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be getting paid in the period that you're at, just because you're struggling, it doesn't mean you're

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failing, right? And it means, and the thing is, as long as you're getting better, you're making

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progress and the progress is the success is that you are getting better. And like you will turn

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the corner, like that's an inevitability if you put enough time in period. I promise you that.

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If you don't stop doing something for 10 years, you'll be really good at it. Period. And if you're

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really good at it, you'll like doing it. Right? And if you like doing it, then at that point,

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you won't wonder why your business isn't making money because you'll actually be good. And then

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you won't have these questions. But the questions that I get, I'll say a third of them come from a

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very short time. It's like, why am I not a millionaire? It's been, it's been 90 days, Alex. What

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the hell? It's like, well, you didn't put the five years in. So if you're trying to figure out

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what nature you're going to pick, the point is to just pick and then accept that you're not going

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to be overwhelmingly successful for like five years. Like every entrepreneur, like that I know of,

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puts five years in before, before anything really happens. And you're like, fuck five years.

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Probably shouldn't tend to attract Well, it's just a question that. I used multiple market

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You got to learn how to decrease churn.

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You got to like, there's a lot of stuff.

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You got to learn how to recruit.

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You got to learn how to hire.

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You got to like, there's a lot of stuff that you got to learn.

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And so to think that it's somehow going to take 90 days,

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it's like, why do you think that you can get a chemistry degree

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in four years and think you can somehow

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be able to become a master's in entrepreneurship in 90 days?

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It doesn't, it doesn't give respect to the game.

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Like you have to respect the game.

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Like a lot of people have been playing this for 40 years.

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No one's getting their master's degree for 40 years.

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Well, some PhDs are, right?

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And they're probably pretty good at whatever their thing is.

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Right?

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And so it's like to think that you're going to beat guys

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who can play in the same game for 40 years

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on your first try in 90 days doesn't respect the game.

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And so like, I was fortunate that I started young.

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I started when I was 23.

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That I mean, the only thing I could have done

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before without doing that is to start instead of going to college.

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Right?

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But you have to, you have to put your time into the bar.

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Like your legs aren't going to grow

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until you can't do four squat workouts

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and expect your legs to grow.

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You'll get better at squatting.

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And then getting better at squatting

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is a requisite for having bigger legs,

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but you still got to put the volume in.

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There's a depth of understanding

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that happens with volume that people cannot appreciate.

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Like Napoleon said, quantity has a quality all of its own.

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Right?

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You got to do the boring work.

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And you got to love the boring work.

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And if you can do that, you won't lose.

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Because the only person who's injecting this artificial

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timeline on you is you.

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And so anyways, it was like one of the number of questions

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that I was getting in my comments and stuff.

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It's like, how do you pick the niche?

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How do you know where to start?

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Like, you don't know where to start.

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You just start and then you start accumulating knowledge.

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And then you will learn.

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It's like reading books on sales

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before you've actually had a sales call.

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I'm actually very against it.

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I think you should start selling

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and then read books on sales

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because then the books will actually make sense to you.

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Right?

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Like trying to read 100 books on entrepreneurship

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before you've actually had a business is silly.

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Start a business.

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How do you start a business?

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You get a bank account, get an LLC,

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and you figure out what you're going to stop.

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Like that's what you do.

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Right, that's how you start a business.

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So it's going to start with promotion and selling

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because you can't even have the rest of the stuff

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until you learn how to do that.

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And if you don't know what you're selling,

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it's because you're probably going to get the thing yet.

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So you've got to go like get some industry experience.

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Right, that's why banks, by the way,

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they don't loan to people who don't have industry experience.

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So if you're like, hey, I want to get a loan to,

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this was actually a story I heard from my gym owner

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who ended up working with us for a period of time

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was in gym launch was he wanted to start a gym

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and get a loan from the bank and he went to like 10 banks

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and they all said, no, they said,

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and he said the reason was because he did not experience.

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So what he did was he went to Bally's

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and worked at Bally's for like three or four years

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and worked his way up to become the personal training manager.

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And then at that point started his gym

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and he didn't even need the bank loan at that point

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because he had saved some money

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and he learned how the business worked.

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And loan behold, he was like, now some

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of the best advice I've ever had.

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So sometimes you just got to get the industry experience

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people just want to skip to the last step

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when like there are prerequisites to getting there

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which is prior prerequisites exist.

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So this is hopefully the real answer to how to pick your niche

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which is like you just need to do something

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that is at least not, you know, repelled from

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that you see people making money in

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and then stick with it for an inordinate amount of time

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without convincing yourself that you're smarter than you are

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which is a loose paraphrasing of a Twitter quote

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that I can't remember who wrote it.

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So anyways, if you're new, I don't know if I said

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at the beginning, but my name's Alex Mosy.

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I'm an acquisition.com, you're about $85 million a year.

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And this is your first video of Walter Mosy Nation.

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And I'll see you next bit.

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Bye.