https://www.youtube.com/watch?v=VgEvIIpDYG8

1 00:00:00.000 --\> 00:01:00.000 in this video i'm going to walk you
through the best way in my opinion to pick the niche that you're going
to focus on to start your business so i asked my instagram you know what
are some of the questions that you have and uh this one came up a lot
which is like how do i pick my customer how do i pick the niche like
what's the process etc and so obviously my book this guy it's 99 cents
on amazon for those of you guys who don't know are like ah it's not 99
cents the kindle is 99 cents because it's digital the hard copy amazon
changes the prices but you can get a hardback or you can get the digital
one for 99 since because that's the lowest they would let me sell it for
all right anywho so picking the niche i think this is something that's
like wildly misunderstood and i'll tell you where most people get wrong
is that they pick a niche and they have no idea about the niche all
right and so y combinator which is a venture it's like an incubator type
thing in silicon valley they have their things that they look for when
they're investing businesses and they're accepting them into yc and one
of the ones that was really interesting to me is that they look for past
experience within the space and because i think a big part of that is
that a lot of times new businesses are not actually really new

2 00:01:00.000 --\> 00:02:00.000 they're slight iterations on things
that are old and candidly within my own business experience i don't even
do anything new i just try and do stuff better which people somehow poo
poo on it's like you go into dry cleaning and do it better than
everybody else and still win like you could go into lawn care and do it
better than everyone else and still win and i think that's wildly
underrated you don't need anything new and so like i think that is a
widely underestimated component of having strategy and business is just
like how do how am i get the use the value equation in the book like i'm
going to provide more value to my customers than anyone else can but
like the actual industry itself that you're serving doesn't need to be
new or different right so that being said like service with a smile
wildly underrated but the the piece that i want to hit on here is that
like i'll tell you this story because i think it really drives this
point home so in allen our software company that we recently sold a
majority stake in one of the agency owners you know for nine months was
just like never making progress right like was always hopping on was
always having issues and it was like his clients weren't getting results
he was like how do i get around that and i was like you don't you need
to fix that and um it got to the point where i just said listen man like
you don't know what you're doing which is why your clients are getting
results

3 00:02:00.000 --\> 00:03:00.000 period he said well i've got this one
guy who does who makes all this money using our you know using the leads
that we get him and i was like okay well why is he getting making money
the other ones aren't he's like well i don't know and i was like right
so that's not because of you that's because of him and so what i told
him to do which was wild at the time i said i need you i think that you
should close your agency i was like i don't think you know anything
about real estate i said i think that if you know how to get real estate
leads then you should go get your realtor's license go generate your own
leads and go build a real estate business and learn it and then once you
have succeeded in doing that then if you want to then go make the agency
and show other people how to do it because you've actually done it and
so there's a tweet by layla my wife she said like stop listening to
people about like sorry stop listening people about how to play the game
who've never been anywhere but the sidelines and the problem is too many
of the people who are watching this right now y'all are on the sidelines
and have always been on the sidelines and are trying to pick a niche to
get into to sell how to do the niche well that's dumb you've never done
it so a lot of times people are trying to skip to a

4 00:03:00.000 --\> 00:04:00.000 higher leverage opportunity without
having done the requisite work of understanding the niche which is why
the y combinator people look for like if you want to make a software in
the payment space we'd love to see that you have experience in the
payment space because there's so much stuff that you don't know that you
know when you actually spend three five you know years doing something
in an industry you understand the lingo you understand the avatar you
understand the problems and you can see opportunities if you have an
entrepreneurial hat on there's always problems in every industry which
means there's always opportunity and fundamentally business is just
solving problems that exist with a and making sure the math makes sense
like that's literally it it's like where is their problem how much do
they think this is a problem and is there a way that i can solve it and
charge for it that's it like that's really all that business is and
really how well you solve the problem is going to dictate how much
virality your business has because if you solve it really well people
will tell people and your your business will grow right i think the
problem that a lot of people have is they didn't know how to make an
offer right is the fundamental thing that is the beginning of building a
businesses you got to know what you're selling and so that was a problem
for a lot of people and then people got that problem solved and then
they told their friends and books sold 100 000 copies in six months with
no

5 00:04:00.000 --\> 00:05:00.000 promotion and so i'm only i'm sharing
this because i couldn't write a book on offers without having made a ton
of offers and i feel like there's too often people who are trying to
focus on a niche who've never actually done the thing in the niche and
this is really really rampant in the internet space because everyone's
trying to take a shortcut to get there when they realize like what i'm
telling you right now you're never going to get there because you're not
good enough like you're never going to get there because you're not good
enough you have to do the rocky cutscene you have to eat the \[ \_\_ \]
for a period of time so that you can get the reps in so you can put your
time under the bar end so that you can actually get good and before you
are good you will suck and you have to accept a long period of sucking
and you do enough volume that eventually you'll suck so little that
you'll actually be good and then at that point then you'll actually have
a real decision to make which is i'm actually really good at this thing
now that i've learned do i want to teach it to other people or i just
want to do more of the thing that i'm doing right because like a realtor
can then just grow a team of 100 realtors and own the entire thing which
is what i'd recommend this guy do right rather than have an agency um
that doesn't right and so this is kind of where where i think the
problem is is that like i had another question that was sent to me on
instagram which is like hey how do i

6 00:05:00.000 --\> 00:06:00.000 soft churn because a lot of my a lot of
my clients aren't getting results and i'm like well duh he's like no he
said he said how do i sell from 10 000 100 000 a month when i don't have
a lot of testimonials i was like you're not good at the thing that
you're supposed to be good at why you don't have testimonials is why
you're not going 100 000 a month like he's making the goal 100 000 a
month rather than being good i i i have no words i have no words i don't
get it you know what i mean like everyone's in such a \[ \_\_ \] rush
that you will never get there it is the slowest path to getting there is
to fool yourself into thinking that you're good something that you're
not you have to go and pull the thread and say which and the thing is
it's like well do what you're passionate about whatever you're not gonna
be passionate about stuff that you suck at what you have to do is like
which of these opportunities seem like they have potentially have high
leverage and i'm gonna learn from the bottom right it's like one of the
best ways to learn stuff is starting at the bottom not because because
it's the only option but because if you understand the entire pathway of
of a client journey or of an industry journey then you will have more
trench knowledge more depth of experience that you will be then able to

7 00:06:00.000 --\> 00:07:00.000 apply people see my you know videos on
personal finance people see videos of mine on sales people's videos
online recruiting people see videos of mine of marketing and it's like
how did you acquire all these skills it's cause like it's not like
because i tried to jump to the spot that i'm at you can't skip like
there's a sequence buildings are built with foundations and your career
is a pyramid and the peak of that pyramid is based on the depth of the
foundation that you build and so like i've said this before and i'll say
it again but your work works on you more than you work on it and so even
though you might not be getting paid in the period that you're at just
because you're struggling doesn't mean you're failing and it means and
the thing is as long as you're getting better you're making progress and
the progress is the success is that you are getting better and like you
will turn the corner like that's an inevitability if you put enough time
in period i promise you that if you don't stop doing something for 10
years you'll be really good at it period and if you're really good at it
you'll like doing it ah right and if you like doing it then at that
point you won't wonder why your business isn't making money because
you'll actually be good and then you won't have these questions but the
questions that i get i would say a third of them come from a very short
time horizon it's like why am i not a millionaire it's been it's been 90
days

8 00:07:00.000 --\> 00:08:00.000 alex what the hell it's like well you
didn't put the five years in so if you're trying to figure out what
niche you're gonna pick the point is to just pick and then accept that
you're not gonna be overwhelmingly successful for like five years every
entrepreneur like that i know of puts five years in before before
anything really happens and you're like \[ \_\_ \] five years i probably
shouldn't tell new entrepreneurs that yes you're gonna be very
successful very quickly you should quit your job and do it it takes a
long time to learn because there's a lot of stuff you gotta know gotta
know how to generate leads you got to know how to work leads you know
got to know how to set appointments you got to learn how to close you
got to learn how to set up bank accounts you got to learn how to
transact you got to learn how to do billing you got to learn how to do
payroll you got to like you got to learn how to actually fulfill a
product you allowed to learn how to create a customer journey got to
learn how to ascend people you got to learn how to decrease churn you
got to like there's a lot of stuff you got to learn how to recruit you
got to learn how to hire you got to like there's a lot of stuff that you
got to learn and so to think that it's somehow going to take 90 days
it's like why do you think that you can get a chemistry degree in four
years and think you can somehow be able to become a masters in
entrepreneurship in 90 days it doesn't it doesn't give respect to

9 00:08:00.000 --\> 00:09:00.000 the game like you have to respect the
game like a lot of people have been playing this for 40 years no one's
getting their master's degree for 40 years well some phds aren't right
and they're probably pretty good at whatever their thing is right and so
it's like to think that you're going to beat guys who've been playing
the same game for 40 years on your first try in 90 days doesn't respect
the game and so like i was fortunate that i started young i started when
i was 23. i mean the only thing i could have done before that dude
without doing that is just start instead of going to college but you
have to you have to put your time under the bar your legs aren't going
to grow until you have like you can't do four squat workouts and expect
your legs to grow you'll get better at squatting and that getting better
at squatting is a requisite for having bigger legs but you still got to
put the volume in there's a depth of understanding that happens with
volume that people cannot appreciate you gotta do the boring work and
you gotta love the boring work and if you can do that you won't lose
because the only person who's injecting this artificial timeline on on
you is you and so anyways it was like one of the number one questions
that i was getting in my comments and stuff it's like how do you pick
the niche how do you know where to start you don't know where to start
you just start and then you start accumulating knowledge and then you
will learn it's like reading books on sales before

10 00:09:00.000 --\> 00:10:00.000 you've actually had a sales call i'm
actually very against it i think you should start selling and then read
books on sales because then the books will actually make sense to you
right like trying to read 100 books on entrepreneurship before you've
actually had a business is silly start a business how do you start a
business you get a bank account get an llc and you figure out what
you're going to sell like that's what that's what you do that's how you
start a business so it's going to start with promotion and selling
because you can't even have the rest of the stuff until you learn how to
do that and if you don't know what you're selling it's because you
probably won't get the thing yet so you got to go like get some industry
experience right that's why banks by the way they don't loan to people
who don't have industry experience so if you're like hey i want to get a
you know loan to this was actually a story i heard from from my gym
owner ended up working with us for a period of time was in gym launch
was he wanted to start a gym and and get a loan from the bank and they
he went to like 10 banks and they all said no and they said and he said
the reason was because he didn't have experience so what he did was he
went to uh bally's and worked at bally's for like three or four years
and worked his way up to becoming the personal training manager and then
at that point started his gym and he didn't even need the bank loan at
that point because he had saved some money and he

11 00:10:00.000 --\> 00:11:00.000 learned how the business worked and lo
and behold he was like that was some of the best advice i ever had so
sometimes you just got to get the industry experience people just want
to skip to the last step when like there are prerequisites to getting
there which is why prerequisites exist so this is uh hopefully the the
real answer to how to pick your niche which is like you just need to do
something that is at least not you know repelled from that you see
people making money in and then stick with it for an inordinate amount
of time without convincing yourself that you're smarter than you are
which is a loose paraphrasing of a twitter quote that i can't remember
who wrote it so anyways if you're new i don't know if i said in the
beginning but my name is austin mosey i own acquisition.com about 85
million a year and i have nothing to sell you and if this is your first
video welcome to mozy nation and i'll see you next vid bye
