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Dan Lok

Why Great Biz Ideas Fail

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Over the last few weeks, we’ve talked a lot about mindset, secrets to success, and high income skills etc…

But if you’re interested in starting a business, reading this newsletter could be the most intelligent decision you make this year.

Because, I believe not everyone has what it takes to make it in business…

So, I’m going to help you make that decision today.

And if by the end of this newsletter you decide business isn’t for you, that’s OK.

You can still become financially successful as I’ve mentioned in previous newsletters.

So let’s begin.

How To Know When You’re Ready To Start A Business  

As you may know, I failed at 13 businesses before my first success.

When I think back on why I failed so many times, it was because I clearly wasn’t ready, but more importantly…

I didn’t have these 5 things in place before starting:

  1. A clear profit path
  2. Proper and focused business model
  3. An edge over my competition
  4. Enough capital
  5. Being okay with not making money for a certain period of time

If you’d like a deeper dive into why these are important, then click here >>

A lot of people get into business without knowing what they’re getting themselves into.

Just because they see people on Instagram with abundant lives and successful businesses, they think they can do it too.

But that’s not the case.

I shot a follow-up video to the one above with another 5 things you must consider before you start a business, and I advise you watch it if you’re serious about entrepreneurship.

In this video, you’ll also discover the most important skill in business >> 

How Much Money Do You Need To Start A Business 

A lot of new entrepreneurs believe they need millions of dollars to start a business.

In some cases, that may be true, but oftentimes they haven’t done their due diligence or enough research to figure out exactly how much they need.

In fact, usually they need far less than $1 million to get things started.

In this video, you’ll discover how much you need to start a business and also how to know with certainty whether your idea is good or bad >>

How to Start a Business With No Money

I always say, if you don’t have any money, you shouldn’t start a business.

Now are there entrepreneurs out there who start with no money?

Sure, but you don’t hear much of them once they fail, and the ones that do succeed have specific business skills which make their business work.

“But Dan, what about a business loan?”

If you want to know whether you should take out a loan to start a business, then watch this video >>

Why Start A Business When You Can Buy One?

If you caught one of my past newsletters you may have seen the 3 ways my close friend Brian Scudamore (CEO of 1800-GOTJUNK?) said you could get started in business.

2 of those are starting from scratch or buying into an already successful business or franchise model.

So with a failure rate of 95%, doesn’t it make more sense to buy an already successful business and skip the launch phase etc?

It really depends on your goals.

If your goal is to own a successful business in a niche that interests you, then you could absolutely do that if you find the right investment.

But if you want to build something that isn’t already out there, then you have no choice but to build from the ground up.

For further insight into this concept, click here >>

How To Buy A Business With No Money Down

Although I don’t advise you to start a business with no money, buying a business with no money is different.

Why?

Because there’s an old saying in the business world…

“You don’t need money, you need a better strategy.”

If you can strategize a way to buy a business with none of your own money, then you’re already streets ahead of most business owners.

And I’m not just talking about getting a loan, because as you’ve seen, I think that’s a bad idea.

So if you want to know how to buy a business using other peoples’ money, then click here >> 

Why Great Ideas Fail

How many great ideas have you had in your life?

They don’t have to be business ideas, just great ideas in general.

Now, did those great ideas work out how you wanted them or did they hit roadblocks along the way?

My guess is if you didn’t execute it properly, it wouldn’t have worked out.

The same applies to business.

Almost every entrepreneur thinks they have a “great” idea, and they may have.

But if they don’t execute their idea, then their business is destined to fail.

Here’s a quick example I gave at a live business event >>

I hope this newsletter has helped you decide whether business is the right path for you.

Feel free to watch any of the videos in this business building playlist to gain clarity where needed.

Don’t forget, skills are the key to a successful business…

And if you have the right skills, you can be wildly successful even without starting a business.

If you’d like to upgrade your business skills, click here to check out my products at the Dan Lok shop >>

I’m certain you’ll find something there that will help you get to the next level.

Until next time,

Dan Lok

P.S. – It’s important you stick with your high income skill and make at least $10K per month for one year before you start a business.

Because if your skills aren’t good enough to make you $10K per month, there’s no way you’ll make business work.

I tried skipping steps and it caused me to fail at 13 businesses and get $150K of debt. That was until I developed my first high income skill.

So, if you’re committed, I believe you can do it.

Stupid Questions That Cost You Sales

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Today you’ll get all kinds of techniques, tips, and strategies to improve your sales process…

So you or your team can close more sales with certainty, but WITHOUT feeling needy, sleazy, or inauthentic.

I’m sure you’ll agree…

Without sales, a business fails.

The sheer number of entrepreneurs that get into business without sales skills always shocks me.

So without further ado, let’s get started.

The Psychology of High Ticket Sales

Selling high ticket is nothing like normal sales.

You’re selling solutions to burning problems in your prospect’s life.

You’re selling emotions and an experience they can only get from you and a handful of others.

And if your marketing is done well, they’ll perceive you as the BEST option to solve their problem.

To get an insight into the psychology of high ticket sales, click here >> 

KEY POINT: You’re a value adder NOT a product pusher.

You never want to come across as needy when you’re on the phone, and you must get into the right mindset before the call begins.

I know you know this, but when there’s money on the line, people sometimes forget how important this is.

If you want to know exactly what NOT to do, then click here >>

How To Set The Agenda

Your sales interaction starts before you even get on the call.

It begins with the prospect’s experience in booking the call or dealing with you or your team over email or social media.

Assuming you’ve done the right things and got the prospect on the call, the first thing you must do is set the agenda >>

This frames you as the expert and allows you to remove pressure from the prospect and gives you control over the conversation.

3 Important Skills In Sales

The success of your closing call relies heavily on your ability to uncover your prospect’s pains, challenges, and obstacles.

You want to know what’s stopping them from achieving their goals, and you must then bridge the gap with your solution.

When the time comes, you must also be prepared to handle any objections they have.

Rather than having 101 ways to handle objections, I’ve discovered there are only 2-3 ways to handle the most common objections.

One of the main ways I do this is by turning their objection into a commitment, and I’ll show you exactly what I mean in a moment.

The two things I mentioned above are 2 of the 3 important sales skills you must possess.

The third one is something many closers overlook, and if you want to know what it is, then click here >>

7 Stupid Questions That Cost You Sales

Most salespeople think sales is all about talking to your prospect and selling them on the features and benefits.

But closers know sales is more about asking the right questions and listening.

The more you listen, the more you close.

But there are a number of questions you could ask that can and will cost you the sale.

Some of these will be obvious to you, but some are often overlooked and I see them asked all the time >>

The closer has no idea they’re asking the wrong questions and if you ask these questions, they’ll cost you money.

Watch the video above for the questions and what to ask instead.

How To Gain Confidence In Sales

Ultimately, the best way to gain confidence in sales is repetition, repetition, repetition.

You’ve got to roleplay and practice daily, even if you’re speaking with prospects daily.

Imagine knowing all the objections that could come up in your sales calls and having an answer for each one.

The next time an objection comes up, you’ll know exactly how to handle it.

How To Handle Objections Like Kung Fu Master

In any sales call, your prospect may have multiple objections.

These could be pricing objections or other ways of stalling the sale such as…

“Let me think about it”, “I’ll get back to you”, “Send me more info” etc.

We as closers will trigger objections in the prospect.

As price objections are some of the most common you’ll face, click here to see how I would handle a pricing objection >>

I have countless sales and objection-handling videos on my YouTube channel.

So feel free to search “dan lok objection handling” and watch as many videos as you can handle.

Why Hearing a “No” Isn’t The Worst Thing

We’ve all been there…

You get to the end of your presentation and your prospect says “no”.

If you’re like most people, you’ll think all that work was for nothing.

But if you’re like me and my team, you’ll be prepared.

There’s actually a way you can make money even when your prospect says “no”.

And I share exactly how to do it here >>

How To Use Reverse Psychology To Disarm Your Prospect

Reverse psychology is an advanced method I teach all my mentees and clients.

It works well when your prospect’s needs are below a 5.

Let’s pretend your prospect is making good money but they’re unhappy with their job, and your solution will help them move from their job but make the same money.

There’s no real financial incentive for them to move, the big incentive is working in something that’s more fulfilling.

So they tell you they’re making $100K per year.

Reverse psychology would sound like this “$100K. It sounds like you’re doing great, what’s wrong with that?”

This gets them to open up about their situation.

If you’d like another example I shared in an internal sales meeting, click here and skip to 2:17 >>

In closing, sales is an intricate topic with many nuances that can make or break your closing ratio.

I believe it’s the most important skill in business, and if you want to see your business explode, possessing the right skills or having a solid sales team is key.

Until next time, go high ticket,

Dan Lok

P.S. – We’re just weeks away from our 3-day event High Ticket Mastery.

Our last one was a huge success, and those in attendance got the exact strategies I’ve used to sell over $100 million in coaching and consulting products and masterminds.

These strategies helped them create an irresistible high ticket offer…

Attract hordes of high-value prospects using free traffic methods…

And close sales without feeling pushy or inauthentic.

Tickets are selling fast so click here for the full story on what’s to be a truly impactful 3 days together >>

How To Fill Your Team With “A Players”

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Everyone wants a team they can hold accountable…

A team that works well together, so they can minimize having tough conversations with members who don’t perform.

I’m talking about “A Players”.

So, in this week’s edition of High Ticket Weekly, you’ll discover how to rate your team members…

How to hold them accountable…

And how to handle team members who underperform, and have tough conversations if needed.

How To Define An “A Player”

It goes without saying that an “A Player” is someone who consistently performs at high levels and exceeds expectations. 

But what specific characteristics do they possess?

Because before you fill your team with “A players”, you must know what to look for. 

Now, you may already have a definition in your head, but I believe “A players” should possess these six characteristics. 

  • High productivity levels: They should be able to handle high workloads and complete work to a high standard over short periods of time.
  • Strong skills and knowledge: They should have strong technical skills and be able to apply these skills to their work.
  • Proactive and independent: They must show great initiative, pick things up fast, and be able to work and solve problems with minimal or no supervision.
  • Positive attitude: They must love what they do and enjoy working within the company. They must also contribute new ideas and work well with other team members.
  • Strong communication skills: “A players” have strong written and verbal communication skills they use to communicate their ideas to you and the entire team.
  • High EQ: I believe Emotional Quotient eats Intelligence Quotient (IQ) for breakfast. Sure, “A players” are often intelligent too, but they don’t have to be a genius to be an “A player” if they have a high EQ.

IMPORTANT: Each role has different expectations, and the definition of an “A player” will vary between departments.

Now you have a clear idea about what an “A player” looks like, you can create a rating system and begin to rate your team members to see how they measure up.

It’s possible you could train a “B player” to become an “A player” over time.

When rating team members it’s important you use clear and specific criteria for each role and stay consistent and objective with each rating.

If you’d like to know my simple method for measuring my teams performance, click here >>

How To Keep Your Team Motivated and Accountable

People ask me all the time, “Dan, how do I motivate my team?”

The truth is, you don’t.

You find people who are already motivated.

That cuts out a lot of the training and hard work on your behalf.

So, knowing that your team is already motivated, let’s speak about ways of holding your team accountable, whether they’re remote or not.

How To Keep Your Team Accountable

I believe one of the most vital keys to accountability is setting clear expectations.

These should be set each time a new employee joins the team.

There should be clear expectations around each project, such as budget, first draft due, and final deadline.

Communication is always important, but in a remote setting, it’s even more important.

You may like to set up a weekly meeting and a daily check-in if needed.

Employee engagement is also a key factor and there are things you can do to boost engagement such as frequent communication, and team-building activities.

These are just 3 of 8 ways to keep a remote team accountable.

If you’d like to know another five ways of holding your team accountable, then click here to read this short article >>

How To Handle Team Members Who Don’t Perform

Every business has team members who don’t perform at some point in time.

They may submit subpar work… they may constantly miss deadlines… there could be an energy mismatch between them and the company as a whole.

Whatever the reason, it’s expensive and time-consuming to look for new employees all the time…

So, here are a few ways of helping them improve their performance.

It all starts with communicating your concerns, so you and the employee can identify the root cause of the problem.

Ask them the right questions, and once you’ve uncovered the problem(s) you can create new targets and offer support and resources for them to improve.

You must also set clear expectations so the two of you know if the new targets are being met.

Finally, you must follow up with them and monitor their progress.

I shot you a roleplay of me coaching one of my event attendees on how to have a conversation like this >> 

How To Have Tough Conversations With Employees

Should any team member continue to underperform even with your support, eventually you’ll need to have an even tougher conversation to let them go.

Here are 3 things to think about before and while you have the conversation.

  • Make sure you prepare in advance and plan what you’re going to say. Be clear and direct with a clear outcome for the conversation, and have an answer for any challenges or objections that may arise.
  • Choose a private location where people can’t interrupt you or overhear what’s being said.
  • Practice aggressive listening: Pay close attention to what your employee is saying so you can construct thoughtful and respectful answers.

So there you have it…

My best tips for identifying and keeping “A players” in your organization…

Keeping your remote team accountable…

And dealing with underperforming employees.

I hope this newsletter has been of great help to you and your business.

Until next time… go high ticket,

Dan Lok

P.S. – Our 3-day business immersive High Ticket Mastery™ is coming up VERY SOON.

It’s the first and still only immersion training that destroys the low ticket mindset once and for all…

And replaces it with the identity change needed to run a High Ticket Business.

If you’d like to kick start the new year with an irresistible high ticket offer, a flow of high ticket leads, and the ability to sell without feeling needy or inauthentic…

Then click here for the full scoop >>

See you there

Could AI Steal Your Job? (Read This)

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There’s an AI art craze sweeping Instagram as I write this…

Some artists say AI will destroy their livelihood.

Some say AI will help the industry and won’t be as bad as expected.

Personally, I’m not in that industry, so I haven’t looked into it much.

Now, I don’t want to alarm you…

But here’s an important question you should ask yourself….

“Is my job at risk?”

Many jobs have already been replaced by computers or AI…

Just look at self-checkouts at supermarkets and self-ordering at McDonalds.

As a business owner, I’m always looking for ways to do the same job, faster and cheaper, and other companies are no different.

So where does that leave you?

I recorded you a quick 9 min video, where I break down the types of jobs that will disappear in the next 20 years, both low and high income jobs >>

Some of them have already begun disappearing as I mentioned above, but more are on the horizon.

After watching that video, I realize the thought of AI taking over is scary…

But in just a moment, you’ll discover why…

Why AI Doesn’t Spell The End Of all Jobs

It makes sense that computers can do complex tasks in high volumes much faster and more accurately than a human can.

We’ll never be able to compete at that level, but humans have abilities computers don’t.

And if you want to know what kinds of tasks you’ll do far better than any computer, then click here >> 

This is a breath of fresh air for anyone thinking they’ll be unemployed in the future.

As you saw in the video above, humans are far better at solving certain problems than computers are.

Furthermore, not every company will be able to afford the type of AI that can short cut their time invested.

How to Not Only Survive But Thrive During Automation

If you remember the first video you watched above, I mentioned a high income skill is a great alternative to your current job if it’s in danger of being automated.

The skill I was referring to in that video was High Ticket Closing or high ticket sales.

The reason why this can’t be replaced by AI is that closing is emotional.

Sure, in theory, you could program AI to say the right thing every time a prospect answers a question.

But the prospect knows AI doesn’t care about them.

The AI’s sole objective is to get the sale.

That’s why closers will ALWAYS have a job.

Another high income skill I teach is copywriting.

Now, this is different to closing as AI can write sales copy and articles, etc.

But AI does have limitations.

What if your client wants a style of copy or writing that isn’t programmed into the AI?

AI can’t think of all the things prospects want to see in an irresistible offer.

But a human can.

If you want to to know why I think AI won’t replace copywriters, click here to watch this quick 4 min video >>

Recently, I put some AI software to the test and gave my expert opinion on the piece of copy it produced, so if you want to see how well the AI performed, then watch this quick video >> 

So there you have it.

Automation is nothing to be afraid of if you’re willing to evolve and adapt to change.

If you embrace change rather than run from it, you’ll be fine.

To your success,

Dan Lok

P.S. – Ready to develop your first or next high income skill?

If so, then click here to check out the vast range of trainings at the Dan Lok Shop and ensure you’re AI doesn’t steal your job and livelihood >>

Feel Nervous When Raising Your Price?

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Welcome back to High Ticket Weekly Newsletter…

In previous newsletters we’ve covered a vast range of topics to help you build and grow your expert business.

Today, we’ll discuss one of the most important factors that determines your profitability and success.

PRICE.

Done right, you’ll create high margins and boost profitability.

Done wrong, you could see your business fail almost overnight.

In fact, in some cases, price can even become a marketing strategy.

So let’s dive in.

First, let me ask you…

How do YOU price your products and services?

If you’re like most people, you look at your competition and charge something similar.

This may seem like a smart thing to do because it keeps you “competitive” in the marketplace, but is that really true?

Personally, I don’t think so, and if you want to know why this is a bad idea, then click here to listen to this short podcast >>

Why Smart Brands Command A Premium Price

At the end of that podcast, you will have heard me talk about charging based on your value, and we’ll dive deeper into that in just a moment…

But before we do, I want to share with you how smart brands COMMAND premium prices.

If you take any high priced item, what’s the first word that comes into your head when you hear their brand name?

Most likely you’ll think expensive, prestige, high quality, status, etc.

That’s the kind of thing I’d like people to think when they hear my name.

And your brand should be no different.

(If you want to a crash course branding, please refer to one of my previous newsletters.)

In fact, studies show that people actually enjoy paying higher prices.

And in this video, you’ll discover a groundbreaking wine experiment that will give you more confidence in charging higher prices >>

3 Pricing Strategies To Price Your Product Or Service

In this video I discuss 7 different pricing strategies >>

One of which to price yourself is by the hour.

This is a bad idea if you want to scale your business.

3 of my favorite pricing methods in that video are…

  1. Price to Package – you create a package and price it accordingly.
  2. Price to positioning – you’re paid for your positioning in the marketplace.
  3. Price to value – you’re paid for the value you bring.

I strongly recommend you choose one of the 3 strategies above.

They’ll make business far easier and more profitable.

To discover how to price your services based on value and why people will pay you what you’re worth click here >>

How To Charge What You’re Worth So You Can Hit Your Revenue Goals

Charging what you’re worth isn’t only important if you want to hit your revenue goals…

It’s also important for your clients.

If you watched the video about how smart brands command premium prices, you may remember the wine experiment and how high prices changes your client’s psychology.

It’s also important because if there’s no skin in the game, there’s no game.

The more you charge, the more seriously they’ll take the transaction and relationship, and quite possibly, the better results they’ll get.

In this video, you’ll discover how much you should charge so it’s a WIN/WIN for both of you, and how much your time should be worth to hit your revenue goals >>

How To Sell More With Contrast Pricing

FAIR WARNING: You’re about to discover a very sneaky pricing strategy that will help you sell far more of your products and services.

I call it the 3 box method.

Now there’s a reason why we use 3 options and not just one or two.

There’s a reason why we create these offers in such a way they almost always choose the middle option and not the most expensive option.

To find out exactly why and how this contrast pricing method works so well, click here >> 

In our business we have multiple offers and use the 3 box method when we present to our prospects, and it works very well for us.

How To Raise Your Prices Without Feeling Nervous

I’m not going to lie…

Raising your prices can be intimidating, which is why people don’t do it more often.

When I was in my early twenties I raised my price from $1K to $10K in just a few months…

But don’t get me wrong, I was doubtful and scare of raising my price by even 10%.

So, if you want to know how to raise your price without getting nervous, and hear the funny story about how I made it work despite being doubtful, then click here >>

The Real Cause Of Price Resistance

It may surprise you to learn that all price resistance IS NOT in the mind of the client.

So to close this newsletter out, I want to share with you where ALL price resistance comes from >> 

I hope you’ve enjoyed this newsletter on pricing.

The content inside should empower you to choose the right pricing strategies for your business and increase your prices ethically and still have people pay them.

To your success,

Dan Lok

P.S. – Our exclusive 3-day live event High Ticket Mastery™ kicks off in just a few weeks.

By the time the event is over, you’ll have a “done list” NOT a “to-do list” of tasks already completed, and you’ll be well on your way to taking your business to multiple 6 or 7 figures.

So if you struggle to create and sell irresistible high ticket offers, then click here for the full scoop >>

The Dark Side of High Income Skills..

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I’ve got a bit of wake up call newsletter today…

Oftentimes it can be difficult to decide which direction to take for your career.

Do you start a business…

Develop a high income skill…

Or if you’ve tried both of those and decided to go back to a job, is that the right decision?

To be honest, there’s no right or wrong.

Not everyone is cut out for entrepreneurship…

Depending on mindset, not everyone could be cut out for high income skills, although if you work hard at it, I believe you can do it.

There’s nothing wrong with being an employee, but each path has pros and cons.

So, today we’ll talk about the darkside of each of the above.

I hope you’ll find this newsletter both valuable and informative and it helps you decide which path to take.

The Dark Side of Employment

On the surface, employment seems great.

You go to work, do your job, go home, and don’t have to worry about generating revenue, unless you’re in sales.

You get a certain amount of paid leave per year…

Sick leave…

And long service leave if you stay long enough.

But if you’re like most people, you’re in the 65-85% of people who’re unhappy at their job.

And if so, you’ll know how unfulfilling it is working a job you’re unpassionate about.

Waking up to an alarm every day, to rush to a job for 8-9 hours every day at a job you hate isn’t fun.

I worked in a supermarket for over a year and hated every minute.

You can only do that for so long before something has to give.

Either your mental health or your job ends up breaking.

And so you look for a solution, and that’s why you’re on my email list, [Name].

If you’ve been following me for a while, you’ll know I’m a big advocate of high income skills.

You develop your high income skill BEFORE you start a business.

But although high income skills are far less stressful than business there is a dark side to them too.

And if you want to know what to look out for so you don’t fall victim to any traps, then click here >>

Now don’t get me wrong…

Even though high income skills have a dark side, it doesn’t mean you shouldn’t pursue them.

They can be very rewarding and everything has a dark side…

Especially entrepreneurship.

The Dark Side of Entrepreneurship 

You see entrepreneurs on the covers of Forbes and Success Magazine, but you never hear about all the ones who failed.

You see me online in my penthouse or driving my Bentley, but only my wife Jenny, my mom, and I know the struggles I had to endure to get where I am.

I’ve had many times in my career where my mental health suffered.

I became depressed and anxious, and my self-doubt spiraled out of control.

Business has a way of kicking you when you’re down, and if you haven’t set up a safety net, then things can get pretty serious pretty fast.

This is why I shot you a video, where I speak on the dark side of business that almost no one talks about >> 

4 Types Of Entrepreneurs And How To Identify Which One You Are

So let’s pretend you’ve decided business is for you.

There are 4 categories of entrepreneur you could fall into.

The mission-based entrepreneur…

The passion-based entrepreneur…

The opportunity-based entrepreneur…

And the undecided entrepreneur.

Personally, I’m both mission-based and passionate about what I do, and have on occasion seen gaps the needed filling in the marketplace.

But BEWARE.

It’s important you identify which type you are, because each has a dark side you must be aware of >>

If you begin your entrepreneurial journey without knowing what your dark side is, you’ll fall into a trap you could have avoided. 

So Where To From Here?

Remember, you’re the driver of your vehicle.

Only you can choose what to pursue.

Each choice has pros and cons.

Each choice will be hard for different reasons.

Business is harder than high income skills.

High income skills are harder than a job.

But working an unfulfilling job for 40 years and getting only 2 weeks leave per year is hard as well.

Some choices may bring you fulfillment while others bring you perceived “safety”.

In my opinion, if you’re just getting started and want to move on from your 9-5…

A high income skill carries the least risk.

You could see financial results far quicker than with business, which has extremely high failure rates, and can take 2-3 or more years to become profitable.

Ultimately, you won’t fail if you never give up.

To your success

Dan Lok

P.S. – If you’ve decided business and working 9-5 isn’t for you…

Then click here to check out some of my high income skills trainings at the Dan Lok Shop >>

I promise if you work on your skills, eventually you’ll be able to leave your job…

And after making money with your skills for a few years, you may even like to start a business, and you’ll be well prepared.

I hope you enjoy reading this blog post.

Schedule an add a zero session™ with our team to see how you can use our time-tested strategies and systems to scale your business now.

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