Dan Lok

What You Need To Know Before Starting A Franchise

April 26, 2020 by Dan Lok

Starting a franchise can be a good alternative to starting your own business. Given that most small businesses fail within their first 5 years, starting a franchise comes with a lot less risk. You don’t have to wonder whether or not your business will become successful when starting a franchise, because a well established franchise will already have a history of success. This means you can focus on running the operations of the business, instead of fighting to prevent it from going bankrupt.

However, not everyone is cut out to become a franchisee. Starting a franchise means owning a business that operates within certain boundaries and follows a set system. These guidelines restrict how much freedom and control you have in the business, and in certain cases, may actually harm how successful it will become. If you are the type of person that is more creative, wants to set their own prices or have a voice as to how things should be operated, starting a franchise may not be the best option.

As with all things, there are pros and cons when it comes to starting a franchise or starting your own business. To increase the odds that you will succeed, you need to understand what type of environment allows you to thrive in business. If you’re thinking about starting a franchise, here’s what you need to know before you make a commitment.

Starting a Franchise Allows You To Reduce Your Risk Dramatically

For many business owners, the idea of starting a franchise is an attractive option. Statistics show that 50% of small businesses fail in the first 2 years, with 95% of them failing in their first 5 years. This means that 9/10 businesses will fail in their first 5 years of doing business. As a result, starting a business from scratch is very risky and prone to failure.

This is why most entrepreneurs buy into a franchise and become franchisees. They are buying into an existing system that has a track record of success and is proven to work. And that is why it is so valuable. Because the franchise has already made it past those first few critical years, they’ve already established themselves as a company or brand with a proven reputation. There’s no need to guess whether or not the marketplace will be receptive to what you have to offer – the demand is already there.

On top of using an established company’s reputation as leverage, you’re also able to tap into the resources of the franchising company. Most franchisers have a team of highly trained experts that know what they’re doing and can offer you advice. If you’re new to the world of business or there are certain aspects of the business you’d rather not deal with, the franchise company has a team of people that will handle those tasks for you.

Starting A Franchise Means Buying Into A Proven System

Starting a franchise means buying into the systems that are in place and provided to you. Many entrepreneurs that become franchisers do so because they lack experience on how to operate the business. The offer of becoming a franchisee is enticing, because it allows them to bypass most of their shortcomings and get into what they love to do most – own a profitable business.

Another reason why starting a franchise is so beneficial, is because everything is already laid out for you. The franchise company has already made all the decisions for you ahead of time. These are decisions such as what prices to set your products at, how to run your marketing, and how to operate the business. All you need to do as a franchise business owner, is to follow the plan that’s already laid out for you.

Of course, this means that if you are someone who prefers to have more control over the business, starting a franchise isn’t the best option. You’re better off starting a business from scratch and building it from the ground up.

The Pros and Cons Of Starting a Franchise vs. Starting Your Own Business

For many business owners, the idea of starting a franchise is an attractive option. You dramatically reduce your failure rate, receive a proven system on how to run the business successfully and assistance to help you manage the operations. However, the benefits that make a franchise such an attractive choice are also some of it’s biggest downsides. Many franchises operate under a strict set of guidelines and regulations that do not give their franchisees any leeway. Business owners that want the freedom to run their business the way they want, will find these guidelines suffocating and difficult to follow.

If following rules and guidelines isn’t the type of environment that allows you to thrive, starting your own business is a much better choice. While you may not have access to all of the perks starting a franchise has, it provides you with complete control. This means you have the freedom to set your own prices, offer your own products and change things whenever you feel like it. It also provides you with the option to create your own franchise brand in the future, if your business becomes successful.

If you’re an entrepreneur who wants to minimize their risk, starting a franchise is a more attractive option. It means taking the role of an operator that focuses on executing a system that has been proven to work. However, if following a strict system isn’t what you resonate with, you’re better off starting your own business and being the business owner. Each side has its own pros and cons, which will affect how the business is run.

The Power and Influence Of A Reputable Franchise Brand

When you buy into a franchise and become a franchisee, you are immediately granted a lot of power and influence. A reputable franchise brand has a history of building their reputation and brand, and knows exactly who their audience is. By becoming a franchisee, it means you’re able to leverage the resources of the franchise company to your advantage.

For example, a McDonald’s franchise requires a fee of a million dollars to get started. This is because McDonald’s is literally a money making machine. There’s never a shortage of customers, because it’s a franchise brand that’s well known across the entire world. In fact, it’s so popular that in almost any country you go to, you’re almost guaranteed to find a McDonald’s.

The reason a McDonald’s franchise is so costly, is is because they possess the best system in the world when it comes to selling fast food. Buying into a McDonald’s franchise means buying their reputation, brand name, track record and using it for yourself. They may not serve the tastiest burgers in the world, but they do have some of the best marketing and business operations worldwide.

Starting A Franchise Is A Good Way To Quickly Get Started In Business

A franchise isn’t just a business to help you generate money – it’s a brand that has a number of loyal followers. Becoming a franchisee means tapping into all of the resources that brand or company has to offer. That means you can use their customers, their marketing, their discounts, their coupons and advertisements. And you get access to it all for a monthly royalty. In reality, hiring your own marketing team, running advertisements and coming up with creative marketing campaigns would cost you much more than what you’re paying for.

This is why many entrepreneurs opt into starting a franchise. They understand that becoming a franchisee comes with many perks that they wouldn’t be able to leverage if they started their own business. Instead of waiting 2, 5 or even 10 years before the business picks up, they’re able to immediately tap into these resources and begin profiting as early as day one.

Starting a Franchise Can Come With Many Hidden Fees

Most franchise companies charge their franchisees a monthly royalty fee. This fee can either be a percentage of the profits on a monthly basis, or a flat fee. If you’re thinking about starting a franchise, you should take these fees into consideration as additional expenses.

For some entrepreneurs, the idea of paying a monthly fee is not worth the additional cost in their business. If they possess the skills and knowledge to run their own marketing campaigns and are aware of their market’s needs, there’s no reason for them to buy into a franchise. Most entrepreneurs that become franchisees do so because they want to reduce their risk and leverage the resources of the franchise company. They may not know how to run successful marketing campaigns to attract customers, or simply don’t want to deal with that side of the business. As a result, they don’t mind paying a monthly fee to have someone take care of all of that for them – which is why starting a franchise is an attractive option for them.

On top of a monthly royalty fee, some franchisers also require their franchisees to purchase certain goods or services from the franchiser or affiliated entities. This means that an entrepreneur who does not have a lot of starting capital, may quickly find themselves broke before they’ve even begun to generate profit from the business franchise.

Be aware of all the terms and conditions outlined in the contract when starting a franchise. If you are an entrepreneur who does not possess a lot of business experience, you may find yourself being taken advantage or even exploited by the members of a larger, more powerful corporation. Read the fine print and ensure you understand all of your responsibilities before making a commitment.

A Franchise Is Not Guaranteed To Be Successful

Even though becoming a franchisee comes with many perks, it doesn’t mean you’re guaranteed to succeed. Contrary to what many people believe, even a wildly popular franchise like McDonald’s can fail. In fact, as a franchisee you could do everything by the book perfectly and still fail. This is because there are other variables that are outside of your control.

One of the main reasons why franchises fail is because of location. Just because a franchise is wildly successful in one city, does not necessarily mean it will generate the same results in another. The neighbourhood, the city, what their target audience is and the needs of the marketplace, are all factors you need to account for.

For example, a Chinese take-out franchise may do extremely well in an Eastern country, but do very poorly in a Western one. This is because the needs of the marketplace are different. There may not be that many people that like eating Chinese food in that geographic region. Or maybe Westerners aren’t able to read the menu because it’s all in Chinese – which is a guideline you are forced to follow. All of these factors impact the number of customers you’ll get, which ultimately affect how much revenue you’ll generate.

As with any sort of business opportunity out there, there will always be risks. This is why it’s important to do your research beforehand, and understand how things work before you go in. Don’t make the mistake of assuming a franchise is guaranteed to succeed, because it’s not. A franchise provides you with a proven system that you can leverage to operate your business. However, how successful you will ultimately become, depends on how well you can manage the business and account for the other variables that come into play.

Get Clear On Your Strengths, Weaknesses and Goals

If you’re struggling to decide between starting a franchise or starting your own business, analyze your own strengths and weaknesses. What kind of person are you? What type of environment allows you to thrive? When you are clear on what your strengths and weaknesses are, you’ll be much more likely to succeed. Even if the opportunity to own a McDonald’s franchise is presented to you, if you know that following rules and guidelines isn’t something you can tolerate, there’s no point buying into a franchise brand. Your heart isn’t in the business, which means you’ll start cutting corners and slacking off. And eventually, that’ll lead to your business failing.

Analyzing your own needs and desires is the first step when it comes to succeeding in business. Successful businesses know a business is only as successful as the person who is managing it, which is why billion dollar companies like Microsoft and Apple have competent CEO’s running the company. The founder may not have the skills to run the business, which is why they hire someone who is capable and possesses the skills to do so. Think about your business from the same perspective – whether it’s starting your own business or starting a franchise.

As well, you will also want to think about how your decisions will impact the future. If you have hopes of one day starting a family and passing your business down to your children, starting your own business is the better option. Instead of forcing your children to follow a set structure and guidelines in place, you can provide them with the freedom to run the business the way they want to, in place of your leadership.

Get clear on your strengths, weaknesses and goals, and you’ll dramatically increase your success rate in any business venture.

Your Invitation To The World’s Most Exclusive Advisory Board For Distinguished Entrepreneurs

Starting a business vs. starting a franchise has their own pros and cons. If you’re an entrepreneur who has capital and doesn’t mind following a system, starting a franchise can be very beneficial. Becoming a franchisee allows you to leverage the brand name, reputation and business systems that are provided to you. You’ll dramatically reduce your risk of failure, and do very little management in terms of how to run the business. All the decisions on how to run the franchise will be provided to you by the franchising company. You just need to listen and execute whatever they tell you to do.

However, if you’re the kind of person that doesn’t like being told what to do, you’re better off starting your own business from scratch. You won’t be able to leverage the resources and perks you would get by starting a franchise, but you will have control of the business. You can run it the way you want, set your own prices, and even take days off whenever you feel like it. If you do choose to become a business owner, be aware that the odds are against you.

This is why many entrepreneurs seek out coaches and mentors who have experience running a successful business. By tapping into the knowledge and experience of someone who’s been there and done it, they’re able to dramatically increase their chances of success and achieve results faster than if they did it alone.

Dragon 100 is the world’s most exclusive advisory board for entrepreneurs committed to their business success. Members receive personal mentoring and private lessons from Sifu Dan himself on how they can add 6 or 7 figures to their business in as little as 12 months. Click here to learn more about becoming a Dragon 100 founder today.

7 Pricing Strategies To Make People Buy Your Products

April 25, 2020 by Dan Lok

Every entrepreneur thinks about the best pricing strategies and asks – How do I know what to charge for my product or service? It’s a common question. Many business owners are unsure of how to set their pricing. You want to get paid for your efforts, but will your pricing reflect both your value and your worth?

Pricing is a fickle thing. Done properly, it can be used as a marketing tool to attract the perfect client. Improper pricing could be setting you up for trouble such as not getting paid enough for your time, the kind of clients you don’t want, or no clients at all.

So how do you know what to charge? What is the best way to leverage pricing to position your business? We have 7 pricing strategies to share that can help you decide how to best position your value and in turn, set your pricing model.

Are You Making These Common Pricing Strategy Mistakes?

So let’s say you want to be super competitive and make sure that you have the best deal in town. Then, you realize you overshot it and are not charging customers enough. Before you know it, you are too deep in debt from overhead to recover and end up going out of business. When your pricing is too low, you are not making a profit. Regardless of how many customers you get, if you are not covering your expenses and still making revenue your business will be short-lived.

Now, on the flip side, say you know that you are sitting on gold. You know that you’re worth top dollar and you need everyone else to know it too. Unless you have the following, marketing, and positioning to support premium pricing, you are going to have a hard time convincing customers that they should pay top dollar for what you have to offer.

If you enter the market charging far more than anyone else in the industry, you are not going to have any business. No customers for you means no revenue. Without enough steady flow of income, you will run into the same problems as undercharging. You need a healthy volume of business to have any hope of growing.

So how do you avoid these two most common mistakes when deciding on how to charge? Here are some suggestions for pricing strategies that might work for you.

Pricing Strategy # 1: Price to Your Competition

Though most entrepreneurs never want to think of themselves as average in their industry, pricing relative to your competition can be a good place to start. A common way to determine average pricing is the literal numeric value. Take the top 3 companies in the industry and find the mathematical average.

If you are in a commodity industry, you may want to consider slightly underselling your competition. This may be a successful pricing strategy for your particular niche. Just be aware that when you are pricing in direct relation to your competition, you are most likely always going to be fluctuating in reaction to either the marketplace or other companies. This defensive position in pricing could quickly lead to charging too little.

Pricing Strategy # 2: Breakeven

This pricing strategy is most often used when first entering the market as a way of testing the waters. The idea is to charge at a point where you are just able to pay the bills. That’s right, just cover overhead costs with little to no profit. It’s also known as self-liquidating. You have to use caution with this one or you run the risk of going from breakeven to bankrupt. But why on earth would you want to charge at cost, without profit? Great question!

The concept uses a low ticket offer to acquire customers and build a following. The profit, then, comes from high ticket selling when you introduce an appealing secondary offer at a higher cost. Consider this a bonus marketing business tip in a sense. It’s a way to generate leads for a higher price point because the breakeven offer has already drawn them into your funnel.

Pricing Strategy # 3: Price To Time

This is an extremely popular model, especially in the professional services industry. You may know it as ‘charging by the hour’. Some companies adopt this concept by billing a monthly retainer or charging at different time intervals. Either way, you are seeking compensation based on your time output.

We observed that as the world shifts from a job economy to a skill economy, this model is becoming more and more outdated. It still has a place on certain occasions, but in general, charging based on results instead of time makes clients a lot happier and much more eager to pay you top dollar.

For example, when you charge based on the time it benefits you to take longer to complete a project while a client is focused on getting the job done quickly. Shouldn’t you be rewarded for working efficiently? This strategy creates a conflict of interest.

If you charge based on results you have the ability to deliver top performance in a timely fashion and still earn according to how much value you have brought to the customer. More on this in #7.

No fee is too high for success and almost any fee is too high for failure. Click To Tweet

Pricing Strategy # 4: Price To Cost Plus

Often found in construction, this method of charging is used by formulating a total price to complete a job, then adding a markup percentage. This strategy is useful in some cases, but once again, creates a conflict of interest. Spending more money drives up the job cost and results in a larger number for the markup percentage. In this respect, using a preferable material at a lower cost is not as profitable. We suggest aligning the focus of both parties on achieving efficient results.

Let’s say the project price is set at $1M. You as the service provider are expecting to receive $150K in payment. You might consider proposing that, if you can finish the project with equal or better quality at a cost of $850K, you would receive a 20 or 30 thousand dollar bonus. And a secondary bonus amount for finishing ahead of schedule. This way, everyone on the job is working toward the same goal – a time conscious, cost-effective, quality project. You get to reap the benefits of bringing more value to your client.

Pricing Strategy # 5: Price To The Package

Creating packages is a well-known sales tip. It is about the perceived value your package offers a client rather than the actual cost to you. Combining products or services into a neat delivery system with a higher value than the price tag creates an irresistible offer.

But isn’t that called a discount? No. A discount is lowering the actual price. Instead of lowering the cost a customer pays, a package would increase the amount of benefit a customer receives. A good rule of thumb would be a 1 to 10 ratio of cost to benefit. If you are charging $1K for a deal, then the value to the customer of each element separately should add up to about $10K. Now, this doesn’t mean it would actually have to cost you this much, but it should bring this much value to whoever buys it.

When forming packages, anticipating the future needs of your clients can be extremely helpful. If you are teaching a course that is easily performed on a particular software program, consider including the software they are most likely going to need or want. It’s more valuable to them to buy it all together at a flat rate than purchasing each item separately from different sources.

Pricing Strategy # 6: Price To Positioning

Positioning is a pricing strategy that has everything to do with supply and demand. The shorter the supply, the more in demand that product is. If you have the only supply of the thing in demand or limit the supply, you can charge more for it. Dan Lok has only 6 hours a week available for consultations. He has 24 hours in a day, just like everyone else. Since no one can increase the supply of time, the price of his services goes up.

This, of course, assumes valuable positioning, meaning that there is enough of a demand for the product or service you’re offering to warrant what you are charging. Limiting or controlling a supply does little good if there is no demand for it. No one will pay for something they don’t want.

Pricing Strategy # 7: Price To Value

This charging method is used frequently in high ticket selling because clients pay for premium results.

The concept is simple. You price your services based on a percentage of the results you bring to your client. Whatever the amount of increased revenue you deliver to them as value, you get a percentage. You make them an additional $1M, you get a percentage of $1M. If you make them $10M, you get a percentage of $10M.

The focus of both parties is now aligned and everyone is working in the same direction. Clients don’t care how much time or effort you’ve put in, as long as it’s bringing them results. If you can get it done in a few hours a week, you don’t make any less because it’s not based on time. The faster and more efficiently you can do this, the happier your client is to pay you for it.

The more value you bring, the more you earn. There are no caps, income ceilings, and no limit to how many times you can do this, over and over. You’re getting paid by what value you bring to their time.

How To Be Strategic With Pricing Strategies

Now you have 7 different suggestions on how to charge your customers and clients. They don’t each have to be used separately and independently of one another. You can be creative with the way you combine and adapt these pricing models.

You may choose to combine price to time and price to value by charging a monthly retainer while still collecting a percentage on the value of each individual project. Perhaps you are more well known in your industry and want to leverage price to a position with a price to the package. The possibilities are endless.

We suggest that you do give this some thought, though. It’s an important decision that has a big impact on your livelihood. Putting the wrong pricing method on even the best product or service can lower the value tremendously. Be sure that you take into account your industry, your specialization level, and your phase in the market cycle when determining what pricing model works best for you.

Did you notice that some of the strategies we mentioned had a particular industry for which they were best suited? Did you know that there is actually an industry that is best suited for one of the pricing strategies?

What You Need To Know About High Ticket Selling and Pricing Strategy # 7

The price to value model is quite powerful. It highlights the worth of what you have to offer a client and sets the tone for a mutually beneficial relationship. If you combine that with a High Income Skill like High Ticket Sales, your earning potential is limitless.

High Ticket Sales naturally lends itself to a results-based pricing strategy because that is exactly what you are trying to achieve – results. You are converting leads into clients and bringing additional revenue to your client with each sale.

It would make sense then that your client would be happy to pay you a percentage of every conversion amount. If that happens to be a percent of a very large number, the better for you both. More revenue generated for your client and more commission for you is a win-win for everyone.

This method of charging only works, of course, when there are actual results and conversions. So, where can you learn a skill that allows you to achieve valuable results? If you are already in the sales industry, how do you learn to improve your conversion rate?

How To Make Results-Based Pricing Work For You By Learning High Ticket Sales

There are many traditional sales tips and techniques that seem to have passed the test of time. In reality, many of these time-honored practices are actually repelling more customers than they are converting. Phrases and tactics that were once the industry standard now trigger consumer defenses.

If these methods are so appalling, why is anyone still using them? Well, no one has taught these salespeople any differently. It’s the equivalent of teaching technology from an outdated textbook. Unfortunately, the old book keeps getting handed down instead of updated. The information is simply not relevant anymore.

“The Traditional Practice Of Sales As A Business Discipline Has Become At Best Ineffective, And In Many Cases Flat Out Obsolete.” - Forbes Click To Tweet

You may be aware that Dan Lok offers a series of programs which teach High Income Skills. One of the most popular is the High-Ticket Closer™ Certification Program. It’s a 7-week intensive course on how to convert leads into sales by utilizing the position of value for the customer. But what you may not know is that Dan condensed this program into a 64 minute and 47 seconds lesson called The Perfect Closing Script and made it available to the public.

You can now learn the value that the skill of closing holds for you, your client and their customer in a single afternoon. Gain a competitive edge in your industry by knowing which common sales mistakes to avoid. Learn what never to say on a sales call. Stop using a pricing strategy based on how many calls you made or a flat rate for each conversion. Learn how to make results-based pricing work for you by learning how to increase your value.

Discover How To Get Paid Based On The Value You Bring

High Ticket Closing is a skill that directly lends itself to pricing based on value and results – not on time, cost, or what competitors are charging. It allows you to get rid of pay caps, sales quotas, and unqualified leads. Stop selling with the sleazy stigma and have both your clients and customers thanking you for your work.

Are you serious about getting paid top dollar for the value you can bring to a business? Are you ready to start getting more sales, closing deals in one call, and making more money in less time? Do you want to learn more about a skill that works with a results-based pricing strategy?

If you are done with sales-killing tactics and outdated training, find out how to generate higher revenue through more conversions. Discover how you can start increasing conversions and getting paid for your worth now by clicking here for The Perfect Closing Script.

The True Meaning Of Loyalty When Scaling Your Business

April 24, 2020 by Dan Lok

What is the true meaning of loyalty? And how does it come into play when you are scaling your business?

Simply put, loyalty in business means that you put group interest and business interest ahead of self-interest. In any functioning team, loyalty to them has to be given, otherwise, the team is unlikely to succeed.

When you are scaling your business, it usually means that your team will face changes. Everybody has to work together as a team to successfully scale the business. There has to be mutual trust and understanding between the team members and the leaders alike.

No matter how high-performing a team is, loyalty has to come first. Team culture and team unity is of the utmost importance, especially when you are just starting out and slowly scaling your business.

How well can you trust your team members? How much can they trust you? Is everybody giving it their all? Do you expect too much or too few from the team members? All these factors are a sign of good leadership and very important for the meaning of loyalty.

How can you build a loyal team that will stay with you and your business when you scale? How can you make sure to lose as few people as possible?

What Exactly Does Scaling Your Business Mean?

You might think scaling your business means to grow your business. But that’s not the meaning of scaling. To scale a business means to handle more customers, sales, and output without making too many sacrifices. You want everything to be cost-effective and reasonable.

When scaling your business is unsuccessful, you might lose employees or team members because their workload increased too much and they couldn’t handle it anymore. Or perhaps you can’t keep up with the increased demand and let your customers down.

Scaling done right means your business is growing and you can handle the growth well in all capacities. The meaning of loyalty is extremely important for scaling your business.

The meaning of loyalty has many undertones. It means to be faithful to a cause, a person, a value, a team, a brand, etc.

What Exactly is the Meaning of Loyalty?

In a team, the word ‘loyalty’ has several connotations. The team members have to be loyal, and so does the leader. There has to be trust and loyalty between all team members. And finally, the leader and the team members are all loyal to a bigger cause.

Loyalty in the business sector can be best compared to Navy Seals. When Navy Seals go on a mission, they have to trust each other 100%. Their lives could depend on it.

Loyalty and trust become visible especially in situations where something is going wrong. Let’s assume you and your team going on a military mission. You send one of the teammates to scout and they tell you there are three enemies.

You trust your teammate, so you decide to take three team members with you to take down the enemy. But your scout was wrong, there are actually 10 enemies. Now, how you as the leader react in such a situation determines if this team will live on. You have two options.

You either tell them that somebody has to sacrifice themselves and pick a person to sacrifice. This, however, will destroy the trust of your teammates in you forever. Why? Because they are seeing that you put yourself before others. If you were to do that, that was the last mission this team ever went on. There won’t be any team anymore. The loyalty is gone.

But what if you pick the second option? Instead of sacrificing somebody, you come up with a plan. You can’t guarantee that all your Seals survive the mission but you show them that you want to get out of there together. You as the leader are in the front position and the teammates are behind you. That’s the meaning of loyalty in one of the most stressful situations.

What is the Meaning of Loyalty in Business?

Now, in business, it’s usually not a question of life or death. But being a good leader is a serious thing in business. You are responsible for your team. If you make a wrong move and the business can’t go on then the income of the whole team is gone.

At the same time, each individual on the team also has a responsibility. They have to be loyal to you and your vision so the business can succeed. It only works if both sides are in.

When you want to scale your business, you need two things. A team that performs well and – more importantly – a team you can trust. The best skills in the world don’t mean anything if the basic culture isn’t there. You can’t build a high-performance team without culture.

Loyalty is earned. Earning loyalty from your team is the most selfish and most selfless thing to do at the same time. It’s selfish because you need them in order to scale, to make your business successful. It’s selfless because you allow them to be part of something bigger.

Core Values

Before you grow and scale your business – possibly even before you hire anyone – you want to know what your business stands for. What are your personal core values that you want to represent in your business?

First, you have to live those core values. If you don’t do it then you can’t expect it from your employees or team members. As a leader, you are an example.

Now, once you know and live your core values, you want to hire a few people who share the same values. It’s best to hire for attitude and train for skill. That means it’s okay to hire a person who isn’t that refined in their skill, yet. You can always mentor them and increase their skill. Hire them for their culture and values first because that can’t be trained. Your job isn’t to change people so they fit with your culture. It’s better to hire a bit slower but therefore hire the right people from the start.

When you are getting into the phase of scaling your business, it’s easy to think about everything else but team culture. The new processes and systems you have to implement, the meeting with an important partner or client…It all seems so much more important than core values and culture.

But, your core values are the foundation of your business. Everything else you do is built on top of that. So, it’s vital for your success, to stay true to those values.

Loyalty should definitely be one of your business’ core values. But why?

Why is Loyalty Important for Scaling a Business?

Think about it like this. When your team isn’t loyal, it means they will leave the company pretty fast. If something better comes up they leave in the blink of an eye. That also means you have to hire and train new people all the time.

How effective will your scaling be if you have to train new people all the time? Not as effective as if it could be when members stay with you longer.

Most businesses lose money because too many employees leave the company. Especially if there is a certain period where the employee already resigned but has to stay for a few more weeks. That’s the phase where employees are unproductive. They already resigned anyway so why should they make any effort. But since their effort is low, you lose money. So on a surface level, the meaning of loyalty is also increased revenue.

If everybody is loyal and you can trust them with their work then you can focus on other things. You don’t have to look over their shoulder all the time. Instead, you face bigger challenges as a team and everybody does their part to help the business with scaling.

How to Hire the Right People

We briefly touched on this above. To create a loyal and trustworthy, high-performance team, you must first be loyal and trustworthy yourself. You have to embody your business’ core values.

Then, you hire people for attitude and mindset. Most business owners would make the mistake to hire employees who have great skills but don’t embody the core values of the business.

But really, in any winning business culture comes first and skill comes second. So how can you make sure you hire the right people from the beginning? The answer lies in your recruitment process.

Typical questions like “how much experience do you have?” don’t help anybody. The candidate could even lie about their experience, couldn’t they? There’s no way for you to know. So what can you do instead?

You have to ask questions that go deeper. Questions that give you indicators on how the person thinks. For example, a simple conversation about morning commute and traffic can tell you a lot. Is the person complaining about traffic but still arriving late for work? Then this is likely a person who doesn’t take ownership of their actions. Instead, they blame outside circumstances.

A different person might say yes traffic is horrible during rush hour that’s why I get to work half an hour earlier. This is a person who is focusing on solutions, instead of putting the blame on others. So, that’s the kind of person you’d want to have in your team.

How to Know When to Let Go of Someone

Most people would think the meaning of loyalty is to keep a team member around, no matter what. It’s partially true. A loyal leader doesn’t let go of employees and teammates easily.

If a person on the team isn’t performing well, you should rather mentor and train them first. Give them a chance to get better and play their role for the team to their fullest potential.

However, there might be moments where you tried everything. You mentored them, gave them time and resources to grow, but it just wouldn’t work. In such a case, you as the leader have to put the group interest above the interest for an individual.

If a team member under-performs and won’t change, he or she is damaging the whole team. It’s never an easy decision but here the real meaning of loyalty is to let them go.

We understand it can be very painful to lose a team member. Especially if they go work for one of your competitors instead. Balancing the loyalty to an individual and the loyalty to the whole team is an act that’s not so easy to perform.

That’s exactly why your first job is to mentor your people to get them up to speed. How long should you mentor and train them before you decide if you have to let them go? That depends on your industry mostly. In some industries, you lose money after two weeks if a person isn’t performing. In other industries, you might have six months. It also depends on what kind of hit you can take.

The loyalty to your team has to also be balanced with the loyalty to your job. You can’t under-perform on a job to protect one single teammate. That’s why leadership isn’t easy. You are constantly balancing things.

Your Role as a Leader

What’s the real meaning of loyalty for you as the leader? We think by now you’ve grasped the idea – it’s a balancing act. You have to be loyal to the whole team, to the individuals, and to your mission. You are the one who is calling the shots and who has to notice if something is imbalanced.

As the leader, you lead by example. You can’t ask your team to do better than you do. They look to you for guidance and mentorship. Let’s look back to our Navy Seal example. What did the great leader do? He was in the front row, protecting the team who is behind him. Bad leaders use their team as a shield. Great leaders guide them.

Your actions can enhance the team culture or destroy it. You have to care about the well-being of the team but still deliver great work. Who is responsible for guiding them? You are. At the same time trust them that you don’t have to watch every step they take. You put trust in your team but if anything goes wrong, it’s on you. A false sense of loyalty could do more harm than good.

When you are able to balance the different aspects of loyalty, your team will pick it up and follow your example. They see you are a person of integrity and walk the talk. This creates a team culture that you can build on as you scale your business.

How to Enhance Loyalty

As you know by now, a basic level of loyalty has to exist from the beginning. You hire people who already have the right culture to fit with your core values. You also understand your role as a leader to lead by example and increase loyalty that way.

Still, there are some tools and techniques you can use to increase the loyalty of your team. The first and most important thing is, that everyone one the team has to understand why they are doing what they are doing. For a team to work, every member has to have meaning in what they are doing. If they have no idea why they do certain tasks then it will be hard for them to find any meaning in it.

Here’s another tool to increase the meaning of loyalty in your team. Know the goals of your team members and align those goals with the goals of your business. This allows all teammates to support the team even more. It’s a win-win situation.

Want to Scale Your Business to 6-7 Figures and Beyond?

In times like these, your team is more dependent on you than ever before. Maybe your business is seeing some decline in sales and cash-flow. Perhaps you even had to lay off some team members, so the business could survive.

Especially in times like these, it could save you and your team if you look into ways to scale your business. Start now, so your business can steadily pick up and gain momentum. This way, you can charge ahead as soon as the lockdowns are over.

Dan Lok scaled his business from zero to eight-figures, online only. Interestingly enough, he did so by doing the opposite of what most online coaches would do. He built up his online presence, created irresistible offers, and focused on providing real value.

Since he scaled his business with a system in place, all team members stayed with him. Their loyalty and effort had a huge role in his success. Never underestimate the meaning of loyalty when you scale. Nobody can run an 8-figure business alone. Create your winning team in the beginning and take them with you on your mission.

Right now you can learn all the insider secrets and techniques from Dan Lok in his High-Ticket Influencer Program. He will show you exactly what he did to build his eight-figure empire in eight months. This could be the key for your business to do well in the upcoming crisis. Learn more about the High-Ticket Influencer Program here.

How To Attract Better Clients And Raise Your Prices (With Zero Resistance)

April 23, 2020 by Dan Lok

Dealing with difficult clients can be a nightmare. Knowing how to attract better clients will not only increase your business growth, but also your peace of mind.

Most people do not know how to attract better clients. They get stuck in the mindset of thinking their product isn’t good enough, or their price is already too high. As a result, they think that their current clients are the only ones they can do business with. In reality, their limiting beliefs are the only thing holding them back. And the truth is that knowing how to attract better clients has nothing to do with your product, price or the marketplace. It has to do with you.

Think about how you got to where you currently are. You might have a few clients you are working with, and charge them a certain amount. However, every time you try to get new clients and raise your prices, you are met with resistance. And this happens to almost everyone you talk to. Why is this the case? You never had difficulty pitching your price in the past. Why only now, are you suddenly meeting resistance when you are trying to go for something greater?

As you’ll soon discover, one of the biggest reasons why business owners and entrepreneurs don’t know how to attract better clients is because of themselves. If you are struggling to attract better clients and raise your prices without resistance, here are some of my best tips on how to overcome these issues.

If You Can’t Attract Better Clients, It’s Your Fault

If you’re struggling to attract better clients, you need to take a step back and analyze the situation. What is the reason you aren’t able to attract better clients? What’s the common factor that’s holding you back? If you analyze deeply enough, you may come to a shocking conclusion: The common factor is you.

In life, many people struggle to get what they want. This is evident with people who are trapped in the rat race and unsatisfied with their jobs. They go to work every single day from 9-5. They force themselves to wake up sleep deprived. They’re miserable, and would much rather do something else, like chasing their dreams or finally starting their own business. Yet despite their desire, nothing ever changes. They’re still stuck at their boring old jobs, settling for something they don’t want. Why?

The reason is because of themselves. They hold themselves back with their own limiting beliefs. For example, a 23 year old might want to quit their job and become an entrepreneur. Yet they can’t, because they’re afraid they won’t be able to pay the bills. They’re afraid their business venture will not succeed, and they’ll be left on the streets broke. These are fears that they themselves create, that are not reality.

Until they decide to overcome their own limiting beliefs, they will never find success. The same is true for attracting better clients – unless you believe you can do so, unless you believe you are worthy, you will never get them.

Your Clients Can Sense Your Fear, Doubt And Uncertainty

This is true when it comes to business and in life. Humans can smell other people’s doubt, fears and uncertainty from a mile away. This is why knowing how to attract better clients has nothing to do with the actual product you are offering. Your clients are picking up on your own internal struggle and the limiting beliefs that are in your head. As a result, they don’t believe that you can get them the results they want, because you yourself do not believe that either. If you can’t convince yourself, how can you expect to convince your clients?

When interacting with other people, we give off unconscious behaviors that others judge us on. These are things such as our body language, tonality, the words we use and how we carry ourselves. If we speak in a confident manner, with a clear booming voice while standing up straight, others will perceive us as confident. But if we hunch over, and whisper when we are talking to our prospects, how do you think they will react when you say you charge X amount for your service?

Sell Me This Pen, And Do It Consistently

Here’s an example of how unconscious factors affect the clients you attract and the prices you can charge. Hold a pen in your hand, and repeat the following sentence out loud as though you were talking to a client:

“I charge $1 for this pen.”

Carefully note how you said that sentence. Your tonality, speed at which you said it and how loud your voice is. Now say this sentence out loud:

“I charge $10,000 for this pen.”

Did you notice a difference? Most likely when you said the second sentence, it differed from the first way you said it. You might have hesitated slightly, or your voice could have changed. This is because internally, you do not believe that a pen is worth $10,000.

Now imagine that you are offering a product or service to your clients, and you tried to raise your price that you charge them. When you tell them your price, the exact same thing is going to happen. If you do not believe that your product or service is worth what you say it is, you are going to hesitate. That slight difference in how you say your price, is what your client is going to pick up on. And if they sense that you are conflicted with how much you charge for your service, they will know you are bluffing them.

The 4 Types of Limiting Beliefs That Are Holding You Back

In order to get the kind of clients at the prices you want, you need to overcome your limiting beliefs. As you saw with the pen exercise, unless you fully believe what you are saying, your voice is going to rise like a helium balloon.

The reason your communication pattern changes is because of one of these reasons:

You are attached to the sale
You don’t believe in your product
You don’t believe your product is worth that price
You are afraid of your prospect

If you want to overcome your limiting beliefs, you need to change your mindset and do the opposite. For example, if you believe the reason you can’t get what you want is because you are attached to the sale, you’ll need to practice having an ‘I don’t care attitude’.

Let’s go into each of these 4 beliefs, and how you can overcome them.

Limiting Belief #1: Attachment To The Sale

One of the most common reasons people don’t know how to attract better clients, is because they are attached to the sale. They are attached to the outcome of closing the prospect, and are afraid of not being able to make the prospect say yes. If you go into a business meeting with this mindset, you are setting yourself up for failure.

When you are attached to a sale, the way you communicate will come off as needy or desperate. If you’ve been in business long enough, you’ll know one thing: People don’t do business with needy and desperate people.

No one likes to do business with someone who is needy. It’s a trait that puts people off, and makes them uncomfortable. Instead, you should have the mindset that you are good no matter what happens.

One of the core principles I teach all my students as closers, is that it has nothing to do with you. Whether or not you make the sale, has NOTHING TO DO WITH YOU. If you successfully close the prospect on a $10,000 deal, it has nothing to do with you. If you fail to close the prospect and they say no to your offer, it has nothing to do with you. So many people beat themselves up over what they perceive are their mistakes, when in reality it has nothing to do with them.

The truth is, whether or not your prospect buys is their decision. You can’t force them to say yes. The only thing you can do is influence them to see the value you bring to the table. If they say no, or you think the prospect is a bad fit, it’s completely fine to walk away.

Whether or not you make the sale, has NOTHING TO DO WITH YOU.

Limiting Belief #2: You Have No Belief In Your Product

Another reason why entrepreneurs don’t know how to attract better clients is that they don’t believe in their product. They don’t believe their product or service can deliver the results they are promising.

If you are not certain about your product, if you do not display confidence, you cannot influence someone. Your prospect has their own doubts and fears they are dealing with when interacting with you. And if you yourself also display doubts and fears about your product, it is only going to add onto the doubt they have in their minds.

The only way you can influence the person you are talking, is if your confidence level is higher than theirs. Have you ever met a salesperson who seemed so certain about something, that you were influenced to buy what they were talking about? You might not have any idea what the product or service is about, but the way they spoke with such conviction convinced you that it would be a safe decision.

This is why people who are naive fall for scams or bad deals by smooth talking salespeople. They get entranced by the way the salesperson carries themselves, that they don’t stop to actually think about what they’re buying. If you want to learn how to attract better clients and raise your prices, you need to know how to do the same thing. You need to project confidence in the way you carry yourself, and infect your prospect with the same certainty. That is how you get them to say yes.

Certainty is influence. - Ed Mylett Click To Tweet

Limiting Belief #3: Believing Your Product Is Too Expensive

Similar to limiting belief #2, you believe your product is not worth what you are charging. In the pen example, you had no trouble saying that a pen was worth a dollar, because that is the standard market price for a pen. But when you tried saying it was worth $10,000, you suddenly had difficulty doing so. This is because of the price.

Unlike limiting belief #2, this has nothing to do with the product itself. The pen is still a pen in both examples, however the price reflecting that pen is different. The reason why people struggle in knowing how to attract better clients is because deep down they think their product is too expensive. They don’t believe their product is worth so much, or they lack evidence that supports that belief.

For example, suppose you were offering consulting services and you charged $5,000 an hour. If someone had said yes to you before in the past, and you were able to generate for them a 10x ROI because of your consulting, you would easily be able to state your price to your next client. This is because you have evidence from your previous client that what you do works.

However, if you’ve never had a client pay you $5,000 for your services, how could you possibly have the confidence that your advice would work out? You have no reason to believe you can charge so much for your services. Because you have no reason, you have no belief.

To overcome this limiting belief, you need evidence. This could be from a case study, or a free trial you’ve done for clients in the past. The only way you’ll get confidence, is if you have the evidence to support it.

Confidence comes from competence. Click To Tweet

Limiting Belief #4: Fear of Your Prospect

The last limiting belief that prevents people from learning how to attract better clients, is fear of the prospect. You might be new to the business world and lack experience dealing with people. Or your prospect might be intimidating in some way – either physically or mentally.

If you are afraid of your prospect, that is already a problem. You need to ask yourself why you are afraid, and overcome that issue. Are you afraid they will hurt you? Do you fear they will discover you are a scammer? Or is it something else about your prospect, such as how they look or how they smell?

Being afraid of your prospect is actually a more common issue than most people know. Of everyone that you interact with, not everyone is going to like you. And the truth is, they don’t have to. Just like you aren’t going to like everyone you meet, they aren’t necessarily going to like you. But despite how you or your prospect personally feels about each other, you need to put those feelings aside. Your personal life and your business life should be kept separate. You have something they want, and they have something you want. It’s a fair trade and exchange, where both parties walk away as winners.

If you have a valuable product or service that you can offer your prospect, there is no need to fear them. The most common reason why people are afraid of the prospect, is because they have nothing of value to offer them. In that scenario, it is perfectly fine to walk away and not close the deal. After all, you two are not a good fit, which means there is no reason to do business. Move on, and find someone who is.

The 6 Step Process To Learning How To Get Your Dream Clients With Ease

Most people struggle to know how to attract better clients and raise their prices without objections. The biggest reason for their lack of success, are their limiting beliefs that hold them back.

Unless these limiting beliefs are dealt with, you will not be able to find success. Your prospect will sense your unconscious behaviour, and become turned off or suspicious as to your true motives.

Overcoming these limiting beliefs is the first step towards getting what you want in business and in life. Unless you’re able to confidently assert yourself, you won’t be able to get the prospect to say yes to your product or your price.

I know many entrepreneurs that struggle to attract the kind of clients they deserve. They’re stuck dealing with bad clients that are difficult to work with, and don’t pay them what they’re worth. The biggest problem is that they put up with these clients, when in reality they are worth so much more. That’s why I’ve put together a 6 step program to help any struggling entrepreneur or business owner overcome these objections to get the clients they deserve.

If you’re tired of being undercharged or dealing with bad clients, and want a step by step system that allows you to attract your dream clients with ease and charge them the prices you want, click here to get my 6 Steps To 6 Figures Formula Program now.

How To Find A Compatible Business Partner You Can Trust

April 22, 2020 by Dan Lok

Maybe you’ve just been screwed over by a business partner, someone that you trust, someone that you called a friend for a long time, or maybe you’ve been betrayed by someone that you care for. Someone you thought would never betray you and you feel hurt and you feel lost. Dan shares his experiences in the video below when his father was taken advantage of by a business partner, and how this eventually pushed him into getting into business. Keep reading if you want to learn how he overcame some of these things, and maybe it will help you as well.

Finding a compatible business partner is important for your business to thrive. To other people, they’re just another member of the company. But to you, they act as the right hand man behind every deal and decision made for your company’s growth. And not only do they help make decisions, but they fill in any gaps for uncertainties or questions you have along the journey. It’s not someone who comes and goes, but a partner who helps make your dreams a reality.

Determining the right business partner is not only necessary for success, but is mandatory for an accelerated business growth. According to a 2019 Inc. article entitled The 3 Elements of Successful Business Partners, “Some estimates show that up to 70 percent of business partnerships fail according to Paul Brunswick, co-author of Building Powerful Strategic Alliances. This means they can not only drain you of time and money, but they can also sabotage your business if you don’t choose wisely. Partnerships are built to be powerful, but that’s a double-edged sword.”

Dan understands how important choosing a business partner is, and he definitely knows how it feels to be betrayed by a partner who sabotages your company. If you’re fortunate enough to read this article before selecting a business partner, congratulations on thinking ahead and seeking out professional advice. And if you’ve been betrayed by a business partner already, then don’t worry. The goal of this article is to make sure it never happens again. Ready to find your dream business partner? Then read further.

A Business Partner With Purpose

Start off by identifying traits that make an effective partner. Think about it like conducting a job interview for a potential candidate. Would you go into the interview without a set list of traits and skills that you’re looking for in the individual? Probably not, and you most definitely need a set criteria for finding the right candidate.

Imagine the future vision for your company. Maybe it’s to own a fancy office, gross millions of dollars in revenue, or to present in front of world class stages introducing your ideas to the world. Whatever it is, dream big and picture your wildest vision. Now, what if you could make that a reality? How, you might ask? By realizing and filling in your flaws. And no, this is not meant to offend you.

Pretend you own a software company and have developed a new program that blows your competitors out of the park. You might be an amazing programmer, but you still wonder how to introduce and share your product to the marketplace. Because really, you have no idea how to gain traction for your product. So what do you do? Simple, you find a partner who knows the ins and outs of marketing and finance. You find someone who can fill in the gaps that you lack experience in.

You as a business owner have to realize that you cannot fulfill every duty. And you have to realize that it’s okay not knowing how to do something. As Manpreet Kaur once said, “Getting help doesn’t mean that you’re weak. It means you’re strong enough to admit you are tired of struggling.” So what does that mean for you?

Getting help doesn’t mean that you’re weak. It means you’re strong enough to admit you are tired of struggling. Click To Tweet

Find A Partner To Fill Your Gaps

Take a look at your company and determine again which areas you excel in. Maybe it’s finance, marketing, video production or graphic design. Now, envision where your company is going to be in 10 years. Ask yourself, which roles and responsibilities do you need to fulfill that dream? Let’s say you’re a graphic designer providing services to the marketplace. If you have no accounting background, your best option is to find a partner who knows the ins and outs of numbers.

As your future progresses, you can be in charge of the graphic design division while your partner focuses on keeping your books in check. You might not see how impactful this is today, but the future will thank you with a position filled because of a smart decision you’ve made for filling in a gap. Remember, the right business partner will help you conquer anything. And what else is better way than finding someone who fills an empty void in your business?

A Partner With Skills

Although a business partner is needed for filling in the gaps, it’s important to ensure they’re capable of fulfilling their desired role. What’s the point of hiring a business partner who doesn’t perform as expected? So you might be wondering, “how can I ensure my partner is not a fraud, but capable of performing in his or her position?”

The truth is, there’s no ideal way of determining if your partner is capable of performing in his or her position. We live in a society where skepticism is at an all time high, so you have to look beyond academic experience and classroom projects to see if your business partner is ideal.

Think about it, companies like Microsoft and Apple stopped taking degrees into consideration for highly-respected positions at their company. Why, might you ask? Because a piece of paper does not determine the entirety of one person. A 2020 Business Insider article shared that “Elon Musk said a college degree isn’t required for a job at Tesla – and Apple, Google, and Netflix don’t require employees to have 4-year degrees either.” So what does that mean for you?

You Hire A Business Partner Purely Off Results

Now focus on the business partner you plan on working with. What do you think he or she will look at when deciding if you’re a good partner for them? Your degree? Your projects? Maybe, but what they’ll be most interested in is the results you’re capable of generating for the company. In the case of a graphic designer, your partner wants to see if you’re able to produce content that people want. And how do you prove that? By showing the results you’ve generated in the past.

The same thing applies to you when hiring a business partner. Let’s say you’re hiring a business partner to be in charge of all your finances. What should you look for? Simple, you should look to see if they’ve had past success managing money with etiquette bookkeeping from a prior company. Let’s say you’re hiring a marketing expert, what should you look for? Simple, you should see if their marketing messages have generated results in the past. Realize that a degree from Harvard or a prestigious educational institute does indicate success in the real world. The real world poses challenges that change everyday, and it requires a critical thinker who knows how to get the job done. Which brings us to the next point.

Look At Their Goals and Future Vision

You’re in this for the long run. And whether it turns into a billion dollar company or not, you still have to consult and agree with your partner on every decision. There is a fine line between deciding on a business move and contributing without a background in the respected field. If the business decision is financial, you should let the expert take care of that aspect. Simply put, let the experts handle their respected areas. The reason for this is to look at the future progression and vision of your company.

A business partner has to align strictly with the vision that you both desire for the company. Now, this vision is susceptible to each side of the partnership. You have a vision, and chances are your business partner also has a vision for the company. If your visions are completely different, then it’s unwise to proceed with that partnership. If your visions and goals for the company align, then you’ve found a potential candidate for your business partner. Just remember, you have to be flexible initially on where your potential partner wants the business headed. The most ideal case would be a negotiable and agreeable vision for the future. Partners don’t always see eye to eye, but it’s best to find ways to agree on situations that have disputes.

Building A Relationship Around Ethics And Morals

Go back in time to one of your earliest childhood memories. Think about the lessons your parents, aunts, uncles, or other family members have told you. Maybe it’s to not talk to strangers? Wash your hands before dinner? Don’t wear shoes in the house? Or don’t chew with your mouth open? Whatever it is, these are values that you’ve now carried throughout your life. So what does that have to do with your business?

The morals you value should align with the morals of your business. These could be attributes such as always telling the truth, staying loyal, being generous, and keeping your promises. Your business partner is a representation of your brand’s image, and their values are a direct representation of who you are. The same thing applies to the ethics of your business partner.

If you desire to have legitimate business transactions and deals, you have to ensure that your partner has no intent of bending the law or putting your company in jeopardy. If the morals of your business partner aligns with yours then chances are their ethics will also be similar. As Albert Camus once said, “A man without ethics is a beast loosed upon this world.”

Where to Find Your Ideal Business Partner

So you might be wondering, where on earth do you find the right business partner? Well, there are two main ways you can find someone who’s ideal for your business. The first way is by crafting a job description in search for a business partner. The second way is by tapping into your pool of connections and finding someone suitable for the job. And the third way is by working with a dependable friend or family member.

Now, these methods listed are completely subject to your current situation, like which stage of business you are in, such as a startup or partially developed company. We strongly warn against starting a business with a friend or family member as time has tested to hold true that most family or friend-oriented businesses have a track record of failing. If you strongly believe your friend has a strict business intent with all the attributes we’ve listed above, then by all means go for it. Just note that your friendship may be non-existent if the business goes south.

According to this article, “Partnering up with friends has its inherent potential drawbacks: It is possible that if the business venture goes south, you may lose out on the friendship. But if you have clear communication, choose someone with a personality and skill set that compliments your own, and make sure you are both on the same page, many of these concerns can be avoided.”

Networking or hiring through Indeed are still both viable methods. But make sure to go through the points listed above if you want to get the best business partner for you.

The Secret Skill That Every Business Partner Desires

What if there was a secret that could help you close deals and bring millions of dollars in revenue for your company? A secret so powerful, that it could turn you into a money magnet? What if this secret was so seclusive it could attract the best business partners in the world to your doorstep? And what if this secret was so strong, that it would start a bidding war for other people who crave to partner with you? This secret is the art of closing.

Dan has created an exclusive 4-day masterclass for people who desire to learn the power of closing deals for their company. This skill has allowed people from across the globe to close thousands of dollars over the phone, and bring in millions in revenue for their company. The one thing that every company needs is money. How valuable would you be to any business partner who knows that you’re capable of bringing in millions for a company? People would die for a partner who harnesses this power. So he will take you across every step of the journey.

One Day 1, you’ll get a complete breakdown of why this one skill is the fastest path to creating abundant wealth. On Day 2, Dan will teach you a formula called “The 4 GEM Personality Theory To Influence Others”. On Day 3, you will get the formula to find your business partner, with deep philosophical questions that every business partner should ask. And on Day 4, you will learn the fastest path to success and freedom, with a step-by-step blueprint to harness and overpower any other profession competing in your industry.

The one aspect that allows any business to scale is revenue, and that’s exactly what every partner wants. Remember, who you hang out with is who you become. And who you become is dependent on the business partner you choose from day one.

If you’re interested in signing up for this masterclass, and are ready to have business partners beg for your attention, click here to sign up for Day 1 now.

How To Sell Your Services At A Higher Price

April 20, 2020 by Dan Lok

One of the secrets to building a successful business is learning how to sell your services at a higher price. However, this can prove to be challenging in today’s saturated market. If you are like most entrepreneurs, you understand that it can sometimes be difficult to read and handle your prospects. While some relationships are smooth sailing, others are rockier and require a lot more finesse.

Every prospect you encounter will be unique. Some will understand your value proposition from the start, while others will be quite stubborn. Why do you think this is? The answer is simple. It’s very easy for your prospect to compare your services to that of your competitors. They think that if someone else is offering the same service for a cheaper price, why can’t you too?

For example, let’s say you are looking to purchase a cleaning service for your home. You reach out to five different businesses in your town, and they all tell you they can do it as soon as possible for a great price. How do you know which cleaning company will provide you with the best service? This question is the reason why businesses compete to win their clients. Whether you are selling to other companies or to consumers, selling services involves selling yourself and your team’s expertise.

Bob Hooey, accredited speaker and author said:

“If you are not taking care of your customer, your competitor will”.

Start by Looking at Your Prospects

Learning how to sell your services at a higher price is a difficult feat to overcome. If you do a quick Google search, you would see that many publications begin to answer this question by suggesting you work for as many clients as possible and build a good reputation.

We couldn’t disagree with this idea more. Imagine short-selling yourself just to earn more business. Do you really think this is the way to prosperity? Of course not.

So you might be asking yourself, how can I sell my services for a higher price? The answer is right in front of you. Take a look at your prospects – do you see something they all have in common?

That’s right, you got it – prospects are human too. This means that they also think in a rational way. In order to earn their business, you need to connect with them on an emotional level and make it clear why you are worth what you say you are.

If you want to charge more for your services and ask for what you are worth, you need to change your mindset of how you communicate with your prospects. In this article, we will cover three powerful tools you can use when learning how to sell your services for a higher price.

1. Perfect your pitch

The first step you can use when learning how to sell your services for a higher price is to perfect your pitch. This has to be the most important asset any sales professional can have.

The challenge is, many businesses sound the same as their competitors. More often than not, they only differ by offering their services at a lower price. We already learned that this is not the way to go.

Let me ask you a question. Do you think the market is oversaturated with businesses right now? A recent study by Statisca concluded that in March of 2019, there were 774,725 service businesses in the United States that were less than 1 year old.

This staggering statistic should not scare you. Instead, it should motivate you. Why? Because despite there being over 700,000 service businesses out there, it’s possible to be a leader in your niche.

You are Not Selling the Problem, Not the Solution

You see, we live in a world where our prospects are bombarded with cold calls and advertisements every single day. Is your game plan to treat your prospects the same way your competition treats them? Is your game plan to have your well thought out pitch be thrown away in the garbage? Don’t make this mistake.

When learning how to sell your services at a higher price, you need to find a way to bridge this communication gap. You need to convince your prospects that you are not like everyone else. So how can you do this? It all starts off by building a relationship with them.

You are selling the problem, not the solution. Click To Tweet

Prospects are not looking for a solution, they are looking for a way to buy themselves out of a specific problem. For example, let’s say you are a freelance copywriter. What problem are you trying to solve? You could say: My name is Susan, and I write research-driven content that is strictly focused on helping businesses get results.

This is how to sell your services at a higher price. Are you ready to craft your perfect pitch? Below we are going to show you how. Let’s get started.

How To Sell Your Services at a Higher Price

When learning how to sell your services for a higher price, your first impression should be your primary focus. Instead of lowering your price to match your competition, craft a stellar pitch to show your prospects why you are worth it. Here is the four-part formula to writing a stellar pitch:

Scarcity

When you hear the word scarcity, what’s the first thought that comes to your mind? We think about something that is highly in demand, but is limited in its availability. Prove to your prospects that there is no one like you in the market. And if they want to do business with you, they need to act now.

Exclusivity

How can you incorporate exclusivity into your marketing strategy? A simple way to do so is to include words that trigger a feeling of urgency or demand. You definitely aren’t the only service provider in the entire market, and probably not the best. But this doesn’t mean that you can’t advertise yourself to be if you believe you can deliver on the value.

Value

When learning how to sell your services at a higher price, you need to know your competition better than your prospects do. If you are charging your customers $500 an hour for your services, explain how you got to that number.

Results

Do you remember what we said earlier in this article? Your prospects are looking to solve a problem, not find a solution. What results can you promise to your prospects? If you have run successful campaigns in the past, don’t be scared to share those results.

Albert Einstein, German physicist and theorist once said:

“If you can’t explain it simply, you don’t understand it well enough”.

So you’ve perfected your pitch, the next step is to deliver it to the market. Are you ready?

2. Practice Asking for Higher Prices

The second step you can use when learning how to sell your services for a higher price is to practice asking for a higher price. In the previous section of this article, we broke down the components to crafting a stellar pitch. Now you need to prepare yourself to deliver that pitch to the market.

There are three kinds of prospects:

The few who know everything
The handful that know next to nothing
The majority who know just enough to be dangerous

Out of these three personas, which one do you think is your target audience? That’s right. Your target audience is the majority who know just enough to be dangerous. Why? Because they understand what they are looking for and know what they are talking about.

While this may seem a bit counterintuitive, you want to sell your services to these prospects because you can easily build a connection with them. It also allows you to leverage a very useful tool Dan teaches to all of my students. What is it? It’s called taking control of the conversation.

Take Control of The Conversation

Because you are asking for a higher price, there is a very good chance you will need to close some of your prospects over the phone. However, this should not change how you deliver your message.

The second you let the prospect take control of the conversation, you have lost out on that deal. This means you should take the time now to master your pitch, anticipate questions, and prepare answers for your sales call. Jim Rohn, American entrepreneur and author said:

“Either you run the day or the day runs you”.

Here’s the truth. When learning how to sell your services at a higher price, you need to prepare for everything. In the business world, preparation is king. In fact, if you have as many possible responses as you can think of memorized for when the prospect brings it up.

Does this mean you’re not open to negotiation? Of course not. This just means that you have the tools to be in control of the conversation and steer it in the direction you so choose to.

Three-Step Formula to Perfect Your Craft

When learning how to sell your services for a higher price, asking for more can sometimes be intimidating. Below we have outlined three exercises you can do to help you prepare for a successful sales call.

Practice in front of a mirror

To prepare for this moment, practice your pitch in front of a mirror. Take notes of your body language, your facial expressions, and the tone of your voice. Do these features exude confidence?

If you are closing a prospect in person, pay attention to what you do as you speak? What are you looking at, what are your hands doing, what emotions are you showing?

Record yourself

As you practice asking for a higher price, record yourself. When you listen back to the recording, ask yourself if you sound confident or not? State the price you want loud and proud, don’t show any signs of uncertainty.

If you are looking to ask for $500 for an hour of your services. Make sure you don’t sound nervous. Ask for the $500 as if you were asking what the weather is today. Show your prospect that you are confident in the value you bring to the table.

Practice until it becomes second nature

Once you’ve figured out exactly what you are going to say, and how you are going to present it, practice asking for a higher price until it has become second nature to you. A recent study by Very Well Minded concluded that practice accounts for about 80% of the differences between elite and amateur performance.

This is a strategy Dan Lok has used to help him retain the highest level of productivity each day. Once you’ve mastered your pitch, and are confident in asking for a higher price, what’s the final piece to the puzzle?

3. Build a Bullet-Proof Pricing Model

The third and final step you can use when learning how to sell your services for a higher price is to build a bullet-proof pricing model. If you have prepared and delivered an exceptional pitch, this is the final step you need to ensure you have a prosperous career in the service industry.

What do you think a bullet-proof pricing model is? Let’s look at an example. What if your goal was to make $100,000 this year. Here are three possible options for you to choose from:

Provide a service to 1,000 clients and charge them $100 each
Provide a service to 100 clients and charge them $1,000 each
Provide a service to 10 clients and charge them $10,000 each

Which one of these options looks best? We prefer to provide a high-quality service to fewer clients and in return charge more. Why? Because everyone in the market has a limited amount of one thing – time.

We each only have 24 hours in a day. Would you rather be frantically looking at trying to close 3-4 clients a day in order to meet your quota, or would you rather just have to close one client a month?

The answer here is simple. And in order to get to this level, you need to get high ticket clients. This is how to sell your services at a higher price – get clients that earn and pay a higher price. So you might be asking yourself – how can I do business with these high ticket clients?

The Art of High Ticket Closing

In order to close a high ticket client, you must learn the art of being a high ticket closer. These are not sleazy salespeople who want to make a buck, these are professionals who want to provide exceptional service.

As a high ticket closer, you don’t chase clients. Instead, clients come to you. Why? Because you are positioned to serve those who have high business standards and integrity. What would it mean to you if you could close significantly more deals with much less effort?

With these three powerful tools, you can become an unstoppable force in your niche. If you’re ready to make this year the most successful year of your life, now is the time to get started. The power is now in your hands.

Summary

One of the secrets to building a successful business is learning how to sell your services at a higher price. In this competitive market, some prospects will understand your value propositions while others will be quite stubborn. In order to bridge this gap, you need to earn their respect and prove your value to them. From there, it’s essential that you set up a pricing model that fits your business needs.

Here are three powerful tools you can use when learning how to sell your services at a higher price.

Perfect your pitch

Many businesses sound the same as their competitors. In order to be a leader in your niche, you need to bridge this communication gap and convince your prospects that you are not like everyone else.

Practice asking for higher prices

It’s much better to be over-prepared than underprepared. Take the time to practice your pitch over and over again until you have mastered it. Anticipate questions your prospects may ask and prepare professional answers.

Build a bullet-proof pricing model

If you want to provide high-quality services to fewer clients, this is the way to go. This simple model utilizes the art of high ticket closing so you can position yourself to work with the highest quality clients.

Dan has prepared a masterclass just going over how you can use a high-income skill to transform your life and your business. If you’re ready to learn how millions of Dan Lok’s students have mastered this lucrative skill, click here to start now.