Dan Lok

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 Share on X

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. Share on X

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. Share on X

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. Share on X

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.

How Come My Customers Don’t Trust Me

April 16, 2020 by Dan Lok Leave a Comment

“How come my customers don’t trust me?”

In any kind of relationship, trust means everything. It’s one of the most valuable currencies exchanged among humans. And the truth is, you should always assume your customers don’t trust you. In fact, they will not trust you until they have a good reason to trust you.

You can’t exactly blame them for their lack of trust in you or your brand. If you think about it, we can never be sure if we’re dealing with a good guy or a bad guy. There’s always a lingering shadow of doubt in every decision we make to trust.

Even as a child, we’re taught to stay away from strangers, which reinforces that doubt early on. And in the case we did meet a stranger, the rule was to always say, “No.”

But even under those circumstances, we also know trust is a powerful lubricant that enhances the right relationships with people. Everyone from top business leaders to academic researchers celebrate the power and virtue of trust. But if that’s the case, it still doesn’t answer the big question: “How come my customers don’t trust me?”

In this article, we’ll take a deeper look at why customers don’t trust you, how it affects businesses and brands, why it’s important, and what you can do to build trust. So let’s get started.

The REAL Reason Why Customers Don’t Trust You

Contrary to popular belief, the reason your customers don’t trust you actually has less to do with you and more to do with them. And here’s why. The human brain is not as reliable as we think it is. It’s really good at keeping us alive and maintaining our survival. But when it comes to making decisions, it doesn’t always act in our favor.

Like most people, we rely heavily on emotions when we make decisions. And unfortunately, we can make some terrible decisions based on our emotions and how we feel. According to a Harvard Professor, 95% of all our buying decisions are driven by the subconscious mind.

It doesn’t matter how much you compare different options in the marketplace and logically think through your buying decision. The reason you buy is largely influenced by your emotions. And you justify those decisions with logic.

For example, let’s say you once hired someone to help you invest in some stocks. They say they can 10x your ROI in a matter of a few weeks. The idea of making more money catches your attention so your brain serves up a bunch of reasons why it wouldn’t hurt to give it a try. But before all the justification, you actually already made your decision based on greed.

Now, after you paid this person to help you out, you later realized they didn’t do as they promised and refused to return your original investment. You go home frustrated and upset about the whole incident. And you tell yourself you’re not going to make this mistake again.

But is that really true?

Emotions Influence Your Decisions More Than You Realize

It turns out our emotions influence our decision making process more than we think. Even after you’ve thought through your mistake, relaxed and thought about it a little more, the same emotions will still influence your choices days, weeks, or even months down the road.

So let’s say you’re now shopping for some online courses on photography. But for some reason, you still feel the need to put your guard up and you’re not sure why.

The same feeling you felt after making that bad investment causes you to put your guard up again. It doesn’t matter that you’re buying something entirely unrelated. Your memory of those emotions is like a standard for future decisions.

So when you want to make another purchase, you can’t help but be wary because you know what it feels like to take on those risks. You know what it’s like to lose trust in a person. And those emotions are ingrained into your subconscious mind.

This happens all the time and sometimes they’re emotions you don’t remember. Well, your customers often experience the same thing. It is one of the main reasons why it’s hard for them to trust you. The next time you ask, “How come my customers don’t trust me?”, you’ll know why.

Consumer Trust Can Make Or Break Your Brand

Have you ever come across a brand or even a personal brand you were very loyal to? Maybe it’s a brand that you identify with. Or maybe you really resonated with a brand’s message.

This is not a coincidence. Great brands and businesses understand the power of customer trust. It is in a sense “the life force” of a brand because people buy people. They buy from those they like, know, and trust. And that’s what makes a brand so powerful.

A customer’s trust in a brand is more important today than ever. There is so much noise in the marketplace and people are bombarded with so many options, it’s impossible to count.

Before the rise of the internet, people often only had to choose among a handful of brands. But now, they’re forced to choose from a global mix of thousands upon thousands of different brands. As a consumer, they’re trying to figure out who they can trust. From a brand perspective, how can you differentiate yourself from the mix? What makes you stand out?

Tung Cheung / Shutterstock.com

Apple’s Secret Sauce To Brand Loyalty

Here’s a perfect example of a brand that knows how to stand out: Apple.

With every new iPhone or Macbook Apple introduces to the world, there are millions of shoppers who can’t wait to get their hands on these products. But while many of Apple’s devices come and go, there’s one thing that never changes and it’s Apple’s secret formula for great brand trust.

Apple’s super-power is their ability to build relationships with people. But we’re not just talking about their customers. We’re talking about “their people” – the people they work with. The way Apple trains their team to engage with their customers is their secret to building trust.

Here’s how they do it. They used The Ritz-Carlton way of effective communication and tweaked it to fit their brand. Their employees are trained to follow this five-step acronym called A-P-P-L-E from the moment a customer walks into the store and the moment they leave the store.

Approach customers with a personalized warm welcome

Probe politely to understand the customer’s needs

Present a solution for the customer to take home today

Listen for and resolve issues or concerns

End with a nice farewell and an invitation to return.

Carmine Gallo, a senior contributor at Forbes, has studied the Apple Store Brand and has spoken to many former Apple leaders. And he believes the APPLE acronym works well because it doesn’t label the customers as “consumers.” It presents them as people.

So when “people” walk into the Apple Store they’re buying from someone who makes them feel special. They’re buying from someone who takes the time to give them a unique and personalized experience. And that’s what drives people to come back for more.

3 Rules For Building Strong Trust With Customers

When you ask, “How come my customers don’t trust me?”, a lot of it has to do with learning about human psychology. Simon Sinek said it best, “if you don’t understand people, you don’t understand business.” And he’s right. Because on an emotional level, people do not want to buy stuff.

They’re not buying their way into something. They’re buying their way out of something. For example, people buy gym memberships because they want to lose weight. Or they decide to go on a cruise vacation to escape their stressful work environment.

But beyond that, they want to build relationships with people they can trust and can help them achieve their desires. This need for trust is actually deeply ingrained into human DNA.

According to the Harvard Business Review, “It all starts with the brain. Thanks to our large brains, humans are born physically premature and highly dependent on caretakers. Because of this need, we enter the world “hardwired” to make social connections…We’re social beings from the get-go: We’re born to be engaged and to engage others, which is what trust is largely about.”

Today, more and more business leaders are asking this question: What do my customers want? And they very well should. We live in a time where people expect more and demand more. But what they want is not more stuff. What they want is an experience rooted in building trust.

Here are three rules to help you build strong trust with your customers.

Rule 1. Focus on Developing Trust with the People That Matter The Most

According to the wise words of Simon Sinek, “The very survival of the human race depends on our ability to surround ourselves with people who believe what we believe. When we’re surrounded by people who believe what we believe, something remarkable happens: Trust emerges…

Trust is a feeling-a distinctly human experience. Simply doing everything that you promise you’re going to do does not mean people will trust you. It just means you’re reliable. Trust comes from a sense of common values and beliefs…

And the reason trust is important is because when we are surrounded by people who believe what we believe, we’re more confident to take risks. We’re more confident to experiment, which requires failure. We are more confident to go off and explore knowing that there is someone we trust and who trusts us, will watch our back.”

Most people would agree that your customers are the people that matter the most. You always hear people say your customers should be a priority and they should always come first. And it’s true. They are important but they’re not the most important.

The people that matter most are the people you work with – your team. They are the reason your business can function every day. Without them, you wouldn’t be able to run the business much less grow it. So in order to build trust with your customers, you have to build trust within your team and put their interests ahead of your own.

What Navy SEAL Team Strategies Can Teach Us About Trust

Let’s say you’re a member of the Navy SEAL. You and your team are on a mission to attack a target. Before you go attack, you send one of your teammates to go scout the area to see how many enemies are out there. They come back and tell you there are only five enemies in the area. You trust the information and plan to send out only three people. But when you and your three teammates get there, you realize there are actually ten enemies.

Even though you trusted the information wholeheartedly, you don’t have time to go get extra backup so you head in any way. But knowing you’re outnumbered, you tell your team, “Someone’s going to die. Not everyone is going to come back because someone will have to make a sacrifice.”

Now you have one of two choices. As the leader, you could sacrifice the life of one of your teammates and tell them to go get shot. If you do that, then the remaining two members will refuse to follow you and the mission will be over. Why? Because you chose to put your life ahead of the team and broke the trust. When you break the laws of trust, you no longer have the right to ask, “How come my teammates don’t trust me?”

The second option you have is to tell your team, “Hey guys, chances are some of us are not going to make it. I don’t know what’s going to happen but here’s what we’re going to do. This is the plan. So we have ten enemies. We have this much ammunition and we’re going to take these positions. But I’m going to be leading from the front and I’ll be the first person to step outside this door. We’re going to be in the middle of bullets and bombs but this is the best plan I can define. I want to get us home safely but I cannot guarantee it. So are you with me?”

If everyone comes back safely, then great. If there’s a casualty, then you did your best. But as a leader, your chances of survival are highest if you are the first one to lead the team out and everyone works together.

The same principle applies to any business. When you put your team’s interest ahead of your own, you’ll be able to build trust and loyalty among your team. And when you have the support of your team, you’ll have an easier time earning trust from your customers.

Rule 2. Cultivate Consumer Trust Through Transparency and Authenticity

People have greater expectations and demand more transparency from brands. Studies have shown that 94% of people say that a brand’s transparency is important to their purchasing decisions.

But if there’s one thing people have in excess supply, it’s choices. They have the option to buy on their own terms and timetable. They can buy whatever they want, wherever, and whenever.

The downside is that it leaves more room for people to make bad buying decisions which then leads to distrust. And the bright side is that you can establish yourself as an authority brand by being honest and transparent.

This simply means educating your customers with reliable information and helping them come to their own informed buying decision. This is how you stand out from the crowd and establish what you stand for.

Southwest Airlines sets a great example of being transparent about their values and beliefs. They’re one of the major U.S. airlines and pride themselves on being the world’s largest low-cost carrier.

They ran a marketing campaign back in 2015 called “Transfarency” to demonstrate their promise to their customers. The promise to treat their customers honestly and maintain their low-price fares.

But they don’t stop there. They also added storytelling to their “Transfarency” campaign. And storytelling is one of the most powerful ways to connect with people on an emotional level.

Southwest Airlines’ vice president and chief marketing officer, Ryan Green, said, “We’re focused on telling customer-centric stories. In addition to talking about our unique differentiators, we want to show customers why we do business the way we do.” The “Transfarency” was so successful it gathered nearly 5 million likes on Facebook alone.

As a brand, if you can communicate your message in a way that people can feel your honesty and transparency, you’re more likely to gain their trust. So before you jump the gun and ask yourself, “How come my customers don’t trust me?”, you should go back and look at how you’re communicating your message to your customers.

Rule 3. Commit to Consistency At All Times

How would you feel if you walked into a Starbucks and the barista got your iced, ristretto, 10 shot, venti, with breve, 5 pump vanilla, 7 pump caramel, and 4 Splenda wrong?

You might say to yourself, “My order is super complicated anyway.” And you’ll continue to go about your day as if nothing happened. Now, what if you went to a different location the next day and the barista got it wrong again? You’ll start to feel a little uneasy.

A big part of Starbucks’ promise to their customers is that you will receive a customized beverage that perfectly suits your taste and dietary preferences. It doesn’t matter how detailed or complex your orders are, you can rely on Starbucks promise. But how many times would you be willing to accept inconsistency in your order?

You see, most people are very unforgiving. With the wealth of choices you have at the touch of your fingertips, you can switch from one brand to the next in an instant. You may have been loyal to Starbucks for years, but if the brand is inconsistent in delivering their brand promise, your trust in Starbucks could change very fast.

Branding is the best way to separate yourself from the crowd. But if you don’t consistently live up to it, you will lose customer trust and your branding efforts will be pointless.

So if you want to put an end to your concerns and stop asking yourself, “Why don’t my customers trust me?”, you need to focus on consistently delivering your brand promise throughout your customer’s buyer journey.

It’s Not Too Late To Regain Trust With Your Customers

If you’ve read this far, you can probably see that the dynamics of trust are very delicate. It’s easily lost when we feel hurt or betrayed by another person’s actions. But in the same way, it can also be regained by understanding how you can rebuild trust.

Being reliable, transparent, and consistent are all essential to regaining trust with a customer. But without effective communication, it would still be challenging to accomplish. Establishing trust comes back to being able to listen and to ask the right questions so you can figure out why customers don’t trust you and how you can go about fixing it.

If you want to find out how you can leverage the power of effective communication so that you never have to wonder why customers don’t trust you, then click here to get the Perfect Closing Script.

10 Methods For Boosting Team Motivation During Times Of Crisis

April 14, 2020 by Dan Lok

Sara led team motivation meetings at work. And she knew exactly how to encourage, guide, and empower each one of her employees to thrive. Ben, her boss, trusted her enough not to sit in on any of them. But it also meant that he didn’t quite know how to communicate with his team during crises. For example, one day, he called Sara and said, “please pack your things, lock up, and go straight home.”

“What- wait, did I do something wrong?”

“I don’t have time to explain, Sara. Please listen carefully: lock up and go home.” And then, he hung up.

Sara was confused. Was she fired? Nothing else made sense. It wasn’t until she heard about the Boston Marathon bombings on the news that it clicked. Since her workplace was only 3 miles away from the tragedy, she understood that Ben had been looking out for her in his own way. Sara was grateful. But she also wished that Ben had provided more context. Without it, she felt lost, alone, and afraid.

Sara and Ben’s story shows us the management dichotomy that exists in the modern workplace. Maybe you empathize with Sara and feel left out of the loop. Or maybe you resonate more with Ben, struggling to connect with your team. Yet, in these times of uncertainty, leaders don’t have the luxury of time to engineer the perfect solution. So we’ve collected these ten strategies you can use to build your team during these trying times.

Should You Even be Focusing on Team Motivation During a Crisis?

In times of strife, leaders don’t have all the answers. It’s natural to be overwhelmed by all the urgent matters that are weighing in from every side. Maybe you have to contact banks and lending institutions to secure finance. Or maybe you need to put out fires with shareholders before they lose trust in you or your company. Or maybe you aren’t even sure whether your business will have a team to motivate in the long run.

But now more than ever, team motivation needs to be at the top of your list. Why? Because crises can make or break a team. When everything seems to be going wrong, your organization needs to see and hear from you more than ever. With the right words and attitude, you’ll be able to keep your team from falling victim to panic, disharmony, or rumors. And you’ll be able to guide, encourage, and reassure your team to persevere and deliver superior outcomes for the business. Teams can not only overcome times of crisis together but end up stronger than ever. So, build relationships, connect, and create a thriving work culture using team motivation.

It might be daunting to think that as a leader, you bear the lion’s share of the burden. But it doesn’t have to be that way. With the right people, an uplifting attitude, and sound advice, you’ll be able to handle any crisis that comes your way. So what can you do to be the kind of leader who boosts team motivation during challenging times?

1. Put Your Team’s Safety First

Ben did get Sara out of a potentially dangerous situation as quickly as he could. And that was the best first move he could have made. During a crisis, people need to feel safe. But if they don’t understand ‘why’ they might become their own worst enemy. Take the coronavirus crisis, for example. If everyone had taken preventative measures, it would not have spread this much.

When you share a short ‘why,’ you keep your employees from drawing their own conclusions. You will also stop any speculations and false rumors from spreading.

So as a leader, let your employees know that their safety and physical wellbeing comes before any other consideration. By doing so, you will:

Reduce their fears of having to choose between their (or their family’s) safety and work,
Reinforce that they are a relevant, important part of the team,
Ensure your team fights alongside you to resolve the crisis.

Use team motivation to communicate how and why their safety comes first.

2. Don’t Pretend That There’s No Fire When Everyone Can Smell the Smoke

Conventional wisdom says that you will spread negativity and fear if you share your worries, concerns, and anxieties. Being silent about a crisis as a leader, however, is no different than pretending that there is no fire even though everyone can smell the smoke.

So, even if you feel afraid, take time to communicate with them. Acknowledge that the situation is scary and that a lot of things can go wrong. It’s OK not to have all the answers. People want to know that you are working on them. So share your thoughts on potential solutions and opportunities for growth.

When you acknowledge your team’s fears, you are permitting them to be human. You are also giving your team motivation to keep going. These are a great way to set the tone for a high-performance team despite the crisis.

3. Be a Conduit For Your Team’s Concerns

The best leaders care about their teams. In crises, it’s particularly important to show them that you care. So, if possible, do whatever you can to be the person they can bring all their concerns to. For example, you could:

Call a company-wide meeting where anyone who has a question can ask it,
Set up an anonymous email that they can send their questions to,
Have a suggestions/concerns box placed in a central location of the office.

Encourage your team to ask you any questions or raise any concerns they might have. And then let them know that you will make an effort to answer every single issue – whether you have a team of 10 or 10,000. It might not sound reasonable or possible, but it has great rewards.

When you make yourself accessible to your team by showing up and addressing their fears, you are showing them that you are on their side. You will be the ‘people’s leader.’ They will trust in you, follow your direction, and defend you. And they will feel that they can rely on you to guide them because you are someone who cares.

Having access to all these questions also gives you an idea of what your employees need from you. That way, you’ll be able to plan future team motivation strategies.

Your team members also often know your business at a level of detail that can be missed when taking a high level view. By opening up a dialogue you can often get great suggestions from those in the trenches. In times of crisis a dozen small suggestions can add to make a huge impact.

4. Employee Engagement is Still Key

Many entrepreneurs and business owners mistakenly aim for employee happiness. So when times are good, they do everything they can to accommodate their team members. While this strategy works in the beginning, in the long run, it gives away your power as a leader. Why? Because employee happiness is a fleeting and short-lived measure of the strength of your organization.

That does not mean that you shouldn’t care about employee happiness. But rather than being a goal, it should be a byproduct of your other measurable measures. These measures include employee productivity, engagement, and contribution.

Employee engagement is particularly important for team motivation. Engaged employees tend to be more enthusiastic, passionate, and positive about their work. They tend to contribute by sharing ideas, encouragement, and solutions. They also tend to be the happiest.

If you don’t have a culture of engaged employees yet, it’s not too late to get started. To get started:

Set up problem-solving groups and give them specific, meaningful tasks,
Give your them access to relevant training,
Encourage open discussions and,
Train them to provide kind, constructive feedback and criticism.

Once you have a team of engaged employees, it will be much easier to weather the crisis together.

5. Be a Leader of Leaders

As an entrepreneur or business owner, you probably already have so much on your shoulders. You most likely have to make a lot of decisions each day. In uncertain times like these, there is probably so much more pressure on you.

If you’re struggling to be everywhere at once, develop your team to make decisions on the go. Here are some tips on how to make that happen:

Equip your employees with the tools and resources that they can refer back to,
Use team motivation to empower and train your team on ethical decision making,
Trust them to think through situations and come up with the right solutions.

And once they are ready, let them know that you will back their decisions. Stand by them. This way, you’ll have a team you know you can rely on in good times and bad.

6. Deal in Hope Rather Than Despair

Picture this: you are the captain of a ship. On good days, you can stand up on the sunny deck and give your crew directions. When everything goes smoothly, all you need is to steer clear of some rocks here and there. Your crew largely knows what they need to do, and you make good headway towards your destination.

Now, imagine a large whirlpool appearing off on one side. Your crew can’t see it from their positions above and below deck, but they can feel the ship swaying this way and that. How do you help your crew fight the whirlpool’s current when they don’t understand what’s happening?

In a crisis, your organization is very much like that ship at the edge of a whirlpool. When you know that your team doesn’t see what you see, you can change your approach. By being encouraging, clear, and concise, you could use team motivation to help them trust you. As we mentioned in an earlier strategy, don’t let fear take over. If you did, it would be no different than allowing the whirlpool to swallow your ship without a fight.

Instead, consider talking about long-term plans and projects. But do so without making any promises that you can’t keep. If you deal with hope, you’ll find yourself with a team that wants to reach new heights with you.

7. Check-In Often so They Don’t Check Out

Many businesses are still experiencing communication challenges as more people work from home. Checking-in with your employees often is more critical than ever. As you do, try to keep in mind that your employees have different priorities than they used to.

They might be worried about their family, their health, or how to get the services they need. They might have children running underfoot or elderly relatives to look after. With all these distractions, it might be easier for them to isolate and struggle alone. They may have feelings of guilt and not want to share what they are going through with work.

So do your best to check-in with your employees regularly. Ask them if they are OK and show them that you care if they are not. Make resources available to those who are struggling mentally, physically, or emotionally.

Checking in with your team often shows them that you are acting on your promise to put their safety first. It also allows you to address any other issues or concerns that might arise with the new work arrangements. No one will have to feel lost or confused for long. And when the crisis is over, the relationships you have built with your team will make all the difference.

8. Lead by Example

You may already have heard this strategy because it is a time-honored and proven one. There is no greater team motivation than having a leader you are inspired to follow.

The best approach to take is to lead from the front. Be someone who doesn’t ask anyone to do anything you wouldn’t do yourself. Be seen as someone who walks the walk. Who shows up, who shares, who cares, and who positively contributes no matter the situation. Be the first one in and the last one out.

This strategy works particularly well in combination with the previous ones. When people feel safe, taken care of, and valued, they will take note of your actions and understand that you haven’t given up on them or the business. They will then choose to work with you and alongside you with enthusiasm and pride.

9. Remember That Every Crisis Ends

As difficult as it might be to see now, every crisis does end. So set up systems and procedures that will see you through the dark times and into better times. Here are some tips that might help you prepare for the future:

Create a plan. Assess where you are right now and what you have to do to course-correct and get back on track for your goals.
Be seen. Expand your business’ reach and position yourself as an authority in your industry.
Develop your mindset. Practice gratitude and meditation to maintain a healthy mindset.

When you are centered in who you are as a business owner and entrepreneur, you can prove to your team that there is a future after the crisis. As you work towards that goal together, you’ll have a more reliable, self-motivated team.

10. Learn From Other Business Owners and Entrepreneurs

The most effective problem-solving technique is often also the most overlooked one. And that is to learn and implement best practices from business owners and entrepreneurs do to pivot. It’s easy, as a leader, to feel that you are alone. Maybe you also think that no one will understand your particular difficulties. Or that everything you experience is unique to your industry. We understand.

Dan Lok struggled alone during his early years as an entrepreneur as well. But his first mentor Alan Jacques showed him the power of collaborating with and learning from other business owners. His later success was, in large part, to the fact that he surrounded himself with other entrepreneurs.

And that was because many of them have gone through challenges and crises before. They made mistakes, but they also made winning choices. So Dan Lok was able to skip a lot of the errors and do what worked instead.

So a little known, but effective team motivation strategy is to experience it for yourself in a group like Dragon 100. High-level entrepreneurs that gather there learn and grow alongside you, no matter what.

The other benefit of belonging to a group of like-minded people is that you can finally talk freely. You can share your challenges, worries, and concerns without holding back. Why? Because they understand. They are either or have gone through the same things.

Team Motivation: Be a Leader They Can Follow

Even though the world is facing unprecedented times, with a growth-oriented mindset, a team you care about, and the right strategies, your business will be stronger than ever. So, in summary, here are the ten strategies we’ve discussed in this article:

Prioritize your team’s safety over anything else.
Assure your team that they are not alone in scary times.
Address your team’s concerns and encourage them to come to you.
Harness your team’s intrinsic desire to participate.
Train and empower your team to make the right decisions.
Show your team that you are thinking about the long-term and that it includes them.
Reach out to your team members often so that they don’t feel lost.
Be the kind of leader your team is proud to follow.
Put systems and processes in place so that you prepare for the future.
Join and grow with a group of high-level, successful business owners and entrepreneurs.

How To Evaluate Business Opportunities And Ideas

April 9, 2020 by Dan Lok

There are many different types of business opportunities that entrepreneurs are regularly faced with. The reason why so many people are interested in pursuing business opportunities and ideas, is because they want to achieve wealth, success, and significance.

Perhaps you are evaluating business opportunities because you want to figure out a way to make more money, or you just want to feel more important, or more significant. Or, maybe you are simply ready to have something to call your own, and you’re eager to be your own boss.

It’s possible that for you, the wealth you could achieve from pursuing certain business opportunities would simply be a bonus of something greater: A sense of accomplishment and that satisfying feeling of fulfillment and achievement.

Types of business opportunities you may find yourself evaluating include starting your own business, expanding your current business, or investing in someone else’s business. You may even be thinking about buying an existing business that is currently for sale, or inventing a new product or service that you think there would be a demand for.

No matter which type of business opportunity you are considering, you must always properly assess, evaluate, and analyze any business opportunities that come your way. According to the most recent data from the U.S. Bureau of Labor Statistics, about 20% of small businesses fail in their first year, and about 50% of small businesses fail in their fifth year. So, now you understand why it’s so crucial to analyze and assess business opportunities instead of jumping right in. But how do you evaluate business opportunities properly? Below are several important tips, so be sure to read this entire article.

Evaluate Business Opportunities By Asking The Right Questions

Properly evaluating business opportunities requires that you ask all of the right questions. Don’t look at business opportunities through rose-colored glasses and assume it’s a great idea. Instead, ask yourself the hard questions.

For example, ask yourself what could go wrong. What is the downside? Have you done a proper risk assessment, and if so, what are the risks? Do you have the funds to start this business? How much will it cost? How much money could you lose?

And, even more importantly, ask yourself, Could I live with losing that much money?

Then ask yourself, Is there a sufficient market demand for this product? As well as, How long will it take to see a return on my investment? If the answer is that you might not see a profit for 5 years, then you need to ask yourself if you’re okay with that.

It’s also important to evaluate business opportunities by looking at the opportunity from other perspectives, rather than having tunnel vision. Ask yourself, What don’t I know? And ask, What don’t I see?

Critical Thinking Skills are Necessary to Evaluate Business Opportunities

Business is an intellectual sport. Whenever you’re evaluating new business opportunities, you must put aside some time to think. Whether that thinking time is done in your quiet home office, or you’re in deep thought as you stare out the window at your corporate office, this thinking time is crucial.

However, evaluating business opportunities doesn’t just require thinking. It requires critical thinking. You don’t just want to only think about how awesome this business idea is. (Many of my bad business decisions started off with a “good” idea, and a bad assumption on my part that the business would do well.) Your thinking can’t all be positive thinking about how great this opportunity is. Instead, you must engage in critical thinking. Part of critical thinking is asking yourself some of the questions mentioned in the section above.

Critical thinking, however, is also your ability to analyze the information objectively and without bias. A critical thinker will think about all of their research findings, industry data, facts, and run the numbers to see if the idea makes sense financially.

Critical thinkers are good at evaluating business ideas from a logical and fact-based standpoint, rather than from an emotional or biased standpoint. Share on X

Critical thinking is important, as it’s smart to analyze business opportunities from a logical, objective and fact-based standpoint, rather than from a biased or emotional standpoint.

Conduct Market Research

When evaluating a business opportunity, it’s crucial to spend the time doing proper market research. Why? Because you need to know if there’s a high enough demand in the marketplace for your product or service. How big or small is the market for your type of business?

You also need to be aware of how much competition there is. Perhaps the marketplace is already over-saturated with similar businesses, and tons of competition. Do you think you can compete? How will you stand out?

You can also research how other similar businesses in the marketplace are doing. Are they struggling, or thriving? And what are the buying patterns of consumers in this market?

Market research also involves understanding the market and its current trends, what consumers in the market are currently paying for similar services, and where there is a gap that needs to be filled.

You’ll definitely have to do a lot of other research while evaluating business opportunities as well, but market research is one of the most crucial types of research.

A Detailed Business Plan is Required

You probably shouldn’t consider any business opportunities that don’t have a well-thought out, complete business plan.

If you are considering starting your own business, your first order of business is to do your research and write out a detailed business plan.

If you think you’ll need investors to start your business, know that they’ll require a business plan from you.

If the business opportunity you’re considering involves investing in someone else’s business, you should of course take a look at the business plan, and have industry professionals you trust take a look at it as well. You want to know that the business idea is one that is likely to be sustainable and profitable, within a market where the demand is there.

Ask a Professional Business Consultant for Advice

It’s worth it to hire a business consultant with credentials. Get their input. Business consultants typically charge by the hour, and they can help you with many things. If you don’t have a business plan yet, the consultant can give you tips on how to write a compelling business plan, and what should be included in it.

If you do have a business plan that was given to you or written by you, some consultants are willing to take a look at it, and provide their expert opinion. This helps you properly evaluate the business opportunity.

Hired consultants or lawyers can also help you review any contracts that you’d have to sign in order to take on a business opportunity.

Get Opinions from Industry Experts

Whatever business idea you’re evaluating, it’s always a smart idea to get advice from industry experts or mentors. Perhaps your mentor will advise you to write down a pros and cons list, or conduct some other ‘thinking’ exercise that is helpful while evaluating the business opportunity. Or, maybe an industry expert you talk to will have valuable insight on the current needs of the marketplace.

The more advice and opinions you get from business experts and industry experts, the more insight you’ll have into the business opportunity in front of you.

Think Outside the Box

How you think about your business, and how you execute your ideas, that’s what increases the odds of success. Intel is very valuable, as is thinking outside the box.

In the tough work of business, there are winners and losers. Contrary to popular belief, those who work the hardest and hustle the most, don’t always make the most money or succeed the most.

Those who take the time to think outside the box, however, are more likely to succeed. An example of thinking outside the box is thinking about a gap in the marketplace, where there is a demand. This is often referred to as a ‘blue ocean’ market, where there aren’t any competitors, as it’s a current gap in the market, but the demand is there. If you pursue ‘blue ocean’ business opportunities with no competition but tons of demand, you have a higher chance of success.

Financial Assessment: Is There a Less Expensive Opportunity to Consider Instead?

I want you to imagine that you’re evaluating a business opportunity in the restaurant industry, because you’re interested in this industry. Let’s say you’re thinking of opening a restaurant. But you know it’ll be expensive. This is not a cheap business opportunity. You have to think of the cost of the real estate, the labor, the cost of the food, the wait staff, etc.

Think about how much it will cost to open and run a restaurant. Let’s say you figured out that it’ll cost at least $400,000, and you have an investor willing to put in $150,000. You’ve realized that because of how pricey the initial investment is, it will take you at least 5 years to make back your investment. You might not start making a profit for 6 or 7 years. And in this competitive industry, the likelihood of failing is quite high. If things don’t go well, you could lose over half a million dollars.

After evaluating this business opportunity, you’ve realized your restaurant would have to do very well, even to just break even and make back your investment.

Don’t jump into anything without running the numbers. Do your break even analysis. The restaurant industry is extremely competitive.

Is there a less expensive business opportunity in this industry? How can you start a business that would cost less, in this industry that you’re interested in? Why not sell a food-related product instead? If you were thinking of opening an Indian restaurant, you could sell a related product instead. Consider selling delicious Indian cooking sauces instead.

Do You Know How to Pitch to Investors?

There’s a high likelihood that your business opportunity will be too expensive for you to take on by yourself. That means you need investors. But do you know how to pitch to investors?

Knowing how to pitch to investors is one of the skills you need to have if you want to pursue a business opportunity.

The first thing you’ll need to do is prepare a sales pitch. This typically includes memorizing a speech and creating a compelling power-point presentation. However, before you prepare your pitch, understand that your pitch should focus on the benefits for the investors. What’s in it for them? Investors only want to provide you with funding and invest in your business idea, because they want a return on their investment. It’s your job to explain how and when they’ll get their return on investment.

Your pitch should preemptively answer the questions you know your investors will need answered before they’ll feel comfortable investing. After hearing your pitch, the investor should now have more trust in your and your business idea, less doubts about it, and feel more confident in their investment. doubts, fears, and questions about whether or not they can trust you.

Be sure to rehearse your pitch and practice it again and again, before your investor meeting.

Knowing and Understanding Your Niche Market

It’s always important to invest in what you know, so if you’re considering investing in a new business opportunity, do you know the market quite well? Do you understand the market needs for this particular niche, and do you understand the industry?

If you aren’t knowledgeable in this particular industry, or you aren’t passionate about it, the business opportunity might not be right for you.

What Skills Do You Need to Have in Order for the Business to be a Success?

In order for a business to succeed, you need certain skills. So, when evaluating a business opportunity or idea, you should also evaluate whether you possess these crucial skills, or whether you could acquire them. These skills include sales and closing skills, marketing skills, industry knowledge, and business acumen.

If you don’t possess some of these skills, can you take a course to learn them? Or, do you have a potential business partner who does possess these skills? These are important things to think about.

Evaluating whether or not you have the right skills needed for the business plan to work, is part of what’s called a “self-analysis”. Reviewing your skills (including sales skills, people skills, marketing skills and special skills that align with the business model) is an important step. Other things to consider while doing a self-analysis, is considering whether or not you’re willing to put in the amount of funds, time, and effort needed to increase the odds of success.

If You Lack the Required Knowledge or Skills, Invest in Yourself First

You might not be ready to pursue certain business opportunities if you lack the required knowledge or skills. Before you can safely pursue these business opportunities that seem over your head, you must invest in yourself by learning the things you need to know.

Investing in yourself could be deciding to learn the required skills by taking an online course, or reading a business-related book written by a business expert.

Gain Knowledge by Reading Books on Business to Set Yourself Up for Success

Great business people are always learning. Business-related books can help you gain more knowledge, and books can also help you learn the skills you need to reach your goals. After reading these books, you’ll feel more confident in your pursuit of business opportunities, and it’ll be much safer for you to pursue them.

The right books will help set you up for success. You should ensure that the book you buy was written by a successful business professional, who recently pursued business opportunities and succeeded.

Think of how much crucial business-related knowledge you can gain, simply from buying a book that costs $10 or $20?

I recently published a book called Unlock It: The Master Key to Wealth, Success, and Significance. You’ll learn a lot about business in this book. What you’ll learn includes how to grow your business to grow rich, how to think critically by focusing on what you don’t know, how to hire the right people for your business, and how to unlock your business’s highest potential in terms of success and wealth.

Order my book Unlock It: The Master Key to Wealth, Success, and Significance here. Start reading about business so that you can pursue only the best business opportunities that have the highest chance of success.