Many young people in their twenties ask me questions along the lines of, “Dan, how do I become successful like you in my early twenties?” and “How can I become a six-figure earner by the time I’m 30?”
Today, I’m going to give you an answer that might be a little surprising. I can only speak from my own experience, but since I was a six-figure earner in my twenties, my advice is sought out by many young entrepreneurs.
I started my first business when I was in high school, and as many of you know, throughout high school and my early twenties, I started and failed at 13 different businesses. I experienced several different types of failures before I experienced my first success.
Success is attributed to failure because of the valuable lessons you learn. That’s why you’ll often hear of success stories on the heels of adversity. My success is partly due to my failures, but a big thing I attribute my success to is finding the right mentor.
Find The Right Mentor Who Can Teach You a High-Income Skill
By the time I was 21, I met my first mentor, and he changed my life. My mentor Allen took me under his wings, and I worked for him for next to nothing for one year. I was getting paid so little, you could basically call me a volunteer in his office. But he taught me a lot of things about business, marketing and copywriting. In terms of copywriting, he taught me what turned out to be a high-income skill that I could leverage in a huge way. I learned how to write ads, sales letters, and marketing copy. He taught me how to persuade people in writing – and that’s what copywriting is. It’s persuasion in print.
It turned out to be an extraordinarily valuable skill, to be able to persuade people to make a purchase through writing, and influence the way people think with the written word. If you subscribe to my YouTube channel, then you know that copywriting was my fist high income skill – the one that got me off the ground. If you’ve been following me for awhile, you’ll also know that I’m a huge advocate for the importance of developing high income skills while you’re young. That’s why I encourage young entrepreneurs who want to be successful to enroll in my High-Ticket Closer™ Certification Program. It’s in this program that I will be your mentor and you’ll learn extremely valuable high-income skills.
After my mentor Allen taught me my first high-income skill, I opened up my own one-man advertising agency. I was doing consulting, marketing and incorporating – sort of like the TV show Mad Men. I was making about $10,000 per month in my early twenties, mostly from using that high-income skill of copywriting.
So if you want to know how I started making six figures in my twenties, know that it was because a mentor taught me a high-income skill. In order for you to be a six-figure earner in your twenties, you’ll have to stop focusing making money and start focusing on your talents.
Stop Focusing On Making Money and Start Focusing On Your Talents
Figure out what you’re gifted at and passionate about. Discover what your talents and skills are. What is a skill you can offer the marketplace, that you can charge good money for? It’s going to be almost impossible to get to six figures if you’re working at a job earning $15 or $20 per hour. However, if you’re a young person who figures out their talent and nurtures a high-income skill, everything changes, and you could quickly reach a six-figure income.
Once you become highly skilled at something, you can deliver value to businesses, and charge a fortune.
Work With Successful Businesses Who Need Your Talents
You’ll always make more money when your clients are businesses or successful companies. You can charge good money if you can offer businesses a skill that will help their business. It could be a marketing-related skill, social media, closing, editing, animation – whatever the skill is, if it’s valuable, you can charge a high-ticket price.
My teachings are all about how to charge that high-ticket price, so that you don’t have to work with a lot of clients. When you start charging high-ticket prices, you can make very good money only working with a few clients per month.
There are plenty of businesses willing to pay high-ticket prices for the right person with the right digital marketing skills, for example. Another example is businesses that will pay a fortune for someone with sales skills, who can close big deals for their business. People with skills in the sales and marketing arenas tend to be worth the money they charge, because businesses know they need these people to increase their profits and make more money.
You’ll be especially successful if your service is recurring, such as highly specialized social media management for a few big companies. You can charge each client monthly, and this is recurring income that can easily add up to over $10,000 per month.
Learn The Importance of Transaction Size and High-Ticket Pricing
I taught myself how to do charge high-ticket prices and how to close big transactions. At first, in my early twenties, I was charging $1,000 per client – but it wasn’t long before I started charging $5,000 per client, and then $10,000 per client – and my prices kept getting higher as I kept getting better. Once you realize that you can charge $10,000 per project, you’ll realize that the quality of your clients matters much more than quantity. You see, it’s not just the type of skill you’re offering that matters. The transaction size matters a lot as well, and it’s crucial to learn how to charge what you’re worth.
The above strategy works very well, but there’s one more way to earn six figures that I need to tell you about:
You Can Be A Successful Entrepreneur’s Right-Hand Person (Instead of Building Something From Scratch)
If you’re not quite ready to start your own business from scratch, you have another option. There’s another way to earn six figures in your twenties. Become a successful businessman’s right-hand person, and you could quickly earn six figures. This is a type of intrapreneurship.
I call this the chicken entrepreneur. Usually, a right-hand person has all the skills and ideas without the gumption to want to try building something from scratch themselves yet. The right-hand person or “chicken entrepreneur” will choose a high-growth, successful business to get involved in. You’ll find a CEO who needs your skills, where your skills can add to the business’ growth. You’d become the CEO’s go-to person, and participate in all key discussions relating to the business.
When you’re the right-hand person of a successful entrepreneur like this, you can ask for some profit share. By being rewarded with a share in the revenue, you can quickly earn six figures. Some of the young twenty-something people on my team are earning six figures because they are partners of my brand, contributing to my brand’s growth with their valuable skills.
I’m very selective of who I work with, but if you’d like to apply to work on my team, head to TeamDanLok.com and check the open positions.