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high-ticket closing

Why Great Biz Ideas Fail

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

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

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

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

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

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

So let’s begin.

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

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

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

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

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

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

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

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

But that’s not the case.

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

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

How Much Money Do You Need To Start A Business 

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

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

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

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

How to Start a Business With No Money

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

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

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

“But Dan, what about a business loan?”

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

Why Start A Business When You Can Buy One?

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

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

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

It really depends on your goals.

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

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

For further insight into this concept, click here >>

How To Buy A Business With No Money Down

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

Why?

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

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

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

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

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

Why Great Ideas Fail

How many great ideas have you had in your life?

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

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

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

The same applies to business.

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

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

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

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

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

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

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

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

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

Until next time,

Dan Lok

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

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

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

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

How To Get Good At Anything, FAST..

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I’m almost certain you’ve heard the phrase “the more you learn the more you earn”.

It’s very true, and as the new year is in full swing…

I thought it would be a good idea to give you actionable steps and strategies for learning and getting good at anything fast, so you can increase your income faster than you ever imagined.

Before we begin, it’s important you’re patient with yourself.

Everyone learns at different rates, and in different ways.

Learning takes time and effort, but that doesn’t mean there aren’t ways you can fast-track your absorption of concepts and skills.

Let’s go!

How to Uncover Your Favorite Learning Style

Some people are more visual and learn best with pictures and videos…

Some are more auditory and learn best with sounds and Mp3s…

Some are kinesthetic and learn best by doing, and some learn best by reading.

What do you think your favorite way of learning is?

That’s one of the biggest problems with the school system, it’s passive learning, and they make everyone learn the same way.

So, now you know your best learning style, don’t deviate from it.

3 Ways To Set Yourself Up For Success

1. Set specific learning goals

You must clearly define what you want to learn and why.

When you know the reason why you’re learning something, it gives you the motivation you need to continue when you run into roadblocks.

2. Environment is KEY

Your environment is always more powerful than your willpower.

If your environment doesn’t support your learning goals, you’ll make things more difficult than they have to be.

Find a quiet and comfortable place free of distractions.

3. Retain What You Learn

Find the best method of retaining what you learn.

Be sure to test yourself on the material by using flashcards or quizzing yourself, or asking someone else to test you.

If you want to know how to absorb and remember 70% of what you learn, then watch this video >>

How To Become A Fast Learner

Not only does the school system make everyone learn the same way.

They don’t actually teach you HOW to learn.

They just give you the information and it’s your job to work out how you learn best.

That’s why so many students get discouraged and think they’re stupid.

Because they’re not understanding the concepts they’re being tested on.

Having a solid blueprint to follow that ensures you’ll pick things up faster is KEY…

So if you’ve ever felt like a slower learner, this video does a great job of explaining how to create a learning blueprint for yourself >> 

Why WHO You Learn From Is MORE IMPORTANT Than What You Learn

If you’ve been following me for a while, you’ll know I believe WHO you learn from is more important than what you learn.

It’s something the content creator in the previous video alluded to as well.

And in this video, I explain exactly why I believe this to be true >>

I highly suggest you watch the video above, as it outlines 3 ways you could learn and which I believe is the best way to give you the best chance of success…

And why other ways of learning are a waste of your time.

How To Get Good At Anything FAST

When learning any skill there are 6 things you must do to ensure you get the information and feedback you need to progress at a steady and fast pace.

One of the biggest things you can do to fast-track your learning is by figuring out what the key points of leverage are.

For example, if you learned the top 100 Spanish words, you could be around 50% fluent.

That’s leverage.

If you want to know the other 5 keys to getting good at anything fast, I strongly suggest you watch this video >> 

Why I Don’t Read Books

What I’m about to share with you is VERY counter-intuitive.

If you’re someone who likes reading but doesn’t get the results you desire from books, then pay close attention to what I say next.

I read 2-3 books per week, but I rarely read a book cover to cover.

Why?

Because I’m not reading for pleasure.

I’m reading for action steps.

Every book I read, I look for action steps I can implement right away.

This cuts down my reading time significantly and allows me to implement FAST.

If you want a deeper dive into my method of “reading” then click here >>

How To Improve Your Reading Speed

Even though I don’t often read entire books, reading at a faster pace allows me to read and implement even faster.

In this video, you’ll discover my best tips for reading faster so you can implement what you learn and grow quicker, as a result >>

Now you don’t have to go crazy and read multiple books per week.

You must pick your books wisely and only implement what makes sense to you.

That’s where self-awareness comes in, and that’s a newsletter topic for another week.

I hope you’ve found this newsletter valuable.

If you implement just a handful of these tips, you’ll look back one year from now and you’ll be amazed at what you’ve achieved.

Till next time,

Dan Lok

P.S. – With all this in mind, now you’re in a great position to develop a high-income skill faster than you would have before.

So, if you’re looking for a high-income skill that can help catapult your income, then click here to check out our range of high-income skills training at the Dan Lok Shop >>

Blueprint To Kick The 9-5..

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I want to share a quick story with you…

I was in my late teens and I’d been working at the supermarket for nearly one year.

One day, I got to work and my boss started yelling at me, and calling me names.

This wasn’t the first time this had happened, and I was growing tired of it.

That day, I decided I’d had enough.

Not just of him, but the whole situation.

I hated the work, I hated the commute, and obviously I hated my boss too.

So, I did what almost anyone would do in that situation…

I told him “I QUIT!”

Actually, I said a few other things to him I won’t repeat, but you get the idea.

So, maybe you’re in the position where you’re done with your job and you feel like quitting.

You’re not alone.

But I don’t advise you to do what I did…

Instead, read this newsletter to discover what I’d do differently if I had my time again.

This will help you make a smooth transition, and you’ll also get an insight into what pitfalls to avoid when you end up working from home.

What To Do Before You Quit Your Day Job

So, if you’re certain you want to quit your day job, you’ll want to start a high income skill side hustle first.

I define a high income skill as a skill that can make you a MINIMUM of $10K per month.

The main two high income skills I teach are closing (sales) and copywriting (selling using the written word).

These two skills are in high demand online.

But they aren’t the only two skills you could develop.

In fact, there are many others to choose from…

And I share them in this blog article where you’ll also discover how to make your first $10K online >>

When choosing a high income skill, it’s important you choose something that resonates with you.

For example, if you’re more of a technical person, you may like computer programming.

If you love talking to people, closing could be a good option for you.

If you’re creative, then you could try graphic design or copywriting.

The opportunities are endless.

Making The Leap From Job To Self-Employed

So, let’s assume you’re at the point where your high income skill consistently makes you money every month.

You want to get to the point where you’re making double your monthly income.

Here’s why I say this.

Imagine making double your monthly income in your spare time.

Imagine how much more you could make when you quit your job and jumped in feet first.

If you quit before having this set up, you’ll panic when reality kicks in and you have to pay your bills, mortgage, and put food on the table, etc.

Now when you get to the point you’ve fully transitioned, and you’re working from home full time, here are some…

Deadly Working From Home Traps To Avoid

There are a number of traps that could affect your focus, productivity, and personal data security…

And quickly turn your work from home dream into a NIGHTMARE.

One of the biggest traps is knowing when to stop work.

This can be a challenge, especially if you’re on a roll or have a tight deadline.

But in my experience, if you don’t make time for work, rest, and play, you’ll wind up burnt out.

This will destroy any so-called “perks” of working from home.

I highly recommend you read this article on how to avoid the 9 other work from home “traps” >>

To recap, don’t be stupid like I was.

Quitting your job in the heat of the moment may seem like a good idea, but we all have financial responsibilities.

I was lucky everything worked out, but it always pays to have a solid plan, plus it gives you something to work toward.

With the extra money you make, you can save to invest for the future, so it’s a WIN/WIN.

Until next time,

Dan Lok

P.S. – If you’re ready to dive into the world of high income skills and you’re more creative and love writing, then click here to check my copywriting trainings >>

If you’re more of an extrovert and love connecting with and speaking with people, then click here to check out my sales and closing trainings >>

When Should I Hire My First Sales Closer?

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Today, you’ll discover when you should hire your first salesperson, how to hire the right salesperson, and common mistakes to avoid.

How To Know Who You Should Hire First

There are a lot of conflicting opinions out there, and it depends on the type of business you run…

But you could hire a marketer, copywriter, accountant, admin clerk, and the list goes on, but…

As you’re a coach, consultant, knowledge expert, or trainer, it’s my belief that you should hire a salesperson first.

We’ll call them closers for the rest of the newsletter.

So why should you hire a closer first?

I recorded a quick podcast episode for you, where I explain this in its entirety.

Click here to find out why and how a closer will help you generate more revenue and get your time back >>

So you know why you should hire a closer as your first employee, your next challenge is to find the RIGHT person.

The Difference Between a Closer and a Salesperson

Before we go further, you may wonder why I call them closers, not salespeople.

Quick question…

What words come to mind when you hear the word salesperson?

Slimy, sleazy, snake oil, pushy, manipulative?

It’s likely you’re thinking of these words or others similar.

A salesperson is a good talker who pushes you into the sale and knows little about you.

A closer is a good listener who guides you to the sale and knows your pains, struggles, goals, aspirations, and motivations for wanting to solve your problem.

The ONLY Type Of Employee You Want In Your Business

Now, before I share with you how to find great closers, click here to watch this quick video about the 3 kinds of employees >>

This video will teach you the exact type of employee you want in your business and the ones you should avoid like the plague.

Now you know which employees you should avoid, here’s how to find the best closers >>

I’m willing to bet when you get to finding and hiring your closer, you may be tempted to hire someone who can “sell anything to anyone”.

In reality, you shouldn’t hire that kind of salesperson.

It sounds counterintuitive, but it’s true.

What you want is a “true believer” in your product or service.

Does that sound much more advantageous?

Click here for a deeper dive into why a “true believer” is a huge asset to your business >> 

How To Cut Your Losses When Your Closer Doesn’t Perform

You want to set your closer up for success, by giving them every opportunity to improve.

You must also give them a clear path to close more sales for you, thereby increasing their income in the shortest time possible.

You’ll want to give them achievable targets but you’ll also want to keep them challenged every month.

You want to know in advance if things won’t work out with your closer BEFORE they reach the end of their trial period, and here’s how you do it >>  

The #1 Mistake Entrepreneurs Make When Hiring

Profit is the ONLY reason you hire employees.

Even in an admin role, that employee takes over tasks you do that keep you away from making money.

You’re always hiring to make more money in your business.

 So, if your closer doesn’t perform, you’ve got to replace them, but if you make THIS common mistake when hiring, it makes replacing them near impossible >>

How To Screen Potential Closers

Some people are great at interviews but when it comes to performing in their job, they fall flat.

That’s why they’re so good at interviews after all… because they attend so many.

Here’s a secret strategy for screening and testing your candidates without them knowing >> 

Your interview process is very important, so you’ll want to arm yourself with a great set of interview questions specifically for hiring closers.

You can get those here >> 

The Psychology Behind Hiring Staff

Finally, I wanted to give you something to think about.

Would you rather have a company of giants or dwarfs?

Smart CEOs know if they hire people less capable than themselves, they’ll end up with a company of dwarfs.

If you want a deeper dive into why I adopt the “Russian Doll” principle when it comes to hiring, which allows me to create a company of giants, click here >>

After consuming all this content, you should be in a great position to hire your first closer, and set both of you up for success.

To your success,

Dan Lok

P.S. – If you’ve been able to grow your business well but you’re wondering how to get to the next level…

Click here to watch my Advanced Expert Masterclass, where you’ll discover the strategies and secrets I and my clients use to have consistent six-figure months >>

Passionpreneur Podcast

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I’ve got something HUGE to share with you today…

But before you watch this interview, let me give you the back story.

Of all the students and mentees I’ve taught over the years, it’s rare I get to experience someone as ambitious and successful as Dev Gadhvi.

Sure, many of my mentees and clients achieve great success, but few have done it with the speed Dev has.

Born into a humble Indian family, Dev knew he was meant for more and wasn’t afraid to go after it.

In the last 5 years, I’ve seen Dev go from making $50K per year to $150K, to $1 million to $2 million, to $6+ million, and he shows no sign of slowing down.

He’s one of my most successful mentees and clients, and he invited me to his Passionpreneur Podcast for a ‘no-holds-barred’ discussion about business, life, and success.

Inside this EXPLOSIVE interview, you’ll discover:

  • The key differences between getting to 6 figures and moving on to 7 figures per year, and my secret for hitting your first million in business…
  • How to turn every adversity you face into an advantage…
  • How money REALLY works… (Get this right and you’ll never have to worry about money again)…
  • Why success is 1% idea and 99% execution…
  • How to detach from your goals so you can achieve them FASTER…
  • The 4 stages of life, and how to figure out where you are so you can progress to the next level…
  • Why you DON’T need to be an entrepreneur to become financially successful, and what it really takes to become a world-class entrepreneur…
  • And so much more!

This was a deeply profound discussion where we even touched on the spiritual aspects of life and business, and my spiritual evolution over the last 5 years.

It’s packed with surprises and insights you may not expect to hear from me or Dev.

To your success,

Dan Lok

P.S. – To quote Roy H. Williams “A smart person learns from his mistakes, but a truly wise person learns from the mistakes of others.”

I’ve made more mistakes than the average person, and life always teaches you something if you know where to look.

Why Group Coaching Eats 1-on-1 For Breakfast

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Today you’ll discover how to increase your revenue to hit your first $100K or add an extra $100K to your coaching/consulting business.

HEADS UP: If you already run group coaching sessions with amazing results, then the majority of this article won’t apply to you.

So, if you’re looking to scale your business to $100K/month…

Click here to find out why most coaches will NEVER hit $100K/month and how to ensure you do >>

How Group Coaching Saved My Business & My Sanity

When I first started in the coaching space, I’d already had a successful copywriting/consulting business.

So, it didn’t take me long to hit my first $10K month as a coach.

But, that’s where my coaching business stayed for years.

I couldn’t work out how to move beyond $10K.

I’d heard about group coaching before but I had my doubts.

My main concern was not being able to give my clients the attention they needed.

That’s when I discovered the 7 successful coaching and consulting secrets >>

Make sure you pay close attention to models 2 and 3 as they will be most relevant to you if you want to begin or take your group coaching to the next level.

After implementing group coaching into my business, I saw my revenue skyrocket.

That’s no exaggeration.

If you’d like a quick explanation as to why group coaching works so effectively, then click the link below to check out the short podcast episode where I break it all down.

Discover how to leverage your time and make more money with fewer hours and far less effort >>

Because contrary to popular belief, you can make or add $100K to your business without working harder.

And if you’re wondering how many clients you’ll need at your current price point to hit your business goals…

Then I reveal the best way to add $100K in 30 days as a coach or consultant here >>

Each of these links I’m giving you is different, but if you invest a small amount of time today to review them and implement the teachings, I promise you’ll see massive results in your business FAST.

7 Reasons Why Your Clients Will Love Group Coaching

  1. Group coaching is one of the most powerful things you could ever install in your business, for many reasons.
  2. People like being part of a group, even more so, they like being part of a like-minded group of people with similar goals and roadblocks.
  3. Group coaching environments have a greater impact in less time.
  4. Your clients learn the insights and “a-ha” moments of their peers.
  5. It improves accountability.
  6. It can make your services more affordable to a wider range of clients.
  7. With individual coaching, each time you help solve a problem for one of your clients, another client goes through the same problem a few weeks later. You wish you could have had both clients in the same place at the same time.

This is why it makes sense to run group coaching sessions.

But what if you’ve never run group coaching calls before?

I got you covered.

I recorded you a quick podcast episode where I teach you exactly how to run group coaching calls >>

How To Create A Group Coaching Program

Everything you know about creating a coaching program for a client can be applied to creating a group coaching program…

But if the idea of group coaching is new to you, or you already have a group coaching program but you feel it could be improved upon, then click here to watch this video >>

How To Sell Effortlessly By Leveraging “Irresistible Offers” 

Group coaching is the holy grail for scaling your coaching business.

But to pull it off you need an irresistible offer.

It doesn’t matter how good your marketing or sales process is if your offer lacks punch.

Your offer must speak to your prospect’s problems.

You want them to think “it’s as if his offer was created just for me”.

Here’s a simple example.

No one can sell meat to a vegan.

It doesn’t matter how good the sales copy is, or how persuasive the salesperson is.

But when vegans see a sign that reads… 

“Vegan Food Here” they know the offer was created for them.

The offer is very direct and if the food looks good, they’ll buy it on the spot.

If you want to know how to create an irresistible high ticket offer, then you’ll want to watch this video >> 

Here’s another video for creating an irresistible offer that goes into more detail I think you’ll get a lot out of >>

Why It Pays To Have Less Offers In Your Business

I know people who have countless offers in their business.

This may seem like a good idea, but in my experience, it pays to keep things simple.

Now, although my business has evolved and I have many offers now, when you really break it down I’ve got front-end offers and back-end higher ticket offers.

That’s how I’ve always done things, and this video shows you how I built a million dollar coaching business with just two offers >>

The Best People To Sell To (That’ll Pay You $5k, $10k, even $25k)…

Once you’ve created your high ticket offer, and decided on a group coaching model, there’s ONE type of person who will buy from you.

They’ll happily pay you what you’re worth…

They’ll be easy to work with…

They’ll love everything you do and refer their friends to you.

These people won’t give you price objections or take weeks to think about it, and your sales calls will be effortless.

Once you start selling to this specific type of person, your business will NEVER be the same.

If you want to find out exactly who these people are then you’ll want to watch this video right now >> 

 

So now you know how to build a business that pays you tens of thousands extra every year without any extra work, just making a few small tweaks to how you do things.

Even if you implement a fraction of it, you’ll be shocked at what you can accomplish.

Till next time,

Dan Lok

P.S. – If you already run group coaching sessions but want to scale your business to $100K per month and fast then click here to watch my Advanced Expert on-demand training >>

I hope you enjoy reading this blog post.

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

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