high-ticket closing

Passionpreneur Podcast

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

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 >>

The Secret Blueprint For $10K Per Month

Back when I first started out, all I wanted to do was provide for my mom.

I knew that $10K per month was a good income and if you know my story, you’ll know…

I tried and failed at 13 businesses before I had my first success.

It took years of pain and struggle to finally hit $10K, but I managed it in my early twenties.

It wasn’t until I developed my first high-income skill that I began seeing financial results.

Over the years, I’ve taught and mentored thousands of people and helped them gain financial confidence with high-income skills…

And now it’s your turn.

There are 3 things you must do to develop financial confidence, achieve success, and live life on your terms.

  1. Decided you want to succeed and commit 100%…
  2. Choose a high income skill…
  3. Develop and hone that skill…

As you become more proficient, your marketplace value increases, and you can charge more for your service.

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

My first high income skill was copywriting, or as I like to call it, “closing in print”.

If you want to know more about copywriting and how to get started, then watch this video here >> 

I remember, one afternoon I was speaking with a prospect…

I was telling him how I could help him when suddenly he said…

“STOP!”

“You speak with a thick accent, and in the last minutes you’ve made multiple grammatical errors, and you tell me you can write my copy?”

“I think you’re full of sh*t!”

*CLICK*

He hung up on me.

This shocked me and I didn’t know what to think.

But it was at that moment, I decided to get better at closing clients on my copywriting services.

As I honed my closing skills, I was able to close more clients at higher price points.

And now the pandemic has changed the business landscape, I believe it’s more important than ever that you have the ability to work from home.

And closing (like copywriting) is a great way to do that.

Even though it seems the pandemic is coming to an end, you never know when something similar could happen again.

If you want to know the easiest way to develop closing skills, then click here >> 

You’re not limited to closing and copywriting if you want to earn a high income and live on your terms.

But if you want time and location freedom a normal 9-5 can’t give you, then you must work online.

Here are some other high-income skills that may interest you.

Remember, you only need ONE to make it happen.

Each skill has a video linked if you’d like to know more:

I’m just scratching the surface here.

Every online business has a need for many of the skills above.

Personally, I like to choose skills like copywriting, closing, and digital marketing, and advise my mentees to do the same.

Why?

Because you’re selling money at a discount.

You’re generating your client revenue and you’re paid a percentage in commission or upfront fee.

You’re an asset to their company, not an expense.

It costs your client NOT to have you or someone like you in their business.

So, take some time to go through these materials and choose a skill you know you’ll enjoy, and go all in on that skill.

Find the best person to learn from and go deep, build your skills and knowledge in your chosen area, and over time you’ll watch your income increase.

If you’re more extroverted and feel like closing is your skill, then click here to check out my closing collection >> 

On the other hand, if you’re more introverted and love writing, then copywriting could be a good option for you >> 

To your success,

Dan Lok

P.S. – If you found this valuable, please comment below and let me know what high income skill/business topics you’d like me to discuss.

How To Negotiate Profit Sharing Once The Deal Is Closed

How can you approach profit sharing after having closed a deal?

Maybe you made a deal with a business partner, individual contractor, or another professional – you agreed to work together and share the profit. Or maybe you hired employees and want to motivate them to work harder by offering them a profit share.

But now you might be wondering: how exactly should you negotiate profit sharing? How big of a share is considered fair and ethical? Which structure should you choose?

One thing to keep in mind is that there is no one-size-fits-all approach to profit sharing. What works best completely depends on your business’s specific situation.

Profit sharing depends on your business model, current income, and many other factors.

The thing is, every deal is a deal and therefore, can be negotiated. Which system you choose for profit sharing will depend on many factors.

That’s why, in this article, we’ll go over how and why you want to do profit sharing as well as how you could do it and which system might fit best for your situation.

What Is Profit Sharing?

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Profit sharing can take on a variety of forms. Usually, we’re talking about an allocated share of the profit of a business before taxes.

Some businesses choose to use a part of annual profits and pay out the profit share once a year. But there are also models where the profit share takes place twice a year, quarterly, or monthly.

There are different ways to parcel out the share accordingly. We’ll go deeper into those strategies below.

What’s important to note is that profit sharing is usually determined and negotiated after the business estimates their annual profits. If the business fails to make accurate predictions,  the profit share could be affected.

This system has many advantages, but it’s only for successful businesses who can estimate how much money they’ll make. If you are currently in the red, profit sharing might not be your best option.

However, sharing the profit is also a great way to motivate employees. If the business’s profit has an immediate impact on how much money employees make, then they feel motivated to bring in more money.

If your business is in the red but close to making profit, offering a profit share to your employees might be exactly what you need. Their increased efforts will help you make more money.

What Profit Sharing Is Not

Some companies and businesses pay out a section of their annual profit in addition to regular salaries and bonuses. They do so without tying the profit share to profitability.

They treat it more like an extra bonus for employees and pay it out to motivate their workforce.

There is nothing wrong with being generous and sharing profit with your employees, contractors, or business partners: just be aware this is not actually profit sharing.

Things To Consider

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There are a few things to consider when estimating profit sharing. You want everyone to get paid in proportion to their efforts and according to the results they bring in.

One thing to definitely think about is how fast the money will come in. Do you already have a marketing campaign that generates leads and sales regularly, or are you building everything from scratch? If you have accounts receivable, how fast do they pay?

The reason you want to consider how long it will take for money to flow in is that profit share implies that everyone will get paid only after you make some money. Use your estimate to set the right expectation from the beginning.

If you promise your business partners or contractors that they will get paid within one week when, in reality, your marketing requires three weeks to produce results, they will get impatient. Morale shrinks if you nourish the wrong expectations with regards to the profit share.

So be honest about the situation from the get-go. How soon can the other person expect to make money? Is your shared profit their only source of income? Address possible concerns early, and avoid disappointment later.

You also want to have a backup plan in mind in case the numbers used to calculate the profit share turn out wrong. Maybe you predicted a certain profit, but unforeseen developments in the economy undermined your plan. What will you do if you can’t meet the expectations of employees, contractors, or business partners?

Worth

One more thing to consider is if the matter is worth a negotiation at all. There can be instances where profit sharing isn’t the best approach. Sometimes, it’s better to offer business partners or contractors a fixed payment. Then there are also circumstances where it’s best to just name your rate and don’t negotiate at all.

Timing

The timing of the negotiation is also something you want to consider.  In many cases, you’ll actually estimate the rate before a deal is closed.

But your business partners or contractors might also want to re-negotiate later. If they keep bringing great results, there is no harm in offering them a better rate for their efforts.

In fact, if they have proven to work hard and get you consistent results, it’s great if you can pay them a bit more than the industry standard. They will love you for it, stay on your team, and continue to put in their best efforts.

So when it comes to profit sharing, set the stage before you make a deal. Set expectations and be fair. If someone turns out to be good, don’t be afraid to re-negotiate with them.

Now, how can you actually approach profit sharing?

Approach 1: Commission Structures

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A very popular way is to pay commission. The person you are partnering up with or taking on as a contractor gets paid a certain percentage for certain results.

For example, if you hire a closer to close deals for you, you can pay them based on how many sales they make. A common way is to pay the closer 10-20% of the sale.

If you work with a business partner who is putting in equally as much time, effort, and investments as you do, then you likely will split the profit in half. Half of the money goes to your business partner, half goes to you.

In the case that your business partner is doing less, then you can also do 40% and 60% or 30% and 70% profit share.

You want to use commissions when you have a team that is focused on results. Your employees have incredible skills that help you make money. If it fits their personality type, reward them with a profit sharing system.

The great thing about paying for money-making services on commission is bringing in more revenue without extra cost for your business. If you pay a closer to close deals for you and they don’t, they don’t get any money. Meaning, you only pay them if they make you money.

A possible downside of commissions is that your competition might try to hire your people by offering them a bigger commission. Definitely make sure that your commission structure is fair, and you should have nothing to worry about.

Approach 2: Monthly Retainer

Some business owners approach profit sharing this way: the person gets a monthly fixed payment but can earn more if they reach a certain quota.

Depending on your business model, the retainer can be high or low. The advantage of offering a fixed rate is that everyone’s income is secured. No one has to worry about getting their basic income, and everyone can fully focus on the work.

This works well for people who need security but who are also motivated by the opportunity to earn more if they achieve certain results.

Approach 3: Contribution Levels

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Creating a profit sharing plan based on contribution levels means that not all employees or contractors get the same amount. Instead, you base the percentage they get on their role. An account executive or manager might get more than an assistant.

This means you have to determine the amount each position gets paid. Usually, the employees who perform tasks that help you generate more money should get paid more.

Pay attention to the sales and marketing teams who are responsible for generating revenue. Also, consider managers and team leaders who might not do sales directly themselves but lead their teams in doing so.

When you choose to do profit sharing based on contribution levels, be careful not to accidentally de-motivate some of your employees. No one likes feeling like their work is worth less compared to others.

If you choose to discuss openly how much of the share goes to whom, make sure everyone understands why they get what they get. Keep a great business culture that doesn’t emphasize unhealthy competition or foster envy among employees.

Make Your Profit Sharing Easy To Understand

There are all kinds of formulas to calculate profit sharing. You can adjust them to your situation or come up with a completely new way to do it.

No matter what you choose to do, make sure your employees, partners, or contractors understand HOW they get their share. If they have no clue how their pay is put together and how they can increase it, morale will go down.

In the book Extreme Ownership, the authors Jocko Willink and Leif Barbin talk about earning bonuses, but the lesson may be applied here.

Willink and Barbin headed out to help a business that had recently introduced a new way for employees to earn bonuses. The problem was, hardly any of the employees ended up taking this new opportunity to earn more money. After inspecting it, Willink and Barbin found out why: the system was so complicated, the employees had no idea what to do to get their bonuses.

So, make sure you use a way that your employees, partners, or contractors understand; they will be more effective if they know how to potentially earn more.

How To Negotiate Profit Sharing?

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The amount of the share is usually determined towards the end of a compensation negotiation. In the first part of the negotiation, you want to see if the person is the right fit for the position you had in mind.

You investigate their strengths and weaknesses and how invested they are in working with you. What results can you expect from them based on their past experiences?

There is no point in talking about money and payments if these points aren’t ticked off. So save the profit negotiation for the end of the conversation.

Now, how do you determine how much of the profit you want to share with an individual employee or contractor? If you do profit sharing often, you might want to have fixed rates.

Let’s assume that, for example, you are working with a team of closers. Some of them are doing outbound calls, dealing with cold prospects, and therefore usually have the harder job. The others are inbound closers, dealing with warm prospects and having an easier time closing.

The outbound closers have a harder job, and they bring in new customers, so you’d normally want to pay them a bit more than the inbound closers. Your outbound closers might get a 12% commission, while the inbound closers get 8%.

If a person thinks that they have an outstanding performance and should get paid more, they can always approach you for a re-negotiation.

According to Jim Schleckser, CEO of Inc.com, a profit share of 8% is enough to motivate someone to perform better. So that’s a great place to start.

A profit share of 8% increases employee motivation. Click To Tweet

If you can do more than 8%, however, it’s a good idea to do so to get ahead of competition and to increase the loyalty of your employees or contractors.

Advantages of Profit Sharing

Using profit sharing and commissions instead of regular salaries or bonuses has some advantages.

As we mentioned before, one of the biggest reasons to go for profit sharing is to motivate your employees or contractors.

If your workforce benefits from making you more money, then they will find efficient ways to do so. They are more invested in the success of the whole business.

In a company where everyone gets a salary, it’s easy for employees to do just the minimum –  they are getting paid anyway. Paying them based on results prevents that.

So profit sharing improves the culture of the whole business. Employees are happier, they are actively looking for solutions to bring in more money, and they are motivated to perform at their best.

What’s more, if you are in a niche where profit sharing is less common, this can really make you stand out. Any time you are the only one who can offer something, you should. It will give you and your business an edge.

Implementing a profit sharing plan can also strengthen your team as everybody is working on the same goal: to generate more profit.

Possible Pitfalls

Advantages of profit sharing aside, there are some things to watch out for. The first thing, as we’ve already mentioned, is that your workforce has to understand how they get the share. What’s the system and how does their effort impact their pay?

The second thing we briefly touched on is to ensure your profit sharing system remains fair. If some employees or contractors feel undervalued, they will be less motivated to perform at their best. In the worst case, they might even leave your team.

If you choose a system where only parts of the profit are eligible for profit sharing, you want to be able to explain how you calculated it. For example, if you make 2 million dollars in profits a year, you might want to share 10% with your employees.

You, then, determine which person gets how much. And while you do so, you want the breakdown to be simple enough for your team to understand.

Profit sharing should also be measurable. If every team member at any time can calculate how much their efforts benefit them, then you did well. They are aware of their impact and their results.

Want More Next-Level Business Advice?

On the Dragon 100 advisory board, Dan Lok coaches and mentors top-level entrepreneurs on how to scale their businesses.

Every stage of your business comes with unique challenges. In Dragon 100, you profit from Dan Lok’s 20+ years in business experience and from being in a high-level business environment.

Profit sharing plans are only one of countless examples of what you can learn from Dan Lok.  Business models profiting from Dragon 100 are as diverse as their owners.

If you think that you and your business would profit from Dragon 100 and be of value to other Dragon 100 members, learn more about the Dragon 100 advisory board here.

How To Connect With Your Audience In A Meaningful and Unforgettable Way In The Age of Digital Platforms

Are you looking for ways to connect with your audience on a more meaningful level?

Whether you are a business owner or an influencer, you open up a door of opportunities the moment you build a presence on social media. One of those opportunities is the possibility to connect with your followers.

Connecting with your audience is powerful. When you see your follower count, it’s easy to forget that your fans are real people. But they are; when you start connecting with them, you can get them to be more invested in you.

Imagine this: your audience is so invested in you that checking your social media becomes part of their daily routines.

Becoming part of your audience’s routines allows you to build social capital. Your social capital encompasses all your relationships and is often more valuable than money. You can turn social into financial capital anytime you need to. 

In other words –  when you have followers who feel connected and invested, you have an easier time selling your products and services. 

So forming a meaningful and authentic connection with your audience is worth your time and effort. Not only will you enjoy meaningful relationships, but you can also leverage them to generate income.

Further below, we’ll show you how to connect with your audience in a meaningful way. We’ll also go over how to raise interest in your personal story, and how to stand out in the age of digital platforms.

You’ll discover that this works – whether your personal brand already has a huge following, or yours is a local business starting out in the digital world. 

The “Reality TV Factor”

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How can we claim that building connections and leveraging social capital works for anyone?

All you need is to know one thing –  the thing that will give you an edge in understanding human psychology.

It’s not about the tools. Whether you use Instagram Stories, YouTube lives or Facebook groups is less important; what really matters is understanding human psychology. If you understand how people think and why they feel connected to you, the platform you use doesn’t matter.

The one thing you have to master is what we call the Reality TV Factor. Simply put, it’s the reason why reality TV is successful, and why people remain basically glued to their seats while their favorite reality TV show is aired.

The same approach also works on social media. So what’s the success recipe of reality TV and how can you emulate it? The answer: authenticity and emotional stories. 

The people we see on reality TV appear authentic and real to us. Hollywood stars we see in blockbuster movies, however, often seem superhuman: we think we can never achieve what they achieved.

But the stars of reality TV shows are humans – like us. Sometimes it’s just the girl next door, who has an unfortunate backstory but still tries to audition for a singing career.

It is the people with relatable struggles who inspire us to keep going. Reality TV always seems to showcase the backstories of the participants. Usually, the person with the most dramatic backstory is the audience’s favorite.

Share Your Story And They Want To See You Succeed

So how to connect with your audience in a meaningful way? Share your backstory. Tell your audience why you are doing what you are doing.

Which obstacles did you have to overcome? How did you get to where you are today?

If you are an influencer building a personal brand, your backstory is your personal story. If you are using social media for your business, a great backstory to tell us how you got your business idea.

A great story showcases your Why. It explains to your audience why you do what you do. 

A perfect example is Dan Lok himself. He often talks about his story – how we wanted to make money to support his mum but failed at 13 businesses and how he finally met his mentor and things started to go uphill for him.

His backstory shows us that he is a human being. He is not a superhuman multi-millionaire who never struggled. He faced obstacles, but he kept overcoming them.

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If you tell your personal story, your audience becomes invested in you. They keep coming back for more and want to see you succeed.

If you tell your personal story, your audience becomes invested in you.

Sociology professor Beverley Skeggs said the following about reality TV, which also holds true for social media:

 

[…] people connect to other people who have the same values, who behave in the same way. We do get swept up in it, wanting to be behind somebody, wanting them to do well.

 

As long as you are authentic in sharing your story, your audience will become invested in you. When it comes to connecting with your audience, you want to be real and authentic.

Don’t Be A Superhuman

To connect with your audience in a meaningful way, show them that you are a human being – just like them. In fact, having flaws and hardships in your life will make you more authentic. If you are too perfect, you become less relatable.

Most people on social media get it the wrong way around. They think they have to show how amazing their life is, the great vacations they go on and so on. While this may attract attention, it does not remain relevant for long.

If you put up a facade, your audience will realize it and draw away from you. So, don’t feel like you have to be perfect to build up a following on social media. You might do much better if you aren’t.

The thing is, many people don’t have a particularly exciting life. To some degree, you are representing the ideal life they would want for themselves. But this ideal life isn’t about having fancy cars and living in a penthouse.

What people are interested in is who you are as a person and how you overcome hardships in your life. By sharing your story and being yourself, you give them the dramatic aspect that is missing in their lives. 

What’s more, your digital platforms become addictive – like a TV show. Your audience keeps coming back to see how you are doing.

Now you know that building meaningful connections on social media is possible. Let’s get into actual strategies. What steps can you take to share your story with your audience?

Build A Community

Besides authenticity, there is another thing people on social media crave: a sense of community. They might feel disconnected in real life, and social media makes it much easier to feel like a part of a community.

Facebook groups are currently one of the best tools to connect with your audience and to build a strong community. Facebook groups are great because your audience comes up with the content. 

So it’s not just you alone putting out content. Other members of the group can post too. It also allows your followers to engage on multiple levels: they get a chance to interact with you as well as with other like-minded people.

Many influencers and business owners invite their customers to join a Facebook group. But you can still turn to Facebook groups if you are just starting out and have no paying customers. 

You can invite existing followers to join by telling them that you’ll publish exclusive content in your group.

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Create A Dialogue

To connect with your audience, you want to create a space for dialogue. 

It’s easy to post something,  then leave the platform and never reply to any comments or messages. But that doesn’t help you connect with your audience meaningfully.

What you want to do instead is reply to comments and messages often. Be responsive and engaged. This is especially important in the beginning when you rise to your first thousand followers.

Nearly all digital platforms want lots of engagement on their platform. If you put out content that people want to engage with, you will be rewarded by the platform. For example, you’ll show up in other people’s feeds more often.

When you create a dialogue, you help the social platform to create a positive experience. Now only will the platform love you – your followers will, too. 

Engaging with your audience shows that you appreciate them. It makes them feel validated and appreciated. So don’t be afraid to chat. 

Once you have several thousand followers, it might get harder to follow up with every comment. It’s okay not to reply to everyone but make an effort to answer the most pressing questions.

If your audience grows bigger and it’s hard to keep up with comments, shares, and messages –  here is what you can do.

Timed Engagement

Tell your audience when you will release new content. Then, let them know that you will be active in the comments for 30 minutes after you posted. This strategy is great for two reasons.

First, it gives your audience a reason to subscribe to your platform. If you are a YouTuber, make sure to tell your followers to activate the bell icon. If you are on Instagram, your followers can turn on notifications.

This way, they will be notified after you post and will be able to hang out with you.

This strategy also allows you to generate engagement right after posting. On most platforms, the first hour after you post will determine how successful your post is.

So if there isn’t much engagement within the first 30 minutes, you probably posted something your audience is less interested in. You can evaluate it and try something different next time.

Get Personal

Especially if you are a business owner, you might be thinking to make your social media only about your business. You showcase your products or services and give professional advice.

While some fans appreciate this, connecting with your audience means getting personal.

If you talk only about business and sales, you lose the Reality TV Factor. There is nothing for your fans to get invested in, nothing that entertains them and nothing to keep them coming back for more.

You can keep it professional and still get personal. A great example of this is Tuft and Needle Mattresses. They talk about their story, explain how and why they started their business; their audience feels connected to them as they emphasize care for mattresses.

They don’t talk about their tragic personal backstory – but they are telling an inspiring story and connecting with their audience in a meaningful way.

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Go Behind The Scenes

Do you know what Russell Brunson says about connecting with your audience? What your fans enjoy most is seeing your journey.

They want to see what you do on a daily basis to achieve your goals. So if you wonder how to connect with your audience, remember: you don’t have to be creative. All you need to do is document your daily life.

Talk about what you are doing, why you are doing it, and what your next steps are. Show them your life in the trenches of your daily business. You’ll instantly be more authentic and form meaningful connections.

Sense of Belonging

Another powerful way to connect with your audience is by creating a sense of belonging. All influencers who connect with their followers in an unforgettable way do this.

1. Sense of Community

When you look at famous YouTubers with a strong fan base, they often share jokes with their audience. Outsiders don’t understand these jokes at all.

It’s likely that these inside jokes came to be during a video or live stream. Their audience remembers and keeps referencing them; over time, this creates a strong bond and a sense of community.

2. User-Generated Content

User-generated content is a fancy way of saying that you let your followers come up with ideas and share them on your social media.

When you look at Dan Lok’s YouTube channel, for example, he has a video format called Boss In The Bentley: his followers ask questions, and he answers while sitting in his Bentley.

3. Giveaways, Competitions, and Challenges

Connect with your audience by hosting special events with prices.

Ideally, the price is something unique to you, something they can only have if they join your event. Giveaways and competitions are also great for connecting with new followers.

Go Live

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Going on a video live stream on YouTube, Facebook, or Instagram is one of the best ways to form a connection with your audience. Live streams are what comes closest to face-to-face conversations just like you would have with a friend.

If it’s your first live stream, you want to prepare some topics in advance. Your fans will likely ask questions, but it’s great to have something prepared for when the chat goes quiet.

Live streams are usually even more authentic than reality TV. All you do is record yourself talking. You likely don’t have a producer or manager who tells you what you are allowed to say –  you can just be yourself and talk to your fans.

Reality TV is popular, but most of us know that at least some aspects of it are likely staged. But we suspend our belief in order to enjoy the show. 

This simply means that you can be more authentic on social media than on TV and form even stronger bonds with your fans.

How To Be Authentic?

Now, some people think they have to fake their life in order to be popular on digital platforms. They only show their finest holidays, rides in expensive cars, and fanciest outfits. While this will attract some followers, most of the population has seen enough in-authenticity.

They see through the smoke and realize it’s fake. What your audience likely wants is for you to remain genuine and real. 

They don’t care about your expensive watch or handbag. They want to know how you got there, what you had to overcome, and ideas on how they can do the same.

Being fully authentic in public isn’t that easy. You might worry that you aren’t enough. But some people might need to hear exactly your story to get motivated – so don’t let anything stop you.

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Be Yourself, Build An Audience And Make Money From It

Have you ever wondered how influencers make money on digital platforms? How did Dan Lok build his YouTube and go from local business owner to an international 8-figure entrepreneur?

He achieved all that and more by building his personal media platform, which allowed him to connect with his dream customers faster than ever before.

If you want to build a business on your personality, be yourself, and share your vision with the world, our High Ticket Influencer (HTI) Program is for you. In HTI, Dan Lok collected all his high-level advice for creating your platform, building your tribe, and monetizing it.

If that sounds like the life you are after, check out HTI here.

Strategic Scaling and High-Stakes Acquisitions: How To Make The Best Decisions In Competitive Transactions

If you’ve been in business for some time, you most likely know about strategic scaling. By way of deals and acquisitions, it allows you to add valuable businesses to your portfolio. This is a very effective business strategy, and one of the best ways to generate wealth. 

Most people have a firm perspective on business. They think it’s about dressing up in suits, holding meetings in cushy conference rooms, or shaking hands after months of harsh negotiations. All of this is true. However, most people do not realize that not all business is done this way. 

In reality, only a few people in the business world know what it’s really like. Most have  never found themselves analyzed from head to toe by another business person, or at a meeting aimed at exploiting their weaknesses. The old saying “business is war” is very true in these scenarios. If you’re looking to use strategic scaling to acquire businesses, you better get used to it.

strategic scaling

Not all business deals are smooth. Many business people understand that sometimes they have to be mean. If you’re looking to get the best deal possible, there are many factors that come into play. These include intimidation, leverage, debating, and psychological warfare – all of which are not for the faint of heart. If you’re looking to build an empire, you’ll need to know how to use every tool at your disposal.

Here’s an in-depth look at strategic scaling, and what occurs behind the scenes during high stakes acquisitions.

Creating A Business vs. Buying A Business

Most young entrepreneurs dream of starting their own business and imagine themselves as a one-man team. Over time, that one man team grows into a 10-men organization and, eventually, into a worldwide corporation. 

Many people believe starting a business is the key to becoming rich.  But not many people realize there is another way to create wealth: one without the negatives that come with starting a business. These negatives include factors such as a high failure rate, low starting capital, and time constraints.

Many experienced business people prefer to buy pre-established businesses. In fact, this is the primary goal behind DanLokAcquisitions.com. It’s one of the many organizations in the Dan Lok brand that focuses solely on acquiring existing businesses.

Acquisitions is one principle behind strategic scaling. It shelters you from the risks of building a business from scratch. By buying businesses already proven to succeed, you can generate wealth much faster.

Let’s say you notice tons of customers every time you pass by your local bubble tea shop. Over the last 3 years, the business has only gotten better. 

strategic scaling

A passionate entrepreneur would see this and think of opening their own bubble tea shop. They realize there is a high demand for bubble tea and aim to compete with their local bubble tea shop for market share. 

A smart entrepreneur, however, would not go through that hassle. They would simply buy over the shop.

The Shortcut To Wealth Few People Know About

Buying a business is much more efficient than starting one. A well-established bubble tea shop already has a customer base and a team of well-trained employees. Their bubble tea drinks have already been proven to be popular with the market, and there is solid evidence of positive cash flow every single month.

This is why acquiring already established businesses is the core foundation of strategic scaling. Buying a business means acquiring a source of cash flow. You are using money to take over an asset that will continually generate more money for you; the more businesses you acquire, the higher the cash flow.

If you had  heard the phrase “the rich get richer”, you now understand why. Rich people use their assets to create more wealth. They also understand that time is the most valuable asset, and know it is more efficient to buy a business rather than to spend years building one.  

Take, for example, billionaire Richard Branson. He owns over 400 companies and is valued at over $4.84 billion. Despite the massive net worth, he still acquires businesses to this day.

How To Buy Businesses With No Money Down

Here’s a question: what do most people do when they cannot afford something? They make excuses and complain that they “can’t afford it”. They have a poor mindset that prevents them from seeing other ways. Instead of finding those ways, they allow money to hinder their goals and dreams.

You don’t have to be rich in order to generate wealth. In fact, it’s possible to buy a business with no money down. This is possible by using a debt-driven model. Instead of buying a business with cash, you do so through debt.

For example, let’s say you know the CEO of a company. He is 80 years old, has no children, and is interested in selling his business. He wants $300,000 for the business.  The business generates $50,000 a year. 

One way to acquire this business is to use $300,000 of your own money. Another method is through debt. It is likely you will not have enough cash, and this is where your ability to make deals comes into play. Here’s one way you can do so:

  1. Talk with the business owner and come to an agreement
  2. Get the business owner to show you their accounting books – this includes assets, expenses, accounts receivable etc.
  3. Bring this information to a bank
  4. The bank will look at the paperwork and tell you how much money they can loan you
  5. Go back to the business owner and work out a deal

How To Use Your Brain To Make Money

Now let’s assume the bank is willing to loan you $200,000, and you need to come up with another $100,000 to make the deal happen. There are many ways to do this. One way is to use what is called a leveraged buyout.

Speak with the business owner and draw up a contract. The contract states that they will transfer ownership of the business to you. In exchange, you will use the profits from the business to pay them back. This payment can be made over 1, 5 or even 10 years.

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If the business owner agrees to these terms, then congratulations. You have acquired a business using no money down. Instead, you leveraged the bank’s money and the profits from the business. You acquired a business that generates $50,000 for $0. Most importantly, you used none of your own money to make this happen.

In this example, you leveraged the assets and cash flow of the business to buy out the business. Other methods of acquiring a business with no money down are notes of interest, percentage of revenue, and using equity from other assets that you own. There are many ways to make deals happen. Use your creativity to come up with solutions that work for you.

A Poor Mindset vs. A Rich Mindset

Having a poor mindset is dangerous. People with a poor mindset would read this article, say “$300,000 for a business?! I can’t afford that!” and leave it there. They would not think of other possible ways to seal the deal.

Rich people understand that it is not about having money, but about being resourceful. Some of the most successful people today started with no money in their pocket, yet they managed to become multi-millionaires and billionaires. This is because they are resourceful. They used their brains to put assets together and make things happen.

Having a lot of money does not make you rich. Having the skills to create a lot of money is what makes you rich. This is because you can lose your wealth, but not your skills. As long as you know how to make more money, you will never be poor.

Therefore, if you want to use strategic scaling in your business, you need to know how to put together deals. You need to train your resourcefulness skill to create opportunities.

 

The Art of Closing, Negotiation And Deal Making

What is the most important trait when it comes to strategic scaling? It’s not who you know, and it’s not how much money you have. Strategic scaling is about how well you can close, negotiate, and create deals.

In theory, strategic scaling using a debt-driven model looks easy. In practice, it is very difficult. This is because human beings are complex creatures. In order to make deals happen, you need to know how to communicate with business owners.

For example, let’s say you are negotiating with a business owner and the price they had set is too high for your liking. What can you do to convince them to lower their price? How can you use leverage to shift the deal in your favor? If you are a High Ticket Closer, you may have some ideas.

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You always want the best business deal for yourself. Strategic scaling is about effectively scaling your business and net worth. This involves using influence to ensure business terms are to your advantage. The most efficient way to ensure this is to use leverage.

People with leverage have dominance over people with less leverage. In other words, just as humans gained advantages over animals by creating leveraged tools, similarly, humans who use these tools of leverage have more power over humans… Click To Tweet

How To Use Leverage To Create Favorable Terms of Agreement

Leverage is about taking advantage of opportunities to create favorable conditions for yourself. Here’s an example of how to use leverage.

Let’s say you approach a business owner and ask if they are selling. You spend the next few weeks negotiating and talking about the deal. At the end of the month, both of you are unsatisfied with the terms. The business owner wants $100,000 for their business. However, you aren’t willing to go above $60,000. 

How would you use leverage in this example? How could you shift the deal in your favor? The key is to observe the situation from every perspective. Having awareness of your environment is one of the most important factors when it comes to winning a war. This also holds true in business.

One of the biggest reasons business owner’s sell out is because they are tired. They have been running their business for years, and cannot do it for much longer. Unless they sell the business, they are stuck with it.

In most cases, there are not a lot of buyers on the market. Business owners do not publicize their willingness  to sell; they don’t run ads or do marketing. This gives you the chance to present yourself as the only serious investor, and assert your terms. Are they willing to say no, and risk losing their one and only potential buyer?

A Strategic Scaling ‘Hack’ To Making Deals Happen Smoothly

One way to use leverage in business is by using time and appealing to logic. But, if you’re looking to use strategic scaling in your business, you’ll want to appeal to emotions.

A business owner choosing to sell their business tells you a few things. Firstly, their children are not interested in taking over, for whatever reason:  they may be spoiled, may not have the acumen to run the business, or simply want to pursue another path. Whatever the reason may be, these are all things you can use as leverage.

However, going up to a business owner and being direct is not going to work. If you say “you should sell your business to me because I know your kids are deadbeats who don’t know how to run a company,” you are going to meet heavy resistance. Instead, put yourself in their shoes.

You’re a business owner close to retirement. Your kids don’t want to take over the business that took years, energy, and money to build. You want to pass down your legacy, but your children do not want anything to do with it. 

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Suddenly a young, passionate entrepreneur comes up to you and says that they are interested in taking over your business. They want to take on your legacy, embrace what you’ve built and improved upon it. How would you feel in that moment? You would most likely be touched.

This is one method to appeal to a business owner’s emotions: show them that you are a younger version of themselves. Show them that you are similar. Appeal to their emotions, and they will be much more open to your advances.

Change how your prospect perceives you, and it will make all the difference. Click To Tweet

Why Smaller Fish Win In The World of Acquisitions

When it comes to strategic scaling, smaller is better. The smaller your team is, the fitter you are for acquisitions. This is because larger corporations have a bad reputation.

A lot of big companies are public companies, which means that shareholders influence their decisions. As a result, big companies only have one goal in mind: to maximize revenue at any cost.

Some corporations buy smaller companies and end up destroying them. They don’t care who built the business, about the employees or about nostalgia. Their only goal is to generate more money. As a result, many businesses they buy over lose their identity. 

Employees get laid off and replaced. They cut costs and lower the quality of the products or services. The name of the business gets changed and absorbed by the brand. 

The business owner spends decades building their legacy. But in less than a week, everything gets destroyed. One reason why many business owners do not like to sell out to big corporations is because of these reasons. They know what would happen if they did, and they do not like it.

Compare that to a smaller organization that isn’t interested in maximizing revenue. Someone willing to take over what exists and build on it isn’t going to turn a legacy into another cash cow. They’re going to treat it with respect.

If you were a business owner, who are you more likely to sell out to –  someone who reminds you of yourself at a young age, or a group of money-hungry executives looking for the next opportunity?

Bigger is not always better; a small fish can swim much faster than a larger one. Click To Tweet

Are You On The Path To 7, 8 or 9 Figures?

Strategic scaling is one of the best ways to increase wealth. Acquiring existing businesses allows you to avoid many pitfalls. You don’t need to spend resources growing a business from scratch; you can buy over an already established business. This allows you to leverage existing businesses and create additional sources of cash flow.

Acquiring many businesses is one way to create a successful portfolio. However, most entrepreneurs struggle to get past a certain mark. They know they need to strategically scale their business, but lack the knowledge to do so. They might not know how to close. Or they may be terrible at negotiating. This prevents them from becoming successful.

This is why having a plan is important. A plan allows you to measure your performance and make sure you are on the right track. When you can see your weaknesses, you can overcome them. A business leader with no weaknesses is a force to be reckoned with. If you want a checklist that 8-figure companies use to keep themselves on track, get your copy of the Dragon 100 checklist here.