high-ticket closing

How To Get Out Of A Bad Business Partnership

Feeling trapped by your business partner and looking for a way out? Learning how to get out of a bad business partnership can be difficult, especially when legally binding documents such as contracts are involved.

There’s no worse feeling than being stuck in a business contract with a bad business partner. At that point you’ll be dying to know how to get out of a bad business partnership.

At first, everything was going smoothly. You were on the same page, you had the same goals and it made sense for you to become business partners. But as time went on, small cracks began to appear. First it was a few emails that they didn’t reply to. Then it was an important business decision made without your approval. And slowly but surely, those cracks began getting larger and larger.

Now, it’s gotten to the point where you two are on completely different tangents, and you don’t know what to do. You feel like they are holding you and the business back. Perhaps it’s finally time for you to part ways with them and go on separate paths. If you’re wondering how to get out of a bad business partnership, let’s discuss a few tips to help you do so:

How a Bad Business Partner Creates Resentment and Kills Business Potential

Imagine that you are a tiger on an isolated mountaintop. You have not eaten for three days, and you are starving. But a few moments later, you see a nice looking deer that is within range of you. You begin stalking towards it slowly, careful not to make any noise to alert the deer of your presence.

As you get closer and closer, you realize there is another tiger on the opposite side of the mountain that is doing the same thing. That tiger is also slowly making their way towards the deer – your deer. 

how to get out of a bad business partnership

That tiger poses as a direct threat towards what was supposed to be your food source. Now you have a decision to make – you can either walk away and try to find another deer that isn’t contested, or charge towards the deer and hope you get to it before the other tiger does. But even if you manage to reach the deer first, you still run the risk of having to fight off the tiger in a bloody battle in order to claim your spoils.

The tigers represent you and your business partner, and the deer represents the business. In a fruitful business relationship, this does not happen. Both tigers would be looking to work together in order to capture the deer. They would split the food amongst themselves. That way, both of them can eat and neither one starves.

In a bad business partnership, you and your partner will end up fighting each other in order to gain control of the business. Even if you do reach the deer in time, you will have to put up a fight in order to keep it. And this struggle continues until one of you gives up and can’t fight any longer.

When a Prosperous Business Partnership Suddenly Turns Sour

Not surprisingly, most business partnerships do not work out. Statistics show that 70% of business partnerships ultimately end up in failure. More often than not, most business partnerships are between spouses or family members, which makes getting out of it even more complicated. This is due to a variety of reasons such as trust issues, lack of communication, and not drawing the line between business and personal life. 

If things aren’t working out, you need to examine why. Why did the business partnership go downhill? Is it an issue between you and your partner, or something in the business? Getting clear about where you are coming from can save you a lot of headaches down the road and give you clarity about what exactly is not working out.

For example, if the issue is that you and your partner are incompatible, then there is no choice but to move on. That means either you or your partner has to leave the business, and go your own separate ways. Two tigers cannot share the same mountain, just as two incompatible business partners cannot run the same business.

One Mountain Cannot Contain Two Tigers. - Ancient Chinese Proverb Share on X

The Risks of Starting a Business With a Family Member or a Friend

Starting a business with a trusted family member or friend can seem like a very intriguing idea. However, when it comes to business there is more at stake than simply just losing the business. With business comes money, and money is widely seen as a controversial issue. If you are going to start a business with someone you know, ask yourself if you can handle the worst case scenario.

If for example your business partner is your spouse, you have to make a decision. Do you want to save the business, or do you want to save your marriage? In the situation where neither person wants to back down, making a decision like that is sometimes necessary. Either one of you has to accept that things are only going to get worse, unless someone surrenders. That means letting them take over the business and calling all the shots, whether or not you want them to.

how to get out of a bad business partnership

In Dan’s own organization, his wife Jenny is a valuable business partner. However, as much as he values her insight and opinions, at the end of the day his word is final. They have come to an agreement that as chairman of The Dan Lok Organization, his decisions have more weight than anyone else’s. As a result, everyone in my organization understands that even if they think he is wrong, they have to respect and follow his decisions. Because of this rule, it makes it easy for everyone to come to an agreement, and keep our business lives separate from our personal lives.

When Your Business Partner is Strictly Business

If your business partner is your friend or family member, you have to take your relationship into account when making a decision to walk away. However, if your business partner isn’t closely related to you, then it simply comes down to a matter of business.

When you first started out as partners, you most likely had contracts and agreements in place. In most businesses, partners will divide up the company into shares, and allocate an even number of majority shares to each partner. That means you and your business partner could be holding onto 40% of the company, with 20% open to the public. If you want to get out of your business partnership, you will have to sell your shares to your partner. However, if you want to continue running the business and want your partner out of the picture, that means you will have to buy their shares.

Business is all about negotiation. In the scenario where both of you are in agreement – you want to own the company and they want to leave, your partner will state their price and the two of you will negotiate back and forth about how much their shares are worth. Once you’ve reached an agreement, simply sign the documentation, shake hands and you both continue on your way.

The worst case scenario when two business partners aren’t closely related, is that both of them want to run the company and neither is willing to budge. That means either you have to make them an offer they can’t refuse, or you make the decision to walk out.

Making The Difficult Choice Between Leaving The Business or Fighting For Control

If you and your business partner are not aligned – which is the most likely case considering you want to get out of the business partnership, you have to decide. Are you willing to make the sacrifice and leave the business, after you’ve poured in all your energy, time, sweat and money? Or will you stand your ground and stubbornly fight for control – and risk bringing the business down with you?

how to get out of a bad business partnership

Fighting for control of the business is a game of chicken. It is like both of you being in two separate cars side by side, racing toward the finish line of bankruptcy. Whoever decides to hit the brakes first before crossing the finish line, loses control. The one who perseveres the longest, becomes the one and only chairman. In the process however, the business will have plummeted in value due to both of you fighting for control instead of managing the business. What’s left over are the scraps of a business you once had, and your job after regaining control will be to rebuild everything you have just lost. It may be a victory, but it will be a bitter one.

The other choice you can make, is to walk away. If you choose to walk away, realize that it doesn’t mean you have lost or given up. It simply means you recognize that fighting for control of the business with someone who is not willing to negotiate is not worth your time and energy. Your time that you would use to try and gain control, is much better used to pursue other more fruitful opportunities that await you. And you never know – in the future your partner may want to sell the business. That gives you an opportunity to buy back the business.

How a Royalty Agreement Allows Both Partners to Remain in Control

In situations where neither partner wants to budge, both parties can still own the business without having to step on each other’s toes.

For example, let’s say your business partner created the product or service and you managed the daily operations. After working together, you realize they aren’t that passionate about continuing to run the business, leaving you to do most of the work. After many heated arguments, your business partner declares they don’t want to give up the ownership or right to their own product. But without it, your business can’t continue functioning.

One way to allow them to remain the rightful owner while you run the daily operations of the business, is with a royalty agreement. A royalty agreement allows the creator of the product to earn royalties for every sale that is made. This way, your business partner can still profit from what was originally theirs, and you can continue running the business the way you want to. Now, instead of having arguments about who rightfully owns the business, you can focus on running and making it grow. It’s a win-win situation for everyone involved.

Always aim to create a win-win situation in business. Share on X

When You Can’t Reach an Agreement, Let Your Employees Make The Decisions

If you and your business partner can’t come to an agreement, the best thing may be to not agree at all. This is where the old saying “Agree to disagree” comes in. In situations where a compromise is not possible, but both partners understand that the business won’t succeed if they continue their arguments, a third party may be the best solution.

Instead of letting the company be run by either partner, you can delegate that task to your employees. Some of the most successful companies today are not run by the owner’s themselves, but by employees acting as the CEO or President. Because they aren’t personally invested in the company as much as the owner’s, they are able to provide a rational perspective and avoid any conflict that would arise from having just one person running the company. That’s why larger companies will have a board of directors, to allow decisions to be made only if there is a majority vote from many members.

how to get out of a bad business partnership

By letting a middleman such as hiring a CEO to run the company, you and your partner can still own the business without needing to get involved in the internal affairs and conflict that would arise. Even if you and your partner hate each other’s guts, you won’t feel the same way towards a third party who is making decisions on your behalf.

If you’re struggling to get out of a bad business partnership, the best option may be to substitute yourself with an employee who is willing to take over your role and responsibilities.

Getting Out of a Bad Business Partnership: What’s Next?

Let’s say that despite trying to negotiate and work things out, you think the best thing to do is for you and your business partner to go separate ways. What do you do after that? Should you secretly check up on them every single day and hope that the business will fail without your guidance? Or should you be humble, accept that it’s just business and move on?

In the world of business, nothing is personal. Learning to let go after a setback or negative experience is just as important as learning how to build a business. If you carry around your past with you, it will only negatively affect you in the long run and harm you in any future endeavors you may undertake.

Keep your business life and your personal life separate. Letting your personal emotions cloud your thoughts and affect your judgement means you never really got out of a bad business partnership. You’re still with someone who’s toxic or doesn’t help you grow. And this time, that business partner is someone you won’t ever be able to walk away from: Yourself.

how to get out of a bad business partnership

Learn From Your Failures: Don’t Be Haunted By Them

Dan’s executive director Desmond had a similar story. When he was younger, he became business partners with some Australian men that took advantage of him. At that time, he was young and eager and displayed a lot of passion for entrepreneurship. These are the kind of qualities that will get you ahead in life. But unfortunately, these are the same qualities that his business partners would later on take advantage of.

His business partners saw that he was young and eager, and used him for their own personal gain. He ran the company, putting in his time, sweat and energy and in a few years grew it to the million dollar mark. One day when he tried contacting his business partners for an important meeting, he felt something was wrong.

They wouldn’t reply to his phone calls. They wouldn’t reply to his emails. All the ways he previously contacted them before, no longer worked. At that moment, he realized that his usefulness had come to an end. The company was wildly profitable, and so were the owners. 

Overnight, his business partners took everything and left him with nothing. He had nothing to show for all his years of hard work, except the tears that were shed as the realization of what had happened dawned on him.

A few years later, Dan would meet Desmond and listen to him tell me this exact story. And unlike his former business partners that sought to use him for their own personal gain and then leave when the time was right, Dan made sure Desmond knew that if they were to become business partners, they would be in it together.

A 4 Step Process To Getting Out of A Bad Business Partnership

If you’re stuck in one and want to know how to get out of a bad business partnership, here’s a 4 step process you can use.

1. Get Clear On What You Want Out Of It

At this point you are clear that you want nothing to do with your business partner any longer. You cannot work alongside them, or you want complete control of the business. The first step is to decide what you want.

Ask yourself what you want to salvage from the partnership. Do you want a cash severance for all the years of work you put into the business? Or do you want your business partner to step down and let you make the decisions? You need to get clear and stay clear on what you want after ending the business partnership. These should be things that are non-negotiable.

When you finally talk to your business partner about ending the partnership, you need to know exactly what you want or you will settle for a compromise. For example, you might want 60% ownership of the company, but after talking to your business partner they might somehow influence you to settle for a million dollar check. In reality you could have forgot that it’s not about the money, it’s about owning and operating a business.

Unless you know exactly what you want, you will waver in your convictions. Get clear on what you want out of the partnership, before you approach them to end it.

2. Look At Your Partnership Agreement And The Business

If you have a partnership agreement from before you two became business partners, review the document and familiarize yourself with what was written.

Look at what belongs to your partner, and what belongs to you. If you both own equal shares in the company and you want to buy them out, you’ll have to determine how much it’ll be worth. If your business is making $10M annually in revenue and your business partner is preventing it from going any higher, it might be worth it to simply buy them out for $4M. While it may be a hefty price to pay, it’ll allow you to grow the business you want to without any limitations.

If you can grow the business so that it brings in $12M the next year and $14M the year after that, you’ve essentially gotten rid of a problem that only costs you 2 years worth of revenue. Analyze how much each decision would cost and then implement it.

3. Create A Legally Binding Agreement For The Breakup

Once you’ve talked to your business partner and negotiated a deal that you both can agree on, it’s time to put it into writing.

Create a legally binding agreement that includes the details for how you two will dissolve the business partnership. The agreement should detail what the terms and conditions include – such as exact sum of money that will be disclosed to either party, the rights each party now holds, and what each party is or is not allowed to do afterwards.

The last thing you want is for them to steal all your insider business secrets and become a competitor. If you want to avoid this, make sure your agreement outlines it in the terms and conditions.

4. Go Your Separate Ways

Once you’ve discussed with your business partner what you each expect and have put it into writing, the last step is to go your own separate ways. You two no longer have anything to do with each other, and can do things the way you like.

Unlike a bad relationship where one partner might have cheated on the other, your former business partner is a professional. Getting out of a bad business partnership is just like becoming partners – it’s a mutual agreement between two parties.

Don’t make the mistake of labeling your former business partner as an enemy or someone to get back at. You are simply two people that weren’t able to make the business relationship work. No one is to blame, and you both can now focus on what it is that matters to you.

Your Failures Only Make You Stronger 

Knowing how to get out of a bad business partnership is only the first step towards becoming a success. As a teenager Dan failed at 13 businesses but never gave up despite being $100,000 in debt. Once he discovered that he could earn a high income without needing to rely on starting businesses with other people, his entire world changed. If you want to learn more about the skill of High Ticket Closing, watch the free training series here.

LinkedIn Strategies To Master Networking

Have you ever gone to a conference or networking event and you were an absolute wallflower? All you did was watch everyone else connect and making deals?

All the other people seemed to manage to take it to the next level. They took it outside the event and generated business together. But you were standing on the side – all alone?

Maybe you managed to make some connections. You got some business cards but you already know you won’t really use those. All you made were loose, superficial connections.

So now, you spent all this time preparing and actually being away from your business. But you are not really taking anything away from the event.

Going out there and spending time away from your business is an investment, however. That’s why you want an ROI – Return on investment.

What if I told you, you can resolve all of this by leveraging LinkedIn? Most professionals don’t do this, because these strategies are a bit unknown. But really, there are millions of professionals on LinkedIn right now. They are waiting for you to connect with.

Let’s make sure the next event you attend will be worth your time.  Let me share the 3 Unknown LinkedIn Strategies To Master Networking.

LinkedIn Strategy #1: Before The Event

The LinkedIn strategy number one is to put some time into research before the event even happens. Find out who is attending and connect with them beforehand.

On the event page, you can usually find and attendance list. Go through the list, take the names and put them in the search engine of LinkedIn.

Connect with them directly. Message them and let them know that you are going to the same exact event and why you are going to be there.

That way, you have the first touch point before the event actually happens.

At the event, you can go up to the individual and re-introduce yourself. They might recognize you because you have already made that connection beforehand.

But even if they don’t recognize you, you’ve done your research. You’ve looked at their LinkedIn profile, check the jobs they have done and the projects they were on.

Usually, you find all of those points in their LinkedIn description or in the experience part of their LinkedIn profile. Remember some interesting facts about them.  Ask them about specific projects they worked on in the past.

They will likely be surprised that you remembered. That is a great way to build a good relationship early on. It shows, that you actually care about the individual and what they are doing.

On LinkedIn, you can also check other people they are connected to. Simply scroll down the page and look at the recommended section. You also want to connect with those individuals and check what projects they’ve been on.

linked in strategy 1

LinkedIn Strategy #2: Follow Up Sequence After the Event

Use this second LinkedIn strategy after the event.

So, you had that touch point with the individuals before the event. During the event, you introduced yourself to them. Now afterward, you want to make sure you connect with them again.

After all, you want to take the connection to the next level. This is to make sure the connections you made have actual value for you and the other person.

The 7 Touch Point Theory

A touch point is whenever you interact with another human.

Have you heard about the 7 Touch Point Theory? This theory says that you have to interact with a person 7 times to build trust and rapport. By the seventh touch point, you are usually ready to deepen the relationship.

This theory is often used in sales. The idea is, that a lead has to interact with a brand seven times before they consider buying from them. But the principals are equally powerful for building business relationships.

Touch points can happen through direct interaction – for example, if you message the person directly. But, it also helps to have some indirect touch points. First, you connect with them on LinkedIn. Afterward, you post high-quality articles or other content on your profile.

Make sure others see your posts frequently to generate more interactions with them.

Ideally, the individual and you have different forms of touch points over time. Obviously, you don’t want to spam them with messages. That would more likely scare them away from you.

Some experts argue that the ideal number of touch points might actually be 13 and not seven.

Most people get a lot of messages and see ads all over different social media platforms. That’s why it might take more than seven interactions to build that trust and rapport.

Once the relationship has deepened, you are ready to take it to the next level.  That can mean you get a sale or form a business partnership. Sometimes it means you get an official introduction with another person they know.

LinkedIn Strategy #3: Be a Super-Connector

super connector

LinkedIn strategy number three is being a super-connector.

What is a super-connector? It’s a person who might not have any direct value to give, but they have indirect value – which is their network.

Let’s say, for example, that you met John, who has a Facebook ad agency. John needs a copywriter. If you know someone who is an excellent copywriter, you may go ahead and introduce those two.

When you make that connection you aren’t directly adding value – as you are not the copywriter yourself. But, by making that connection you added value to both parties.  In the future, they are more likely to trust you because you built that rapport.

You have given value to both individuals and you are now a super-connector that they both know and trust. They will think about you for any future business references.

What is Rapport?

Rapport is basically an emotional connection between people. Sometimes rapport happens naturally.

This happens when you get this feeling that you and the other person simply get along well. The conversation is in the flow and there are mutual trust and understanding.

If you meet a new person you can make sure to build rapport. Even if the other individual and you don’t have that much in common.

Usually, you would want to break the ice. Talking to a new person can be stressful to some, so pick an easy and safe topic for the first conversation.

If you’ve followed LinkedIn strategy number one and actually contacted them before the event, this will be even easier. Simply introduce yourself again and fall back on your research.

During the conversation, you want to be an active listener and show empathy. Keep eye contact for approximately 60% of the conversation.

An expert tip for rapport building is to mirror the other person’s body language subtlety. You can’t do this too obviously though as the other person might feel ridiculed.

So, make the best out of the touch points you have during events and follow up with your LinkedIn strategies.

How To Become A Super-Connector

super connector

Maybe these LinkedIn strategies sound valuable to you but you feel you aren’t a super-connector yet?

If you attend conferences or networking events regularly you will quite naturally become a person with a huge network.

As it grows you will get to know more and more people who are experts in their field. Those are valuable contacts you can refer to later.

Use LinkedIn to organize all your business contacts. That makes connecting others easier too.

The three top tips to becoming a super-connector fast:

  1. You want to attend events often and always show up when you said you will be there. Don’t reach out to people on LinkedIn and introduce yourself if you don’t plan to show up. It’s a waste of time.
  2. Always follow up and keep old contacts fresh. Individuals want to feel cared about. Show them that they are more than a number on your LinkedIn profile.
  3. When you connect two other individuals, always do so with a clear idea in mind. Make sure the connections you form are actually valuable for both parties. Never make a connection just for the sake of making a connection.

Become A World-Class Connector

Do you still struggle with confidently speaking to people, influencing them and persuading them? Is your fear of public speaking interfering with your ability to make a strong impression in networking events or prospecting calls? Do you want advanced ways to skyrocket your confidence so you can get more clients and retain them? There is a way, if you’re willing to put in the work.

To elevate your life and career success, you must become a master closer, negotiator, speaker and connector all-in-one. That’s how you get competitive advantage and stand out from the rest. To accelerate your growth, click here to get The Rainmaker Collection now.

How To Use The Process Of High Ticket Closing In Your Business

High ticket closing is the one skill that an executive, entrepreneur or business owner unquestionably needs if they want to take the success of their business to the next level. The process of high ticket closing, once mastered, can dramatically increase your business revenue, while improving customer relationships and client retention.

Are you confident in what you have to offer? Do you believe that your business is built for success, and that you’re meant for greatness?

Greatness may be coursing through your veins, but it’s unlikely you’ll reach your full potential without mastering the process of high-ticket closing.

Greatness may be coursing through your veins, but it’s unlikely you’ll reach your full potential without mastering the process of high-ticket closing. Share on X

You can be the best in the business at what you do, but if you don’t know how to close, your career might come to a standstill. Regardless of your expertise or your capabilities, without proper training on closing high-ticket clients, you’ll be limited in how far you can go.

Billionaire tech entrepreneur Elon Musk once said, “I think it’s very important to have a feedback loop, where you’re constantly thinking about what you’ve done and how you could be doing it better.”

What could you be doing better? For many people, closing is a skill they could definitely benefit from getting better at. Truthfully, however, few people can become great at closing without proper training.

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Acquire This Skill and Be Set For Life

Closing is an art, and unfortunately, many people still use old school sales techniques that no longer work. There’s a huge difference between selling and closing. What’s the difference between a salesperson and a closer? For starters, a closer can ‘wow’ their prospect and intrigue them, but a salesperson tends to push prospects away.

A closer leans back and exudes confidence, while a salesperson leans forward and exudes desperation. Once you master the process of high ticket closing, you will find that each sale comes more naturally, and the sales experience becomes more enjoyable for both you and the prospect.

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Setting Your Business on a Growth Trajectory

Growth is likely one of the core values of your business. Your business’s future growth potential, however, relies on your ability to close. In fact, if you are running a growth-driven business, you should be motivated to develop advanced closing skills. Why? Because high ticket closing is more than just a beneficial skill. High-ticket closing is a powerful weapon that holds the potential to make your competition obsolete.

Part of your business strategy should be mastering the art of closing. Why? Because scaling your business requires the implementation of and mastery of certain processes. High ticket closing is one of those fundamental processes.

The value of each customer you acquire goes up when you start selling your offer at high-ticket prices. Share on X

What happens if you have competitors who offer a product or service that is just as good as yours, or better than yours, but they fall short when it comes to closing? They’ll likely lose the customer to you, especially if you know how to close. 

The value of each customer you acquire goes up when you start selling your offer at high-ticket prices.

Many business owners also fall short by pricing their product or service too low, because they’re not confident they could close the offer at a premium price. There are clients out there, however, who are willing to pay double or triple what you’re currently charging – especially if your offer can solve their problem or meet their unique needs.

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What Are You Looking For in a Client?

You probably spend a lot of time ensuring that you’re meeting the needs of your clients. You check off boxes that indicate that you’re what your prospective clients are looking for. But what about you? What are you looking for in a client?

Chances are, your ideal client is high-ticket client who is willing to pay top dollar for your services. High-ticket clients give you the gift of time. When you start closing upscale clients who pay premium prices without even blinking at the price tag, you end up making more money working less. 

In addition to clients who have money, you also want clients who have a need for your product or service, and trust you to fulfill that need. 

When you start thinking about what you’re looking for in a client, you’ll realize how important mastering the process of high ticket closing is. You see, the type of client you’re looking for, is the type of client everyone is looking for. So you’re not the only one trying to close them. You could, however, gain the competitive advantage required to be the one who succeeds in closing them.

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Master the Process of High Ticket Closing

The world’s highest-paid, all-star athletes commit to peak performance and hire the highest-caliber coaches to maintain their elite status. Business all-stars must prepare the same way. 

It won’t be easy to master the process of high ticket closing. If it was easy, everyone would be closing high-ticket offers instead of slumming it by cold-calling unqualified prospects or charging low prices to get the sale.

Statistically, it takes around 18 dials to connect with a buyer, and only 23.9% of sales emails are opened. As a trained closer, however, you can rise above statistics. You’ll be seen as an anomaly; an exception to the rule.

You should expect that learning the secrets of high ticket closing will be challenging, expensive, and will require resilience. Not everyone will have what it takes, but the ones that do will master the art of closing and gain an esoteric advantage over their competition. 

How a High Closing Ratio Can Change Your Life

When you become a master at the process of high ticket closing, you can expect a high closing ratio to be one of your claims to fame. A high closing ratio doesn’t just mean you’ll make more money. It also means you’ll no longer be exhausted or drained. You’ll have more energy, more free time, and more confidence.

A high closing ratio will be transformative for you, because you’ll no longer feel overworked and underpaid. Share on X

A high closing ratio will be transformative for you, because you’ll no longer feel overworked and underpaid. You’ll finally be making a real income by working smarter, not harder. The hard work is in the preparation. Learning the process of high ticket closing is part of that preparation.

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Are You Ready For a Personal and Professional Transformation?

If you understand that success requires training, hard work and preparation, you might be ready to join my exclusive mentorship program. Members of HTC Platinum will go through a personal and professional transformation. Applicants that are accepted will receive high-caliber business coaching, exclusive mentorship, a master’s closing script, and live roleplay practice sessions with expert feedback. What you’ll learn as a member of HTC Platinum could transform your professional life, and arm you with advanced business acumen that changes your career. 

As far as your personal life goes, members of this elite community report coming out of it with dramatically increased self-confidence and self-motivation.

You won’t apply for my exclusive program unless you want success badly enough. If you want to gain the esoteric wisdom of high-ticket closing and set yourself up for success, reserve your spot in HTC Platinum today

How To Successfully Conduct An Elevator Pitch

Do you know how to conduct an elevator pitch, if you unexpectedly find yourself face-to-face with a high-ticket client? Imagine that your dream client gets into the same elevator as you, just by chance. It’s your lucky day, because you are alone in an elevator with a powerful decision-maker. This is it. This is your golden opportunity.

You would never want an opportunity like this to go to waste, all because you froze up, didn’t know what to say to them, and didn’t know how to conduct an elevator pitch. When you actually visualize your dream client getting into the same elevator as you, by pure luck, it’s understandable why the concept of the elevator speech is so fundamental. 

Remember that ‘luck’ happens when preparation meets opportunity. This expression is attributed to the Roman philosopher Seneca, and reminds us that we create our own luck.

Seneca quote

By memorizing an irresistible elevator pitch, you’re ensuring that the opportunity won’t go to waste. You’re ensuring that bumping into an influential person in an elevator will be lucky, rather than a tragic, lost opportunity.

What Exactly is an Elevator Pitch?

An elevator pitch is a short description of an idea, product, service or company that explains the concept in a clear and concise way, so that the listener can understand it in a short period of time. A captivating elevator speech should entice the listener by overviewing a problem they have and do not want, or a result they want, but have not yet achieved.

Short and sweet, elevator pitches are nothing if not persuasive. In essence, an elevator pitch is a compelling summary or overview of your offer. Think of your elevator pitch as the most important bullet points of your sales pitch.

An elevator pitch is a short and compelling summary of your offer. Think of your elevator pitch as the most important bullet points of your sales pitch. Share on X

The original term stemmed from actual sales pitches taking place in elevators, back when catching a Hollywood executive in an elevator was a golden opportunity for the likes of a hopeful screenwriter. Today, the term is used for any sales pitch delivered quickly, concisely and effectively.

A common myth is that elevator pitches must be only 30 – 60 seconds long. An elevator pitch doesn’t actually have to be quite that short. However, it’s certainly not a bad idea to have a 60 second version memorized – just in case you just happen to ride the elevator with a top executive.

Is it possible to have an impact on someone in under 60 seconds? Absolutely. You can be remembered by someone based on a short and compelling elevator pitch.

Man and woman shaking hands

Where Did the Term “Elevator Pitch” Come From?

It’s popular belief that the term “elevator pitch” comes from the studio days of Hollywood, when aspiring screenwriters knew they might catch an unsuspecting Hollywood executive on an elevator ride.  There, with the decision-maker trapped within the confines of an elevator, the screenwriter would quickly pitch their idea during a 30 second elevator ride, hoping to make an impression in a very limited amount of time.

There are, however, other origin stories for the elevator pitch. One commonly-known origin story is that of Ilene Rosenzweig and Michael Caruso, two Vanity Fair journalists in the ’90s. Caruso was a senior editor at Vanity Fair and, according to Rosenzweig, he was always attempting to pitch story ideas to the Editor-In-Chief. However, he could never pin her down long enough to pitch her, because she was so busy. In order to pitch his story ideas, Caruso would join the Editor-In-Chief during her elevator rides. This was one of the few occasions where she would actually listen to him. Thus, the concept of an elevator pitch was created.

Essentially, the concept of an elevator pitch originated because high-level executives at companies (the decision-makers who you want to pitch yourself to) are notoriously tight on time. There may not be many opportunities to get their time or attention, but an elevator ride is a window of opportunity. Pitching a busy executive during an elevator ride is a wise way of finding the time to deliver your pitch.

Entrepreneurs having coffee

It Might Not Happen in an Elevator

You need an elevator pitch ready at all times. You literally never know where you’re going to meet your next high-ticket client. It could be in an elevator, but of course elevator pitches don’t always take place in elevators. It could happen at a networking event, it could happen on a train, you might meet a prospect at an open-bar mixer before a conference, or you could even meet your next client in line at Starbucks.

Imagine for a moment that you’re in line at Starbucks. It’s the morning rush. Two businessmen are behind you in the line-up. You can’t help but overhear them discussing their need for an excellent SEO copywriter. You just happen to be an SEO copywriter. That just so happens to be your high income skill. You can turn around, tell those businessmen that you couldn’t help overhearing, and pitch them on why they should hire you. But if you’re going to pitch them, you’d better have a solid elevator pitch memorized.

Elevator pitch

The Modern Day Elevator Pitch

An elevator pitch is not a new concept, yet it’s still relevant and widely used. The reason the term “elevator pitch” is still used today, is because it’s important to have a very short version of your sales pitch memorized, in case you’re lucky enough to get even just one minute of an important executive’s time. 

Because the short version of your sales pitch should not be much longer than the average elevator ride, the term “elevator pitch” has stuck around, and is used when referring to the quick version of your pitch. 

This type of quick sales speech is not only used by modern business people and high-ticket closers, it’s also used in interviews. When you sell yourself in an interview, that is essentially an elevator pitch about yourself. An elevator pitch for an interview is a short sales pitch on why you’re the best candidate for the job.

Today’s elevator pitches are also used by students. If you are a student networking at a career fair, you might memorize a short “elevator pitch” that provides an overview of your skills, experience, passions and goals. That way, a company’s representative will be more likely to remember you, and put you in touch with HR. 

Generally speaking, a modern elevator pitch is a condensed version of a sales pitch, used by entrepreneurs and people in business, with the object of obtaining a longer sales meeting.

An elevator pitch is a condensed version of one's sales pitch, with the object of obtaining a longer sales meeting. Share on X

In her book Small Message, Big Impact: The Elevator Speech Effect, Terri L. Sjodin explains how an elevator ride is a metaphor for an unexpected window of opportunity where one does not have much time to act. In her book, Sjodin explains,

An elevator ride is a metaphor for unexpected access to someone you want to sell on some idea, project or initiative.

An elevator ride is a metaphor for an unexpected window of opportunity. Share on X

The Difference Between an Elevator Pitch and a Sales Pitch

Yes, an elevator pitch is a form of sales pitch, but there are key differences between the two. A sales pitch typically occurs when a lead has expressed interest and agreed to a meeting to hear more about your offer. An elevator pitch is the short and compelling introduction of your offer that gets a prospect interested.

It is often because of an impressive elevator pitch, that a prospect agrees to a sales meeting where you will deliver a more in-depth sales pitch. While elevator pitches are more casual and conversational, a sales pitch is typically longer and more formal.

The Anatomy of a Great Elevator Pitch

A successful elevator pitch will be short, clear, direct, and uncomplicated. The message should be extremely clear, as should the value proposition. What makes you different or better than other options out there? Below is the anatomy of a great elevator pitch:

1. The Hook: The hook draws the listener in, and should happen right away, within the first sentence or two of your elevator pitch. The hook can be a question, such as “Have you ever wondered how certain businesses similar to yours have two, three, or four times as many social media followers as you, even though they haven’t been around as long as you?”

2. The Problem: The goal is to lay out a common problem that you have a solution for, hoping that the listener will resonate with this problem because it’s one they are currently experiencing.

3. The Value Proposition: Your value proposition, or your USP (unique selling point) is a clear explanation of how your product or service solves the problem in a unique or better way. You need to be certain of the specific value you offer. If you have a special skill, know how to explain why your unique skill is so valuable. What is your superpower? If you have a special, highly sought-after skill, then build your pitch around that.

4. The Benefits: In one or two sentences, briefly lay out the benefits that come with solving this problem. For example, you could briefly provide some statistics on how social media followers convert to customers.

5. The Foot in the Door: Don’t forget to ask for their contact information so that you can schedule a meeting to discuss your offer in more detail. Remember to end your elevator pitch with your foot in the door. You could say something like, “Since you’re interested, why don’t we schedule a meeting?” Another option is to ask them a question it’d be hard to say no to, such as, “I’d love to rewrite one of your ads for free, just to show you what I can do. How does that sound?” In general, the goal of every elevator pitch should be to set up a time to talk in more detail, and to get the contact information of the person you pitch.

Other Key Components of a Successful Elevator Pitch

What are some other qualities of a successful elevator pitch? For one thing, you need to know how to properly introduce yourself. You’ll start by introducing yourself, with your full name. Then, provide some brief background. Say something like, “I’ve been an SEO copywriter for 10 years.” 

Ask questions. You don’t want to talk at someone. Elevator pitches should have a conversational, informal, and easy-going feel to them. Be sure to sound natural, not scripted.

Building rapport within a short pitch can be achieved various ways, for example through compliments. Compliment them with comments such as, “I am a huge fan of your brand” or even, “That’s a great suit you have on.” 

Elevator pitches are best delivered in person. Most people want to hire someone they like and have met in person. Hiring a faceless candidate who submitted a resume online is less ideal.

Enunciate your words and speak slowly, because they are hearing your offer for the first time. That means you can’t talk too fast, as you have to give them a chance to process what you are saying.

It’s key that both your verbal and non-verbal communication skills are on point. Why does this matter? Because it’s not just what you say in an elevator pitch that matters. It also matters how you deliver the pitch. Your tone of voice should be strong, upbeat and confident during an elevator pitch. A stand-up comedian could deliver the exact same joke to two different audiences in two different ways, and only make one of those audiences laugh. It’s all in the delivery. If you have personality in your voice, people will pay more attention. If you speak in monotone and you don’t sound upbeat or excited, people will tone you out. Now, let’s discuss non-verbal communication.

Body Language: What You Need to Know About Non-Verbal Communication

Non-verbal communication such as your body language, can make a world of difference in how your elevator pitch is received.

Body language is a strong indicator of one’s confidence. If you stand up straight, stand tall, and stand with good posture, you’ll appear more confident during your elevator pitch. Why does this matter? Because if you don’t seem confident in yourself, your prospect won’t be inclined to feel confident about you, either.

Don’t forget about other non-verbal cues that improve your overall delivery, such as eye contact, hand gestures, and a nice big smile. 

Your eye movements matter, too. Looking downwards or off to the side reflects low self-confidence. That’s why your best bet is to maintain eye contact during the delivery of your pitch.

Many people argue that non-verbal communication such as one’s body language, is even more important than verbal communication.

Albert Mehrabian, who was a Psychology professor at the University of California, was known for his extensive research on non-verbal communication and its importance. In his popular book Silent Messages, Mehrabian concluded that prospects base their assessments of credibility on factors other than the words spoken verbally by the salesperson. 

Build Your Pitch Around a Niche Area of Focus

The more narrow or niche your area of focus is, the more unique your service is. This is a good thing. People are more likely to remember you and the service you provide, if it’s very niche, and narrow in focus. 

Many people mistakenly think they will miss out on opportunities and lose clients by being too narrow. But it’s actually the opposite. Being narrow positions you as an expert. They will have that “ah hah!” moment feeling that you offer exactly what they’re looking for. And when that happens, price is not typically an issue. 

Let’s imagine a relationship coach’s elevator pitch as an example. A relationship coach who says “I help people solve their relationship problems” won’t get very many clients. But if they say, “I help married couples on the brink of divorce save their marriage and rediscover their love for each other”, they will get more clients. Being an expert on one specific thing holds tremendous marketing power. 

How to Memorize Your Elevator Speech

Practice, practice, practice. Rehearse your elevator pitch to friends, family, or by yourself in front of your mirror. Repetition is how you memorize a speech. Practicing it out loud helps you memorize it, too. While you practice your elevator speech, you can also change it, modify it, and continue to test it out. Just like a stand-up comedian tests his jokes in front of a live audience to see which jokes get the most laughs, you can test different versions of it with friends.

When you set out to memorize an elevator pitch, you’ll first need to write it out. How long should an elevator pitch be, on paper? It should definitely be less than one page long. Aim for about half a page, or a maximum of 250 words. 

While you’re rehearsing your speech, get some feedback from friends and family about your non-verbal and verbal communication skills. Since elevator speeches are a form of public speaking, ask yourself if you are confident when it comes to public speaking. If not, continue to practice your elevator pitch on real people, so that you can get used to the idea of public speaking. Since your elevator pitch won’t always be delivered to just one person, and can sometimes be delivered to a group of people, it’s crucial that you develop some public speaking skills.

Elevator Pitch Mastery

A great elevator pitch is a key component of a first impression. Introducing yourself at a business event could lead into an opportunity to deliver an elevator speech to a powerful decision-maker. How can you become a master at conversation, so that when you conduct an elevator pitch, you’ll successfully make a great impression? My Perfect Closing Script is a great resource to use when crafting a compelling elevator pitch. By reading my exclusive Perfect Closing Script first, you’ll have an easier time when you write and memorize your perfect elevator pitch.

How To Negotiate A Retainer Fee With A New Client

Are you a freelancer or independent contractor who is currently only closing clients on a per-project basis?

Do your clients only pay you once you complete a project, and are they often late paying your invoices?

If so, it’s time to learn how to negotiate a retainer agreement with your clients. I believe that closing clients on a monthly retainer fee is the best business model for freelancers, or anyone trying to succeed in the gig economy.

Closing clients on a monthly retainer fee is the best business model for freelancers, or anyone trying to succeed in the gig economy. Share on X

Retainer contracts are formal, written agreements made between a freelancer, consultant or independent contractor and their client.

A retainer agreement means that the client is agreeing to pay for your services in advance, thus retaining your services.

A retainer fee is a fixed fee that the client agrees to pay based on their anticipated need for your services, and the anticipated volume of work.

The fixed fee is either a single advance payment, a recurring monthly fee, or an annual fee.

The benefit of successfully negotiating a retainer agreement for the freelancer is obvious: Guaranteed, predictable, and consistent income that they can count on.

It’s not just the freelancer who prefers being paid via a retainer fee. Many clients prefer retainers, too. Why? Because it means they’ll secure your services.

Essentially, the client is securing your commitment with a retainer fee.

Your clients are promising advance payment in order to hold your services for a given period of time.

Why would a client want to pay in advance to guarantee your dedication to them? It’s usually because you have a highly sought-after, in-demand skill – or it’s because you’re great at what you do.

If the client perceives your services or your specific skills to be in high demand, they will be motivated to sign a retainer agreement to ensure they don’t lose you to a different client who was willing to sign one.

That’s why people with high income skills are successful at closing retainer contracts.

If the client perceives your services or your specific skills to be in high demand, they will be motivated to sign a retainer agreement to ensure they don’t lose you to a different client who was willing to sign one. Share on X

Should You Propose a Retainer Agreement to New Clients?

If you have a few clients who currently give you steady work each month, it’s completely appropriate to propose a monthly retainer fee. But what about new clients? You might feel nervous asking a new client to sign a retainer agreement.

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Freelancers often feel more comfortable proposing retainer agreements to existing clients with whom they’ve already built a good rapport, and clients who already regularly request their services.

It’s these clients who are more likely to see the value of formalizing an agreement and developing a long-term partnership.

New clients, however, might be less likely to agree to retain your services, since they haven’t yet seen how skilled you are.

But is it still possible to convince a new client to sign a retainer agreement? Absolutely.

I’m going to give you a few tips for negotiating a retainer agreement with a new client, as well as some examples of retainer agreements and how they work. But first, let’s discuss some of the main benefits for clients who sign these types of agreements.

Benefits For Clients Who Agree On A Retainer Fee

If you’re going to close a client on signing a retainer agreement, you should be able to articulate the benefits to them. So, what are some of the benefits of retaining your services?

Think of the retainer contract as a down payment for future services. The retainer secures your services, and your loyalty. As I said earlier, this is beneficial if your skills are in high demand.

The retainer secures your services, and your loyalty. Share on X

The benefits for your clients who retain your services are obvious if you really think about it. I want you to imagine that you are a high income copywriter. Copywriting is your gift, and you have therefore decided to pursue a career as a freelance copywriter.

If a potential client knows they’ll be using your services a lot, because they often need sales newsletters written, brochures written, and press releases written, what should that client do?

The answer is obvious: Put you on retainer. This way, they won’t have to contact you to get a quote every time they need something written.

Instead, they can simply pick up the phone, call you, and get you going on writing it for them right away. You’re on retainer, so of course you’ll get going right away, as soon as they need something written up.

It’s easier for you, and it’s also easier for the client.

You can position your monthly retainer as a necessary recurring payment to ensure that the client gets your time, easy access to your services, your dedication and your ongoing loyalty.

For example, if one of their competitors wants to hire you, you’re less likely to be swayed if you’re already on retainer with your client.

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You can position your monthly retainer as a necessary recurring payment to ensure that the client gets your time, easy access to your services, your dedication and your ongoing loyalty. Share on X

Preventing talent poaching is a real motivator for clients to sign a formal agreement.

If your client is automatically paying you a monthly retainer fee, you will be much less likely to be poached by one of their competitors.

You can offer your clients extra services that you reserve for your retainer clients, such as a few hours of consulting each month, monitoring services if they have active marketing campaigns that need tracking, media outreach on their behalf, and more.

Your clients will also get the most value from your services if they use them every month on an ongoing basis, and monthly retainer agreements encourage clients to do this.

Benefits For Freelancers Getting Paid Via Retainer

A monthly or annual retainer fee is the ideal way to get paid if you want to succeed in the freelance economy, for many reasons.

First of all, it’s guaranteed income, and it’s often set up as guaranteed steady income.

This reduces the uncertainty when it comes to cash flow, budgeting, and your monthly income.

Additionally, it’ll make your life easier when you no longer have to remember to invoice your clients, and it’s also nice to no longer have to chase clients for payment.

Using retainer agreements as your payment model will help you sleep better at night. It’s a very comfortable and safe position to be in as a freelancer.

Once you start using retainer agreements as your payment model, you’ll wonder how you ever survived without them. You’ll wonder why you didn’t think of this sooner. Share on X

If you used to have a traditional 9-5 job, you probably took for granted the predictability of automatically getting paid every two weeks.

The reality is that most freelancers don’t know when they’re going to get paid for their work. It’s simply not very predictable when you’re a freelancer. But retainer agreements change everything.

With retainer fees in place, predictable payment is a perk the freelancer reclaims.

With a retainer agreement and automated payments in place, you’ll become more motivated to dedicate your time to your clients. It encourages the client not to go dormant on you, and it also encourages you not to go dormant on them.

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Financial freedom is the number one benefit of having clients on retainer agreements.

No longer will you have thousands of dollars in unpaid invoices, putting limits on the way you live your life while you wait to get paid.

No longer will you be scrambling to get invoices paid in time for your rent and other fixed monthly expenses to come out of your account.

If you need funds to book a vacation or make a big purchase, you’ll already have those funds available, and you won’t have to wait to get paid first.

Once you have that financial freedom gained from securing a few retainer clients, your life will get much easier, and your business will grow.

Let’s say you have three clients on retainer. All three of them pay you an agreed-upon lump sum on the 1st of each month.

One of them pays you $2,000 per month, one of them pays you $3,000 per month, and one of them pays you $5,000 per month.

You now have $10,000 per month of guaranteed income.

Receiving these lump sum payments each and every month in the form of retainer fees, exactly when you are expecting them, helps you budget and grow your business.

Financial freedom is the number one benefit of having clients on retainer agreements. No longer will you have thousands of dollars in unpaid invoices, putting limits on the way you live your life while you wait to get paid. Share on X

Which Clients are Good Candidates for Retainer Agreements?

If a client will indisputably have an ongoing need for your services, then they’re a great candidate for a retainer agreement.

Your client might have a blog that needs new content on a weekly basis, social media accounts that need daily post, monthly marketing initiatives that need to be written and monitored, or a bi-weekly newsletter that must be compelling and engaging.

Any client who is looking to grow their business, and needs monthly upkeep and monthly services in order to grow their business is a good candidate for a retainer agreement.

As long as the client is willing to set aside a certain budget – a fixed monthly fee – for the purpose of meeting their growth goals, they should be open to paying an ongoing retainer fee.

If a client will indisputably have an ongoing need for your services, then they’re a great candidate for a retainer agreement. Share on X

How To Negotiate a Retainer with New Clients: Why Should They Pre-Pay Before Seeing Results? 

With new clients, you’ll have to be able to intelligibly communicate your value in order to convince them to pre-pay before seeing results. Perhaps you have client testimonial videos you can show your new clients, or reference letters from past clients.

It is possible to convince a new client to sign a retainer agreement, but first you’ll have to make your client feel comfortable and confident.

To make your client feel comfortable with this type of payment model, you’ll have to have established some rapport with them first, either via phone conversations or a couple of in-person meetings.

You’ll also have to exude confidence and clearly lay out what your value is. What will you be offering them each month? What will your monthly deliverables be?

A big reason why some clients are willing to pre-pay before seeing results is if your specific set of skills are not only in demand, but also exactly what they’re looking for.

You can explain to a potential client that your services are in high demand, and because of the limited space in your schedule, you’re currently only taking on retainer clients.

Before you try to close a new client on a retainer agreement, take some time to identify what some of their current pain points and challenges are.

From there, you should clearly communicate exactly how your services can help solve these problems, and why.

Types of Services That Would Be Most Efficient Under a Retainer

There are certain freelancers who have an easier time landing retainer clients than others because the service they offer is a type of service that would be most efficient under a retainer agreement. This is typical because it is a service that requires ongoing work or ongoing maintenance.

Social Media Managers, for example, offer a service that requires consistent monthly effort.

A monthly retainer would make sense because they need to post several times per week on their client’s social media pages, monitor social media marketing campaigns, and consistently engage with the community to attract followers.

Content Writers who write for company blogs on a freelance basis could easily get retainer agreements signed since most of their clients require a certain number of blog posts per month on an ongoing basis.

If the client knows their blog needs a set number of posts per month, they won’t mind retaining their writer’s services if that writer consistently produces great content.

Copywriting is another service that typically requires ongoing work each month, and is therefore well-suited for retainer agreements. High income copywriters offer various services that are required on an ongoing basis.

These services include writing advertising copy, press releases, newsletters, direct copy for marketing materials, copy for brochures, and website copy.

Website maintenance services are also required monthly, on an ongoing basis, which is why many clients wouldn’t argue that it would make sense to retain the services of their website specialist.

Web developers often are retained in case emergency website services are required to quickly get their client’s website back up and running, or to fix website issues quickly.

Those are just a few examples of services that work well on retainer.

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How Much Should a Retainer Fee Be?

How much is a retainer, on average? It depends on what service you are offering.

Freelancers with a high income skill such as website development, Instagram marketing or SEO copywriting could charge their clients a monthly retainer fee of $10,000 per month.

If you’re not quite at an expert level in your industry yet, you might not be able to charge $10,000 per month yet.

How much should your retainer fee be if your skills are good, but not at the expert level yet?

A good rule of thumb is to charge at least $3,000 per month for your retained clients because this way you’ll only need 3 clients to sign retainer agreements in order to earn a six-figure income.

Your goal should be to develop high income skills so that each client is paying a $10,000 per month retainer fee.

Another option is to offer your clients different pricing tiers, where the retainer agreement starts at $3,000 per month, but can be as high as $10,000 per month depending on which tier your client chooses.

Pricing tiers give your client options to add on services that they find valuable.

Let’s take the Social Media Manager’s services as an example.

Tier 1 for $3,000 per month might include content creation, graphic design, daily scheduled posts, and strategic social media promotion.

2nd Tier for $5,000 per month would include everything tier 1 offered, as well as daily community engagement, strategic growth strategies, and marketing campaign monitoring.

Tier 3 for $10,000 per month would include everything tier 1 and 2 offered, as well as influencer outreach, strategic collaborations, partnership agreements, video creation and daily community management.

Your goal should be to develop high income skills so that each client is paying a $10,000 per month retainer fee. Share on X

Common Objections to Retainer Fees

What should you do if a potential client is interested in working with you but hesitant to start things off with a retainer agreement?

The first thing you want to do is find out what their objection is.

Is it about the money? Are they hesitant to fork over that much money in advance, or worried about the high price?

Or, is it about value? Are they unsure of the value, because they haven’t worked with you before? Or, is it about results, and they aren’t sure they’ll get the results they’re hoping for?

If it’s about the money, do not offer them a discount.

Some clients might mistakenly assume that signing a retainer agreement comes with a discount on your services.

As a skilled consultant or contractor, however, you should never offer a discount.

You can offer a special package of different services, but don’t use the word ‘discount’. Offering a discount will only cheapen the perceived value of what you are offering.

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Add value to your offer instead of offering a discount. They will still see this as getting a good deal, but you’ve avoided using language that cheapens your offer.

There are many ways you can add value to your offer, for example by offering additional services.

A freelance content writer, for example, is suddenly more valuable if they offer SEO-friendly content and add their SEO strategies to their writing offer.

When the client starts thinking about the value they’ll be getting, the money they’re spending suddenly starts to matter less. Share on X

You can also say to the client, “Are you looking for a good price, or are you looking for results? My services are in demand, because very few people are as good as I am. So if you don’t want to sign an agreement with me, it’s perfectly ok, but I’m only taking on retainer clients at the moment.”

If the client says they are hesitant because they haven’t seen what kind of results you could produce, my advice is to offer them a trial period.

Not a free trial, because you should never give anything away for free. A trial can involve a one-time payment for the completion of a certain task or project. If the trial goes well, why wouldn’t the client want to continue?

In general, if a client has objections to this payment model, it’s your job to keep reminding them of the various benefits.

Focus on benefits to the client, such as the fact that you’ll now have a set number of hours per month that will be dedicated to them, and they’ll have guaranteed access to your services.

How To Close Clients on The Idea of a Retainer Agreement

How do you sell your client on the payment model of a retainer agreement? Should you propose the idea of a retainer fee via email, in person, or over the phone?

Closing clients in person isn’t always possible, especially if your client lives in a different city.

Don’t worry about that, though. The best way to close clients on paying you via retainer is to first introduce the idea over the phone. Then you will follow up with an email.

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Below is a step-by-step guide for closing your client on a retainer agreement:

Step 1: Schedule a phone call with the decision maker. (There is no point even talking about the idea of a retainer agreement to anyone except for the decision maker.)

Step 2: Before you get on the phone with the decision maker, prepare an answer to the question… “How does a retainer agreement work?”

Step 3: Once you’re on the call with the decision maker… The first thing you’ll ask them is how much work they anticipate over the next 3-6 months. Ask what their goals are for the next 3-6 months. Help them estimate the volume of work that will be required in order to accomplish these goals.

Step 4: Suggest additional monthly services that could be of value to the client… In addition to what they’ve already mentioned they’ll need. Explain that you could offer these services as well.

Step 5: Tell the client that you’ll come up with a flat monthly fee that will cover all these services. Explain that the fee will cover the anticipated volume of work.

Step 6: Explain that what makes the most sense is a retainer agreement where the fee is paid each month. Wait for the client to ask, “How does a retainer agreement work?”

Step 7: Confidently explain how a retainer agreement works, making sure to include all of the benefits to the client. Explain that a monthly retainer agreement means the client is retaining your services. This guarantees access to your time, skills and expertise on an ongoing basis. Remind them of other benefits. They are saving time, getting more of your availability, loyalty and dedication. They are lessening the amount of paperwork, and speeding up the task turnaround time. Getting quotes or purchase orders will no longer be necessary,

Step 8: At this stage, the client will likely ask, “How much will the monthly retainer be?” This is when you explain that you will be sending them an email. They will receive three different monthly retainer fees. Each of which involves different options in terms of workload, monthly tasks, and add-on services.

Step 9: End the call and start working on your email proposal, with three different retainer agreement options for the client to choose from.

Here is an example email template:

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“Hi John,

Further to our earlier phone conversation, I wanted to extend three different retainer agreement options to you. There are three different pricing tiers to choose from, each of which give you access to different services each month.

Based on the challenges you have laid out over the phone, and considering your growth goals for your business… I would suggest going with tier 3. I am confident that tier 3 offers you the most value and therefore the best possible results.

While on retainer, I will be sending you monthly reports. This way you can review the progress we make each month and feel confident that our partnership is valuable.

The retainer agreement will give you guaranteed access to my skills, expertise and dedicated time spent helping you reach your goals.

Please confirm which tier you have chosen, and I’ll send the agreement over.

Cheers!”

How To Keep Your Retained Clients Happy

Encourage your retainer client to clearly lay out their expectations.

What results do they need to see every month, to make their monthly retainer fee a worthwhile expense? Make sure you discuss what the monthly deliverables need to be, in order for the client to be happy.

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For example, let’s say a client is retaining your services as a Social Media Manager.

Perhaps they’re happy to pay your monthly fee as long as they see specific results. This could include a certain number of new followers per month (growth). Or a certain number of post shares per month (engagement). And a certain number of conversions per month (leads from social media that convert to paid clients).

Your client might be too busy to track these results themselves.

However, that doesn’t mean they won’t notice if you fail to inform them that your monthly goals aren’t met. It is your job to keep track of your progress and results.

It is also your job to send your client monthly progress reports. If a client is too preoccupied to ask for reports, it’s still your responsibility to ensure you’re meeting goals.

It is still your job to ensure you’re sending reports. If you don’t, then you will burn bridges with your clients.

Don’t take advantage of clients who give you leniency. That is them trusting you to do what they are paying you to do. Never take a client’s trust for granted.

Summary

If your clients currently only pay you upon project completion, and they often make late payments… It’s time to change your payment model to a retainer agreement.

Negotiating a monthly retainer agreement is the best payment model for freelancers.

Retainer contracts are formal, written agreements made between a freelancer, consultant or independent contractor and their client.

A retainer agreement means that the client is agreeing to pay for your services in advance, thus retaining your services.

A retainer is typically a fixed monthly fee that the client agrees to pay based on an anticipated work volume.

Benefits for clients on retainer.

The retainer secures your services, and your loyalty. This is beneficial to the client if your skills are in high demand.

They might lose you to a different company who was willing to sign a retainer agreement, if they don’t sign one.

Your monthly retainer is necessary to ensure that the client gets your time, easy access to your services, dedication and your ongoing loyalty.

Which clients are good candidates for retainer agreements?

If a client will have an ongoing need for your services, then they’re a great candidate for a retainer agreement.

A client will be open to a retainer agreement if they want to achieve certain business goals. They are looking to grow their business, and are willing to set aside a certain fixed budget per month.

Yes, you can propose a retainer agreement to new clients.

With new clients, you’ll need to communicate your value in order to get them to pre-pay before seeing results.

You’ll have to make your client feel comfortable and confident with this payment model.

Confidently lay out what your value is. What will you be offering them each month? What will your monthly deliverables be?

Benefits of retainer payments?

Financial freedom is the number one benefit of having clients on retainer agreements. No longer will you have thousands of dollars in unpaid invoices. No more limits on how you live your life while waiting to get paid. It’s a very comfortable position to be in as a freelancer.

It is possible to close new clients on retainer agreements, which is the most ideal payment model for freelancers. Start getting paid on your terms, and you’ll get that much closer to financial freedom.

Learn How To Close More Deals On Your Terms

You deserve to be paid for your work on your terms. You deserve to be paid in advance and retained instead of chasing clients to pay their invoices.

It can be challenging to close deals on your terms sometimes, though. It’s not always easy to close a client on the idea of a retainer agreement.

Sales skills and expert closing skills are required to get retainer contracts signed.

With practice, you too can close more deals on your terms.

TED Talks For Entrepreneurs: 10 Tips On How To Deliver Your Dream Speech

I’ve had the privilege of giving not one, but two TED talks. One is called The Invisible Force, a talk about self image. The other is The Real Difference Between Success and Failure, a motivational speech I gave at SFU, a prestigious local university.

If you’ve been nominated to speak at a TED talks event, what do you do to prepare for it, from working on your speech to the final moments before getting onstage? How do you deliver a rousing speech that moves thousands of people if your greatest nightmare is public speaking? What if you want to rise to the level of confidence and leadership of CEOs, presidents, entrepreneurs, and valedictorians when you speak… but you become tongue-tied when you’re asked a question?

It can happen to anyone. Losing your voice when you wanted to propose. Or breaking out in a sweat when you were presenting an idea at work. Fear of public speaking can become an inconvenient wall that gets thrown in your way.

Approximately 25 percent of people say they experience glossophobia – fear of public speaking –  at some point in their lives. But consider the impact this fear can have on a person’s lifetime success with these statistics:

  • 10% impairment on college graduation
  • 10% impairment on wages 
  • 15% impairment on promotion to management

That means if your income is $50,000 a year, for example, then an inability to present your ideas at work or communicate clearly in general would reduce your income to $45,000. That’s a difference of $5000. Over a lifetime of shyness, those losses will add up, especially if you’re looking for a promotion.

If overcoming fears of public speaking can significantly change our level of achievement in life, what can we do to start building our confidence?

Most people aren’t born with the ability to deliver polished speeches and presentations. Instead, they make a conscious effort to improve their public speaking skills. A popular method is by joining Toastmasters.

How Toastmasters Improves Public Speaking And Leadership

Joining Toastmasters was a pivotal point in my professional career. I’ve come a long way from hiding in the school bathroom to where I am now. Back then, I couldn’t have taught an all day training in a room packed with a thousand people. I couldn’t have done a TED Talks either.

Back then, my high school teacher gave me an ultimatum: do a speech in front of the class for an assignment, or fail English. I was so overcome by fear, I ran and hid in the bathroom. It was a terrible time in my youth, when I didn’t have friends and I was struggling to speak in English, my second language.

Stronger Public Speaking Skills

I survived that high school speech, and I was introduced to Toastmasters. Their mission is to teach people to become confident communicators. Famous people who have taken their careers to a whole new level and joined Toastmasters include author Napoleon Hill, actor Leonard Nimoy, international consultant Anita Perez Ferguson, athlete Steve Fraser, and astronaut James Lovell.

Toastmasters has locations around the world. At these meetings, you learn how to give different types of speeches, from informative to persuasive, and you learn public speaking tips. For the ultra ambitious, you can compete in local, regional, and worldwide speech competitions

Imagine reaching that level of competence, when you can give a speech in front of thousands, while the clock is ticking, and judges are taking notes. How would that affect your confidence level if you can remain calm under stress?

Stronger Leadership Skills

The confidence you learn as a presenter transfers to your assertiveness as a leader. Toastmasters teaches public speaking and leadership together because your ability to excel at one is strongly connected to your ability for the other.

According to research, “what you say to an audience isn’t nearly as important as how you say it. Studies suggest that effective presentations are 38% your voice, 55% non-verbal communication, and only 7% your content.” Share on X

Your body language (non-verbal communication) and the tone of your voice have more impact on your listeners than your actual words. Just think about the self assurance and coolheadedness that strong leaders possess. When they speak, people listen, because their posture conveys that authority. They can clearly get their point across to their audience and they can articulate their goals. 

Even if you aren’t interested in leadership, strong speaking skills are handy if you want to be an entrepreneur or freelancer. You can communicate to your customers or clients why they should do business with you.

Speaking like a leader has other advantages:

  • You don’t shy away or “pull back” when you’re making a point about a difficult topic. You don’t say, “This is kind of a tough situation.” The CEO doesn’t “kind of” think they should fire lazy workers. And you don’t “sort of” want an employer to pay you more. State exactly what you want.
  • You’re always aware of your voice and speech. Some people have a habit of “uptalk” – speaking with a rising vocal inflection at the end of sentences so it sounds like you are always asking questions. The overall impression is you sound unsure of yourself if you use uptalk on a regular basis.
  • You use the word “but” very carefully because you want to be positive. When a leader says, “Thanks for the feedback, but I think…”, it sounds like the leader doesn’t appreciate the feedback and thinks their opinion is more important. Compare that with “I’ve considered your feedback and still believe in my decision.” The “and” suggests equal weight to both the other person’s feedback and their own feedback.

This level of awareness of your choice of words takes time, especially if you get nervous when speaking in front of others. The only way to really perfect your speaking skills is to practice giving more speeches, even if you feel you’re getting better at doing them.

Dale Carnegie once said,“There are always three speeches, for every one you actually gave. The one you practiced, the one you gave, and the one you wish you gave.” Share on X

10 Tips On How To Deliver Your Dream Speech

“People don’t buy what you do. People buy why you do it.” – Simon Sinek

Speech making is a skill you develop, just like exercising regularly to become more fit. Whether you’re pretty confident about your presentation abilities or you’re working at reducing the fear, these 10 tips are the ingredients for a killer presentation.

TED Talks - How To Deliver Your Dream Speech - DanLok.com

Tip 1: Outline

A speech must have structure. What is the key theme or idea for your speech? What are the main ideas? You have the first 30 seconds to grab the attention of your audience and keep it. And this is after you’ve passed the first hurdle: people form a first impression about you within 15 seconds. 

To capture their attention, decide on a clear goal for your presentation. For example, you’re speaking about growing sales teams for small businesses. One recommendation is to “Start by nailing down your objective. If it’s getting the audience to hire you as a sales consultant, build your speaking topic around five things preventing small sales organizations from scaling.”

Tip 2: Practice Public Speaking

If you feel nervous about presenting in front of people, preparing and practicing will help with your anxiety. Review your notes and learn your points by heart so you won’t have to read. During your speech, maintaining eye contact is important for building a connection.

Practice your speech in front of a small but critical crowd. If they are your friends, ask them for honest feedback, even if it’s harsh. Better to know early on and not when you’re speaking to hundreds of people.

Another option is to videotape yourself speaking. If you think you sound strange, it’s normal. Everyone sounds different than they expected.

To add an extra level of difficulty, practice with distractions. Turn on the TV. Cook a meal. Run on the treadmill. If you can rehearse your speech smoothly despite these distractions, you know your speech well.

Tip 3: Tell a story

Each presentation tells a story with a beginning, middle, and end. Stories connect with your audience, stir up emotions, and provide a personal touch.

Maya Angelou once said, “People will forget what you said, people will forget what you did, but people will never forget how you made them feel.”

You can start your presentation with a thought-provoking statistic, quotation, or anecdote and end your presentation with a summary and a memorable statement. Another option is to share one surprising, random fact that no one knows.

Tip 4: Keep it simple 

Keep your message simple and digestible. People generally only remember 3 main ideas about any presentation after they’ve seen it.

To increase how much your audience will remember, use facts and figures during your speech. But present those numbers in a way that’s engaging and compelling. If you present them well, audience retention increases by 20 percent. 

Also, give value to your audience with fresh new insights and strategies. Teach them or inspire them, but don’t come across like your main goal is to pitch them your product or service.

Renowned speaker Simon Sinek commented, “We are highly social animals. Even at a distance onstage, we can tell if you’re a giver or a taker, and people are more likely to trust a giver — a speaker that gives them value, that teaches them something new, that inspires them — than a taker.”

Tip 5: Audience

Learn as much as you can about your audience before the date of your presentation. What you know about them will help you decide on your choice of words and how you motivate them. 

If possible, meet with audience members before your speech. Later, you will have some friendly faces to focus on if you’re nervous. As an added bonus, you will be able to share anecdotes that are more relevant to your audience because you took the time to know them more personally.

Some of the questions you want to answer about your audience are: 

  • How many people will be in the audience?
  • Who is speaking before/after me and on which topics?
  • Is there a theme for the event?
  • What level will the audience be in terms of knowledge/experience?
  • What do you think they’d want to hear about?

If your speech isn’t about a topic that will interest your listeners, then you are wasting their time and yours.

Tip 6: Body language 

Non-verbal communication is stronger than verbal, so if you look nervous, that message will be louder and stronger than anything you say. No matter how nervous you feel, project confidence and own the room during your time on stage.

Rob Gilbert advises, take control of your situation. “It’s alright to have butterflies in your stomach. Just get them to fly in formation.” Share on X

Tip 7: Visuals

Visuals like photos, diagrams, and videos enhance your presentation and bring your key points to life. If possible, put fewer words on the screen and memorize the ideas so you’re doing the majority of the explaining. 

The American Speech-Language-Hearing Association recommends formatting your slides in this way:

  • Use keywords instead of sentences or paragraphs
  • Bullet your body copy, using punctuation sparingly
  • Never use more than eight words per line or eight lines per slide

When optimizing your font for your audience, keep these numbers in mind:

  • Make your font size double the average age of your audience
  • Use font between 60 and 80 points for your presentations

When working with technology, you should also create contingency plans. What if your slides fail? What if your projector fails? Have a backup plan so your presentation will flow smoothly even without the visuals.

Tip 8: Personality

Monotony kills speeches. Develop an onstage personality, especially if you don’t have much vocal variety when you normally speak. The second your audience becomes bored, the mobile phones come out to entertain your listeners.

Do something that will make you memorable. Tell a joke if you are good at this and you have a good read on the audience. Otherwise, worst case scenario, your joke could bomb or offend. 

Becoming memorable can be as simple as a small detail. I have my trademark red suit.

If your personality shines through and your audience sees you as a real person, you will have an easier time gaining their trust.

Tip 9: Timing and Ending The Presentation

They say, “tell us what you’re going to tell us, tell us, and then tell us what you told us.” Repeat your main message throughout your speech, and especially at the end.

Slow down your speech to emphasize main points. One effective technique is to pause. A TED Talks recommendation is to adjust your pause length. “Pause for two or three seconds and audiences assume you’ve lost your place; five seconds, they think the pause is intentional; after 10 seconds even the people texting can’t help looking up.”

Finally, your audience and the next presenter will love you if you finish on time or early. So when you practice your speech, time it so you end one minute before your allotted time. For example, finish in 5 minutes if you have 6 minutes to speak.

Tip 10: Feedback

Always watch your audience during your presentation. How are they reacting to what you say? Are they excited? Should you move on from a making a point if they’re bored? Adjust your presentation to keep them interested.

If they have a question, answer it. Their questions show they are engaged. As a presenter, you may feel nervous about giving the audience such control. What if they ask something you can’t answer?

However, the other way to look at it is this: your audience wants to know more because you’ve said something that resonates with them. More importantly, interaction with the audience is the mark of an experienced speaker. So if they ask a question, stop and answer it.

Advanced level speakers like the ones who speak at TED are brilliant storytellers who can capture the audience’s attention and maintain it until the end.

How You Can Learn Public Speaking From The Talented Speakers At TED Talks

If Toastmasters is where you train to become a great speaker and leader, TED Talks is where you share your message when you’ve become a confident and talented speaker, ready for the world stage.

It’s a global community where people speak on topics from science to business to global issues… in more than 100 languages. Collectively, TED Talks speakers have won every major prize awarded for excellence, including the Nobel, Pritzker, Fields, Pulitzer, Oscar, Grammy, Emmy, Tony and MacArthur “genius” grant.

To speak at TEDx, you can nominate yourself or nominate someone else. TED also seeks out emerging artists, scientists and thinkers, and introduces them to the TED community before they hit the mainstream.

Talks are about 18 minutes long and have even featured speakers under the age of 20. Topics from young speakers and talks from the top 10 most watched discuss themes like community, solutions to problems, motivation, and new perspectives. For example:

  • “How I harnessed the wind” – William Kamkwamba at the age of 22 shared his story about how he saved his home at the age of 14 by building a windmill
  • “Yup, I built a nuclear fusion reactor” – Taylor Wilson at the age of 17 gave a talk about a solution to our future energy needs
  • “How great leaders inspire action” – Simon Sinek gave a presentation about inspirational leadership
  • “Looks aren’t everything. Believe me, I’m a model” – Cameron Russell presented a speech about the genetic lottery

How To Prepare To Speak At TED Talks

Time goes by so fast when you’re onstage, connecting with the audience. But before you get there, you need to do a lot of preparation. You need to commit your speech to muscle memory. Here are some points to follow for your TED talks:

  • Set aside 1 hour of preparation for 1 minute onstage. I set aside 100 hours to prepare a 20 minute speech. (TED speeches are 18 minutes long)
  • Your preparation time includes script writing, PowerPoint slides, and speech rehearsal.
  • Write the script, get feedback, and revise again and again.
  • Remember your mission and why you’re giving this speech. For me it was impacting a million people. Always check back at each revision and ask yourself if your speech is fulfilling your mission.
  • The day of your speech, do an activity that will get you into the right mindset. I listen to my Attitude of Gratitude audio.
  • Visualize where you will be giving your speech. Depending on how big the room is, I try my best to mentally touch each chair as if I’m connecting with each person who will be in the audience.
  • Do a power move before going on stage. The power move will elevate your energy. For example, I might be at a 3 or 4 energy level, then I do my power move, and BOOM, I’m at a 10 before I go on stage.

Watch this video that takes you behind the scenes of a TEDx speaker.

Author and reporter David Epstein said that speaking at TED Talks “forced me to be really sharp with my transitions, and to pick examples that I could explain really succinctly, even if they were not the simplest ideas in the world. With that amount of time, you know you can only make so many points, so you’re forced to make them count.”

Summary

Public speaking is a valuable skill that helps with career and school advancement. Many people are afraid of giving speeches or talking in public, and that fear can hold them back in their professional and personal life.

To improve your presentation skills, practice consistently. Use strategies such as storytelling and visuals to keep your audience interested in what you have to say. Learn as much as you can about your audience before your presentation, and get feedback from them during your presentation to make your speech more engaging.

Joining an organization like Toastmasters can help to improve your speaking skills. If you want to learn from some of the best presenters, watch TED Talks for examples of some of the best storytelling.

“Speech is power. Speech is to persuade, to convert, to compel. It is to bring another out of his bad sense into your good sense.” – Ralph Waldo Emerson Share on X

How To Influence People

  • To influence an audience to support your idea, purchase your product/service, or fund your business, you need to master your leadership skills, vocal tonality, and ability to read people.
  • In this 4-day training, you will learn how to leverage the power of the 4 GEM personality theory to influence others and get more of what you want. Click here to learn more.

TED Talks - How To Deliver Your Dream Speech - DanLok.com