Personal Mastery

10 Most Profitable Long-Term Business Contracts

May 18, 2020 by Dan Lok

If you’re an entrepreneur involved in a partnership, corporation, sole proprietorship or LLC, then chances are you’ll encounter multiple business contracts on your journey towards financial success. It could be a contract to bring in short term contractors, or a business deal which allows your company to grow. Regardless of the need, it is essential for you to understand the different types of business contracts in your industry. However, before we unveil the most profitable contracts to sign, it’s important to understand the basis behind a business contract.

If you’re new to the world of business contracts, you’re probably wondering what a legitimate business contract would look like. A business contract can be defined as a legal agreement between you and another party in the form of written or verbal communication. They are commonly seen in situations where services are required in trade of monetary compensation or an offered good.

Business contracts are agreements where individuals are assigned a duty and paid based on the contract’s terms. For example, a business contract might state that a marketing agency will provide services to a company. The payment structure is negotiated and added to the contract. Whether it’s a retainer agreement or another form of payment, it’ll always be detailed in the contract.

A business owner might sign a short-term contract, which typically last for less than six months. Or, they’ll sign a long-term contract which typically last for six months and longer.

Short-term contracts are best designed for companies who are limited by budget and do not require ongoing services after the specific project is completed.

Long-term contracts, on the other hand, are best for companies who have long-term goals requiring ongoing services to ensure their success is maintained. If a company knows they require an ongoing service, a long-term contract will be created. Long-term contracts have been proven for years to be more beneficial as they provide stability and minimal room for errors.

This article will only focus on long-term contracts, but feel free to explore short-term contracts if they appeal to your business needs.

Long-Term Business Contracts: The Dos and Don’ts

The entire premise of a business contract lies in the partner or company you desire to work with. Think about it: what happens if you get trapped in a six month contract with bad terms or a bad partner? Before jumping into a contract, it’s important to start the conversation by getting to know the person you’re working with. So to help you choose the right long-term contract, we’ve created some dos and don’ts to help ensure your company is in safe keeping.

The don’ts of contract signing

Don’t ignore red flags when negotiating a contract with someone.

One of the biggest red flags in a client is their attempt to cut prices or negotiate a discounted rate during your first interaction. This is a strong indication that your client is not capable of producing results or is not willing to go the extra mile for your company. Think about it: If a company tries to negotiate a lower price, doesn’t that mean their product or service isn’t as valuable as they claim it is?

The second biggest red flag is the client’s skepticism before entering into an agreement or a contract. Your client should have full faith in your company and should not be hesitant to sign a contract. Think about what might happen if your relationship starts off on a bad note. Odds are you’re in for a roller coaster of a journey.

The dos of contract signing

There are many factors to help you determine if a client is ideal for business.

The first tip is to find a client who’s is already successful in their respected industry. It’s always wise to sign with someone with proven results and the track record to get the job done. Your company is in search of results and strategy, so don’t hesitate to ask if they’re credible at what they do.

Another tip is to have a client who respects and trusts who you are. Signing a long-term business contract is similar to engaging in a long-term relationship. Think about it like dating someone, would you ever ask a girl or guy out if the initial meeting phase was rocky? Probably not, and the same analogy applies to signing a contract with a client.

It’s always wiser to sign a contract with someone who has proven results and a great track record. Click To Tweet

Now, let’s review the most profitable business contracts for your company. Below are the top 10 most profitable long-term business contracts:

1. Business Contracts for Websites

Have you ever signed up for a website and were forced to comply with a company’s ‘terms and conditions’ agreement? Do you wonder why companies have one? Terms and conditions for websites are designed to protect the company or website owner against any allegations from their visitors. It is a set of regulations where users are required to comply in order to use a service or product. You might find Terms of Service often replaced by Terms of Use, Terms of Conditions, or disclaimers on various websites. But keep in mind the context of each is identical.

As a long-term strategy for your company, having a Terms of Service agreement on your website will prevent you from getting into legal liabilities and obligations. The agreement will present limitations such as copyright protection warnings and jurisdiction information to your clients or viewers. This means that your company will stay protected while demonstrating to your customers their rights of using your products.

So you might be thinking, who on earth reads the ‘Terms and Conditions’ of a contract? We get it, not a lot of people do. But if you ever encounter a situation where someone breaks your terms and agreements, you’ll be able to save a lump sum of money if someone steals your product. This is why it can be one of the more profitable long-term business contracts.

2. Business Contracts for Privacy

A common way of protecting your company’s information is by having contractors, employees or vendors sign a non-disclosure agreement to ensure information remains confidential. A non-disclosure agreement (also known as an NDA) can be defined as a legally binding contract that establishes a relationship regarding a confidential topic. Upon signing an NDA, the parties must agree that sensitive or personal information obtained will not be made available public or used as a means of progression.

The amount of information listed on an NDA is strictly up to the discretion of the business owner. You can include sensitive information about your company, confidentiality agreements based on new products or concepts, or lines stating which information is allowed to be spoken of. There are other cases where you can include plans and unreleased news on your NDA. Morally, just ensure that whatever you desire to protect is signed by every affiliate who seeks resignation or current employment.

We’ve classified a non-disclosure agreement as one of the most profitable business contracts as they’ll always be beneficial in the long run for your company. Protecting information such as new releases is important for your company, and factors such as leaked information might soil your entire plan if competitors gain access.

3. Business Contracts for Partners

Most companies today rely on business partners to help fund the business and keep it growing. If you plan on partnering with someone in the future then this section is perfect for you. Whenever getting into a partnership arrangement, it’s important for both parties to sign a partnership agreement contract. A partnership agreement is a business contract that lays out the terms and conditions as it pertains to the agreement between two or more partners.

This agreement can contain attributes such as ownership percentages, length of partnership and means of termination. It must be signed when you start a partnership and must be thoroughly in review by both parties before business is eminent. As the business owner, it is your duty to ensure all gaps in the contract are secure to a full extent. Start by asking yourself “what if” to see your options if the partnership goes south. Remember, the point of the agreement is to ensure any disagreements are in safe keeping. Most partnership contracts last for multiple years, which is why we’ve included it in the most profitable business contracts in today’s market.

4. Business Contracts for Employers

Company’s today are hiring candidates for all aspects of their company. Businesses need all sorts of employees in accounting, management, marketing, IT, etc. To put your company’s protection at best interest. Every employee should receive an employment contract to verify the employment relationship between you and the employee. This contract is an employment agreement.

An “employment agreement” is a document between an employer and employee stating the legal obligations and requirements the employee must follow. This can include policies, responsibilities or special obligations undertaken during the hiring phase.

Your employment agreement can also have multiple terms such as their salary, entitlement for dismissal, and benefits attached to the job. If an employee commits a fraudulent or mischievous activity that is not on their agreement, you can relate back to the contract and show the action deemed as not tolerated on company property. This will protect your company for years to come and will help your employees understand their rights and responsibilities.

5. Business Contracts for Office Space

Similar to having a car or renting an apartment, commercial compounds use a form of business contract identified as a lease. A commercial lease can be defined as a legally binding contract made between a landlord and a business tenant. The lease agreement provides the rights for a tenant to use the property for a business or commercial activity for a set period of time. In exchange, the landlord receives money in monthly or bi-weekly installments for the use of space.

Most companies use leases as a long-term strategy for saving money compared to buying or building out a large commercial building for their operations. It’s cheaper in the long run and is most beneficial to small-businesses who are newly starting up. When looking for a lease it’s important to ensure the contract is well suited for your company. Things to look out for are landlord permits, obligations, expenses, and tax increases. Chances are you’ll be in this property for a while, so ensure you’ve found the right space that is an adequate work space and affordable.

If you ever need a second look on the lease, feel free to seek professional help from a lawyer or financial expert who has a thorough background in the real estate industry. They will be able to spot any loopholes or gaps in the contract that might become present in the future. Just note there are fees for using their service.

6. Business Contracts with Banks

Most people today use banks to pay off their cars, mortgages or miscellaneous expenses. If you’re into real estate or are a full-time investor, you might be familiar with regularly asking the bank for money for rental properties. The most common contract to lend out money through a bank is a loan agreement. A loan agreement is a binding contracts between multiple party to finalize factors such as collateral’s, guarantees, interests rates and duration of payment.

A loan agreement has various characteristics that are essential for your business to understand. The agreement will have the total cost of loan, the payment schedule, the right to default, and the flexibility on use of the loan proceeds. Similar to the idea behind an office space, it’s important for your company to have a logical plan set in place to pay off the loan as installments arise.

Companies use loan agreements to increase their capital and expand their inventory. Conventionally people believe loans can only come from a bank, but loans can be found from a variety of sources. There are credit unions, public funds and private investors who are willing to loan you money if your idea or business model suits their liking’s. Just note taking a loan can be dangerous if not planned out correctly. Always sit down with a professional financial advisor or accountant to ensure your company has a plan to uphold the end of your deal.

We conventionally believe loans can only come from a bank, but in reality we can find money from many other sources. Click To Tweet

7. Business Contracts for Purchases

Have you ever wondered how grocery stores and warehouses are able to purchase large sums of items at a time? Company’s use a business contract called a purchase order to connect the manufacturer with the buyer who purchases in bulk. It’s an agreement which sets the quantity of items with a negotiable price for a certain date. It also specifies the payment terms so both parties understand when they’ll receive or give payments.

For example, let’s say company X sells 1000 chairs to company Y for $100.00 with a delivery schedule of 10 days. Between them is a purchase agreement, stating 1000 chairs to be in 10 days for the purchase price of $100.00. The purpose of this contract is to ensure both parties remain ethical and receive payments or deliveries on time. Think about it like a receipt for an item you buy at a store. Let’s say you never got a receipt, would you be able to return an item back to the store? Or in terms of a large shipment, how will the buyer know if the seller is a scam? It’ll keep you safe in the long run knowing you have a written report if dilemmas arise.

8. Business Contracts for Contractors

Have you ever had an independent contractor perform work in your home? Maybe it was a kitchen renovation, a bathroom tear down, or a garage door replacement. To ensure you and your contractor are safe from legal liabilities, it’s important for both parties to sign an independent contractor agreement. An Independent Contractor Agreement can be commonly refereed to as a service agreement or consulting agreement. It’s a document that states the business relationship between a contractor and a client. More specifically, the financial aspect and service details in full clarification.

With respect to a small or large scale business, you’ll typically encounter independent electricians or construction workers who perform repairs or maintenance on your office space. Ensure the agreement states the offered service, contract end date, expenses, unfinished work and ownership rights upon completion. These are to negotiable when both parties sign a contract.

9. Business Contracts for Equipment

If you’re a company or individual who rents or requires heavy equipment for operation, then this section is for you. Whenever you lend out a piece of equipment, what should you do? It’s important for both parties to sign a business contract called a property and equipment lease. This is a contract that lists the terms and conditions for lending a piece of equipment, which includes information such as monthly payments, terms, deposits and ongoing maintenance requests. Doing this helps ensure the lent out equipment comes back in the same condition as it was originally sent.

If the lender brings back equipment in a poor condition, you can rest assured knowing the other party signed a contract stating their rights of usage for the respected tool. And if the lender fails to make monthly payments, you can bring up the contract in court or to the lender. It’s beneficial in the long-run in case any mishaps or future incidents arise.

10. Business Contracts for Dismissed Employees

During the lifetime of employment, employees tend to become familiar with your company’s motives. More specifically, the ins and outs of their respected industry. So what happens if the employee resigns? What happens if they starts their own venture with the information gained from your company? That’s where a non compete agreement comes into play.

Let’s say you hired a head engineer to design a world-class software for your company. A few months after your product strikes millions, your head engineer decides to hand in their letter of resignation. You can have the engineer sign an non-compete agreement to confirm all information from your company is not public to anyone within a time span of X years.

A non-compete agreement is a contract between an employee and an employer. It states the employee agrees to not enter into competition with their former company during or after employment. Legal contracts prevent employees from entering into markets or professions which are in direct competition with the employer. Simply put, it prevents someone else from taking your ideas and creating something new.

A non-compete agreement lasts for roughly a year, but is not subject to a lifetime holding. Information such as effective start date, reason for enacting, compensation, and location are visible on the agreement. For example, there could be an automotive company who doesn’t want their employees sharing valuable information with other manufacturers. Your company will stay protected long-term, which is why we’ve included it in our most profitable long-term business contracts.

Growing Your Empire

A lot of information on business contracts was presented in this article. Read it over, take notes, and apply your knowledge to ensure your business stays protected at all costs.

However, what if there was a way to grow your company and bring in new revenue you never imagined was possible? And what if this method is so powerful that you’ll never have to chase clients for revenue again? The secret is the High-Ticket Influencer program.

We’ve developed a new 12-week intensive program completely designed to help you grow your empire from the ground up. It doesn’t matter if you have almost zero revenue coming in. Nor if you’re hauling in millions of dollars per year. This program has everything needed to take you to the next level.

The program will coach you on the ins and outs of branding, operations, sales, financing, support and so much more. How about we share with you a sneak peak of the first three weeks of class?

Week one will teach you the strategies to build your own personal media platform. This will start intriguing more customers, and could start flooding your business with revenue.

The second week will teach you how to stand out in today’s market. We will show you a hidden formula to help you dominate any niche, business or industry.

And the third week will teach you the 7 most powerful YouTube secrets. There’s a powerful roadmap of why YouTube videos can make a business blow through the roof out of nowhere. And as a bonus, there are still 9 more weeks of mind-blowing content for you to discover in this program.

If you are ready to grow your empire and build your business, click the link here to sign up for our live masterclass. Slots are filling up fast, so reserve your seat while it lasts.

How To Find A Compatible Business Partner You Can Trust

April 22, 2020 by Dan Lok

Maybe you’ve just been screwed over by a business partner, someone that you trust, someone that you called a friend for a long time, or maybe you’ve been betrayed by someone that you care for. Someone you thought would never betray you and you feel hurt and you feel lost. Dan shares his experiences in the video below when his father was taken advantage of by a business partner, and how this eventually pushed him into getting into business. Keep reading if you want to learn how he overcame some of these things, and maybe it will help you as well.

Finding a compatible business partner is important for your business to thrive. To other people, they’re just another member of the company. But to you, they act as the right hand man behind every deal and decision made for your company’s growth. And not only do they help make decisions, but they fill in any gaps for uncertainties or questions you have along the journey. It’s not someone who comes and goes, but a partner who helps make your dreams a reality.

Determining the right business partner is not only necessary for success, but is mandatory for an accelerated business growth. According to a 2019 Inc. article entitled The 3 Elements of Successful Business Partners, “Some estimates show that up to 70 percent of business partnerships fail according to Paul Brunswick, co-author of Building Powerful Strategic Alliances. This means they can not only drain you of time and money, but they can also sabotage your business if you don’t choose wisely. Partnerships are built to be powerful, but that’s a double-edged sword.”

Dan understands how important choosing a business partner is, and he definitely knows how it feels to be betrayed by a partner who sabotages your company. If you’re fortunate enough to read this article before selecting a business partner, congratulations on thinking ahead and seeking out professional advice. And if you’ve been betrayed by a business partner already, then don’t worry. The goal of this article is to make sure it never happens again. Ready to find your dream business partner? Then read further.

A Business Partner With Purpose

Start off by identifying traits that make an effective partner. Think about it like conducting a job interview for a potential candidate. Would you go into the interview without a set list of traits and skills that you’re looking for in the individual? Probably not, and you most definitely need a set criteria for finding the right candidate.

Imagine the future vision for your company. Maybe it’s to own a fancy office, gross millions of dollars in revenue, or to present in front of world class stages introducing your ideas to the world. Whatever it is, dream big and picture your wildest vision. Now, what if you could make that a reality? How, you might ask? By realizing and filling in your flaws. And no, this is not meant to offend you.

Pretend you own a software company and have developed a new program that blows your competitors out of the park. You might be an amazing programmer, but you still wonder how to introduce and share your product to the marketplace. Because really, you have no idea how to gain traction for your product. So what do you do? Simple, you find a partner who knows the ins and outs of marketing and finance. You find someone who can fill in the gaps that you lack experience in.

You as a business owner have to realize that you cannot fulfill every duty. And you have to realize that it’s okay not knowing how to do something. As Manpreet Kaur once said, “Getting help doesn’t mean that you’re weak. It means you’re strong enough to admit you are tired of struggling.” So what does that mean for you?

Getting help doesn’t mean that you’re weak. It means you’re strong enough to admit you are tired of struggling. Click To Tweet

Find A Partner To Fill Your Gaps

Take a look at your company and determine again which areas you excel in. Maybe it’s finance, marketing, video production or graphic design. Now, envision where your company is going to be in 10 years. Ask yourself, which roles and responsibilities do you need to fulfill that dream? Let’s say you’re a graphic designer providing services to the marketplace. If you have no accounting background, your best option is to find a partner who knows the ins and outs of numbers.

As your future progresses, you can be in charge of the graphic design division while your partner focuses on keeping your books in check. You might not see how impactful this is today, but the future will thank you with a position filled because of a smart decision you’ve made for filling in a gap. Remember, the right business partner will help you conquer anything. And what else is better way than finding someone who fills an empty void in your business?

A Partner With Skills

Although a business partner is needed for filling in the gaps, it’s important to ensure they’re capable of fulfilling their desired role. What’s the point of hiring a business partner who doesn’t perform as expected? So you might be wondering, “how can I ensure my partner is not a fraud, but capable of performing in his or her position?”

The truth is, there’s no ideal way of determining if your partner is capable of performing in his or her position. We live in a society where skepticism is at an all time high, so you have to look beyond academic experience and classroom projects to see if your business partner is ideal.

Think about it, companies like Microsoft and Apple stopped taking degrees into consideration for highly-respected positions at their company. Why, might you ask? Because a piece of paper does not determine the entirety of one person. A 2020 Business Insider article shared that “Elon Musk said a college degree isn’t required for a job at Tesla – and Apple, Google, and Netflix don’t require employees to have 4-year degrees either.” So what does that mean for you?

You Hire A Business Partner Purely Off Results

Now focus on the business partner you plan on working with. What do you think he or she will look at when deciding if you’re a good partner for them? Your degree? Your projects? Maybe, but what they’ll be most interested in is the results you’re capable of generating for the company. In the case of a graphic designer, your partner wants to see if you’re able to produce content that people want. And how do you prove that? By showing the results you’ve generated in the past.

The same thing applies to you when hiring a business partner. Let’s say you’re hiring a business partner to be in charge of all your finances. What should you look for? Simple, you should look to see if they’ve had past success managing money with etiquette bookkeeping from a prior company. Let’s say you’re hiring a marketing expert, what should you look for? Simple, you should see if their marketing messages have generated results in the past. Realize that a degree from Harvard or a prestigious educational institute does indicate success in the real world. The real world poses challenges that change everyday, and it requires a critical thinker who knows how to get the job done. Which brings us to the next point.

Look At Their Goals and Future Vision

You’re in this for the long run. And whether it turns into a billion dollar company or not, you still have to consult and agree with your partner on every decision. There is a fine line between deciding on a business move and contributing without a background in the respected field. If the business decision is financial, you should let the expert take care of that aspect. Simply put, let the experts handle their respected areas. The reason for this is to look at the future progression and vision of your company.

A business partner has to align strictly with the vision that you both desire for the company. Now, this vision is susceptible to each side of the partnership. You have a vision, and chances are your business partner also has a vision for the company. If your visions are completely different, then it’s unwise to proceed with that partnership. If your visions and goals for the company align, then you’ve found a potential candidate for your business partner. Just remember, you have to be flexible initially on where your potential partner wants the business headed. The most ideal case would be a negotiable and agreeable vision for the future. Partners don’t always see eye to eye, but it’s best to find ways to agree on situations that have disputes.

Building A Relationship Around Ethics And Morals

Go back in time to one of your earliest childhood memories. Think about the lessons your parents, aunts, uncles, or other family members have told you. Maybe it’s to not talk to strangers? Wash your hands before dinner? Don’t wear shoes in the house? Or don’t chew with your mouth open? Whatever it is, these are values that you’ve now carried throughout your life. So what does that have to do with your business?

The morals you value should align with the morals of your business. These could be attributes such as always telling the truth, staying loyal, being generous, and keeping your promises. Your business partner is a representation of your brand’s image, and their values are a direct representation of who you are. The same thing applies to the ethics of your business partner.

If you desire to have legitimate business transactions and deals, you have to ensure that your partner has no intent of bending the law or putting your company in jeopardy. If the morals of your business partner aligns with yours then chances are their ethics will also be similar. As Albert Camus once said, “A man without ethics is a beast loosed upon this world.”

Where to Find Your Ideal Business Partner

So you might be wondering, where on earth do you find the right business partner? Well, there are two main ways you can find someone who’s ideal for your business. The first way is by crafting a job description in search for a business partner. The second way is by tapping into your pool of connections and finding someone suitable for the job. And the third way is by working with a dependable friend or family member.

Now, these methods listed are completely subject to your current situation, like which stage of business you are in, such as a startup or partially developed company. We strongly warn against starting a business with a friend or family member as time has tested to hold true that most family or friend-oriented businesses have a track record of failing. If you strongly believe your friend has a strict business intent with all the attributes we’ve listed above, then by all means go for it. Just note that your friendship may be non-existent if the business goes south.

According to this article, “Partnering up with friends has its inherent potential drawbacks: It is possible that if the business venture goes south, you may lose out on the friendship. But if you have clear communication, choose someone with a personality and skill set that compliments your own, and make sure you are both on the same page, many of these concerns can be avoided.”

Networking or hiring through Indeed are still both viable methods. But make sure to go through the points listed above if you want to get the best business partner for you.

The Secret Skill That Every Business Partner Desires

What if there was a secret that could help you close deals and bring millions of dollars in revenue for your company? A secret so powerful, that it could turn you into a money magnet? What if this secret was so seclusive it could attract the best business partners in the world to your doorstep? And what if this secret was so strong, that it would start a bidding war for other people who crave to partner with you? This secret is the art of closing.

Dan has created an exclusive 4-day masterclass for people who desire to learn the power of closing deals for their company. This skill has allowed people from across the globe to close thousands of dollars over the phone, and bring in millions in revenue for their company. The one thing that every company needs is money. How valuable would you be to any business partner who knows that you’re capable of bringing in millions for a company? People would die for a partner who harnesses this power. So he will take you across every step of the journey.

One Day 1, you’ll get a complete breakdown of why this one skill is the fastest path to creating abundant wealth. On Day 2, Dan will teach you a formula called “The 4 GEM Personality Theory To Influence Others”. On Day 3, you will get the formula to find your business partner, with deep philosophical questions that every business partner should ask. And on Day 4, you will learn the fastest path to success and freedom, with a step-by-step blueprint to harness and overpower any other profession competing in your industry.

The one aspect that allows any business to scale is revenue, and that’s exactly what every partner wants. Remember, who you hang out with is who you become. And who you become is dependent on the business partner you choose from day one.

If you’re interested in signing up for this masterclass, and are ready to have business partners beg for your attention, click here to sign up for Day 1 now.

How To Sell Your Services At A Higher Price

April 20, 2020 by Dan Lok

One of the secrets to building a successful business is learning how to sell your services at a higher price. However, this can prove to be challenging in today’s saturated market. If you are like most entrepreneurs, you understand that it can sometimes be difficult to read and handle your prospects. While some relationships are smooth sailing, others are rockier and require a lot more finesse.

Every prospect you encounter will be unique. Some will understand your value proposition from the start, while others will be quite stubborn. Why do you think this is? The answer is simple. It’s very easy for your prospect to compare your services to that of your competitors. They think that if someone else is offering the same service for a cheaper price, why can’t you too?

For example, let’s say you are looking to purchase a cleaning service for your home. You reach out to five different businesses in your town, and they all tell you they can do it as soon as possible for a great price. How do you know which cleaning company will provide you with the best service? This question is the reason why businesses compete to win their clients. Whether you are selling to other companies or to consumers, selling services involves selling yourself and your team’s expertise.

Bob Hooey, accredited speaker and author said:

“If you are not taking care of your customer, your competitor will”.

Start by Looking at Your Prospects

Learning how to sell your services at a higher price is a difficult feat to overcome. If you do a quick Google search, you would see that many publications begin to answer this question by suggesting you work for as many clients as possible and build a good reputation.

We couldn’t disagree with this idea more. Imagine short-selling yourself just to earn more business. Do you really think this is the way to prosperity? Of course not.

So you might be asking yourself, how can I sell my services for a higher price? The answer is right in front of you. Take a look at your prospects – do you see something they all have in common?

That’s right, you got it – prospects are human too. This means that they also think in a rational way. In order to earn their business, you need to connect with them on an emotional level and make it clear why you are worth what you say you are.

If you want to charge more for your services and ask for what you are worth, you need to change your mindset of how you communicate with your prospects. In this article, we will cover three powerful tools you can use when learning how to sell your services for a higher price.

1. Perfect your pitch

The first step you can use when learning how to sell your services for a higher price is to perfect your pitch. This has to be the most important asset any sales professional can have.

The challenge is, many businesses sound the same as their competitors. More often than not, they only differ by offering their services at a lower price. We already learned that this is not the way to go.

Let me ask you a question. Do you think the market is oversaturated with businesses right now? A recent study by Statisca concluded that in March of 2019, there were 774,725 service businesses in the United States that were less than 1 year old.

This staggering statistic should not scare you. Instead, it should motivate you. Why? Because despite there being over 700,000 service businesses out there, it’s possible to be a leader in your niche.

You are Not Selling the Problem, Not the Solution

You see, we live in a world where our prospects are bombarded with cold calls and advertisements every single day. Is your game plan to treat your prospects the same way your competition treats them? Is your game plan to have your well thought out pitch be thrown away in the garbage? Don’t make this mistake.

When learning how to sell your services at a higher price, you need to find a way to bridge this communication gap. You need to convince your prospects that you are not like everyone else. So how can you do this? It all starts off by building a relationship with them.

You are selling the problem, not the solution. Click To Tweet

Prospects are not looking for a solution, they are looking for a way to buy themselves out of a specific problem. For example, let’s say you are a freelance copywriter. What problem are you trying to solve? You could say: My name is Susan, and I write research-driven content that is strictly focused on helping businesses get results.

This is how to sell your services at a higher price. Are you ready to craft your perfect pitch? Below we are going to show you how. Let’s get started.

How To Sell Your Services at a Higher Price

When learning how to sell your services for a higher price, your first impression should be your primary focus. Instead of lowering your price to match your competition, craft a stellar pitch to show your prospects why you are worth it. Here is the four-part formula to writing a stellar pitch:

Scarcity

When you hear the word scarcity, what’s the first thought that comes to your mind? We think about something that is highly in demand, but is limited in its availability. Prove to your prospects that there is no one like you in the market. And if they want to do business with you, they need to act now.

Exclusivity

How can you incorporate exclusivity into your marketing strategy? A simple way to do so is to include words that trigger a feeling of urgency or demand. You definitely aren’t the only service provider in the entire market, and probably not the best. But this doesn’t mean that you can’t advertise yourself to be if you believe you can deliver on the value.

Value

When learning how to sell your services at a higher price, you need to know your competition better than your prospects do. If you are charging your customers $500 an hour for your services, explain how you got to that number.

Results

Do you remember what we said earlier in this article? Your prospects are looking to solve a problem, not find a solution. What results can you promise to your prospects? If you have run successful campaigns in the past, don’t be scared to share those results.

Albert Einstein, German physicist and theorist once said:

“If you can’t explain it simply, you don’t understand it well enough”.

So you’ve perfected your pitch, the next step is to deliver it to the market. Are you ready?

2. Practice Asking for Higher Prices

The second step you can use when learning how to sell your services for a higher price is to practice asking for a higher price. In the previous section of this article, we broke down the components to crafting a stellar pitch. Now you need to prepare yourself to deliver that pitch to the market.

There are three kinds of prospects:

The few who know everything
The handful that know next to nothing
The majority who know just enough to be dangerous

Out of these three personas, which one do you think is your target audience? That’s right. Your target audience is the majority who know just enough to be dangerous. Why? Because they understand what they are looking for and know what they are talking about.

While this may seem a bit counterintuitive, you want to sell your services to these prospects because you can easily build a connection with them. It also allows you to leverage a very useful tool Dan teaches to all of my students. What is it? It’s called taking control of the conversation.

Take Control of The Conversation

Because you are asking for a higher price, there is a very good chance you will need to close some of your prospects over the phone. However, this should not change how you deliver your message.

The second you let the prospect take control of the conversation, you have lost out on that deal. This means you should take the time now to master your pitch, anticipate questions, and prepare answers for your sales call. Jim Rohn, American entrepreneur and author said:

“Either you run the day or the day runs you”.

Here’s the truth. When learning how to sell your services at a higher price, you need to prepare for everything. In the business world, preparation is king. In fact, if you have as many possible responses as you can think of memorized for when the prospect brings it up.

Does this mean you’re not open to negotiation? Of course not. This just means that you have the tools to be in control of the conversation and steer it in the direction you so choose to.

Three-Step Formula to Perfect Your Craft

When learning how to sell your services for a higher price, asking for more can sometimes be intimidating. Below we have outlined three exercises you can do to help you prepare for a successful sales call.

Practice in front of a mirror

To prepare for this moment, practice your pitch in front of a mirror. Take notes of your body language, your facial expressions, and the tone of your voice. Do these features exude confidence?

If you are closing a prospect in person, pay attention to what you do as you speak? What are you looking at, what are your hands doing, what emotions are you showing?

Record yourself

As you practice asking for a higher price, record yourself. When you listen back to the recording, ask yourself if you sound confident or not? State the price you want loud and proud, don’t show any signs of uncertainty.

If you are looking to ask for $500 for an hour of your services. Make sure you don’t sound nervous. Ask for the $500 as if you were asking what the weather is today. Show your prospect that you are confident in the value you bring to the table.

Practice until it becomes second nature

Once you’ve figured out exactly what you are going to say, and how you are going to present it, practice asking for a higher price until it has become second nature to you. A recent study by Very Well Minded concluded that practice accounts for about 80% of the differences between elite and amateur performance.

This is a strategy Dan Lok has used to help him retain the highest level of productivity each day. Once you’ve mastered your pitch, and are confident in asking for a higher price, what’s the final piece to the puzzle?

3. Build a Bullet-Proof Pricing Model

The third and final step you can use when learning how to sell your services for a higher price is to build a bullet-proof pricing model. If you have prepared and delivered an exceptional pitch, this is the final step you need to ensure you have a prosperous career in the service industry.

What do you think a bullet-proof pricing model is? Let’s look at an example. What if your goal was to make $100,000 this year. Here are three possible options for you to choose from:

Provide a service to 1,000 clients and charge them $100 each
Provide a service to 100 clients and charge them $1,000 each
Provide a service to 10 clients and charge them $10,000 each

Which one of these options looks best? We prefer to provide a high-quality service to fewer clients and in return charge more. Why? Because everyone in the market has a limited amount of one thing – time.

We each only have 24 hours in a day. Would you rather be frantically looking at trying to close 3-4 clients a day in order to meet your quota, or would you rather just have to close one client a month?

The answer here is simple. And in order to get to this level, you need to get high ticket clients. This is how to sell your services at a higher price – get clients that earn and pay a higher price. So you might be asking yourself – how can I do business with these high ticket clients?

The Art of High Ticket Closing

In order to close a high ticket client, you must learn the art of being a high ticket closer. These are not sleazy salespeople who want to make a buck, these are professionals who want to provide exceptional service.

As a high ticket closer, you don’t chase clients. Instead, clients come to you. Why? Because you are positioned to serve those who have high business standards and integrity. What would it mean to you if you could close significantly more deals with much less effort?

With these three powerful tools, you can become an unstoppable force in your niche. If you’re ready to make this year the most successful year of your life, now is the time to get started. The power is now in your hands.

Summary

One of the secrets to building a successful business is learning how to sell your services at a higher price. In this competitive market, some prospects will understand your value propositions while others will be quite stubborn. In order to bridge this gap, you need to earn their respect and prove your value to them. From there, it’s essential that you set up a pricing model that fits your business needs.

Here are three powerful tools you can use when learning how to sell your services at a higher price.

Perfect your pitch

Many businesses sound the same as their competitors. In order to be a leader in your niche, you need to bridge this communication gap and convince your prospects that you are not like everyone else.

Practice asking for higher prices

It’s much better to be over-prepared than underprepared. Take the time to practice your pitch over and over again until you have mastered it. Anticipate questions your prospects may ask and prepare professional answers.

Build a bullet-proof pricing model

If you want to provide high-quality services to fewer clients, this is the way to go. This simple model utilizes the art of high ticket closing so you can position yourself to work with the highest quality clients.

Dan has prepared a masterclass just going over how you can use a high-income skill to transform your life and your business. If you’re ready to learn how millions of Dan Lok’s students have mastered this lucrative skill, click here to start now.

How Come My Customers Don’t Trust Me

April 16, 2020 by Dan Lok Leave a Comment

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

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

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

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

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

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

The REAL Reason Why Customers Don’t Trust You

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

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

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

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

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

But is that really true?

Emotions Influence Your Decisions More Than You Realize

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

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

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

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

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

Consumer Trust Can Make Or Break Your Brand

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

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

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

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

Tung Cheung / Shutterstock.com

Apple’s Secret Sauce To Brand Loyalty

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

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

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

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

Approach customers with a personalized warm welcome

Probe politely to understand the customer’s needs

Present a solution for the customer to take home today

Listen for and resolve issues or concerns

End with a nice farewell and an invitation to return.

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

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

3 Rules For Building Strong Trust With Customers

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

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

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

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

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

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

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

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

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

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

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

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

What Navy SEAL Team Strategies Can Teach Us About Trust

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

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

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

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

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

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

Rule 2. Cultivate Consumer Trust Through Transparency and Authenticity

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

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

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

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

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

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

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

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

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

Rule 3. Commit to Consistency At All Times

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

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

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

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

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

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

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

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

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

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

Are You Building Your Personal Brand By Accident?

March 25, 2020 by Dan Lok

Do you consciously think about how you’re building your personal brand? Are you aware of the impact it’s having on you and your business? If you’re not sure of the answer, let us help you find some clarity.

If we were to talk to people you do business with, what would they say about you? Think about your customers, vendors, team members, or your employees. Reflect on how you converse and interact with them. Do you think you would like what they have to say about you?

If we asked them to describe you in only three words, do you think their three words would match yours? If they’re not the same, it’s not necessarily a bad thing. But you may want to ask yourself, “How close would it be?”

You see, this exercise shows how you see yourself versus how other people see you. And if there is a big difference, it means there’s a gap between who you believe you are and how other people perceive you. This gap can be a problem when it comes to building your personal brand.

“Your brand is what people say about you when you are not in the room.” – Jeff Bezos

This gap indicates what people are saying about you and your brand, behind your back. Why is this so important?

A survey by HubSpot found that 69.5% of companies say review sites, social media, or word-of-mouth directly drive leads for their business. There’s a common misconception that a personal brand is a name or a logo. It’s like saying a country’s flag is a bunch of shapes and colors. In reality, it represents the history, people, values and much more. A personal brand goes far beyond the superficial name or logo. What matters is the meaning behind it.

Every person or business has associations tied to them, allowing you to describe them with just a few words. But not everyone recognizes this, and this is the disconcerting part.

Every Action You Take is Building Your Personal Brand

Imagine you have a friend, we’ll call her Stephanie. And let’s say you have been friends with Stephanie since childhood. She always says she will meet you at a certain time, but she’s always late.
Every time you meet, you know you’ll be waiting for an extra ten minutes. This has happened so many times, you’ve learned to come prepared with work to do during the wait. This a personal brand. How?

Because when you need something done you may start thinking, “I don’t know if I want to call her.” You’ve developed an association with Stephanie being late as not dependable. But what’s interesting is she probably does not view herself the same way.

Instead, she’ll say things like, “It’s no big deal, you know, we’re good friends. You’ve known me for a long time. If I’m 10 minutes late what’s the problem?” But if you value your time, it is a big deal.

“How you do anything is how you do everything.”

Because after so many years, you don’t know if you can trust her. Something as simple as being ten minutes late can turn into much bigger problems. And you may start thinking, If I cannot trust her with my time, can I trust her with my money? or Can I trust her to meet deadlines? Can I trust her with handling clients?

This uncertainty becomes an issue, causing unnecessary stress that you could easily avoid. Every action we take, big or small, affects the way people perceive us. Can you see how everyone has a personal brand?

“All of us need to understand the importance of branding. We are CEOs of our own companies: Me Inc. To be in business today, our most important job is to be head marketer for the brand called You.” – Tom Peters in Fast Company

Having a personal brand doesn’t require a large number of followers on Instagram or Facebook. Within your circle influence, you have a personal brand. Your friends, family, and coworkers all have developed an idea of who you are. And this is why it’s important to be conscious of how you’re building your personal brand.

What Exactly is a Personal Brand?

Your personal brand is the perception of who you are as a person. The keyword here is perception because a personal brand is not actually a person. It is the public’s perception of certain aspects of a person. Why?

Your consumers cannot know you entirely. They only see the strongest attributes you present to them. And it’s important not to confuse your personal brand with your personal image. What’s the difference?

Your personal image is what people instantly see, hear, or perceive of you at a glance. Think of it as a first impression. On the other hand, your personal brand is what people think of you over the long term. It is a more developed understanding of who you are.

Think of it this way: When someone describes you, they can use positive words such as: Dependable, honest, and intelligent. Or, they can use negative words such as: Flakey, disorganized, and procrastinator. Or, they could use a mixture of positive and negative words to describe you.

Positive or negative, these words add up to your personal brand. They are not what words you think of, but what words you are known for. Your personal brand is your personal reputation.

Why Building Your Personal Brand Is So Important

In today’s noisy world and oversaturated marketplace, it’s hard to stand out without using a strong personal brand. There is so much competition in the marketplace, and everyone makes the same generic claims.

Everyone is saying, “We’re better”, or “We’re faster”, or “We’re more reliable”. But how can the customer know this is true before trying your product or service for themselves? This is the reason why being better doesn’t provide enough motivation to make a sale. These days, consumers seek a stronger connection.

If people like you they will listen to you, but if they trust you, they'll do business with you.– Zig Ziglar. Click To Tweet

People aren’t buying your products and services. Why? People prefer to buy from people they know, like, and trust. Which means people are actually buying you. They’re buying because they like you, not just because they like your product, and that’s what personal branding is all about.

Without a clearly defined personal brand, your customers don’t know what they’re buying. And a confused prospect doesn’t buy. But what happens when you have a strong personal brand?

What a Strong Personal Brand Can do for You

When you see the name Michael Jordan, what comes to mind? He’s the world’s greatest basketball player, of course. And if anyone is thinking of buying basketball shoes, Air Jordan products are known as top of the line. Customers can feel the connection to his greatness, even from a small logo stitched on a headband.

What about George Foreman? Even though he was an amazing boxer, you’re thinking of the George Foreman Grill. Many different brands of grills are on the market claiming to be better. But whether they are, or not, doesn’t matter. George Foreman built a strong personal brand with a fat burning reputation. It’s what everyone knows, so naturally, it’s what most people buy.

This is the power of building your personal brand. It gives you the ability to influence purchasing decisions. Even before customers are aware they need your product or services. How does it do this?

It’s All About Emotions

Personal branding emotionally predisposes consumers to enter into a business relationship with you. It appeals to their desires and touches their emotions. Instead of having a lifeless product or service, it feels more human when a personal brand is attached. This makes it more relatable. Then something very special happens. This allows you to position your product or service in a way where people feel compelled by an irresistible urge to buy. And it takes no convincing or persuading. They just love your brand that much.

In other words, a great personal brand pre-sells people. Before they meet you, your customers will already be aware of your strengths and personality. You’ll have the power to influence the decisions, attitudes, and actions of your audience. And in turn, you will receive many benefits.

7 Benefits of Consciously Building Your Personal Brand

Become Master of Your Perception

When it comes to doing business in the marketplace, perception equals reality. It doesn’t matter how great your abilities and skills are if the marketplace does not perceive them the right way.

Harris Interactive conducted a survey. It showed how 45 percent of consumers did online research and found content that made them decide not to do business with the person. This is why your online representation is so important.

Consciously building your personal brand allows you to keep growing in the direction you want. And if you are in control of your perception, you can switch directions at any time. When you determine how you are perceived, you are in charge of your destiny.

What else does this do for you?

Attract Your Ideal Audience and Opportunities

Imagine you were stuck in a business you hated, serving customers you don’t like. And it forces you to put on a facade every day. What’s worse is if the business is successful. You may start feeling conflicted. If you do, this can have a serious negative impact on your mental health and your happiness.

With the right personal branding, this is something you never have to worry about. It sets clear expectations on what your audience should expect. And this acts as a pre-filter, which attracts your ideal clients and rejects potentially bad ones.

Either they resonate with you, or they do not. Which is a very good thing. If you are selling to everyone, you are selling to no one. And it also provides a win-win situation.

Are You Building Your Personal Brand By Accident? Click To Tweet

Building your personal brand enables you to spend more time serving clients you like. So you can focus on building the business you enjoy. And the clients that would be a bad fit will not waste your time. Your headaches become your competitor’s problem.

Create Your Own Category and Dominate

Many businesses believe having a better product is all they need to succeed. The problem with this is when you’re seen as a comparison, you’re stuck in the generic pile. To get the most sales it’s best to be in a category of your own.

Think of Apple with its iPhone and iOS. It’s a cool looking product, fun and easy to use. Even the unboxing creates a premium experience. And beyond that, there is the Apple ecosystem: iCloud, iTunes, iMessage, etc. Once you join the team Apple, it becomes difficult to leave.

So while all the other Android devices are battling each other. The iPhone’s premium positioning in its own category allows them to stay on top. This is one of the biggest benefits of building your personal brand. Even though you may be offering the same product or service, your personal brand is unique to you. It’s something your customers can not get anywhere else. And this exclusivity allows you to charge more.

Increase Your Perceived Value

This benefit can add a lot of money to your bottom line. Think about the difference between a bag from Coach, and a bag from Hermes. Are the materials different? Yes. Are the designs different? Of course. But are they different enough to justify the price difference? Objectively speaking, probably not. But the fact remains the increased perceived value of Hermes bags is remarkable.

According to Fundera 43% of customers spend more money on brands they are loyal to. And with the correct personal branding, you can reap these rewards too. It can influence and persuade your customers to justify higher pricing automatically.

Build Trust With Your Audience

Getting your audience to trust you is very valuable when building your personal brand. According to Invesp, 31% of consumers say trustworthiness is the most important brand attribute. Even more important than creativity and intelligence.

Trust is what creates lifelong, loyal customers and brand advocates. According to Fundera, 56% of customers stay loyal to brands who “get them” and 89% of customers stay loyal to brands who share their values. These are the customers who happily spread awareness of your personal brand without you asking them to. Why?

Because your personal brand will give them something to relate with. They will know who you are, what you stand for, and what you believe in. They won’t perceive you as a stranger. Instead, you’ll feel like their friend. And since both of your views are in alignment, they don’t see it as advertising. Why wouldn’t they share something they value with friends and family?

Be the Thought Leader Within Your Area of Expertise

The leader in any group does not necessarily have to be the best. What matters is if the market perceives them as the best. This is important because according to a survey done by Harris Interactive, nearly half (42 percent) of people said they Google’d someone before doing business with them.

Being recognized as the thought leader provides you with extreme credibility. Spending more time building your personal brand makes proving your claims easier. Because you are already your consumer’s main source of information.

They look to you first for their answers. Because you provide them with reliable knowledge they can trust. This further differentiates you from your competitors and increases your perceived value. But there’s one more benefit that is really exciting.

More Sales with Less Selling

Imagine gaining more sales with less selling. Or no selling at all. How is this possible? Referrals.

Are You Building Your Personal Brand By Accident? Click To Tweet

What other people say about you is infinitely more powerful than what you can say about yourself. People will even believe the word of complete strangers over those of the company. According to a study done by BrightLocal, 76% of consumers trust online reviews as much as recommendations from family and friends. Talking about features and benefits pale in comparison to when your customers are praising your products and services. In a world as skeptical as today, building your personal branding is a necessity to thrive.

It’s Never Too Late to Start Building Your Personal Brand

With all these benefits, it’s surprising to find out that only 55% of marketers think their internal and external brand are aligned. This disconnect leaves a lot of money left on the table. But this also represents a huge opportunity to position yourself as an expert or authority figure in the marketplace. That’s why you need to start building your personal brand today.

Promoting and maintaining your personal brand does require work. You must remain consistent and transparent at all times. Otherwise, your consumers won’t know if you’re authentic.

It’s difficult to be conscious of all the actions that can affect your personal brand. Some are not as obvious such as the way you walk, talk, and the way you dress. Others are more complex such as your ability to meet obligations, customer service, or your presentation skills.

It can be overwhelming at first to identify and keep track of all these actions affecting your personal brand. But it is necessary to make a plan so you are projecting the attributes you want through all your channels.

This is why we created a digital training series where we reveal to you all our personal branding secrets. Inside you will find all of the techniques Dan Lok still uses to grow his business today. So if you’re interested in building a powerful personal brand, then check out this Personal Branding Secrets Video Training Series.

What Do All Female Billionaires Have In Common?

March 7, 2020 by Dan Lok

All self-made female billionaires in this world have their own stories of how they achieved their success. All of them have blazed their own trails, and been through their own unique journey to reach their current billionaire status. But are you curious about what they all have in common? Do you wonder what valuable traits all female billionaires share with each other?

Thanks to the advancements in technology, education, and social media, there has never been a better time to become a billionaire. More and more super-successful business women all around the world are joining the ranks of billionaires than ever before.

You might be familiar with female billionaires in America such as Oprah Winfrey, Kylie Jenner, Judy Faulkner, Diane Hendricks, Katie Rodan, Sara Blakely, Anastasia Soare, Tory Burch and more. While most female billionaires are from the US and Europe, many notable Asian businesswomen are breaking down barriers and entering billionaire-status as well.

According to the UBS 2019 Billionaire Report, “more than half of Asia’s female billionaires are self-made,” a higher proportion than anywhere else. And within the last five years, there has been a 46% growth in female billionaires. With the expansion of successful businesswomen entering the scene, female billionaires as a whole are quietly gaining a competitive edge over men.

But the big question here is, what commonalities do these successful businesswomen share to accelerate their way into the billion-dollar club? Although each of them earned their wealth differently, they all share valuable traits. Here are what all self-made female billionaires have in common.

Female Billionaires Don’t Make Sacrifices

It doesn’t matter how you define success, you and I are both well aware that it’s not a stroll in the park. Every person who aspires to achieve success in life understands that it’s not easy and requires a lot of hard work.

But a big problem I see in society is this: success comes with sacrifices. People think they have to give up the things they enjoy in life like their guilty pleasures, time with their family, hanging out with their friends, etc. The idea that success and sacrifice have to go together has been giving a very negative connotation.

“So Dan, what do you mean? What happened to hard work and sacrificing the things I like to do?”

Tony Robbins answers this question best: “If you think it’s a sacrifice, you shouldn’t do it.”

Instead, you should have the mindset that you’re actually sacrificing your success by watching TV or spending money on luxury items you don’t need, instead of investing in your business.

When it comes to achieving success, you do need to work hard and put in the effort but consider this. Picture yourself making these sacrifices:

“I can’t hang out on the weekend anymore.”
“I’m sorry, I just don’t have time to go to the movies anymore.”
“Unfortunately, I need to make sure I work at least 10 hours every day.”
“I just can’t spend money recklessly anymore.”
“I need to make sure I’m reading 30 minutes in the morning and 30 minutes at night.”

How does it feel when you’re saying these things to yourself? When you look at it from this perspective, it feels overwhelming, suffocating, and it looks like you’re sacrificing a lot, right? But it doesn’t have to feel that way.

Female Billionaires are Great at Prioritizing

Instead of sacrificing, look at everything you do as a choice and a way of prioritizing your life. Think of it this way. You’re not sacrificing your free time but you’re choosing to spend your time to improve your skill sets. You’re not sacrificing fun activities but you’re gaining knowledge by reading a book.

Female billionaire Diane Hendricks also thought that she had to sacrifice certain things in her life. But what she did instead was prioritized. She saw everything as a choice she had to make to grow her company.

When it came to spending time with her kids, she made a choice to block out weekends and certain times of day to stop working and enjoy quality time with her kids. Another simple thing she would do is make sure she and her family enjoy dinner together at the table every night.

In the life of a billionaire, you have to understand a work-life balance does not exist. It’s all a matter of how you look at your life and how your mindset shapes your lifestyle. When you have this mindset of prioritizing, you no longer focus on what you’re missing out on. Instead, you’re focusing on what you’re getting out of your life. Because ultimately success is not a destination, it’s a journey.

Success is not a destination, it’s a journey. Click To Tweet

They Relentlessly Believe in Their Vision When Nobody Else Does

All self-made female billionaires started out their journey with a vision. They knew where they wanted to go and what they wanted to do. But found it hard to get anyone to care. And what they came to realize is this: No one will support you until you give them a reason to care.

On their entrepreneurial journey, they had to overcome that obstacle. They had to accept that their journey would be lonely, in the sense that most people will not support their vision. They had to learn how to push through barriers and believe in their vision, their values, and their mission more than anyone else.

One of the fantasies many people have when they embark on their own journey to becoming successful is they expect their friends and family to support them on their endeavors.

When the truth is that no one will support you – not even your family members. If you’re someone who is used to receiving motivation and support from other people when you’re facing challenges, then your journey to success will be very hard to endure. And chances are, you won’t last very long.

Why Most People Care What Other People Think, And Why Female Billionaires Do Not

Have you noticed how sometimes people will appear like they don’t care about what other people think? If you pay closer attention, you’ll see that everyone is affected by what other people think and do.

For example, think of the girl who doesn’t pursue her dreams because she’s afraid her friends and family will judge her. Or, the guy that has been working out for years at the gym but always thinks other people have more attractive muscular abs.

As human beings, it’s normal to have that drive to be accepted and feel a sense of belonging. Why? Because we’re inherently social creatures. Today, one of the reasons why people gravitate towards belonging to a group is uncertainty. And while there’s nothing wrong with the desire to belong to a group, you shouldn’t attach your identity to a group.

Most people make the mistake of blindly adopting the belief systems of others around them instead of living based on their own set of rules. And that can become a problem when you are pursuing your own goals. Because you’re living and measuring your actions by other people’s standards and not based on your vision and values.

That’s why female billionaires learn to cultivate their own self-awareness. They understand that they cannot rely on other people. If your values don’t align with those around you, you shouldn’t expect them to understand where you are, what you’re doing, or why you’re doing it. The best person you can rely on is yourself.

Rely on your own set of values to guide you to your destination. Don’t waste your time waiting for validation from others because you’ll be disappointed. Be driven by your own personal mission and have a vision for how you want to live your life.

They Believe in Creating Their Life, Not Being a Victim in Life

Successful female billionaires understand that they are in direct control over certain aspects of their life, like their choices when it comes to working smarter and harder. Unlike unsuccessful people who play the role of the poor, struggling victim, female billionaires take responsibility for their life.

They have the ability to navigate around problems that stand in the way of their goals and refuse to let those problems define who they are. They think critically about how many different ways they can solve issues that come up. Unlike many people who freeze or give up, they will do whatever it takes to workaround roadblocks and continue to pursue their goals.

According to T. Harv Eker, one of the most important lessons when it comes to success is that “you are the one who creates your success and you are the one who creates your mediocrity.” How do people create mediocrity? They play the victim game. Eker says there are three ways to can identify a victim mentality:

Blame: Victims who like to blame will do anything to say the reason for their problem is because of anything and anyone except themselves. These are people that blame the economy, the government, their employer, their parents, their partner, etc.

Justify: Victims who don’t blame will justify their problems and rationalize by saying things like, “Money is not that important.”

Complain: Victims who choose to complain are the worst of them all. Why? Because they are so focused on everything that’s wrong in their life. And Eker believes that “whatever you focus on expands.” So if you focus on problems, you’ll get more problems. If you focus on solutions, you will get more solutions.

Female billionaires understand that challenges and setbacks are part of the journey to success. Instead of playing the victim, they think of ways to overcome challenges that stand in their way.

Female Billionaires Have an Unwavering Commitment to Create Wealth and Abundance

Do you ever hear a successful person say they will try to work harder or try to commit themselves to success? Probably not, right? The definition of the word commitment itself is to devote yourself unreservedly. Which means you’re doing everything and anything it takes to make things happen.

When people say they will try to do something, it doesn’t make much sense to me. Why? Because there is no gap between action and inaction.

You don’t have to “try” to take action, you can just do it.

For example, let’s say I ask you to run. Could you do it? Yes. You could run.

What if I asked you to not run? What would you do? Good. You don’t run.

Now, what if I asked you to try to run? What would you do? If you’re thinking you run, then that’s where you’re wrong. How can you try to run? It either you run or you don’t run. You do it or you don’t. There is no in-between.

The same applies to commitment. You are either committed or you’re not. And most people are not committed to achieving success. They always put a limit on how much they’re willing to do, how much they’re willing to risk, and how much they’re willing to sacrifice.

Female billionaires do not make half commitments. They go all in or they don’t go in at all. Their billionaire status came as a result of focus, tenacity, courage, applied knowledge, effort, and a strong billionaire mindset. As T Harv. Eker says, “If you are not fully, totally, and truly committed to creating wealth, chances are you won’t.”

If you are willing to focus on making a commitment to your success, then you’ll be rewarded. The universe will assist you, guide you, and even create miracles for you that are beyond your wildest imagination.

They are Excellent Self-Promoters

Successful female billionaires are almost always excellent promoters (or marketers). You might be wondering, “Why do they need to be good self-promoters?” If you recall earlier, does anyone care about you or what you have to offer? No.

People don’t care, and they won’t care until you give them a reason to care. Before you offer anything to the marketplace, you need to answer the question, “What’s in it for them?” Today, the way that people buy is very different from how they made purchasing decisions in the past. Consumers are more skeptical than ever. And anyone who is in the world of business understands that they are selling certainty in an uncertain world. They are easing their consumers’ minds.

This is exactly one of the main reasons why female billionaires today are so successful because they understand the marketplace. If they know their product or services can help their potential customers, they will feel morally obligated to do everything in their power to promote their products or services to serve that purpose. You’ll notice that they’re not only great marketers, but they are also great leaders.

Because to be a leader, you have to know how to engage, inspire, and persuade people to buy into your vision. Let me give you a perfect example: Think about how female billionaire Kylie Jenner is able to leverage her massive following on social media.

You might disagree. But without her ability to effectively communicate with her followers and the design of her lean business model, the success and fortune she has amassed from her new cosmetics business, Kylie Cosmetics, wouldn’t have been as successful as it was.

Don’t be intimidated by what you don’t know. That can be your greatest strength and ensure that you do things differently from everyone else. - Sara Blakely Click To Tweet

They Embrace What They Don’t Know

Three of the most dangerous words you can say in the English language is “I know that.” And the three words that might be your greatest asset is “I don’t know.” Female billionaires embrace what they don’t know. Why? Because it’s the knowledge they don’t know that allows them to make the greatest impact in their business and in the world.

If you think about it, you don’t know what you don’t know. That’s why it’s essential you continue to learn and grow. According to T. Harv Eker, “Nothing in the world is static. Everything alive is constantly changing. Take any plant that isn’t growing, it is dying. It’s the same with people as well as all other living organisms: if you are not growing, you are dying.”

A lot of the time it’s interesting to see that the people who need to learn the most are those who are broke. They’re the ones who say, “I already know that,” “I don’t have time,” or “I can’t afford it.” While millionaires, multimillionaires, and billionaires are all saying, “If I can learn just one new thing or make one improvement, it’s worth it.”

Most of the time, people are lying when they make excuses and say they can’t afford education because they don’t have time or money. What they’re really saying is, “I don’t I believe I need it badly enough.” Now for some people, they actually might not be able to afford it, but if their desire is strong enough, no price is too high.

Success at the end of the day is simply a learnable skill that’s based on applied knowledge. And it’s not so much about getting rich financially. It’s more about who you have to be in character and mind to get rich.

They Believe That Money Only Amplifies Who They Already Are

Money and wealth magnify the person you already are. Money itself is neutral. It’s not good or bad. It can only amplify the person that is using it. If for example, you use money with bad intentions, chances are you will face the bad consequences that come with it. And if you use money with good intentions, then you will see the good consequences that come with it. It’s as simple as that, as a cause-and-effect relationship.

Sara Blakely, female billionaire and founder of Spanx, says, “I feel like money makes you more of who you already were. I don’t subscribe at all to the belief that money is the root of all evil. I think money is a wonderful thing. It’s great to share. It’s fun to spend and it’s fun to make. I’ve always had a positive outlook on what money can do.”

When female billionaires have new opportunities come across their desks, their decisions are not just based on facts but also on trusting their gut instinct. And deciding whether or not it aligns with their principles and core values.

So by choosing to invest their wealth into different opportunities that are aligned with their true and authentic self, the money simply amplifies those decisions and allows them to materialize. If you look at female billionaire Oprah Winfrey, she is well-known for her philanthropic efforts and this is how she makes decisions and sees where she can “have the most impact or do the best” in the world.

They Take The Road Less Traveled to Reach the Top

If you take a look at all the female billionaires in the world, what do you realize? None of them took any special shortcut to reach their billionaire status. Some might have had an easier start than others. But overall they all had to endure a journey full of twists, turns, detours, and obstacles.

The road to wealth and success is full of dangerous traps, haters, and deadly pitfalls, which is the exact reason why most people don’t take this path. The people who take this path, like female billionaires, have an unwavering commitment to their goal. They know that whatever challenges they’ll be forced to face, they have to be willing to be bigger than their problems.

Because ultimately, as T. Harv Eker puts it, “Your outer world is merely a reflection of your inner world.” This means that how you view your problems is a reflection of how you see yourself. If you have a big problem, then you have a small mind. If you have a small problem, then you have a big mind.

The secret to success is to not avoid, throw away, or shrivel up like a raisin when you encounter problems; the secret is to grow yourself to a level where your problems are so small they look like tiny grains of sand.

So that leads me to say that this path is not meant for everyone. Some people are more content with their 9 to 5 jobs, enjoying their weekends, and living their current lifestyle. And that’s completely okay.

But some people are tired of working at their 9 to 5 jobs. They want more freedom, more money, more success, and more fulfillment in their life. All this boils down to one simple desire: they want to be a better version of themselves.

Do You Have What it Takes to Take The First Step Towards Becoming a Self-Made Billionaire?

If you feel stuck at your 9 to 5 job and you want more success, more financial confidence, and more freedom in life but you don’t know exactly where to start or how to get there, then I recommend you to first invest in yourself by acquiring a High-Income Skill.

How would you feel if I told you that you have a High-Income Skill which allows you to earn 6, 7, or even 8 figures a year in your spare time? Think about it” How much would an extra $10,000 a month change your current financial situation? How much would that kind of money change your life?

This skill is one that pays you based on how much value you can deliver to the marketplace. So the more value you deliver and the faster you deliver, the more you get paid. And the great thing is it’s an in-demand skill that influencers, businesses, and companies are hungry for.

Imagine what it would be like if you could start earning $10,000+ or more every month with nothing but a phone, WiFi, and be able to work just a few hours a day.

So what learnable High-Income Skill am I referring to? It’s a skill that I learned when I was first getting started on my journey to become who I am today, and it’s called High-Ticket Closing. If you want to learn how you can transform your life, mindset, finances, and skills so you can achieve freedom and become a self-made billionaire then click here to apply for a FREE session with one of my high-income advisors.