Product Development

The REAL Reason Most Never Succeed..

Previously, we discussed why high-income skills are so vital for you to quit your job and make the income you want, and set your life up as you wish.

I recommend reading that newsletter after this one if you haven’t seen it because I dove deep into multiple high-income skills to give you some clarity.

I truly believe in high-income skills because they’ve changed my life and the lives of my mentees and clients.

FAIR WARNING: This article is more of a motivational pep-talk you may need if you’re serious about changing your life. If you’re not serious and committed to changing your life, close this newsletter now.

If you are serious and motivated but haven’t gotten started yet, you may like to skip to the P.S. for the quickest way to get started with a high-income skill.

Why Most Never Escape The 9-5

In short, most people want things easy.

They want it all at once.

Successful people on the other hand know things take time, and their willingness to put in the work upfront.

They know how to play to win >>

I always say “Poor people do what is easy, that’s why their life is hard. Rich people do what is hard, that’s why their life is easy.”

Achieving greatness is never easy, and my mentor Dan Pena explains why here >>

How to Get A High Achiever’s Mindset

Your actions give you your life results, but it’s your mindset that makes you take successful or unsuccessful actions.

The key to success is retraining your mind >>

In the video above, you’ll see me coach one of my mentees to overcome crippling self-doubt. 

It’s a truly amazing video and I’m so proud she broke through in front of over 1000 closers at one of our private events.

It may seem like some people are born with a high achiever’s mindset, and to a degree that’s true.

But, even if you weren’t born with that mindset (I wasn’t), it doesn’t mean you can’t get it.

If you want the mindset of a high achiever, then watch this video >> 

How To Achieve Anything You Want In Life

I tell my mentees, “Never doubt yourself, doubt your skills”.

It doesn’t matter what you want, you can achieve it with the right skills.

If you doubt yourself right now, then click here to watch this 3-minute motivational video I shot for you >>  

If you look at every successful person, you’ll see they got their start with a high-income skill.

Grant Cardone is a master salesman…

Russell Brunson is an expert marketer…

I failed at 13 businesses because I had no high-income skills.

I developed just one high-income skill and turned my life around >>

That skill gave me the power to start multiple online businesses and achieve great success.

How To Motivate Yourself To Take Life-Changing Action

No one can motivate you but you.

You can draw inspiration from others but when it comes to taking action, you’re the pilot.

Here is one of the most powerful videos on how to motivate yourself I recommend watching if you lack motivation right now >>

Time is my biggest motivator.

Because life is short my friend >>

You only get one shot, and you don’t want to waste it.

In this video I share one word that will motivate you to take action on your dreams as early as today >>

As Morpheus says “I can only show you the door, you must walk through it.”

I can only tell you want you need to do to escape the 9-5, you must put in the work.

And I hope one year from now you can look back on this newsletter and say…

“I’m happier and in a far better position financially than I was back then.”

To your success,

Dan Lok

P.S.As you now know, my first high-income skill was copywriting, and if you want to get started as a copywriter, click here >>

As I progressed on my journey, I began developing my closing skills.

It was a way for me to improve my English, gain confidence, and also increase my income.

If you love connecting with people on a deeper level and you’re looking to get started as a closer, then click here >>

ONE Habit To Change Your Life

There’s ONE thing that will make or break your success…

So, if you’ve ever wondered what separates the successful from the non-successful, then read this newsletter very carefully…

Because if you’ve been following me for a while you’ll know I’m a big believer in the power of habits.

I always say “You’ll never make $100K with $50K habits”... and it’s true.

So before I get into the habits of highly successful people and how you can begin to embody them…

I’m going to share with you how to break any bad habits you may have.

Because in order to install newer successful habits, you’ve first got to break old habits that don’t serve you.

How To Break Bad Habits

When I grew up we didn’t have a lot of money.

My father had a successful business but one day his partner backstabbed him and left him millions in debt.

This killed my father financially and I remember getting home from school one day and seeing the look of hopelessness on my mom’s face after she heard the bad news. 

He could no longer send us money.

We were so broke we had to buy food from the near-expired section of the supermarket.

This greatly affected me in later life…

And when I started making money I didn’t know at first, but I had this terrible money habit >> 

If I hadn’t become aware of it, it wouldn’t matter how much money I made, I’d still be broke.

I recommend watching the video above to discover what this habit is in case you have it because left unchecked it will keep you broke.

So, how do you break bad habits holding you back from the success you desire?

Well, it’s simple but not easy, but I explain exactly how here >>

Why You’ll Never Out-Perform Your Internal Self-image

Your self-image is the way you see yourself.

You could see yourself as confident, a go-getter, productive, smart with your money, etc…

Or you could see yourself as someone who doesn’t go after what they want, watches a lot of TV, and drinks too much alcohol, etc.

Your habits come from your self-image, which is why you’ll never outperform your internal self-image.

This is a profound concept made famous by Maxwell Maltz, who wrote the book Psycho-cybernetics.

A few years ago I did a TEDx talk on self-image, and why it’s so powerful.

If you want to know how to hack your mind to upgrade your self-image, then click here >> 

Why Habits Aren’t Always Actions

Habits can take the form of words you speak to yourself.

I’m willing to bet, that every day you have a certain number of words you use pretty much all the time.

This includes the words you say to yourself.

If you’re constantly speaking negative words to yourself without knowing it, this sabotages your success.

Here I share 3 words that will keep you poor >>

Take a few minutes to watch that video, so you can catch yourself before you use any of these words ever again.

How To Build Productive Habits

So, now you know how to break bad habits and upgrade your self-image, so you make way for more successful habits.

This next section will teach you some of the habits of the rich.

It’s no secret successful people are more productive than unsuccessful people.

I and others I know can get more done in 30 days than most people get done in a year.

It’s not because we’re superhuman, it’s because we’ve developed productive habits.

So, if you want to know the 7 habits for a more productive life, then click here >>

One of the best books I’ve read is the 7 Habits Of Highly Successful People by Stephen Covey.

If you haven’t read it, I highly recommend you do.

1 Habit That Will Change Your World

When I speak to people who want things they don’t have, I get them to do a simple exercise.

After they’ve done this exercise, they know why they don’t have the things they want.

Then I ask, “what’s one habit you could begin doing, in order to get the things you want?”

Suddenly a lightbulb goes off, and they know what to do.

I truly believe this ONE thing will change your world if you let it >>

How to Develop The Habits Of the Rich

By now you’ve seen multiple examples of why habits shape your world, life, and success.

But I’m sure you’re wondering what are the habits of the rich.

How can I begin taking the actions that rich people take?

Well, you’re about to find out.

When I started my first business, I learned a very profound lesson.

It’s something I believe every self-made millionaire does that most people overlook.

It’s very simple, and if you begin doing this ONE thing, over time, you’ll see your wealth skyrocket >>

How To Take Responsibility For Your Results

One of the most powerful habits of the rich is the ability to take responsibility for their life and results.

It doesn’t matter if your results are good or bad, they are always your responsibility.

This is just one of 7 things that the rich do that poor people don’t.

Here you’ll get 6 more rich habits you can install into your life >>

How To Get Exactly What You Want

I believe that most people don’t get what they want out of life, because they don’t know what they want.

It may sound funny, but it’s true.

Successful people are crystal clear on what they want, and then they set out to achieve it.

They also visualize their success often, which is one of the secrets I share in this video >>

There are 9 other habits of highly successful people in that video, and I recommend you watch it and begin implementing them into your life if you want to achieve the success you deserve.

Always remember, You don’t decide your future, you decide your habits, and your habits decide your future.

To your success,

Dan Lok

P.S.If you want to install the productivity secrets of millionaires into your mind, then click here to check out my program Millionaire Productivity Secrets >>

Inside you’ll get my secrets for greater productivity and more free time, by focusing on income-producing activities in your business.

Reinvent Yourself & Accelerate Your Success (Tips Inside)…

I want to share with you something I believe is very important for your growth and success…

I’m sure you’ve heard the saying “what got you here won’t get you there”.

Well, it’s very true.

Your current identity has got you everything you’ve achieved so far.

And if you look back on your life and think about your achievements…

You’ll see key moments where you stepped into a brand new identity to achieve something you never had.

The problem I see with many who are chasing success is they suffer from huge amounts of self-doubt.

I always say “never doubt yourself, doubt your skills”

And if you’ve been following me for a while, you’ll know I believe high-income skills are the key to changing your life.

But if you’ve been working on your high-income skills for while and still haven’t seen the results you desire…

Then click here to watch this motivational video I created for you >>

How to Believe in Yourself

So how do you build self-belief?

You can start by watching this 3-minute video here >>

Self-belief is built on results.

But you won’t get to the stage of achieving those results until you jump in with both feet.

We all know people who say they’re going to achieve this and that, and although they seem to be putting in work…

They never actually PULL THE TRIGGER on what they’re doing.


My guess is they’re either afraid of failure or success, or even both.

If you’re afraid of failure to the point you don’t pull the trigger, you’ve ALREADY failed.

If you’re afraid of failure, then click here to watch this video where I’ll show you how to eliminate this fear >>

How to Overcome the Fear Of Success

You wouldn’t believe this could be a real thing, but it is.

Many people are afraid of success because it means their life will change dramatically.

If they fail, that’s okay, nothing changes…

But humans dislike change, and success means change.

Success also means better health, better relationships, and more money amongst other things.

If you have a fear of success you’d like to overcome, then click here to watch this video >>

So now you know how to believe in yourself, and overcome the fears of success, and failure.

“But Dan, how do I reinvent myself?”

Good question.

Throughout my career, I’ve had to reinvent myself many times.

From being a failed wantrepreneur to a successful copywriter and marketing consultant to an internet entrepreneur to a speaker to a sales trainer to a business coach, and the list goes on.

The problem I faced was letting go of things that previously worked for me in order to get to the next level.

Letting go of things that don’t serve you is far easier than letting go of things that do.

But if you want to reach the next level, eventually you have to let go.

So, I shot you a video where you’ll discover exactly how to reinvent yourself so you can progress to new heights >>

We’ve come full circle in this post.

By the time you’ve consumed this content, you should be a few steps closer to reinventing yourself and achieving your dreams.

To your success,

Dan Lok

P.S. – If after reading this newsletter you came to the realization that self-confidence and self-belief are the building blocks of success, you’d be right.

In my personal experience, self-confidence is a skill like any other you can develop and hone.

This is why I created the short course Unlock Your Confidence.

So, if you want to build ice code confidence before the year is out, then click here to check out Unlock Your Confidence >>

Passionpreneur Podcast

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

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

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

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

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

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

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

Inside this EXPLOSIVE interview, you’ll discover:

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

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

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

To your success,

Dan Lok

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

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

3 Ways To Expand Your Business Without Sacrificing Margins

There is a prominent myth about business. People think businesses run on huge margins that leave the owners rolling in cash. But that isn’t the case. Margins have to be decent to account for the unforeseen costs of running a business. But they are often smaller than people think.

The hidden costs of owning and operating a business would astound the public. And when it comes to expanding your business, it can be impossible to sacrifice those margins. But you can expand your business without sacrificing your profit margins.

There are a few key things you can do that will need your time but not at a large monetary cost. Or you could trade one cost for another. 

These steps will allow you to expand your business while keeping your margins intact.

Ultimately, they will set you on the path to take your business to the next level. You’ve worked hard to get your business where it is. But what got you here will not take you where you want to go. 

So you need to learn how to put in place these skills. You will not only better your business but improve your presence in your industry.

The first step to this future is simple: use what you already have.

Expanding Your Business With Tools You Already Have

Why invest in something new if what you have is more than enough? This is the first step to expanding your business without sacrificing margins. You don’t have to create new long-term expenses. Instead, invest your time in evaluating what you already have.

There are two things every entrepreneur with an enterprise has: human capital and a process.

Your human capital is your team and any freelancers or agencies you use. Your process involves what you do to make your product or service happen.

If you operate any business at scale, you have these two items at some level. They helped you get your business to your current level, and they can help you go further. 

But they need to be adjusted if you are going to expand your business

expand your business through your team

Evaluating Your Human Capital

To expand your business, you need to build a powerful team. When operating a business at scale, your team will represent you to the industry. 

You will not be able to have a hand in every part of the process. So every time your team interacts with someone, that reflects on you. 

Conquering your industry requires recognizing that your role in the business has changed. Instead of handling day-to-day tasks, you need to operate at a higher level. 

You need to focus on your industry. 

This is one way to expand your business, but we’re getting ahead of ourselves.

As you are no longer part of the day-to-day operations of your business, you need a high-caliber team. You are most likely operating with a team already. So expanding your business without sacrificing your margins requires examining your team. Ask yourself:

  • What is your team structure?
  • Could they be more effective? 
  • Are they driven by your business’s culture
  • Do they represent your best interests? 
  • Are they costing you money with mistakes?

Being loyal to your team is an excellent trait, but you also need to be loyal to your business. That means acknowledging when a team member is no longer necessary. Or when they are costing you more than they contribute.

Employees are human. They make mistakes and need time to learn. But to maximize growth, reevaluating your team and its structure is important. 

Are there people on your team who have hampered your business’s growth?

Or could you encourage your team more to expand your business?

Does your team know you appreciate them through your wellness initiatives?

Is Your Team Happy?

There are several management styles. Knowing yours will help you better understand how you relate to your employees.

If you’re a very people-oriented manager, you may be in tune with your team’s happiness. But you may have difficulty restructuring your team because of your loyalty.

If you’re a more numbers-focused manager, you may not recognize if your team is happy. But you’re ready to restructure for growth.

But all the restructuring in the world won’t expand your business if your team isn’t happy.

Happy employees are more loyal with higher engagement levels. And engagement levels are very significant. A Gallup study showed businesses with engaged employees had 59% less turnover. 

Plus a 21% increase in profitability.

Wellness initiatives in businesses are not cheap. But asking your employees how they want to feel appreciated could reveal solutions. 

For instance, offer more flexible work hours. Adjusting work hours to fit employees’ lives would not impact your margins. Yet it would increase employee engagement. 

It would take time and a process to change the schedule. But there would be long-term benefits.

So investing in your human capital does not only mean restructuring your team. It also means evaluating their happiness. 

What are the little things you can do every day in your business to encourage your team’s engagement?

Do Your Employees Have Hidden Talents?

Another way to keep your employees engaged is to take advantage of their hidden talents. Allow them to express what they’re passionate about outside of their job description. Then, use those talents.

Keeping your team small and agile will help your business expand in the future. But that means everyone has to have multi-faceted jobs. While you do need to define those jobs clearly, people will still need to have roles.

So get to know your team. Find out what they are good at. 

An accountant might have a knack for photography. Or a salesperson may be a grade-A social media manager. 

And that brings us to an important question:

Are you outsourcing work that in-house employees could do more effectively?

There is a time and a place for outsourcing. Some positions need a highly-skilled person who does not need to be employed full-time. For instance, copywriting is often outsourced. 

If you are outsourcing and plan to continue doing so, ask yourself this:

Can you outsource more effectively?

Take a look at your external team. Are their services worth what you are paying? Are their offerings effective? 

This is part of examining your team as a whole. These contractors are not directly part of your team. But they are a piece of your external team, so they impact your business.

Therefore, you need to see their role in your business.

optimizing your process

Evaluating Your Process

The next step is diving into your process. You most likely have many processes. These could include marketing, production, distribution, accounts payable, and more. 

These processes all have a few things in common: they take time and they’re powered by something. Whether they are powered by humans or money, they require something to make them function.

Are you making them function?

Are you too involved in each process? Are you personally involved in processes you don’t need to be a part of?

If you truly want to expand your business, you need to delegate effectively. But you need to be sure that your process is streamlined for your team, so they are not wasting their time. Or your money.

Your processes should make use of technology and humans to the fullest extent.

Are You Up-To-Date With Technology?

We live in a world full of constantly changing technology. What was top-of-the-line tech five years ago is now deeply outdated.

When was the last time you examined your technology?

If your last evaluation of your tech was several years ago, it’s time to review your technology. This includes processes from payroll to production to lead acquisition. 

Software often makes up the foundation of these processes. Software companies will come up with updates for the software you are using. So make sure to check you are updating your software automatically.

And alternative options or solutions may have become available. So it’s important that you continually research and remain open to ideas. 

There will be switching costs. But they may be low in comparison to the switch off.

Or alternatively, you may find an all-inclusive software. If you are using a separate invoicing and bookkeeping system, you could find a service that does both. So you can consolidate your needs into one bundled solution.

Make sure to view your process with an open mind. You might also find ways to streamline by using technology less or differently. Pieces of tech you once considered critical may not be required anymore. 

But the key is approaching this evaluation with a very open mind. You need to be ready to change. This includes humans.

Are You Using Too Many Humans?

The process of evaluating your team and your process should happen at the same time. So you will know, when you go through your process, how your team will be impacted.

Because you have to ask yourself a harsh question: are you using too many humans?

Is there something you are paying for that technology could do?

If you are a people-oriented manager, this question will be really difficult to answer. And if you decide to keep people on your team that are doing jobs a computer could do, that’s up to you. But you have to recognize you could more efficiently expand your business in other ways.

One of those ways could be capitalizing on your people-oriented attitude. Not every business can say they are loyal to their employees.

But 87% of employees expect their employer to support their work-life balance. This is a large portion of the population who cares about how companies treat their employees. 

So if you are unwilling to replace humans with computers, capitalize on that market. 

Acknowledge that you may need to sacrifice some margins. It will not be as fiscally efficient to expand your business. But you do have a market that you can tap into without changing your business.

expand your business through additions

Expanding Your Business With New Additions

While you can use what you already have, you could also make additions. 

Depending on your business, this may involve new investments in people or technology. Replacing older technologies with new ones will create a short-term expense. If you replace technology, you may be able to make the process more affordable.

But the long-term ramifications will save you money.

Hiring someone to help with your evaluation could help, too. It would be an additional expense but with long-term benefits. A fresh set of eyes and open mind could help you identify areas to improve.

But there are other steps you can take to expand your business that involve you specifically.

As we mentioned, your role in your organization has to change to expand your business. If you want to take your business to the next level, you need to invest in your industry.

This is why it is so important you trust your team to delegate to them. And you trust your process to make sure your business is running according to your standards. 

Once you have those two factors in place, you will be free to explore your industry further. Take the opportunity to network with your peers and establish yourself as an authority. 

Collaboration With Peers

Networking with peers is fundamental to expanding your business. Knowing others in your industry will allow you to better understand your competitors. It will also help you capitalize on best practices in your own organization.

Can you honestly say right now that you know the standards for your industry?

The internet has made researching an industry easy. But nothing will replace gaining wisdom from those who are currently succeeding. That’s why finding the right mentor is so important. 

And networking with those in your industry around the world will help you to establish yourself as an authority. What are the benefits of being an authority with a recognizable brand? You will be top-of-mind when they need your services.

But networking with peers extends outside your industry. It includes similar industries or ones with which you work. And if you network correctly, that allows for collaboration. You could find new products or services to offer based on people you connect with.

This is why networking is so important to expand your business. Your business will be able to grow so much more when you keep an open mind to learning from others. Plus, you will give your business opportunities by being open to collaboration.

Networking takes time and social skills but virtually no large investment. It’s an excellent way to give your business opportunities without sacrificing margins.

Are You Networking Correctly?

The internet has given plenty of networking opportunities. LinkedIn is a great example.

But you need to know how to fully utilize the platform.

If you are attending an industry event, find out beforehand who is going to be at the event. Send them a connection with a note about attending the event. That way, at the event, you can re-introduce yourself but with research.

You know their job history, current responsibilities, and projects they’ve worked on. You can determine if collaboration would be a good option.

But even if you are not able to attend events in person, LinkedIn is still a good option for virtual networking. 

Don’t be afraid to connect with and message others in your industry. You can respectfully and professionally encourage them in their endeavors and introduce yourself.

Make sure to brush up on the proper way to connect with powerful people in your industry. They are busy professionals, and there is a proper way to go about it.

Even if you aren’t reaching out to others, you should post a few times a week about your own business and projects. If people know what you are doing, they can collaborate. Additionally, you should interact with peers’ posts, so they become familiar with you.

expand your business with networking

Expanding Your Business Through Networking

Ultimately, to expand your business without sacrificing your margins, you need collaboration. Collaborating has several benefits. Namely, you will establish yourself as an authority in your industry. Plus, you will learn best practices while setting industry standards.

”You have to put yourself in connection with other entrepreneurs who are seeking the same growth as you if you want to expand your business.” - Dan Lok Click To Tweet

Dan Lok’s S.M.A.R.T. Challenge is an excellent example of entrepreneurs coming together to build unbreakable and sustainable businesses and growing their networks at the same time.

The S.M.A.R.T. Challenge is only run a few times each year, and with every challenge, business owners see phenomenal results.

Being a relatively short but impactful implementation program is what sets the S.M.A.R.T. Challenge aside from other business-scaling challenges.

How Do You Know If Your New Business Idea Will Actually Work?

So you’ve got a big business idea. It could be something you’ve been stewing over for several years. Or it’s a spur-of-the-moment idea you feel you could actually commit to. 

Regardless of the stage of your idea, you may be asking: 

  • Am I willing to quit my job to pursue this? 
  • Do I have to sacrifice any money to make this work? 
  • Do I have what it takes to be an entrepreneur? 

Many times, these fears can be summed up in one question: 

  • How do I know my new business idea will actually work?

Life isn’t built on certainty, and the variables of success are too many to count. If you could ensure your ultimate success early in your entrepreneurial journey, wouldn’t you?

Of course you would.

These steps aren’t part of a mindless checklist. They require intensive research and effort. They’ll also call for a dose of introspection and plenty of thinking time. So if you’re looking for an easy checklist, you’ve come to the wrong place. 

But if you’re willing to put in the work to follow through on your business idea, these action items are for you.

The first step is asking the right questions. If you can channel the questions you have in an effective way, you’ll learn to better understand yourself and get a stronger grasp on your business idea. 

The second step is putting your business idea to the test. Technology enables you to test the concept behind your business before you go all-in. Using social media and other channels to test your business plan will let you know if you can succeed in the “real” world.

In this article, we’ll hand you the keys to both of these action items. First, we’ll cover some questions you should ask yourself as you think through your business idea. Second, we’ll share some of the best ways we’ve seen entrepreneurs put their ideas to the test. 

5 Questions to Ask About Your New Business Idea

1. Why do I want to start this business?

We’re not talking about your business plan here. We’re talking about your why.

The biggest success factor for your new business idea is you. - Dan Lok Click To Tweet

Now is the time to realize if you care about the business or if you’re chasing something else – fame, money, or approval. Fame, money, and approval aren’t bad in themselves. But if you make them your focus, you’re digging a hole for yourself and the business. 

Uncovering your “why” —your core business motivation —will be an advantage when you hit tough times. Your “why” will guide you through the challenges every entrepreneur is bound to face. 

Take a look at the mission statement for the Disney company: 

The mission of The Walt Disney Company is to entertain, inform and inspire people around the globe through the power of unparalleled storytelling, reflecting the iconic brands, creative minds, and innovative technologies that make ours the world’s premier entertainment company.

Everyone surrounding Walt Disney knew that he was an incredible optimist and a master storyteller. These core motivations haven’t changed since the company’s early days. They impact every movie Disney releases and add the spark of magic people experience at Disney World. 

As the founder of your company, this is the same kind of impact that you can have on the lasting legacy of your business.


2. Am I willing to do whatever it takes to make this happen?

Successful businesses rely on a leadership team with total commitment to the company vision. 

If you’re not willing to sacrifice a great job, free time, social life, or other things that are important, you may not be ready to launch your business. 

There was once a man passionate about duck hunting. He was so passionate that he actually turned down a career in the NFL to follow his vision. He ended up inventing several duck calls, and that’s the beginning of the story of the Duck Dynasty. That man was Phil Robertson, and he and his sons still run this hugely successful company. 

Does your business idea have to be your biggest passion? No. 

But do you need the inner resolve to push through the hurdles that are sure to come your way? Unquestionably, yes. 

Where there’s a will there’s a way, and this resolve increases the chances of your business succeeding.


3. What is the problem my business idea solves? 

Let’s face it: not having a problem you can solve with your new business makes success less attainable. We call these pain points. Unless your customers see a way your product can improve their lives, they won’t buy it. Simple as that. 

If you don’t know the problem you’re trying to solve or the way your company is making the world a better place, you’ll have no selling point for your product.

If your company is groundbreaking, there’s a chance you’ll have to show people a problem they didn’t know they have. Take Ford Motor company, for example. Henry Ford is famously known for saying 

“If I had asked people what they wanted, they would have said faster horses.”

Another example of a company that solves a huge problem is GrubHub. The company was started by two developers working for Working late, they were frustrated with the lack of food options and the constant issue of having to give credit card numbers over the phone. 

So they built Grubhub—a directory for restaurants plus a service that allowed people to order food from the comfort of their homes. 

This is a problem most busy people had, but everyone just dealt with it. Grubhub posed a solution to a previously unsolved problem for many Americans. 


4. How big is the market my business could reach? 

Ask questions about the market you want to reach. This approach is simply an extension of the question “What is the problem my business idea solves?” 

Let’s take it a little further:

  • Is this problem something only a certain group of people have? 
  • Is this problem affected by where my customers live? 
  • How many people have this problem? 
  • Will my product be something anybody can access, or does the amount of money they make come into play?

Simply asking these questions means doing substantial market research. 

Wouldn’t you want to dive into the research if it meant more money?

There are two ways to make a lot of money:

  1. Sell a high volume of products at a reasonable price.
  2. Sell fewer products at a higher price.

If your target market is small (i.e. entrepreneurs in Chicago with a net worth of over $2M) then your product needs to be worthy of and sell for a higher price point. 

On the flip side, if the potential market for your company is large, you’ll need to find some way to convince that market of the value of your product. 

5. What strengths and weaknesses do I bring to the table? 

What do you think is the most important factor of success in your business?


Start now and do some serious self-assessment. You won’t want a personal downfall to mean the demise of your business later on. 

When it comes to entrepreneurship, many founders are really good at one or two things. Yet they lack ability in several others. 

For example, some entrepreneurs are great at marketing and sales but are chronically disorganized. It pays for them to recognize this and to hire other people to manage the company operations. 

Others may be technically skilled but have no concept of how to pitch their product. 

If you correctly analyze your business strengths and weaknesses now, you'll do yourself a favor in the long run. - Dan Lok Click To Tweet

The success of Apple had to do with partners who complimented each others’ strengths and weaknesses. Steve Wozniak and Steve Jobs met while working a summer job. 

At the time, Wozniak was building a computer. Jobs, on the other hand, saw its potential to solve a global problem. 

Without the insight and business sense Jobs brought to the table, Wozniak probably would never have put the computer on the market. And of course, Jobs would never have had a product without Wozniak’s analytical and technical abilities.


6 Ways to test your New Business Idea

Now that you have gone through the big questions, it’s time to put your big idea to a potential test.

1. Use social media to test your ideas.

Isn’t it funny how one simple post asking a question on Facebook can get hundreds of comments? How quick are people to share their opinion on Twitter?

These are opportunities.

Start sharing the problem you’re solving with your friends. Ask them directly if they would buy the product you’re trying to sell. See if they’re willing to share details about the company you’re trying to build. Ask for their feedback on potential business models or marketing ideas. 

If you’re extra adventurous, try starting a Facebook page and running some simple ads to a landing page that explains the product you want to develop. 

Chances are if you can get engagement on social media around the idea you’re building a product around, there will also be people who want to invest money in it. 

Social media is also a great way to get an idea of other perspectives as you build out your business plan. Just remember to take everything with a grain of salt: not everything people say on social media should be taken to heart. 

2. Start a newsletter.

A newsletter about your business idea will have so many benefits. First, you’ll be able to test whether people are willing to make a commitment to your business.

An email is one of the most valuable things you can have when it actually comes time to launch your business. Email gives you direct access to a potential customer who is already invested enough in your idea to give you personal information. 

Finally, it’s going to be incredibly valuable to you to regularly share the progress you’re making on your business as you figure out how to build it. You’ll be able to stay accountable to potential customers and get continual feedback as you test and implement your product. 

3. Get yourself in front of investors. 

What’s one of the best indicators of success? When someone is willing to commit to and invest in whatever you’re building. 

You can look for potential investors by networking. You may have already been keeping your eyes open for potential partners in this business venture. If so, offer to take these people out for coffee or pay for their lunch and ask for their advice and ideas. 

Use LinkedIn to pitch investors who have been involved in companies similar to yours. Make a point to connect to these people. This way, when you’re ready to ask for investments, you will have a network of people who already know and trust you. 

If you don’t want to go the route of traditional investors, you could try crowdfunding. Kickstarter, SeedInvest, and Patreon are several options if you’re going for smaller investors.

Finally, maybe the best option for you will be to create an MVP (a minimum viable product) that you can test on the market for a lesser price than what you eventually want to charge. 

This way, you’re already accountable to the market while you’re bringing in the first bit of money you’ll need to grow your business. 

Regardless of how you choose to get your initial funding, the basic idea still stands: you won’t know your business can be successful until someone can put their money where their mouth is. 

4. Create a survey. 

Are you looking to do more market research and understand a bit more about your potential customers before you raise money? No problem. 

You can create a quick survey using SurveyMonkey, Typeform, Google Forms, or FormAssembly where people can give you their true opinions about what you’re building. 

Ask family and friends to complete the form as a favor to you. You’d be surprised how much they know about you! Then market your survey to a broader group of people.

5. Get an understanding of the financial side. 

Do you have any idea how much it’s going to cost to create your product? Or if it’s even reasonable to think you can make money off of it? 

How much of the work will you need to outsource? How many employees will you need st a minimum and how experienced do they have to be? 

If you don’t feel equipped to do the research on this yourself, flesh out the idea with someone who can give you good advice.

If you can’t make money, your business will ultimately fail.

And it’s better to find that out now rather than to run into a hiccup you could have avoided by doing the proper legwork in advance. 

6. Do some background research. 

Most people like to call this “researching the competition.” 

Know your competition and their successes. The time you invest in this research will be valuable when you’re assessing how to build your business.

Besides, it will let you know if your potential market is saturated or if you have the potential to create a true win. 

Here are several tools you can use to research your competition:

  • Social media profiles. What does a product similar to yours do for an Instagram page? How active are the founding members and C-level employees on social media? Do they run ads on Facebook or Twitter? 
  • Google. Search “Products for (Problem You’re Trying To Solve)” or “(Industry Name) Companies”. Take some time to assess the top pages that come up during your searches. Is your competition spending time creating content around the problem you’re solving? What are they doing to get noticed?
  • Keyword Tools. Want to know how your business can succeed? Study what people are searching for in your target industry. Keyword tools like Ubersuggest or Ahrefs allow you to study the analytics of certain search terms in your target industry. With these tools, you can see who consistently ranks for keywords in the space you’re targeting. The companies who are ranking for your target keywords are the ones you should begin to study.

If you’re interested in diving deeper, Dan goes into more detail about the idea in this video.

Wrapping it all up

In the end, you can’t determine the profit of your business by doing the same thing as another entrepreneur. You won’t have a guaranteed path to success by following a set of rules. 

Your business will succeed because of your hustle. It’s going to make money because of your determination to keep going.

Finally, your business will power through difficulty with your ability to research, test, and adapt. You can start the process while your business is still in the idea phase.

If you start the process of research today, you’ll set your business up for long-lasting success.