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Strategic Thinking

Why Great Biz Ideas Fail

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

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

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

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

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

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

So let’s begin.

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

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

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

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

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

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

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

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

But that’s not the case.

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

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

How Much Money Do You Need To Start A Business 

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

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

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

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

How to Start a Business With No Money

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

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

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

“But Dan, what about a business loan?”

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

Why Start A Business When You Can Buy One?

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

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

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

It really depends on your goals.

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

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

For further insight into this concept, click here >>

How To Buy A Business With No Money Down

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

Why?

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

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

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

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

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

Why Great Ideas Fail

How many great ideas have you had in your life?

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

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

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

The same applies to business.

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

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

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

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

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

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

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

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

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

Until next time,

Dan Lok

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

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

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

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

Blueprint To Kick The 9-5..

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I want to share a quick story with you…

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

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

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

That day, I decided I’d had enough.

Not just of him, but the whole situation.

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

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

I told him “I QUIT!”

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

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

You’re not alone.

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

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

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

What To Do Before You Quit Your Day Job

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

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

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

These two skills are in high demand online.

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

In fact, there are many others to choose from…

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

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

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

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

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

The opportunities are endless.

Making The Leap From Job To Self-Employed

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

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

Here’s why I say this.

Imagine making double your monthly income in your spare time.

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

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

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

Deadly Working From Home Traps To Avoid

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

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

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

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

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

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

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

To recap, don’t be stupid like I was.

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

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

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

Until next time,

Dan Lok

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

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

Want To Survive The Next Recession? (Do This)

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Back in 2020 when the pandemic threw the world economy into a tailspin…

Everyone thought we were in for a world recession…

And while there we did experience some economic turmoil…

Experts are saying that was nothing compared to what’s around the corner.

They say a depression is a very high possibility.

Because recessions tend to happen every 7 years, we’re long overdue for one…

As the last one was the Global Financial Crisis of 2008.

So in this week’s newsletter, I’ll share ways you can prepare and survive the next recession…

And if you’re savvy, make money and expand your business while others contract theirs.

Why Your Mindset is KEY In a Recession

To kick this off, click here to watch this YouTube shorts video to get into the right mindset going into a recession >>

You see, preparing for a recession is all about how you view it.

Most people see a recession as the end of the world, but there’s a small percentage of people who thrive and make more money in a recession.

How To Recession Proof Your Income and Business

In my career, I’ve been through many economic downturns.

And if you look throughout history, recessions actually get shorter and we bounce back faster.

There’s no telling how long the next recession will last, so here are 3 things you can do to prepare for it >>

I truly believe everyone can survive a recession if they’re well prepared.

But you must start as soon as possible.

Recessions affect everyone in different ways, and most people don’t think a recession will affect them, but they’re wrong.

It’s those people who panic when the recession hits, because they weren’t prepared.

They try to fix their situation, but it’s too late.

So let’s assume, you’ve done the things I mention in the video above.

You’ve got one or more skills you can use to make money…

You continue to stack cash and keep it on hand…

And you have a recession proof business.

Another thing you’ll want to do is pay off any outstanding debt.

As interest rates around the world continue to climb, any debt costs you more to service.

Doing these 4 things puts you in a great position to make money during a recession.

As Warren Buffett says “Bad news is an investor’s best friend”…

So, let’s dive into some ways you can take advantage of the upcoming recession and set yourself up for financial success.

How To Make Millions In The Next Recession

The more skills you have, the better chance your business has of surviving.

With the success of your business, ensure you stack as much cash as possible

They say “cash is trash” and normally I’d agree, but in a recession, cash is KING.

You always need cash in case of emergencies.

But when the time comes, you’ll need cash to invest in investments of your choice.

Most people make money from stocks and real estate in a recession.

Why those investments?

Because as people sell to get out of the market to salvage their net worth or pay back debt…

This is the best time to get a bargain.

DISCLAIMER: In no way is this financial advice. You must always do your due diligence before making any type of investment decision and never invest in anything you don’t understand.

Mark Tilbury is someone who’s lived through a few recessions and been very successful at profiting from them.

You may like to check out this video where he discusses his strategies for recession profits >> 

There are so many great YouTube videos out there on how to prepare and profit from the coming recession.

Feel free to do your own research if you want to dive deeper into this topic.

I’m going to leave you with a longer video, you may like to watch by Valuetainment.

Inside you’ll discover:

  • A history of the 10 worst American stock market crashes, and how to prepare for the next one…
  • Why a recession is a good time for you to start a business…
  • How to make millions in the next recession…
  • And so much more

Click here to get Patrick Bet David’s market crash strategies >> 

To recap, develop your skills, pay off any debt, and stack cash, for emergencies and invest when the time is right.

Recessions come and go, and although they can be challenging, you’re more than capable of weathering this storm and emerging financially stronger.

Until next time, go high ticket,

Dan Lok

P.S. – Your business is one of your biggest assets in a recession.

I have expanded during these contractionary times, and the businesses that follow suit also go on to have major growth once the recession ends.

If you’d like to know how to have consistent $100K months in your business, then click here to watch the Advanced Expert Masterclass >>

You’ll get my 6 steps to 6 figures months and you also discover why most coaches and consultants will NEVER hit $100K per month and so much more.

See you there.

P.P.S. – High ticket mastery is fast approaching…

We go live for 3 full days on January 25-27.

During this event, you’ll get the 3-step process I used to sell over $100 million in coaching and consulting services.

To find out what the 3 steps are and for the full scoop on this phenomenal LIVE event, click here >>

Richest Man In The World’s Success Secrets (Inside)

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Today, you’ll get valuable insight into the success secrets of some of the world’s most successful people.

So without further ado, let’s begin.

Why Self-Confidence Is The Key To Your Success

If you’ve been following me for a while, you’ll know that I believe self-confidence determines your success in all areas of life.

I think back to when I was in high school.

I had such little confidence and was so afraid of life.

I was teased and bullied often.

It wasn’t until I started taking martial arts classes that my confidence improved.

The bullies started to notice and left me alone.

Some of them even became my students at lunch when I taught others what I’d learned.

Self-confidence is one of Tony Starks biggest secrets to success, and in this video, I break down Tony’s 9 secrets, so click here to install them in your mind and become your own Ironman >>

Why Your Race Doesn’t Matter

It’s easy to see your race as a roadblock,

But as a minority who is now very successful, I can tell you your race doesn’t matter.

It may mean you have to work harder to achieve your goals, (I know I did) but if you look, you’ll see successful minorities everywhere.

That goes for anything that could be deemed a disadvantage.

If you look hard enough you’ll find miraculous stories of people who achieved the seemingly impossible.

This is one of Bruce Lee’s secrets to success, and if you’re a Bruce Lee fan like me, or simply want to know how he saw and achieved greatness, then click here >>

Why You Must Take Risks

If you want success, you have to take risks.

No one ever played it safe and achieve their dreams.

I’m sure you’ve heard that your life begins outside of your comfort zone.

It’s very true.

If everything you ever wanted was inside your comfort zone, you’d already have it, wouldn’t you?

Stretching your comfort zone is difficult, which is why you must take baby steps.

Stretch it too fast, and you’ll find you step backward into safety, more often than not.

Richard Branson is one man who’s taken more risks than most.

He’s a serial entrepreneur with 12 billion dollar companies, and I share his secrets to success with you here >>

How To Conquer Your Fears

When you push the edges of your comfort zone, a natural byproduct of this will be conquering your fears.

Everything that scares you is merely an obstacle in the way of your achieving your dreams and the success you desire.

And here’s the thing…

The only two fears you’re born with are the fear of falling backward and the fear of loud noises.

Every other fear has been learned, which means you can unlearn them and overcome them.

Conquering your fears is one of Batman’s rules for success.

There’s so much we can learn from movies and superheroes.

I urge you to click here to discover more of Batman’s rules for success if you desire to have rock-solid confidence and the courage of the caped crusader >>

How To Have a High Pain Tolerance

Just as Batman has a high tolerance for pain, you must also work on yours if you want to achieve wild levels of success.

When talking about starting a business, Elon Musk is quoted as saying “number one is having a high pain threshold”.

One day, my mentor the 50 billion dollar man Dan Peña quizzed me.

He said, “Dan, what do you think makes a business successful?”

I shot all these obvious answers at him.

“A great product…”

“Great pricing…”

“Great marketing…”

All were wrong, he said, “It’s the entrepreneur’s ability to endure pain for long periods of time.”

And Elon Musk shares this view.

If you’d like a deeper dive into the mind of genius entrepreneur Elon Musk and what makes him so successful, then click here >>  

How To Find Opportunity In Times of Crisis

Did you know the Chinese character for ‘Crisis’ is actually made up of two characters? On their own, they read ‘Danger’ and ‘Opportunity’.

The world continues to live through times of crisis, and even though many businesses collapsed over the last few years, there have been other people who saw and capitalized on the opportunity.

Jack Ma is one of my favorite entrepreneurs to study and truly believes there is opportunity everywhere >>

I agree, and it’s just a matter of knowing where to look.

Click the link above to discover Jack Ma’s secret to success so you too can see opportunity in times of crisis.

Why It Pays To Be Mission Driven

If you want to build an amazing company eventually or even an amazing life, it’s easy to let your ego get in the way.

When I was younger, I had a big ego.

I didn’t think I needed anyone’s help and I’d do things on my own.

It was my ego that landed me $150K in debt and with 13 failed businesses to my name.

There are in fact 13 different egos that kill your success, and you’ll find all of them here >>

I’ve been guilty of a few of these in the past, and I can almost guarantee you’ll have at least one of these, and that’s OK.

Just know it’s something to work on and grow from.

I’ve also compiled a list of Game of Thrones Jon Snow’s secrets to success, one of which is being mission-driven and not ego-driven.

You can get all of Jon’s secrets here >>

Remember, you’re in complete control.

Success isn’t this elusive thing that only a few are worthy of or meant for.

Sure, it’s only a small percentage who do achieve it.

But if it’s possible for a minority, who moved to Canada without a word of English on his lips to bounce back from $150K of debt, and achieve great success…

Then it’s absolutely possible for you too.

Dan Lok

P.S. –  As self-confidence is the foundation of success in life and business…

I took the liberty of creating a short video course that will help you build rock-solid confidence…

So you feel more focused, and more determined, foster unlimited drive, and go after your goals with gusto and certainty.

If you know you were meant for more but just need a little nudge and boost of self-confidence every now and then, then click here to check it out >>

3 Types Of Systems EVERY Business Needs

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I’m about to reveal how to overcome the one thing that trips so many business owners up…

I’m talking about scaling.

Scaling just doesn’t mean making more money or growing your client base.

It means growing fast, being more profitable, and doing so without more effort on your behalf.

Because let’s be honest…

You may be growing but it likely comes at the cost of more of your time.

You find that you’re so busy being busy you don’t have time to work ON the business because all your time is spent IN the business.

And if you want to scale you must have a number of things in place.

So let’s quickly talk about what you need in your business to scale.

The Missing Link To Scaling Your Business Fast

You may have heard me say this before.

“If your business isn’t systems dependent, it’s dependent on you.”

And if that’s the case, you’ll never attain the time freedom you desire.

Isn’t that one of the main reasons you got into business in the first place?

Here’s a question to ask yourself…

Are you creating an asset or buying yourself a job?

If you want to scale, this video explains in detail why you need a business model that is replicable and scalable >>

Now, I’m not saying you need to create the next Apple or Amazon and hire thousands of employees…

But, if you’re not growing you’re dying.

You need to grow and expand if you want wealth and freedom. 

Without growth, you’ll continue to be a slave to your business, instead of it being a vehicle that brings you wealth, time, and freedom.

Now you may be wondering, “when is the right time to focus on systems, and what systems will I need in my business?”

Good question.

Every business is different, but in some ways, they’re also very similar.

This video explains exactly when and why you’d want systems in your business >>

3 Types of Systems Every Business Needs

Hard systems, soft systems, and information systems are the 3 types of systems.

This quick video explains the different systems in detail so you know exactly what systems you may need in your business >>

When you choose and install a system, it’s important to bear in mind that a system should solve your problems forever, not just once.

Systems are there to make your and your employees’ lives easier.

If you don’t have solid systems in place when an employee leaves they’ll take their knowledge with them, and you have to train their replacement.

But if you have a system in place, you can get another team member to train them on how to operate the system. 

That’s why systems are so powerful and essential.

They’re there to do the heavy lifting for you, and you need them to scale.

How to Install Systems In your Business

A lot of people complicate systems, but if you’re stuck on how to use them in your business…

I’ve got you covered.

Click here to discover how to save yourself stress, time, effort, and money with systems >>

Systems allow you to work on your business and not in your business.

Which is what every entrepreneur needs if they want to scale.

Because not working IN your business all day gives you valuable time to strategize the best ways forward >>

The video above will teach exactly how to work ON your business rather than IN it.

How To Scale your Business

Once you have the right systems, you’re almost ready to scale.

But in order to scale you must know the 3 important numbers I teach here >>

BOTTOM LINE: If these numbers aren’t favorable, you’re in no position to scale.

You must have high margins to scale because as you grow your cost of fulfillment increases and the less profitable you’ll become. 

You also need high margins so you can outspend your competitors.

Don’t forget, it’s the person who spends the most to acquire a customer that wins market share.

Here’s a real-life example of how and when it’s a good time to scale your business >>

At any given moment in your business, you want to be able to know how healthy your business is.

Alex Hormozi breaks down his favorite way of getting a quick snapshot of your business >>

Using the method he teaches in the video above you’ll gain 4 pieces of very powerful data quickly and easily…

So you can see what needs to change in order for you to hit your business goals, continue to grow, and so much more.

I hope you’ve enjoyed this edition of High Ticket Weekly.

But before you go…

In just a few weeks, we’ll be running our next S.M.A.R.T. Challenge™.

When you join us, you’ll get my best strategies to SCALE, SYSTEMIZE, and SUSTAIN your business for years to come.

It’s a 3-day event attended by hundreds of coaches, consultants, and knowledge experts from all over the world.

I highly recommend you join us if you’re serious about your business and want to take it to the next level and stop trading time for money.

You can get the full scoop on the S.M.A.R.T. Challenge™ here >>

See you there,

Dan Lok

P.S. – No matter how big your business is now, you will benefit from having the right systems in place.

So, if you’re stuck on what to implement, then click here, and let’s work through it together over 3 impactful and life-changing days >>

High Ticket Ascension: A Guide for Beginners

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Entrepreneurs and business owners are always looking for strategies to scale their businesses and increase their sales. There are plenty of ideas that work, but not all will be effective. Knowing the right business model is what can take your business over the edge.

High Ticket Ascension is a strategy that you can put into effect that can increase your profits. The ascension pyramid has to do with the customer journey and follows the 80/20 principle. This principle states that 80% of your profits should come from about 20% of your business customers.

This may sound too good to be true, but by following the Ascension Model, you can achieve this. Plenty of industries, businesses, and entrepreneurs follow this model. Here is a guide for business owners, coaches, and consultants to understand High Ticket Ascension and implement it in their own businesses.

First, What is The Ascension Model

Let’s cover the basics: what is high ticket ascension? This is a business model that’s meant to take your clients through a growth journey. In this method, as a business owner, you offer multiple products on five different tiers that should take your customers and clients to the next step of their journey.

The trick is to create products that don’t compete with each other but rather build on the previous tier. It should feel like a step forward in which clients are able to gain more knowledge or experience.

One of the ascension model benefits is that you can work with clients and customers throughout the journey, from when they start at the base of the pyramid to if and when they reach the top. You’re able to find new clients while also maintaining previous client relationships.

Who Can Use This Method?

Any business can use a client ascension method, but it’s a great way to stay competitive in the market. It’s ideal for businesses like coaching or B2B services, or are hobby related, or promote an enhanced self like weight loss.

The Five Tiers

Your ascension pyramid should have five tiers that increase in offerings as well as price. The five tiers, from bottom to top, are entry-level service, basic-tier service, middle-tier service, high-tier service, and top-tier service.

As clients choose to move up the pyramid, they pay more in price but also get a more luxurious or personalized product. Gradually, customers will filter up, paying for the higher tiers, but you’ll also have new customers entering at the lower tiers.

Have a signature program and higher tiers that build off that initial program. In this method, you can offer more in-depth programs at a higher price, such as one on one or small group coaching that can help customers solve issues they may be facing from the initial program, like weight loss or sales conversion.

High Ticket Ascension Can Increase Profits

If there’s a method that works, then why try to change it? As an entrepreneur or business owner, you’re always looking to be more successful, find new clients, and increase your profits. To do this, you need the right strategy.

There is a way you can improve the customer journey and your profits. Plenty of businesses use High Ticket Ascension, so why can’t you? Paired alongside quality product offerings, you’re guaranteed to see growth in your customer base and bottom line.

Ready to take your business to the next level? Take a master class on getting paid for what you know, plus more strategies and tips for becoming the best in your business.

I hope you enjoy reading this blog post.

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

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