Strategic Thinking

What The Top 1% Of Highest-Paid Coaches Are Doing That You Aren’t

July 24, 2020 by Dan Lok

A lot of people think most highest-paid coaches are so-called fake “gurus.”

Why is that?

It could be because some of them seem to have success almost overnight. Or it could be because there isn’t enough proof online for the audience to believe.

Either way, there must be something they’re doing right that most people aren’t to become the top 1%.

And the only way for people to believe in that type of success is if coaches can generate trust.

You see, trust is the ultimate asset, but it takes a long time to develop.

If unheard-of coaches disrupt the online world, most people are going to think they’re a scam. That’s because there hasn’t been enough trust for people to believe in them.

People want to know who you are and how you got your success. The best way to do that is to add value over time. You can share your wisdom, and if that changes at least one person’s life, people will start to develop more trust.

So if you’re a rising coach who’d like to become one of the highest-paid coaches, you’ll need to follow what they’re doing now.

When you start to act more like the 1%, you’ll become them. All it takes is for you to keep adding value to attract more clients. And the more trust you build with clients, the more revenue you’ll have.

The Old You Must Die

Before you can start becoming the person you hope to be, the old you must die first.

If you can’t accept that, then it’ll be harder for you to move forward. This might not be something that’s easy to do, but it’s necessary.

Successful people are willing to do what makes them uncomfortable in the interest of growth. - Bob Proctor Click To Tweet

It’s possible for anyone to achieve the top 1%. If you ask any of the highest-paid coaches, most of them will tell you they did not come from a fortunate background.

If you ask the young Dan Lok, he’s going to tell you that he’s far from being rich. But because he left his old identity, he was able to create a new one.

So for you to bridge that gap and become the next addition to the top 1%, you’ll need to see how those before you succeeded.

The fastest way to wealth is to learn from the wealth. Wouldn’t you agree? They can show you what they’ve done, so you can follow their footsteps.

And until you can master in skills, then you’ll start to see results. So if you still don’t have clarity in what those skills are yet, you’ll need to find a mentor to help you.

Getting Started With Coaching

If you want to earn like the highest-paid coaches, you’ll have to cut out all the distractions in your life.

That means if you still plan to work for someone else, it’s going to slow down your path to being the top 1%. So your goal should be to branch out on your own and to start a business if you haven’t already.

But don’t ditch your steady paycheck if you can’t survive to pay the bills. You’ll need to work on your business on the side first, and when that picks up, you can then fire your boss.

When you have your own business, you’ll have full ownership and more earning potential. That’ll be a great source of wealth to have when you own the assets.

And if you don’t know what business to start, it all comes down to your skills. What is that one thing you’re good at?

Once you become a master of your craft, a lot of people will look up to you as an industry leader. But first, you need to be able to show it in your skills.

Being a coach isn’t going to be easy. You can expect to take a lot of risks, go against the norm, and make tons of mistakes. But once you get past through these challenges, your success will reward you.

Become A Bookworm

If you weren’t a reader before, now is the best time to get into the habit of reading.

Author James Altucher once said, “Only read books you enjoy, that makes you happy to be human.”

And believe it or not, reading books is life-changing. It can teach you a lot more than what you get out of school.

That’s how Dan Lok was able to go from being a broke kid to finding his first mentor. He started reading thousands of self-help books, and it opened his mind to a whole new world of marketing.

And even reading ads too. He kept all the ads he received in the mail to study copywriting. That led him to his first high-income skill and 6-figure income.

You can think of it like this – each book contains someone’s lifetime of secrets. The more you read, the more money you’ll make.

It’s true. According to Inc.com, reading taught Elon Musk how to build a rocket ship. It also showed Tony Robbins how to build a better life. And now he’s teaching others how to do it as well.

So if you’d like to know what the highest-paid coaches are doing to earn more, they read every single day.

Imagine for every page you read, you get a raise. How many pages would you read every day?

When you read a lot, you’ll start to find it easier to come up with ideas and innovate. You’ll begin to feel more knowledgeable and see things from a different perspective. It’s a powerful feeling when you know something that few people won’t understand.

You will also attract more success when you learn a lot. That’s because it’ll be easy for you to share things people have never noticed before. They will start to see how valuable you are.

Make Money Work In Your Favor

The top 1% knows how money works.

That’s why it’s easy for the rich to become richer. And to crack the code on how to be like the highest-paid coaches, you’ll need to learn how money works too.

Money may seem complicated to understand. In fact, 33% of American adults have $0 saved for retirement. Most people will spend their whole lives working hard and never knowing how money works.

So if you take the time to learn about money-making strategies now, the payoff in the future will thank you.

This all goes back to reading. When you read more about money, you’ll attract more of it.

And what most people are doing wrong right now is being scared of learning how money works. They either spend it all or save it all – both of these are neither the solutions to a good way of living.

What the top 1% is doing is they’re careful with how they manage money. They have to balance cash flow early on to avoid being broke.

Self-made millionaire Grant Cardone said, “I didn’t buy my first luxury watch or car until my businesses and investments were producing multiple secure flows of income.”

Even when they start to see success, they won’t blow up all that money. That wouldn’t be a smart choice for anyone to make.

When you gain a dollar, you have to think to yourself: “How can I use this to make more?”

Only that mindset will take you closer to your goals.

Smart People Don’t Work Hard – They Leverage Instead

Leveraging could be the smartest decision you’ll ever make for your business.

Think about it.

There’s only one of you. Everyone has the same 24 hours each day. It would be impossible for you to run everything in your business. And it wouldn’t be the best idea either.

You see, your time is valuable. Since you’re the business owner, you should focus on innovation and moving the needle.

If there are tasks that someone else can help you do – hire them to do it. And if there’s something you don’t know how to do, find someone else to do it instead of learning it from scratch.

For example, Dan Lok hires people to help him create his YouTube videos. That is because Dan, himself, doesn’t have the time to edit his own videos. Also, he’s not a video editor, so hiring professionals would be a better choice if he wants to create results.

You can also leverage money.

Don’t be afraid to use other people’s money when you need it. If your great ideas need funding to help turn them into reality, leverage other people’s money to make it happen.

It’s better to take action now than to wait until you’re ready. Because when you wait, the opportunity might not be the same anymore.

But to get someone else to fund your ideas, you’ll have to be confident that your ideas will work in the marketplace. It has to sound promising.

Creating More Wealth With Wealth

Once you’ve made some success, you can then move on to creating many income streams.

But keep in mind, you can only do this after you’ve mastered your skill first. Otherwise, you could get into financial risks.

You do not want to create a new income stream if you’re still broke, in debt, or have too many bills to keep up with.

The majority of highest-paid coaches have many income streams to create more wealth.

Tom Corley, the author of Rich Habits, says 65% of self-made millionaires had 3 streams of income.

If you’re like any of these millionaires, you would know to keep learning. Once you focus on building that knowledge, your wealth will follow.

This includes not spending your money on whatever you want. You have to develop financial intelligence.

For example, every dollar you own has the potential to develop more. You can multiply your money by investing, not by saving nor spending. That’s how you can make money work for you.

Work Hard Now So You Won’t Later

Here’s the sad reality – most people are waiting until they’re 65 to retire and rely on government funds.

They work hard all their lives, and by the time they get older, they’re too old to travel. They can’t do the things they could’ve done at a younger age.

But what if you can start working harder now to enjoy life sooner?

These people might not have been aware of other paths to take other than the traditional route. You graduate school, get a good job, pay bills, and then retire.

This route is fine, but it doesn’t always end up well. You could still be years in debt because of student loans. And when you’re in debt, it makes it a lot harder for you to enjoy your hard-earned money.

So, what do you do?

Highest-paid coaches had to sacrifice something to get to where they’re at today. Instead of partying on the weekends, they build their network. And instead of watching TV, they read books.

This is what Dan Lok did in his early life. He did not focus on hanging out with friends, but he focused on sharpening his skills instead. And with that, he was able to retire at an early age of 27.

Now everything he does is easier to achieve. Since he’s a master of his skills, he can always rely on them to make money.

Let’s say he loses everything he has today. He can make it all back in a short amount of time. But if he hadn’t mastered his skill set yet, he’d still struggle to make success.

The main point is, the 1% do what’s different from most people. And when you’re a business owner, you’re going to get a lot of people discouraging you from your dreams. This is a normal part of the process.

Do The Complete Opposite

You don’t have to follow what your circle of friends is doing.

In fact, you’ll find more success if you do the complete opposite. So don’t let peer pressure or anything else stop you from your tracks to success.

Only you know what’s right for you. Not even your parents or the people closest to you know. And it would be a sad life to listen to what everyone else does instead of what you want.

With that said, you’ll need to train yourself to keep making sacrifices. This could mean giving up all the things you want right now to have a better tomorrow.

It’s going to take a lot of discipline. If you give in to everything you want today, you’ll have to end up working harder for the things you want in the future.

For example, if you spend all your savings on your dream car now, you’ll continue to work hard longer. Why not work hard now and enjoy the reward later?

It will get easier along the way. Because once you start making sacrifices, you’ll start to see results. Then you’ll want to keep doing whatever it takes to move forward to bigger goals.

So the more you can resist now, the sooner your life will be easier. Wouldn’t you want to retire earlier too? Until then, you’ll have the freedom to do whatever you want whenever you like. But first, you have to earn it.

Your Shortcut To Becoming One Of The Highest-Paid Coaches

Becoming the top 1% isn’t as hard as you might think.

Once you find out what the highest-paid coaches are doing, you’ll want to follow in their footsteps. And when you do, you’ll see how easy it can be to get closer to your goals and build the coaching business of your dreams.

Over the last 2 decades, Dan Lok has worked with thousands of Coaches and Consultants. Some of them had lead generation problems, some had sales issues, and some had offer problems. We don’t know exactly what issues you’re facing in your business.

To help you on this journey, Dan Lok has compressed decades of tips and strategies to address the problems that Coaches and Consultants faced into a free resource. It’s called “The $100 Million High Ticket Coaching and Consulting CheatSheet”.

This valuable cheatsheet is filled with proven strategies and techniques that have helped Dan Lok and his clients generate massive revenue from coaching and consulting. You’ll gain access to practical insights on how to attract high-paying clients, increase your revenue, and grow your coaching business. You’ll discover how to position yourself as an expert in your field, how to communicate your value to potential clients, and how to create high-ticket offers that your clients will love.

Download “The $100 Million High Ticket Coaching and Consulting CheatSheet” for free today and take the first step towards becoming one of the highest-paid coaches in the industry.

Systematic Inventive Thinking: How To Facilitate Rapid Cycles of Idea Generation and Solve Complex Problems

June 18, 2020 by Dan Lok Leave a Comment

Systematic inventive thinking (SIT) produces an incredible outcome when used for idea generation and problem solving. Leading companies such as Tesla, Amazon and Apple use this strategy to outperform their competition on a consistent basis.

Systematic inventive thinking is changing the way companies create value. Over the last decade, this new thinking methodology has been allowing creativity to take the center stage.

You might be thinking, why not look to my customers for guidance?

Despite what experts have to say, corporate decisions should not be based solely on customer feedback. After all, customers are just looking for an incredible product or service at a great price.

A recent publication by Jacob Goldenberg at Harvard Business Review states: “Marketers will tell you that the best sources of new product ideas are customers, both current and potential. However, we’re seeing that customers lack the imagination to envision innovative products that address their emerging, or even existing needs or desires.”

So, in order to be truly original and innovative, you’ll have to brainstorm without any restraints. The more ideas on the table, the better. This unique approach helps companies break away from their normal patterns of thinking and come up with great ideas. These ideas are then translated into actions, which then lead to results.

When these ideas are applied to the SIT Formula, amazing things happen.

This formula contains five thinking techniques that marketers have used for many years. It attends to all aspects of an organization’s innovation strategy – from acquiring skills all the way to piloting and deploying new business models.

Before we go over these techniques, let’s cover the correlation between idea generation and problem solving.

The Correlation Between Idea Generation and Problem Solving

Einstein famously said, “we can’t solve problems by using the same kind of thinking we used when we created them”.

Idea generation is a procedure by which a company identifies solutions for any number of difficult challenges.

This is the time to brainstorm with no restraint – make analogies to things that have nothing to do with your product, services or processes; stretch as far as possible to reach a breakthrough idea.

Your next breakthrough idea is right around the corner. Click To Tweet

When you come up with many ideas at once, it’s impossible not to get closer to the solution you are looking for. However, it’s crucial that you follow the appropriate guidelines to ensure that you don’t waste your time generating useless information.

Whenever you are facing uncertainty, it’s essential that you have a structured thinking process to guide you. The most successful companies in the world follow three rules when brainstorming:

#1: They work inside a familiar niche.

#2: They generate solutions that are independent of any specific problem.

#3: They use the five techniques of SIT.

Out of the three rules above, Rule #3 is the most important. These techniques are embedded in the products and services you see every day. With their help, you will be able to generate ideas that directly reflect your organization’s goals.

The five techniques are:

Subtraction
Task Unification
Multiplication
Division
Attribute Dependency

With these techniques, there is plenty of room for improvisation. But, as with any art or form, you need to master the basics first. In this article, we will cover how these five techniques may be applied to systematic inventive thinking.

1. Subtraction

Innovative products and services tend to, with time, lose a certain function. This could be an element of the system that seemed essential for identifying a new value or benefit.

Here, you are not creating new ideas. Instead, you are working backward to imagine what benefits there are in using only the existing features.

Here is a five-step formula to apply subtraction to systematic inventive learning:

1. List Out Every Internal Component of Your Product or Service

If you are working with a product, list every single component, and its function. If you are working with a service, make note of every function it performs.

2. Imagine What Would Happen if You Removed One

You could either remove an entire component or remove a piece. Either way, think about what would happen if it was no longer there.

3. Visualize the Result – Even if It Seems Strange

It’s always a good idea to visualize the final result. Even if it seems far fetched, it never hurts to see your product or service from a different angle.

4. What are the Potential Benefits and Added Value?

Who would want this new product or service, and how could it help them? What are the benefits of this revised concept?

5. Is this New Idea Feasible?

Can you actually create this new product or service – why or why not? Is there any way to refine the idea to make it more adaptable?

By applying this five-step formula to your business, you will be able to innovate on demand. New ideas, solutions, and theories will overflow your meeting room.

Application of Subtraction: Amazon

A company that took advantage of subtraction to reap great rewards is Amazon.

Amazon is a household name in today’s world of online shopping, and its innovative efforts do not stop short of brick-and-mortar retail.

In 2018, Amazon unveiled one of its newest creations called Amazon Go. Using its walkout technology, Amazon removed the need for checkout lines and registers from the shopping experience.

With the help of the app, buyers can walk into the store, select the items they want off the shelf, and walk out. The app then detects that the items were purchased, and charges the appropriate Amazon account – it’s that simple.

This is a perfect example of subtraction. By eliminating much of the staff needed to operate a store, Amazon is able to keep its costs low and stay ahead of its competitors.

According to Macrotrends, Amazon’s stock price grew by 28% in 2018 – outperforming the S&P 500 index by more than 35%.

But it doesn’t stop there. Amazon took this a step further and applied the task unification technique to systematic inventive thinking. They collected the data from their customers’ shopping habits so they could provide them with better suggestions.

The benefit? Both parties are happy, and Amazon takes off as a leader in the online marketplace.

2. Task Unification

Task unification means to assign a new or additional task to an existing resource.

It is a collaborative process that requires contributions from your entire team. After all, in order to create new functions for a product or service, you need to have a strong understanding of it.

There are five critical success factors to be mindful of when applying task unification to systematic inventive thinking:

Identify the Obvious Components

Look at the components that are so obvious that they are easily missed. Seek help from others—colleagues, experts, or customers—to identify these components.

Don’t Play it Too Safe

Believe it or not, non-intuitive components are much more likely to lead to creative breakthroughs. If your ideas sound absolutely insane, you’re on the right track.

Don’t Confuse Task Aggregation with Assigning New Tasks

If your idea presents a new function for your product or service, it’s likely not task unification. Instead, look for creative ways to assign an additional task to an existing function.

Task unification takes multitasking to a whole new level. However, correct use is essential for getting results. By being aware of these common misconceptions, you will set yourself and your team up for success.

The Power of Task Unification

Cultures that are rich in resources tend to adopt the task unification mindset. For example, Samsung took its new smart TV one step further by integrating two new features into it.

Picture this: you’ve just moved into your new home and you’re trying to decorate it. Do you want to have trendy art, family photos, or a flat-screen TV on your wall?

Samsung’s new QLED TV’s are designed to end that dilemma. The TV now serves two purposes: to provide endless entertainment and personalized decor.

Samsung applied task unification to systematic inventive thinking, in order to overcome functional fixedness.

Solving a problem doesn't always mean you must come up with something new. Click To Tweet

But it doesn’t stop there: Samsung took this a step further by implementing this technique into nearly all of its products. They now offer a washing machine with a built-in sink, a dryer with a two-part lid, and a dishwasher with an auto-clean function.

This strategy begins with developing a strong understanding of your product or service. From there, you link different functions to provide ideal solutions based on the needs of real people.

Here, Samsung took the initiative to simplify regular processes and improve their customer’s experience. Leading companies like Samsung tend to be conscious of these opportunities, which is why they rise as industry leaders.

3. Multiplication

Many innovative products and services tend to have components copied but changed in some way. Usually, these changes are made to remove or edit features that present themselves to be unnecessary or redundant.

Think about it – if you received feedback from your customers that a feature of your product is great, wouldn’t it make sense to invest time into making it even better?

You could take what you have, copy it, and change it in a counterintuitive way. Not only would this minimize the risks of making a bad decision; it would reduce costs, improve speed, and energize employees.

For this reason, multiplication is widely used by many businesses today. When this technique is applied to systematic inventive thinking, the results are spectacular.

Multiply your potentials with your plans and it will be equal to your purpose of existence”. – Israelmore Ayivor

A common misconception that many brands face today is that they believe they should focus on improving the weak aspects of their products or services.

The problem is, by the time they end up solving the problem, they’re already one step behind the curve.

Emerging as an industry leader is not a matter of luck – in fact, it’s far from it. Rather, it’s a scientific approach used by business owners. With a strong understanding of their brand and a deep understanding of their customers’ unmet needs, business owners know what direction to take their business in.

Multiplication in Action: Apple Inc.

Think about multiplication as a jazz piece. Halfway through the song, a musician usually takes center stage and performs a solo.

This is exactly what Apple did for the launch of the iPhone 11 Pro.

The debate between which cell phone brand has the best camera has been ongoing for many years. Each generation seems to have a new feature that helps it stand out from the existing competition.

Apple took this one step further by introducing three rear-facing cameras onto their flagship phone. This shook the entire industry and left their competition in the dust.

According to Newsroom, Apple saw its highest quarterly revenue ever after the announcement of the iPhone 11 and iPhone 11 Pro models.

You might be thinking to yourself, what if no one liked the new iPhone design? How would Apple be able to recover?

Because Apple applied multiplication to systematic inventive thinking, there was little to no risk involved. Since their last generation iPhone had an incredible camera, all they had to do was add a new twist onto an existing technology. The secret is to encourage multiple perspectives during the idea generation process. After all, there is no such thing as a bad idea.

4. Division

Division works by breaking a product into its different components and then rearranging them. This is a powerful technique in systematic inventive learning because it forces you to create new configurations of your product.

It’s likely that you don’t envision smashing your product into many pieces. After all, you worked hard to create it.

But what if you had to build it back up from the ground? What will likely happen is you will see new ways to use the product that you would have missed, had you try to think of it on your own.

There are three ways to apply the division technique:

1. Functionality

What are the specific functions of your product? How can you simplify these functions by breaking them down further?

2. Physicality

If your product takes up a lot of space, what can you adjust to make it more compact?

3. Preservability

Is it possible to divide your product into a smaller version of itself, where each smaller unit would still preserve the characteristics of the whole product?

Division helps to size your biggest challenges down, e so you can see innovative opportunities.

Once you have envisioned a new product, all you need to do is to identify the potential benefits and it’s target market. From there, you modify, adapt and improve the concept.

Digging Deeper with Division

The concept of division starts with something you know and turns it into something new. In the end, we are left with a sense of surprise.

It turns out that some of the most revolutionary ideas are right below our noses. All we need to do is find them.

The people who are crazy enough to think they can change the world are the ones who do.” ― Rob Siltanen

Take product functionality, for example. A water sports company took the controls of a speed boat and mounted it onto a water skier. Now, the water skier controls the movements of the boat without needing a separate driver.

Next, let’s look at product physicality. Think about a GoPro camera and its ability to capture video from a variety of different points. Whether it be on a selfie-stick or mounted to the side of your car, it makes for an excellent experience.

Finally, there is product preservability: picture a baking company creating cupcakes that mimic the characteristics of normal-sized cakes. This way, customers can experience their inventions without committing to purchasing an entire cake.

By applying division to systematic inventive thinking, these new ideas emerged into the market. Thanks to this, each one of these companies has found massive success.

These examples just touch the surface of how division can be applied to your products.

5. Attribute Dependency

The final technique to apply to systematic inventive thinking is attribute dependency.

The basic principle underlying this tool is creating dependencies between variables of a product. Here, we are working with variables rather than components.

A variable is anything that has the potential to create values. For example, what are the characteristics that can change within your product?

Furthermore, variables can be internal or external. The internal variables are those that can be controlled by the manufacturer when the external variables are out of their control.

There are three ways to implement attribute dependency:

1. Passive

As the name implies, nothing has to happen for the dependency to take place. There doesn’t need to be an external element or action applied.

2. Active

An active dependency is one that requires an external factor in order for an event to take place. This can come in many different shapes and forms.

3. Automatic

These dependencies are unique because they happen automatically. The product is designed to change on its own in response to a third-party element.

How do you know which type of dependency is best to use on your product? It all comes down to which one will be the most convenient for your customers.

Additionally, you should consider if you want your customers to have the ability to create the change for themselves. Whichever you choose, you will create a fantastic experience for your target audience.

Why Attribute Dependency?

With four other simpler techniques to apply to systematic inventive thinking, why should you look to attribute dependency?

The truth is, this is one of the areas of innovation businesses overlook, and yet one with the most potential to create the next breakthrough.

Take Sun Master for example. They are a professional and reliable solar LED light manufacturer. During the day, the light captures and stores energy from the sun; at night these lights illuminate your garden.

According to Markets and Markets, the solar lighting system market is projected to reach 10.8 Billion dollars by 2024.

This is an example of an automatic dependency.

Here, the consumer doesn’t have to do anything. There are no batteries required, no chords, and no troublesome set-up. The lights are designed to turn on when the solar panels detect that the sun is setting.

Products with an attribute dependency present themselves as being smart. They know when it’s appropriate to change in response to some other variable – whether it be internal, external or automatic. This creates a simple yet engaging experience for the customer.

Apply SIT Today

Systematic inventive thinking relies on three key ideas.

The first idea is that you must work within a niche you are familiar with. Secondly, you must generate solutions that are independent of any problem. And, finally, you must apply the five techniques of SIT.

When used correctly, these techniques have the ability to transform the way your business generates ideas. With it, you will be able to create an endless stream of consumable products and services.

SIT is one of the many strategies taught at Dragon 100, an executive club comprised of 7 and 8- figure entrepreneurs.

If you want to learn more strategies that will help you to get where you want to go, click here to enter the Dragon 100 path.

How To Build A Global Virtual Organization

June 13, 2020 by Dan Lok Leave a Comment

Are virtual organizations something to look out for in the years to come? Since COVID-19 was discovered, it has created fear and doubt. It has also created change. Old traditions can no longer be upheld. These are traditions such as working from the office. More and more companies are allowing their employees to work from home. What once was a luxury now becomes the norm.

COVID-19 is responsible for changing how employees work. It has forced people to think about the future. People that were against working from home now support it. They realize it’s beneficial both to employees and to the company. It’s foolish to continue to force employees to work from an office. As a result, the job economy is shifting towards a gig economy.

Working from home has always been a thing. But until recently, only a few employees were allowed to do so. This is mainly the fault of bad business leaders. They forced traditional beliefs onto their employees. They didn’t think about what’s most efficient. Instead, they blindly followed what everyone else was doing.

Business owners are starting to realize their foolishness. They are starting to realize that working from home has benefits. Companies can reduce their expenses. And employees perform more efficiently and save time.

As technology continues to evolve, so will virtual organizations. Business leaders that understand the value of a virtual organization will flourish. Those that don’t, will slowly fall behind until they are irrelevant.

A virtual organization has many advantages over a local one. If you’re looking to build a virtual organization, read on.

Building A Global Virtual Organization Starts With The Leader

Given a choice, most employees would love to have the option to work from home. But what an employee wants is not necessarily what they will get. For many years, this has been the case. Employees have been told they cannot work from home. That they must come into an office workspace to get their work done.

From a logical standpoint, this makes little sense. Many employees do not need to be in the office to get work done. Employees like programmers can work from anywhere in the world. All they need is an internet connection and a computer. They have the ability to work from home. But they cannot, because of company rules.

Many bosses do not allow their employees to work from home. They allow their personal opinions to get in the way of achievement. They are afraid their employees will slack off. Or that they will be less productive. Ironically, the opposite is true. Studies show employees are much more productive when they can work from home.

To build a global virtual organization, you must be a good leader. A great business leader understands that there are many ways to do things. That the ‘common’ way of doing things is not always the best method. If you want your employees to deliver their best work, you need to cater to their needs. You need to give them what they want.

Becoming a great business leader is not easy. It takes a lot of time, failure, and dedication to improvement. Fortunately, building a global virtual organization is not hard. In fact, it’s one of the most rewarding things a business owner can do.

A Great Business Leader Leads From The Front

So how do you build a virtual organization? Contrary to what you may believe, it is not a one-person job. In fact, it is not even the job of the business leader.

Business leaders are people who hold positions of power. They may be CEO’s, President’s or even Executive Directors. Their role is to guide the company in the proper direction. So building a virtual organization has nothing to do with the business owner.

Most business leaders do not realize this fact. They think it is their job to control how the business operates. In reality, that contradicts what they are trying to achieve.

Let’s say you are a business owner. To keep your business running, you need a good team. Thus, you hire many types of people. Some of your employees are managers – their role is to manage other people. Other employees are executors – their role is to execute what they are told. This creates a chain of command, with you at the top.

This example illustrates how a business leader is supposed to behave. But in reality, many business owners are not at the top. They are near the bottom, telling people what to do. They micromanage their employees and stress them out. Or they are setting strict rules and guidelines on how things should be carried out. Instead of focusing on the big picture, they focus on the small things.

As a business leader, you want to focus on the big picture. Creating a virtual organization means finding the right people to help you do it. You don’t worry about the operational details. That’s for your team to figure out.

Business leaders should not worry about small details. They hire people to handle those things. Click To Tweet

How To Build A Global Virtual Organization Using ‘A Players’

To build a global virtual organization, you need the best people you can find. You need ‘A players’. These are the kind of people that have passion and drive. They strive to improve themselves every single day.

You want these types of people in your organization because they will help it grow. They understand that they can use their skills to contribute to the company. The more successful the company is, the more they are rewarded for their efforts.

Entrepreneurs make great additions to a virtual organization. This is because they know how to manage themselves. They take responsibility for their successes and their failures. Their mindset is one that is wired for success. Unlike employees that only care about a paycheck, A players go above and beyond.

These types of team members can help you build a global virtual organization. Because they are self-starters, they need little guidance to get things done. They have the skills to solve problems and get results. If you want to build a global virtual organization, they’ll handle everything. As the business leader, all you need to do is provide them with guidance.

The Dan Lok brand is a good example of a global virtual organization. Everyone is self-sufficient, which means the workflow is very smooth. Many of our team members are A players with a drive to make results happen. We are located around the world. And communication is done using online platforms like Slack.

At the top of this organization is Sifu Dan himself. But Sifu does not spend his time actually building a virtual organization. He leaves that task to his team members. Instead, he spends his time planning out his next moves. He does what no one else can do, which is lead the company.

Develop A Good Workplace Culture

A virtual organization needs it’s team members to be in sync to work well. If you want to build a virtual organization, you need to ensure everyone can get along. This means creating a good workplace culture. Having a strong company culture will greatly increase your chances of success.

For example, let’s say you are an employee who fills out forms. These forms are then given to managers, who approve or deny your work. In a bad workplace environment, managers may favor certain people over others. This can lead to a lot of problems. They may deny your work because of their own personal reasons. Internal politics is bad news for any organization. It slows down the process and produces lackluster results.

Compare this to a good workplace environment. There are no politics or hidden agendas. Everyone conducts themselves in a professional manner. And team members are all on the same page. This creates harmony because everyone is working towards a common goal.

Harmony is crucial to success. This is because you need great people to make great things. If everyone is fighting each other, nothing gets done. To create great things, people must work together.

A good workplace environment focuses on growth and excellence. When everyone helps each other, everyone succeeds. The more people succeed in an organization, the more the company grows. The more a company grows, the more successful it becomes.

Make your team members understand that company success benefits everyone. The more revenue a company produces, the more you can afford to pay team members. Success is not a one-person show. It is about many people getting together to achieve a similar goal.

“If you want to go fast, go alone. If you want to go far, go together. Click To Tweet

The Benefits of A Global Virtual Organization

There are many benefits to a global virtual organization. Firstly, it allows you to source talent from around the world. This means you’re more likely to find the right person for the job.

A virtual organization is made up of many team members from around the world. It bypasses limits such as physical distance. This means a company doesn’t have to limit their team to one location. They can find people from all types of backgrounds.

Compare that to a local business. It can only hire people that live nearby. Local people may not have the skills they are looking for. This creates weaknesses in certain areas of the company. As a result, this limits how much the business can grow.

Secondly, a virtual organization allows people to work from home. This has many benefits for both the employer and the employee.

You may already know employees that work from home are more productive than those that do not. Working from home means employees do not have to transit. They do not have to spend hours stuck in traffic to get to their workplace. Instead, they can spend that time getting work done.

Employees that can work from home are also happier. The higher employee morale is, the better they will perform. This means they won’t be wasting time shooting the breeze at the water cooler. If their needs are met, there’s nothing for them to complain about. As a result, virtual organizations are very efficient at getting things done.

Companies also save on expenses such as office space. Because their employees work from home, they do not need to rent an office building. They can save money and invest it in the company.

A Global Virtual Organization Can Adapt To Change Quickly

Team members in a virtual organization communicate with online tools. This is very useful during times of crisis, because it allows them to adapt to changes quickly.

Take COVID-19 for example. Employees have been laid off. Revenue has been slow and unstable. More and more businesses are making the shift online. As a result, business owners have had to make sudden changes to adapt to what’s happening. This creates a lot of stress for everyone involved.

Humans are naturally wired to dislike change. This is true in both virtual and local organizations. As a result, having good team members makes changes less stressful. They can handle sudden changes better because they have a strong desire to succeed.

Another reason virtual organizations are beneficial is because of communication and time. Communicating down the chain of command takes time. A business leader tells their directors about new changes. They then inform the managers. And these managers then inform everyone else. This takes a lot of time. The more time it takes for team members to communicate, the slower things get done.

A virtual organization reduces the amount of time needed for changes to occur. Communication using online tools is nearly instant. You can simply send them a message, and they’ll read it on their own time. It doesn’t matter where or what they’re doing. They will receive your message. As a result, virtual organizations make things convenient.

During times of crisis, many businesses make changes. This is one reason why virtual organizations are so effective. They can adapt to what’s going on better than others. As a result, they’re the first ones to take advantage of opportunities when they arise.

A Global Virtual Organization Is Resilient

Throughout history, all great empires have fallen. They may have been attacked by neighboring countries. Or grown so big that they do not know how to manage themselves. This is because they do not realize one principle: the bigger you are the more vulnerable you become. If you want to succeed in business, this is an important principle to be aware of.

Being big is not necessarily an advantage. In certain situations, it is actually a weakness. This is because all your resources become focused into one entity. In terms of business, this is like putting all your eggs into one basket.

Putting all your eggs into one basket means you only have one chance to fail. If the business collapses, you go bankrupt. There is no way to recover your losses.

Compare that to someone who divides up their eggs into many baskets. The more baskets they put their eggs into, the more times they can fail. If one basket fails to produce results, they still have five more to rely on. One failure will not wipe them out.

A virtual organization operates in a similar way. Team members located around the world are like a few eggs in many baskets. If one area of the world suddenly shuts down due to a pandemic, it’s not the end of the world. There are still other team members you can rely on to make up for those losses. You can still operate the business even in times of crisis.

Discover How Super Successful Companies Run Their Organizations

Building a global virtual organization starts with the leader. A great business leader knows how to lead from the front. They must act as the visionary in the company, and lead everyone towards a common goal.

A virtual organization needs “A players” to become successful. These are people with drive, passion, and determination to get things done. They’re different from ordinary 9-5 employees, because of their mindset and beliefs. Many “A players” are entrepreneurs with valuable skills.

Finding good people is one thing. Keeping them is another. A good workplace culture lifts people up. It encourages them to become the best version of themselves. This is especially important in a virtual organization that uses online communication.

Unless your team members are all on the same page, there will be issues. Communication problems will lead to people feeling they are not heard. This can create internal conflict and politics, which will slow down the business.

Virtual organizations have many benefits over traditional companies. Working from home boosts productivity in employees. Companies save on rent and office supplies. And in times of crisis, changes can be made quickly. This gives businesses an advantage over slower competitors.

Building a virtual organization requires a good leader, good people, and a good business plan. Successful business leaders know how to plan for success. They know how to look at the big picture. If you want to know how successful companies run their organizations, get your copy of the Dragon 100™ checklist here.

How To Evaluate Business Opportunities And Ideas

April 9, 2020 by Dan Lok

There are many different types of business opportunities that entrepreneurs are regularly faced with. The reason why so many people are interested in pursuing business opportunities and ideas, is because they want to achieve wealth, success, and significance.

Perhaps you are evaluating business opportunities because you want to figure out a way to make more money, or you just want to feel more important, or more significant. Or, maybe you are simply ready to have something to call your own, and you’re eager to be your own boss.

It’s possible that for you, the wealth you could achieve from pursuing certain business opportunities would simply be a bonus of something greater: A sense of accomplishment and that satisfying feeling of fulfillment and achievement.

Types of business opportunities you may find yourself evaluating include starting your own business, expanding your current business, or investing in someone else’s business. You may even be thinking about buying an existing business that is currently for sale, or inventing a new product or service that you think there would be a demand for.

No matter which type of business opportunity you are considering, you must always properly assess, evaluate, and analyze any business opportunities that come your way. According to the most recent data from the U.S. Bureau of Labor Statistics, about 20% of small businesses fail in their first year, and about 50% of small businesses fail in their fifth year. So, now you understand why it’s so crucial to analyze and assess business opportunities instead of jumping right in. But how do you evaluate business opportunities properly? Below are several important tips, so be sure to read this entire article.

Evaluate Business Opportunities By Asking The Right Questions

Properly evaluating business opportunities requires that you ask all of the right questions. Don’t look at business opportunities through rose-colored glasses and assume it’s a great idea. Instead, ask yourself the hard questions.

For example, ask yourself what could go wrong. What is the downside? Have you done a proper risk assessment, and if so, what are the risks? Do you have the funds to start this business? How much will it cost? How much money could you lose?

And, even more importantly, ask yourself, Could I live with losing that much money?

Then ask yourself, Is there a sufficient market demand for this product? As well as, How long will it take to see a return on my investment? If the answer is that you might not see a profit for 5 years, then you need to ask yourself if you’re okay with that.

It’s also important to evaluate business opportunities by looking at the opportunity from other perspectives, rather than having tunnel vision. Ask yourself, What don’t I know? And ask, What don’t I see?

Critical Thinking Skills are Necessary to Evaluate Business Opportunities

Business is an intellectual sport. Whenever you’re evaluating new business opportunities, you must put aside some time to think. Whether that thinking time is done in your quiet home office, or you’re in deep thought as you stare out the window at your corporate office, this thinking time is crucial.

However, evaluating business opportunities doesn’t just require thinking. It requires critical thinking. You don’t just want to only think about how awesome this business idea is. (Many of my bad business decisions started off with a “good” idea, and a bad assumption on my part that the business would do well.) Your thinking can’t all be positive thinking about how great this opportunity is. Instead, you must engage in critical thinking. Part of critical thinking is asking yourself some of the questions mentioned in the section above.

Critical thinking, however, is also your ability to analyze the information objectively and without bias. A critical thinker will think about all of their research findings, industry data, facts, and run the numbers to see if the idea makes sense financially.

Critical thinkers are good at evaluating business ideas from a logical and fact-based standpoint, rather than from an emotional or biased standpoint. Click To Tweet

Critical thinking is important, as it’s smart to analyze business opportunities from a logical, objective and fact-based standpoint, rather than from a biased or emotional standpoint.

Conduct Market Research

When evaluating a business opportunity, it’s crucial to spend the time doing proper market research. Why? Because you need to know if there’s a high enough demand in the marketplace for your product or service. How big or small is the market for your type of business?

You also need to be aware of how much competition there is. Perhaps the marketplace is already over-saturated with similar businesses, and tons of competition. Do you think you can compete? How will you stand out?

You can also research how other similar businesses in the marketplace are doing. Are they struggling, or thriving? And what are the buying patterns of consumers in this market?

Market research also involves understanding the market and its current trends, what consumers in the market are currently paying for similar services, and where there is a gap that needs to be filled.

You’ll definitely have to do a lot of other research while evaluating business opportunities as well, but market research is one of the most crucial types of research.

A Detailed Business Plan is Required

You probably shouldn’t consider any business opportunities that don’t have a well-thought out, complete business plan.

If you are considering starting your own business, your first order of business is to do your research and write out a detailed business plan.

If you think you’ll need investors to start your business, know that they’ll require a business plan from you.

If the business opportunity you’re considering involves investing in someone else’s business, you should of course take a look at the business plan, and have industry professionals you trust take a look at it as well. You want to know that the business idea is one that is likely to be sustainable and profitable, within a market where the demand is there.

Ask a Professional Business Consultant for Advice

It’s worth it to hire a business consultant with credentials. Get their input. Business consultants typically charge by the hour, and they can help you with many things. If you don’t have a business plan yet, the consultant can give you tips on how to write a compelling business plan, and what should be included in it.

If you do have a business plan that was given to you or written by you, some consultants are willing to take a look at it, and provide their expert opinion. This helps you properly evaluate the business opportunity.

Hired consultants or lawyers can also help you review any contracts that you’d have to sign in order to take on a business opportunity.

Get Opinions from Industry Experts

Whatever business idea you’re evaluating, it’s always a smart idea to get advice from industry experts or mentors. Perhaps your mentor will advise you to write down a pros and cons list, or conduct some other ‘thinking’ exercise that is helpful while evaluating the business opportunity. Or, maybe an industry expert you talk to will have valuable insight on the current needs of the marketplace.

The more advice and opinions you get from business experts and industry experts, the more insight you’ll have into the business opportunity in front of you.

Think Outside the Box

How you think about your business, and how you execute your ideas, that’s what increases the odds of success. Intel is very valuable, as is thinking outside the box.

In the tough work of business, there are winners and losers. Contrary to popular belief, those who work the hardest and hustle the most, don’t always make the most money or succeed the most.

Those who take the time to think outside the box, however, are more likely to succeed. An example of thinking outside the box is thinking about a gap in the marketplace, where there is a demand. This is often referred to as a ‘blue ocean’ market, where there aren’t any competitors, as it’s a current gap in the market, but the demand is there. If you pursue ‘blue ocean’ business opportunities with no competition but tons of demand, you have a higher chance of success.

Financial Assessment: Is There a Less Expensive Opportunity to Consider Instead?

I want you to imagine that you’re evaluating a business opportunity in the restaurant industry, because you’re interested in this industry. Let’s say you’re thinking of opening a restaurant. But you know it’ll be expensive. This is not a cheap business opportunity. You have to think of the cost of the real estate, the labor, the cost of the food, the wait staff, etc.

Think about how much it will cost to open and run a restaurant. Let’s say you figured out that it’ll cost at least $400,000, and you have an investor willing to put in $150,000. You’ve realized that because of how pricey the initial investment is, it will take you at least 5 years to make back your investment. You might not start making a profit for 6 or 7 years. And in this competitive industry, the likelihood of failing is quite high. If things don’t go well, you could lose over half a million dollars.

After evaluating this business opportunity, you’ve realized your restaurant would have to do very well, even to just break even and make back your investment.

Don’t jump into anything without running the numbers. Do your break even analysis. The restaurant industry is extremely competitive.

Is there a less expensive business opportunity in this industry? How can you start a business that would cost less, in this industry that you’re interested in? Why not sell a food-related product instead? If you were thinking of opening an Indian restaurant, you could sell a related product instead. Consider selling delicious Indian cooking sauces instead.

Do You Know How to Pitch to Investors?

There’s a high likelihood that your business opportunity will be too expensive for you to take on by yourself. That means you need investors. But do you know how to pitch to investors?

Knowing how to pitch to investors is one of the skills you need to have if you want to pursue a business opportunity.

The first thing you’ll need to do is prepare a sales pitch. This typically includes memorizing a speech and creating a compelling power-point presentation. However, before you prepare your pitch, understand that your pitch should focus on the benefits for the investors. What’s in it for them? Investors only want to provide you with funding and invest in your business idea, because they want a return on their investment. It’s your job to explain how and when they’ll get their return on investment.

Your pitch should preemptively answer the questions you know your investors will need answered before they’ll feel comfortable investing. After hearing your pitch, the investor should now have more trust in your and your business idea, less doubts about it, and feel more confident in their investment. doubts, fears, and questions about whether or not they can trust you.

Be sure to rehearse your pitch and practice it again and again, before your investor meeting.

Knowing and Understanding Your Niche Market

It’s always important to invest in what you know, so if you’re considering investing in a new business opportunity, do you know the market quite well? Do you understand the market needs for this particular niche, and do you understand the industry?

If you aren’t knowledgeable in this particular industry, or you aren’t passionate about it, the business opportunity might not be right for you.

What Skills Do You Need to Have in Order for the Business to be a Success?

In order for a business to succeed, you need certain skills. So, when evaluating a business opportunity or idea, you should also evaluate whether you possess these crucial skills, or whether you could acquire them. These skills include sales and closing skills, marketing skills, industry knowledge, and business acumen.

If you don’t possess some of these skills, can you take a course to learn them? Or, do you have a potential business partner who does possess these skills? These are important things to think about.

Evaluating whether or not you have the right skills needed for the business plan to work, is part of what’s called a “self-analysis”. Reviewing your skills (including sales skills, people skills, marketing skills and special skills that align with the business model) is an important step. Other things to consider while doing a self-analysis, is considering whether or not you’re willing to put in the amount of funds, time, and effort needed to increase the odds of success.

If You Lack the Required Knowledge or Skills, Invest in Yourself First

You might not be ready to pursue certain business opportunities if you lack the required knowledge or skills. Before you can safely pursue these business opportunities that seem over your head, you must invest in yourself by learning the things you need to know.

Investing in yourself could be deciding to learn the required skills by taking an online course, or reading a business-related book written by a business expert.

Gain Knowledge by Reading Books on Business to Set Yourself Up for Success

Great business people are always learning. Business-related books can help you gain more knowledge, and books can also help you learn the skills you need to reach your goals. After reading these books, you’ll feel more confident in your pursuit of business opportunities, and it’ll be much safer for you to pursue them.

The right books will help set you up for success. You should ensure that the book you buy was written by a successful business professional, who recently pursued business opportunities and succeeded.

Think of how much crucial business-related knowledge you can gain, simply from buying a book that costs $10 or $20?

I recently published a book called Unlock It: The Master Key to Wealth, Success, and Significance. You’ll learn a lot about business in this book. What you’ll learn includes how to grow your business to grow rich, how to think critically by focusing on what you don’t know, how to hire the right people for your business, and how to unlock your business’s highest potential in terms of success and wealth.

Order my book Unlock It: The Master Key to Wealth, Success, and Significance here. Start reading about business so that you can pursue only the best business opportunities that have the highest chance of success.

5 High Return Investments That Can Make A Fortune With Low Risk

March 15, 2020 by Dan Lok

Are you looking to make high return investments? And minimize your risks at the same time? How do you decide which one is best for you? Today I will help you clear the noise in the marketplace.

This is a burning question that I get asked every day.

What investments should I make?

I say…

It depends on what kind of investor you are.

You see…

It’s a matter of growth vs security. If you know how to properly manage your money like the rich, you may know this:

You know that you have to look for investments that provide a comfortable balance of high return and low risk. Low risk means that there is a reduced chance of losing your principal.

However, if you are looking to up your investment game…

You may want to know more about high return investments. And while making such investments you have to consider all the options available to you. Even the ones you may not have heard of before.

Today I am going to give you some options.

Ultimately, what you invest in depends on your:

Likes and dislikes
Understanding
Strengths and weaknesses
Investment amount

Always remember:

Rich people only invest in something they understand. Click To Tweet

What makes sense for me may not make sense for you. So, do your due diligence before you consider any of the high return investments that I am giving you.

You need to have clarity as an investor.

Don’t buy into the whole “get rich quick” or “you’re going to miss out” mentality. Anyone who does that is a very amateur investor.

But first, I want to clear something…

High Return Investments Do Not Have To Be High Risk

You know that not all investments are equal. No matter what type of investor you are…

When you think of high-return investments, you think there have to be a lot of risks involved.

Well, that does not have to be.

You’ve probably heard the following…

“If there’s no risk – there’s no reward.”

“You gotta go big, or go home.”

“You just gotta ride the wave.”

Let me give you an example…

Look at what happened to Blackberry stock in 2008 and you’ll know exactly what I mean.

Thousands had their portfolios decimated as Blackberry plunged from $138 dollars all the way down to a measly $7.50.

Yet at the time, no one would have thought twice about their investments.

Talk about risk.

Let me clear some common myths about High-Return Investing:

You don’t need a lot of capital
Can be done from anywhere in the world
You don’t need to have a good credit record
You don’t need to borrow money
And you do not (and definitely shouldn’t) be taking on a lot of risks

With that said, let’s look at some high return investments that offer low risks:

1. Peer-to-Peer Lending

In P2P lending, borrowers and lenders connect on a platform. There are several P2P investment platforms available such as Lending Club and Prosper.

You directly connect with borrowers and fund loans to them. Banks do not get involved here.

Borrowers can make an application for loans anonymously. They prefer these platforms because they have to pay lower interest rates compared to banks.

You as an investor can get higher returns than what you can get with traditional investing.

And you can select from hundreds of different loans you want to invest in. Loans are graded from the high-rated to lower-rated.

The higher-rated loans pay lower interest rates.

You can decide on borrowers based on:

Minimum credit score
Minimum debt-to-income ratio
Loan term
Loan type

Once you lend money…

The borrower will make monthly payments (the principal and interest) to you.

This will be done within your investment account on the platform. Returns can be anywhere between 6%-36%.

You need to invest a minimum of $25 as individual loans. These platforms offer you to diversify your investment.

So let’s say…

You decide to invest $10k. That means you can fund 400 separate loans if you wish to.

This minimizes the impact of a default associated with any given loan.

Lending Club claims to have provided historical returns of 4.83% to 6.37%.

2. Dividend-Paying Stocks

You have two different ways to make money in the stock market.

One way is through appreciation – an increase in the stock price. For example, you buy stock for $100 and it goes up to $150. That’s appreciation.

Then there are dividend-paying stocks. This investment gives you the option to participate in capital gains. Dividend income and capital gains combined can be high return investments in the long-term.

What’s more…

A high dividend makes it easier for you to hold a stock through a declining market. Because you receive regular cash flow from the dividend.

Here…

You’re investing money in the stocks that pay you even if the stock doesn’t make any money.

So let’s say…

If you buy a stock for $10 a share and its value remains the same for the entire year…

You still get paid in the form of dividends when a company reaches a point where they are cash solvent.

For high return investments, look at stocks that have a history of increasing their dividend over time.

These are called Dividend Aristocrats. It’s an index of 57 S&P 500 companies that have raised their payouts annually for at least 25 years.

Here are 10 that offered a projected upside of at least 10% in 2020.

To reduce risk, you could go with companies that have never decreased their dividend in the last 60 years.

That is historically they have proved to do so. There’s no guarantee that they will not in the future.

3. Preferred Stocks

These are a special type of stock. Unlike common stocks, they are high return investments.

But, you don’t get any voting rights. So when it comes time for a company to vote on any form of corporate policy, preferred shareholders have no voice in the future of the company.

However, you have a higher claim on the company’s earnings and assets.

Hence, when a company declares a dividend, preferred stockholders get paid first i.e. before the common stockholders.

And if a company is liquidated and after the bondholders and creditors are paid…

Preferred stockholders are paid ahead of common stockholders.

In other words, these are high return investments with lower risk because there’s more assurance you’ll receive the dividends.

Think of it this way…

Preferred stocks are a cross between common stocks and bonds. Because preferred stocks have a more predictable dividend income. They have a certain dividend level.

If you buy a common stock you get returns (dividends) only after a declaration by the company board. They may even reduce or remove the dividends entirely.

On the other hand…

Let’s assume you have a preferred stock with a stated annual dividend of $10 per year.

You will receive the $10 per share dividend each year before the common stockholders can receive any returns. But you will get no more than the $10 dividend, even if the corporation’s net income increases multiple times.

4. Real Estate Investment Trusts (REIT)

Real estate is what we call a hard asset. It has the potential to perform well even when the financial markets are fluctuating.

Now you may not be ready or have the desire to take on the work of a landlord. But, you can still invest in real estate.

That’s where REITs come in. They give you the chance to invest in real estate without the hands-on work.

Sites like Fundrise allow you to collectively invest in real estate properties. It’s like crowdsourcing with real estate investing.

You can choose to invest in a single property or in various real estate developments.

What’s more…

Often you get better returns over the long-term. Think of REITs as mutual funds that invest in real estate.

You can even do it with a small investment (say $1,000).

Hence, REITs can be excellent high-return investments with low-risk.

Because they pay dividends and receive special tax treatment.

REITs tend to have more stable values than stocks. And like dividend-paying stocks, they add the potential for capital appreciation to regular dividend income.

They pay at least 90% of its revenue in dividends to its shareholders. Those dividends are tax-deductible, enabling the REIT to minimize or even eliminate income taxes.

Returns can be in excess of 10%. Therefore, making them a great source of regular income.

You can invest in REITs directly, or trade on major exchanges. Like exchange-traded funds (ETFs) which hold positions in several REITs at a time.

You can buy and sell positions when you decide it is appropriate for you.

5. Tax Lien Certificates

When you buy a Tax Lien Certificate, you are in effect paying someone else’s property taxes for them.

You see…

In several counties and municipalities in the United States, local governments have millions of dollars outstanding in overdue property taxes.

These overdue taxes are from property owners who will not or cannot pay their property taxes.

And to fund the daily services of police, fire, hospitals, schools, roads, etc., the local governments need this money.

When you pay these taxes, the government gives you the right to receive all of the outstanding tax money due. Along with the fees, high interest, and penalties.

In a sense, it’s like a mortgage.

These Tax Lien Certificates are secured by the real estate they’re attached to.

So you are not actually buying the real estate. You are just buying the government’s lien on the real estate.

Basically, to encourage taxpayers to pay their property taxes on time…

The government charges high-interest rates which are passed directly to you.

To pay you back, you receive government-guaranteed checks of 16%, 18%, up to 36% interest. And these are paid directly to you.

Think of it this way…

You are receiving a continual, high-rate income from the government.

You can buy Tax Lien Certificates secured by different properties. And in different locations in the same state, or in different states.

There are thousands of these available at different price points. It could be as low as $50 and as much as $1,000 or much more.

These certificates are so lucrative that I call them…

The Wealth Builders Of The 21st Century

As an investor, I don’t like leaving things to chance. I make an investment only when I know all the angles.

Among all the high return investments that offer low risk, I found Tax Lien Certificates to be one of the best.

Why?

Because Tax Lien Certificates offer benefits that I couldn’t find elsewhere.

What I especially love about Tax lien certificates:

They are very easy to buy.
They are recession-proof.
The law protects the money.
The high-interest returns you get are mandated by state law.
They don’t rise and fall like the stock market. You get returns regardless of market fluctuation.
They are hidden from the general public.

One thing I particularly love about these certificates…

It doesn’t matter if you have a lot of capital, to begin with.

It’s the most democratic of investments. Allowing any investor to become a high-return investor.

Once you know about these little known high return investments…

And learn to take advantage of them – you’ll wonder why no one else is doing the same.

You’ll wonder why anyone would even bother with the roller-coaster ride of forex trading or the stock market.

But, as I have advised you before…

Investigate Before You Invest

I have wanted to bring this information out to a new audience for quite some time. I decided it’s high time people got to know about these high return investments.

This way you would know about this little known investment which the institutions themselves use to make money.

Most importantly, I wanted to teach you how to use this investment to your maximum advantage.

Now, you may be wondering…

Why are these high return investments so little known?

You see…

The answer is quite simple: stockbrokers, financial planners, and bankers can’t make commissions on them.

And once you know the opportunities out there…

You’ll probably never want to invest your excess money in your bank again.

Most bankers take the money you give them and use these same strategies to reap the high yield returns.

And what do you get? A lousy 1% return.

So they’re basically using your money AND these strategies…

To make themselves a fortune. That’s why they pray these high return investments are not revealed to anyone.

But, these investments are nothing new. They are just not common knowledge.

They have been a proven investment strategy for years. These principles have existed for hundreds of years.

All wealthy people have been using these secrets for decades.

And we have decided to reveal it all in an event called the Secrets of the Rich, which occurred in February23-24, 2020. This was where we offered in-depth knowledge about these high return investments.

This way you can investigate this investment further. Have a “dry run” so to speak.

Uncovering The Secrets Of The Rich

Ask yourself…

What it would mean to you if you could make high return investments without the typical risks?

Certainly, it would give you a predictable and sustainable way to grow your net worth. And you will ultimately be able to build yourself the lifestyle you want.

There are high return investments with virtually no-risk (we’re going to teach you how) that will always help you be able to “look before you leap”.

With these investments, you’ll be able to strategically grow your net worth.

B2B VS B2C: Which Business Model Is Better?

February 18, 2020 by Dan Lok

When it comes to B2B vs B2C, which business model is better? Can you make more money selling your product or service to businesses, or to general consumers? If you are trying to decide which business model you should pursue, you might be wondering which one to choose: B2B vs B2C?

Which business model is more profitable and scalable? Where can you make more money and grow your business faster?

The short answer is that it depends. It depends on your background, your expertise, your knowledge, your specific set of skills, and what you’re offering the marketplace. It also depends on what you want for you and your business.

In general, for most people, it’s a little bit easier to start with B2C. Why? Because in your day-to-day life, you are a consumer, too. So, understanding what consumers want will come more naturally to you. Chances are, you face similar problems as other people do, and you understand what people need.

So, if you are just starting out, you might want to start in the B2C sector since it’s an easier place to start.

B2B, on the other hand, will be easier for you if you have plenty of experience working in a corporation. B2B is even easier if you’ve already built some relationships with other businesses.

For most people, I would say start with the B2C model. Then later, perhaps branch out into B2B.

If you possess the right skills, the B2B model can be incredibly profitable. Why? Because businesses usually have much more money to spend than the average consumer. Businesses have a much larger budget to pay premium prices.

You can make a lot of money in the B2C sector, too, but it requires you to first build a massive customer base. You need a lot of customers to make good money in the B2C sector. There is often more money in B2B, and with B2B, you don’t need as many customers to make good money, since you can charge higher prices.

As you’re now realizing, a lot of factors play into the decision when you’re deciding between B2B vs B2C for your business model. Below are some deeper insights into B2B vs B2C.

What Exactly Is The B2B Business Model?

B2B stands for business to business. That means your company is selling products or services to other companies. As you sell to other businesses, you have to understand one thing: The person buying from you doesn’t make the buying decision for themselves.

Rather, they are buying your product or service for their company. They are making the purchase on behalf of the whole organization, and their organization’s needs are being considered. Common B2B products are consulting services, customer relationship management systems, copywriting services, lead generation and many more. You see, a single customer probably wouldn’t need such products. But these types of products provide immense value for businesses.

What Exactly Is The B2C Business Model?

B2C stands for business to consumer. A consumer is a regular customer. So, you are selling to individuals. Your product would be designed and developed to solve the problems of everyday people.

In B2B, you could be selling anything from outerwear to toothbrushes to mattresses. Everybody needs those items, but there is also a lot of competition. That’s why B2C companies have to be creative in their marketing strategies, in an effort to stay on top of the market and ahead of their competition..

It Depends On Your Experience

If you start a business in a niche industry that you have personal experience in, chances are, you understand your customers very well.

As a B2C company, you could be selling a simple product on an e-commerce site. On your online store, you’re simply selling something that everybody uses. Starting such a business isn’t that expensive. It also doesn’t take a lot for you to advertise it on the internet. Advertise it through Facebook, Instagram, Google or other channels. You could even sell your product on Amazon. Just get in the game and make those first few sales. You might even consider going to Kickstarter and start a crowdfunding campaign. That way you can pre-sell your product before you even make it.

If you have a background in the corporate world a B2B business model might be for you. Let’s assume you worked in the human resource department, for example. You already gained some insights into that sector and chances are you built some relationships. Maybe now you want to branch out and start your own human resource agency. Then the B2B model might work for you. Why? Because you have some experience, you know some people and have been in the industry for some time.

B2B vs B2C: What Are The Similarities?

B2B and B2C businesses aren’t complete opposites. Actually, many businesses offer both B2B and B2C solutions.

Let me give you a perfect example. Let’s assume your company sells beverages. You could have a store where you sell beverages to individual customers. At the same time, you could also have contracts with businesses. Businesses would offer your drinks in their restaurants, cafeterias or in vending machines in their office buildings.

In such a case, you would have both a B2B and a B2C business strategy. More and more businesses are doing exactly that and do very well with both. It opens up an even bigger market for them.

B2B vs B2C: What Are The Key Differences?

Now, when it comes to B2B vs B2C there are some key differences that you should be aware of. What works perfectly in the B2C sector might not work at all in B2B. So, be very aware and make conscious choices about your business model. What are those key differences? Let’s have a look below:

Different Target Markets

The target market of B2B and B2C businesses are different. Generally speaking, the B2C market is a bit larger. Why is that? Yes, there are plenty of businesses out there that you could market to. However, you most likely have to specialize. You have to pick a certain niche and a certain vertical. Like the example I gave above – when you have relationships in human resources already, you could build up your business there. But here comes the important point: the product you offer might be extremely valuable for HR departments. But chances are, it wouldn’t work that well in other industries or other departments.

For B2B businesses, the market is often smaller and more specialized. But that also means you might be able to charge a higher price in the B2B sector. In fact, it’s estimated that the US B2B market is a 780 billion dollar market compared… Click To Tweet

Still, there are also plenty of very pricey B2C products. Think about luxury stores such as Prada, Gucci, and Hérmes. These are B2C businesses, but still have a high price tag. So, price isn’t the only key difference between B2B and B2C companies.

Different Customer Needs

In general, the target market for B2B is a bit more sophisticated. They want to be educated on your product or service, and you need to build personal trust with them. Remember, they are making the purchase decision for the whole organization. They don’t want to look stupid and make sure their decision actually makes sense. So if you educate them on how your product helps them, you have bigger chances of making a sale. They will also want to see that investing in your product makes financial sense for them. It has to save them time, make workflows easier or give them any other return on their investments.

B2C customers, on the other hand, want to be entertained rather than educated. So, you would heavily focus on your brand image. B2C customers usually don’t think about return on investment. They want to have a good time and enjoy a purchase from a cool brand.

Some people argue that B2B clients make rational decisions, while B2C prospects buy out of emotion. I would be careful with such assumptions, as I believe all buying decisions are emotional. But we justify it with logic later. That’s why for B2B, relationship building is so important.

Different Sales Cycle

A great distinction from B2B vs B2C is the sales cycle of your product.

First, let’s define what a sales cycle is. The sales cycle is the whole process of selling a product. From the first contact with a customer until closing the sale. The exact steps look different for every business.

In a physical retail store, for example, the sales cycle could be simple. The customer goes in, chooses a product from a rack, and pays. That’s it.

For B2B businesses, the sales cycle is usually longer compared to B2C. Your customers need more touchpoints with you before they are ready to buy. In general, B2B also takes longer because several people have to approve the buying decision. They have accounting departments that have to approve the purchase, and it’s also often a team decision. It can take some time until the purchase is approved internally.

You have to provide your B2B customers with a very clear understanding of the value of your product or service. Once they buy from you, however, they will likely stick with you. So, the B2B business is a lot about customer retention. Ideally, you keep them as a returning customer for a lifetime.

In the B2C business model, the focus is more on customer acquisition. The market is bigger and you want to reach a higher volume of people. Especially if your product is something that people need to buy only once. You need to generate new customers constantly.

B2C customers depend less on other people when making a purchase. The influence of friends and family might be increasing, but they don’t have to go through a whole command chain before making any purchase.

So when you compare B2B vs B2C in general, the sales cycle of B2B clients takes longer but they will likely stay with you. B2C requires to find new clients frequently. That’s why many B2C companies offer subscription models.

Different Marketing Strategies

You will need different marketing strategies for B2B vs B2C. Depending on who you want to sell to, you’ll develop a different marketing campaign. As I briefly touched on, B2B clients usually want to be educated. So you have carter informational content towards them. You probably have to “nourish” them before they would buy. That means to build a relationship with them and showing them in which way you add value to their lives.

In the B2C market, education can also be important but the customers are also looking for entertainment. They maybe don’t want to build a close relationship with your brand – sometimes they just want to buy their necessities and be done with it. This will greatly depend on your product.

When Is B2B Probably Better For You?

The B2B business model might work very well for you if you’ve worked in the corporate world before. Maybe you already got some insights on how big companies make buying decisions. Maybe you even know some problems that companies face. Then you could create a product that solves exactly that problem.

B2B might also work well for you if you like planning for the long-term and enjoy going into detail. As the sales cycle is longer in B2B you have to plan for the purchase in a long term view. Usually, you also would research your potential prospects and really find out their pain points.

When is B2C Probably Better For You?

Starting out as a B2C business might be easier, as you yourself are a customer, too. So you could create and sell products that you yourself would enjoy. To stay in the business, however, you will need the ability to keep customers engaged with you. You need some form of creativity to attract customers. If the idea to attract masses interests you, then B2C might be more suitable for you.

B2C customers may buy from you once but don’t immediately come back for more. They could be drawn to your competitors too. So you have to figure out how you can stay interesting and have them come back for more.

B2B vs B2C? It’s all P2P

As you see, the answer if a B2B or B2C business model is better can’t be answered easily. So many factors determine success. If you do it right, both can be very lucrative.

But no matter if you have a B2B or B2C business model, at the end of the day it’s all P2P: Person to Person. You have to remember that your customers aren’t just numbers on a screen. They are real human beings. If you understand why people buy, and how people buy, you will be able to close them on any deal.

You might be wondering, does this really apply to B2B businesses too? The truth is, it does. Because even big businesses are run by people. So if you know how to find out the needs and pain points of a person you can much more effectively communicate how your product can help them. Selling has a lot to do with emotions and psychology.

So which to choose B2B or B2C?

In conclusion, the decision between B2B and B2C business models is not a matter of which is definitively better, but rather which aligns best with your background, expertise, and goals.

While B2C may offer an easier entry point due to its broad consumer appeal, B2B holds the potential for substantial profitability, particularly for those with corporate experience and industry insights.

Regardless of the model you choose, understanding the nuances of your target market, their needs, and the art of effective selling is paramount.

What to do after deciding B2B or B2C?

Start to craft offers that align with your target audience’s unique characteristics, motivations, and purchasing behaviors. Consider to create high-ticket offers for your business.

High-ticket offer typically commands a higher price point but offers significant benefits, exclusivity, and results that make it compelling and desirable to potential buyers. High-ticket offer is good for business because it attracts high-value clients, increases revenue per sale, and strengthens the brand’s positioning in the market.

If you’re seeking to learn how to create high-ticket offers for your business, download the FREE “High Ticket Offer Formula™”. This will equip you with the strategies on crafting irresistible high-ticket offers, whether you’re engaging with businesses or consumers. Unlock new opportunities for growth and success.