Work Smarter Not Harder Dan Lok Menfluential Presentation Carl: How to make more money? It seems like a good question. I know I’ve asked it before. But it turns out it’s the wrong question to be asking. Why? Let me tell you a quick story. So, when I started my first company a tailored suit, I remember we had this amazing month over $100,000 in sales. I had never seen I mean I was just, wow.
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Until I saw the expenses, $110,000. Now, that’s not a good thing when you’ve got an extra $10,000 flying out the door. So, money was coming in, but money faster was going out. So, the better question is how do I keep more money? How do I create a business which is going to be profitable not just one that’s going to get a lot of sales? How do I attract people customers that are going to come in and actually buy, not just walk through my store and leave? So, how do you start asking better questions? Well, you can go the route that I went four years just doing everything myself and trying to figure out or you can surround yourself with men that understand money. Now, financial managers, accountants each of them have their own pieces I find that successful entrepreneurs who are years ahead of me are the kind of people I want to surround myself with because, hey, they’ve already gone through a lot of the bumps, they’ve got the bruises they’ve got the cuts and scrapes and why not learn from them. It’s like climbing a mountain and having a Sherpa take you up. You want someone that has been there that has done that. Now, Dan Lok he is one of those Sherpas. He is one of those guys that understands money. And what I like about Dan is he’s not afraid to go out there and create a high ticket sale. Because if you think about it how do you get a million dollar business? Well, you could sell a million products at $1 or you could sell one product at $1 million. And I like Dan because he approaches it from, hey, it’s going to be a lot easier if you want to get that million dollar business to have a hundred customers at maybe ten thousand to maybe have, you know, I don’t know ten customers at $100,000.
You guys can see you can do play with these numbers all day, but Dan is the kind of guy that can open your mind to how you can grow your business. So, without further ado here’s Dan Lok. Dan: So, let’s take a just for hypothetical scenario. Let’s say you want to make this six-figure, I just take $300,000 as an example. How many would love to make $300,000 a year? How many think you need more than $200,000? Good. Let’s start with you. Let’s say assume your goal is $300,000 a year. Let’s say if you offer professional services at $25,000 a year you only need twelve clients to reach $300,000. Now, I mean if you’re selling something for $10, $20, or $30, you need to sell a lot of them to make $300,000. Yes? You need to sell a lot. Now, we’re talking twelve clients, just one client a month – one. And if someone a month you say I didn’t get one, next month you need to get two like two clients.
That’s what I’m talking about, two clients. If you’re doing consulting and coaching kind of the business I’m in, at $2,500 a month work on income ten clients twelve months, that’s $300,000. We’re talking ten people. That’s less than a one a month. Instead of getting thousands and thousands and thousands and thousands of people, one, one per month. If you do group coaching $1,000 a month recurring times twenty five clients, that’s $300,000. You don’t need a lot of people. You don’t need a lot of people. And, I’m not against membership sites, I love membership site, I have membership site in different niches. I’m not against e-commerce, I have a number of e-commerce companies. One of my companies we sell the jewelry, ladies would know it, Pandora. You know the charm bracelets? Yeah.
We’re the number on e-commerce company for their brand, Pandora in Canada. I get it, I sell those things, but I’m just saying for my personal profession what I do is I prefer smaller fewer clients. How many with me? Yes. That’s what I’m talking about. So, let me share some behind the scenes numbers with you. I have a mastermind group called Dan Lok Inner Circle. We have – we started that group officially in 2019, so just last year. Currently we have thirty two members at $18,000 per member, that’s a half a million dollars with thirty two members that I have to serve just thirty two people. And I’m planning to increase the fee to $24,000 in 2019. My one-on-one client and I have twelve of them. How many? Twelve. Not twenty not fifty, twelve, just twelve.
One at $250,000 a year, six at $100,000 a year, five at monthly retainer plus whatever percent of revenue share. Now, these are their personal numbers that I want to share with you because I want to demonstrate this stuff works. It works. It works. And it is my big secret, you want to start charging premium price from day one. When you want to start charging premium prices? Day one. Why is that? Because not – I know what you’re thinking. You might be thinking, but Dan I’m new to this, I don’t have a lot of experience, I don’t have enough credibility, I don’t have enough testimonials. I haven’t been doing this long enough. You know I was looking for other – other people online, they’re only charging X. So, they should charge X, I should charge even less than X. Or I’m offering a new rate, so I can get some testimonials.
Well, people won’t pay that much for what I offer anyway. That’s not a marketing question, that’s more self-esteem issue. People won’t pay that much for what I offer anyway. How many of you to be honest have some of these objections in your mind? Yeah, people won’t pay that much. Please write this down, don’t project your own value to your clients and don’t project your struggles to your clients just because you won’t pay this much doesn’t mean they won’t pay this much. There’s nothing to do with one another. Nothing. Why I believe undercharging seriously hums your business and happiness. There are five big problems. How many? Five big problems I believe when you charge too little for what you do. Number one, short client engagements. When you don’t touch a lot, people won’t work with you for a long period of time, you always have to get what? New clients, more turn, more turn.
So, as you’re serving this group of clients you’re always thinking, oh, no, I need more new business. I need more new business because that’s going to be up in like thirty days, I need more new business. You’re always in that frantic desperate needy energy. And please write this down, needy is creepy. Needy is creepy. Ladies, right? Have you ever dated needy guys? Like needy is creepy. Clients get minimum results. Here’s why they get minimum results because there’s not a big commitment from them and it’s not big a commitment from you. When they don’t invest a lot, there’s not a lot of skin in the game. I believe the more people pay for something, the more they value it. The more they pay for something, the more they value it. It’s human nature.
So, the more they pay – so let’s say, you know, let’s say this conference, how many have to fly in for this conference? Yeah, I’m actually from out of town myself, right? And you have to invest time, money, hotels, to be here, yes? That’s a commitment versus if you just live down that block let’s say five minutes away from here and this conference is like $20. You’re going to come in with a totally different mindset because you’re like, ah. You’re going to show up late, you’re going to take a longer break. But, if you pay that much money to be here, you’ll be like, okay, where’s the value? I invest a lot to be here. I need to get something out of it. Yes? That positive expectation leads to better results. Carl: Now, if you like Dan’s presentation, guys, you can see him again at Menfluential2019. Yes, he’s a returning speaker because I feel it’s really important to talk about money to be open about it. I knew I grew up in a family that we didn’t have much money, so we never talked about it. It was like a shameful thing to talk about it. I think that’s the wrong approach. Money is a very useful tool to be able to live the life you want to live.
So, if you want to learn about money, you want to learn about health, you want to learn about fitness, you want to learn about style, guys, we got an amazing set of experts coming to my Menfluential event. I would love to see you in Atlanta, Georgia February 23rd and 24th. I’m going to link to it down in the description. Go check it out, guys. I would love to see you there. That’s it.