Do you want to learn how to become rich? Who better to learn from than Dan Lok.
Dan is a multi-millionaire and serial entrepreneur, and an international best-selling author. Known as the “king of high-ticket sales”, he teaches people how to make money online and become “celebrity-authorities” in their marketplaces.
There has never been a better time to be an entrepreneur. The world of technology has provided people with endless opportunities to get into business for themselves. All you need is an Internet connection and a laptop, and you have the ability to make money online from the comfort of your own home.
Dan Lok and I talk about the 7 best ways to make money online that will give you the ultimate life of freedom and financial success.
Watch the video below:
(Click here to watch on YouTube)
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Are you ready to learn 3 more ways to make money online? CLICK HERE for instant access to Dan Lok's video!
Are you ready to learn the #1 skill that will give you the ultimate life of freedom and financial success? CLICK HERE to join Dan Lok and I on our webinar and receive a free copy of Dan's book, FU Money!
The majority of people would love to learn how to become rich.
If you have ever wanted the freedom and flexibility to live out your ultimate dream lifestyle, you aren't alone. Many people have the desire to build an online business but they never take action because they don't know how to do it. This is a big reason why more and more people are starting online businesses.
Whether you want to quit your 9-5 job or just make some extra income on the side, there are so many online business models that you can choose from. Here is a sneak peek of my interview with Dan Lok, where we talk about the 7 best ways to make money online.
1. Information Products
Information products can be in the form of ebooks, courses, membership sites, or audio programs. If you haven't read it yet, I encourage you to read Dan Lok's book, FU Money, which was one of Dan's original information products. He also had an FU Money System training program that helped me build my first online business.
What has been your experience with information products and what are some of the pros and cons?
Information products are one of my favorite ways to make money online. It's a one-revenue stream that can make you tens of millions of dollars. I like them because of the profit margin. As an info product — I'm not selling the CD, DVD or the book. Rather, I'm selling what the information would do for people. A piece of paper isn't worth nothing. However, the minute that you print something it becomes a $100 bill.
It's what is in the program that matters. I find that I get the most satisfaction from creating information products. You are creating change in people's lives and the feedback that you receive is amazing.
As a mentor and teacher, I love this online business model.
When you sell a supplement, people use it, but they aren't sending you life-changing moments that they experience. Back in the day, I remember the first few information products that I bought, whether it was Tony Robbins' course, Personal Power or Brian Tracys' course, The Psychology of Achievement. These were great motivational speakers.
These people are the reasons why many of us have a passion for information products. We know how those products changed our lives and we want to do the same for others. However, if you want to sell information products, you need a bigger skill set, in terms of marketing.
When you first wrote FU Money, did you create it with the intention of making money?
The first book that I wrote was in my early 20's. At the time, I was a copywriter. I wanted to create the ultimate business card. I remember when I was traveling to Chicago and I was sitting on the airplane and I was talking with a gentleman. We were asking each other what we did for work. He asked me for a business card, but I had a copy of my book, so I gave it to him.
His reaction was amazing. He was flipping through my book, but he wasn't even reading it. By the time the plane had landed, he handed me a cheque for $10,000 for a copywriting project.
Would that have happened if I only gave him a business card? I don't think so.
He liked the fact that I had written a book. It built up my perceived value as an author. I've been able to create an audio program, membership site, and online courses that I can now sell at a high-profit margin from that course. That being said, I do believe that the market has shifted in the last few years.
Back in the day, you had people selling different home study courses and programs, but times have changed. Today, in order for people to invest in your product, you need to have some kind of track record of success. For example, if you want to sell a weight loss program, then you need to have gone through the experience of losing weight and have a story to tell.
I see people drowning in information and starving themselves of wisdom because there are so many choices out there. If you can provide people with shortcuts of how they can get from point A to point B in the shortest amount of time, they will pay for it.
They are paying for the speed, not so much the information. They don't want to figure things out on their own.
I much prefer what I call, “experiential products” where there is a process and a community setup. With this model, people are buying a lot of different things other than just video information. I believe that these products sell much better and get people results, both faster and more efficiently. However, I do believe that information products are a great starting point for any online entrepreneur.
2. Services
This could in the form of coaching, consulting, a done-for-you-type of service, seminars, or mastermind groups.
Can you share what your experience has been like with services?
I think that services are a great place to start. If you are already a service provider, whether that's a coach or a consultant, you are just simply using the Internet to get your name out there and market your service. Chances are that most people in your industry who are providing a similar service to you suck at Internet marketing. Even if you do a little bit more than them, you will dominate.
One of my mentors is a real estate agent in Vancouver. He's got a pretty good YouTube channel which brings him a lot of leads and business. However, he only has a couple thousand subscribers. He's a big fish in a small market. It's so easy to get into services because all you have to do is sell, get a lead online and close on the telephone or face-to-face and you are in business.
A lot of businesses out there have no idea how to build their brand.
There is a huge demand for them to find people that can provide that as a service and do that for them. You can charge high-ticket for a service like this. Let's say that you are managing people's Instagram accounts. You can easily charge a couple thousand dollars per month and have a handful of clients. With that $10,000 per month, maybe you could get into e-commerce.
I've got 21- year old guys that work for me. They are building my social media channels. They understand the marketplace and what millennials want. As a result, they get paid well. In this way, age becomes an advantage.
3. Software
This could be apps, web-based software, or SASS software as a service model, like Airbnb or Uber.
How has software helped you grow your business?
This is a powerful online business model. I think that this is a huge opportunity, which is what I am currently building right now. People implement software when they have the desire to build a bigger business, to 8-9 figures. They have now created automation-type software, where if someone opts into your list or watches a webinar, you follow-up with them differently.
There are so many apps out there now for team management, efficiency, marketing, and productivity. The sky is the limit. The only downsides that I've seen with software are that you need developers, which can be fairly expensive.
I think that the software model is the one that requires the most amount of capital and skills.
You aren't just doing marketing. As a matter of fact, now you are working with developers and you may even be raising capital. As an entrepreneur, it will require that you have very well-rounded skills. Even then, your success rate may not be high. The upside is huge if you can make it work, but you have to know what is expected in advance.
4. Closing
Closing is one of the most neglected traits in the business world today. It's more than just your ability to sell something.
Could you share with people about how you close?
People always ask me what transformed my life and took me from a 1-bedroom apartment in one of the worst neighborhoods in Vancouver to a penthouse lifestyle. All of my success, wealth, and fulfillment comes from my ability to close. If you think about it, everything is closing. When I say closing they think of the Wolf of Wall Street.
For example, imagine that you are knocking door-to-door. You are selling a fire extinguisher and saying, “Hey, do you want to buy this?” That is a traditional sales approach. This example is not closing. Rather, closing is walking down the street and having someone say to you, “My house is on fire, can you help me?”
You happen to have a fire extinguisher with you. You help put out the fire and you end up saving their house and everything that they own. That person is forever grateful so they give you all the money in their pocket. That is closing.
I see a lot of people with a good product or service and they want to help the world, but they can't close.
There is no relationship between being good at what you do and getting paid. You need to know how to communicate your value. Call it whatever you want. For example – closing, helping people get what they want, serving people, providing a solution – it all comes down to making money. I think that closing is the #1 skill that every person needs to develop in life.
What do you say to someone that has a mental block around being able to close?
The mental block is simple. You are selling every single day, regardless of whether you are aware of it or not. There are two kinds of salespeople. Either you are good at it or you suck. There is no in-between. If you don't close someone, then you can't help them.
If you didn't know how to become rich before this blog post, now you know!
If you want to learn 3 more ways that you can make money online, check out the video on Dan Lock's YouTube channel! Are you ready to make money online and create the financial freedom that you desire? In the words of Scott Alexander, “Making money is a hobby that will complement any other hobbies that you have, beautifully.”
Are you ready to learn 3 more ways to make money online? CLICK HERE for instant access to Dan Lok's video
Are you ready to learn the #1 skill that will give you the ultimate life of freedom and financial success? CLICK HERE to join Dan Lok and I on our webinar and receive a free copy of Dan's book, FU Money!
Do you want to learn the #1 thing that you must do before you become wealthy? CLICK HERE to read the article that I wrote on Medium!