How I’m Going To Build A $1.5 Million Business From Scratch – By Dan Lok
I consider myself a serial entrepreneur. I have been lucky enough to start, run and turnaround a dozen companies. Now in my spare time, I coach a select group of entrepreneurs, helping them profit wildly while making a huge difference in the world.
#1 BUILD YOUR DREAM
As we go to adulthood we lose sight of our dreams. It’s time to start dreaming again. List out at least 5 things you would do if money was no object. Start with the end outcome and work backward to make that dream come true.
#2 DELIVER VALUE FIRST AND EVERYTHING ELSE WILL FOLLOW
Very few people do this so this will help you stand out from the crowd and helps to build trust.
#3 NO BODY CARES ABOUT YOUR EXCUSES
Nobody pities your procrastination. It’s your fault if you are lazy. It’s up to you to take action in your life
#4 YOUR COMFORT ZONE IS YOUR INCOME ZONE
#5 FIND A COACH BUT MAKE SURE YOU GET THE RIGHT ONE
Pick someone who has done it. Has accomplished what you are trying to do and does it currently not 5 or 10 years ago and definitely not from people that only got rich teaching other people how to get rich but have never run any other successful businesses themselves. Hire people that have done it many times over.
#6 CONVENTIONAL WISDOM IS ALMOST ALWAYS WRONG
Stop looking at what you think you know and start looking at your results. Your results dictate what you truly know and have applied.
#7 SHARE YOUR CHALLENGES AND BE OPEN TO IDEAS AND HELP FROM OTHERS
Other people have had similar challenges and found ways to conquer them so learn from their experiences.
#8 GIVE FANCY CREATIVE TITLES TO YOUR EMPLOYEES
Director of Wow
#9 INVEST IN YOURSELF
Consistently work on developing your business skills
#10 BEFORE STARTING A NEW BUSINESS
What are they doing? Find out what works for them.
Call them up and discover their weaknesses. Is it in sales? Customer service?
Which ones can you exploit?
How can I add enough VALUE to get my price?
Where do you want to position yourself?
#11 THINK LIKE AN ENTREPRENEUR NOT A BUSINESS OWNER
Work on your business not in it.
what are other ways you can make money with your business?
An entrepreneur builds one success after another. Builds a revenue model one after another. Don’t just think outside the box blow the box up entirely.
“How many ways can you make money from typical Lemonade Stand?”
Take out a sheet of paper and take a few minutes to brainstorm all of the ways you can answer this question:
- (Multiplying) Rent a van and establish a mobile lemonade service that goes to different locations throughout the city.
- (Franchising)Put together all your processes and systems and franchise your idea to other entrepreneurs interested in selling lemonade. Charge a fee for the opportunity, as well as a percentage of profits.
- (Wholesaling)Put together your lemonade powder and proprietary recipe with instructions: package it and sell it online, or through supermarket chains.
- (Seminar) Put together seminars on how to make a million dollars selling lemonade.
- (Coaching & Consulting) Put together a consulting package or coaching program to coach other entrepreneurs on how to make money from a lemonade stand.
- (Publishing) Write a book on how to make a million dollars selling lemonade and sell it online and in bookstores.
- (Retailing) Bottle your lemonade and distribute it in retail supermarkets.
- (Vending machine) Put your lemonade in a can and distribute it through vending machines throughout the nation.
- (Sub-leasing) Rent your available lemonade stand or storage space to other business at off hours. Lease your equipment during off hours, or off season.
- (Leverage unused space) Use space in the lemonade transportation vehicles for shipping products for other organizations.
- (Consignment) Offer your lemonade products on consignment for others to distribute.
- (Online auctioning) Sell excess or outdated lemonade inventory on eBay or other auction sites. 18. Sell excess lemonade inventory to a competitor to a business that can provide such products as a bonus with their main product or service. (Strategic Alliance)
- (Recurring revenue) Establish a Lemonade of the Month Club and charge for membership fee.
- (Licensing) Create a cute Lemonade character and sell membership T-shirts, mugs and other promotional products.
Have you done this with your business?
- Deliver value to a client BEFORE money is exchanged
- NObody cares about your excuses
- NObody pities your procrastination
- NObody is going to coddle you because you are lazy
- Its your ass MOVE IT.
- Stop looking at what you think you know, and start looking at your results. Your results dictate what you truly know.
- I get paid to think. I get the BIG BUCKS to think differently
- While most people are shirking their dreams constantly to fit within their income circle, 1% of the population are finding ways to increase their income to fit their dreams circle
Dan Lok’s Books
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