- [Narrator] The King of High-Ticket Sales.
World's Highest-Paid Consultant.
Media Celebrity.
Multi-Millionaire Entrepreneur.
Acclaimed TEDx Speaker.
International Best-Selling Author.
Dan Lok.
(dramatic music)
- Three simple steps to systemizing your business
so that you can live the life that you want.
So step number one.
You want to describe your perfect business.
What do you want to do?
(audience responds describe)
Describe your perfect business.
So let me give you a moment.
Please, get a piece of paper or a laptop.
I want you to describe your perfect business.
And this may be, for some people in this room,
the first time you think about this.
What would it do?
And just write down what comes to your mind.
What would it do? How big would it be?
Do you want to grow a massive company?
Or do you want just, you know, I want a lifestyle business.
Or do you want something in between?
Or do you want to get involved with a bunch of businesses,
or do you want just one big company? How big would it be?
What type of products and services
or projects would it be known for?
Okay. Write it down, please.
What type of products and services
and projects would it be known for?
And how would it be unique
and different from the competition?
How would it be unique and different from the competition?
And what type of customers would you want?
What type of customers do you want?
What kind of customers bring you joy,
bring you satisfaction, that you want to work with?
And it shouldn't be everybody.
And how much money would it make?
How much money would it make?
How much money you want it to make.
Revenue, or your profit, your take-home pay.
How much money you want the business to make for you?
And, the key here is to be as honest as possible.
It's what you want, not what other people
think you should want, not what your friends told you
you should want, what the media's told you
that you should want. What do you want?
So it's like Ryan. I said, you know what?
That's what I want. Ryan Lee, that's what I want. Period.
I don't care, Gary Vee, other, I'm not interested in that.
How much money would it make, and what would it do for you?
Yeah. What do you want a business to do for you?
Would it deliver peace of mind, security, freedom, and fun?
So what would it do? How big would it be?
What type of products and services
or projects would it be known for?
How would it be unique and different from the competition?
What type of customers you want?
How much money would it make? What would it do for you?
And would it deliver peace of mind,
security, freedom, and fun?
Let me give you a couple minutes.
Your perfect business.
And don't let your little voice stop you.
Your little voice might say,
"Well I don't know how you can do that. It's impossible."
Or, "You can't do it."
Don't listen to the little voice for a second.
Just say what do you want.
If anything is possible, what do you want?
30 seconds.
Okay. Stop.
Let me ask you a question.
How many of you are very clear, like crystal clear,
of what you want your perfect business to look like?
Okay. Interesting.
How many of you like, have some ideas,
but you're not 100% clear?
Okay, so some room. Some room for improvement.
Here's the deal.
If you're not clear about what the perfect business
looks like, what you're creating,
then how do you know when you've succeeded?
How do you know you've arrived,
when you are hitting a moving target?
How would you know? It's like if I'm a sculptor.
I wanna sculpt this piece. Sculpture.
But I have no idea what the thing
is gonna look like when it's done.
Is it gonna be a man, is it gonna be a woman,
is it gonna be an animal?
I have no clue, but I just kind of sculpt away.
Hopefully something will turn out to be good.
Versus, you know what, I have a clear picture.
This is the picture that I wanna create.
When it's done, this is what it's gonna look like.
Let me follow that.
I wanna do, a big piece here, there, okay. I'm doing that.
You gotta think of your business as a product. As a what?
(audience responds product)
That's your product.
And we will talk about how you create a sellable business,
well I just sold one of my companies last month, right?
A couple months ago, and you know,
for a good chunk of money.
Because I created that as a way, you know what,
that's what I want it to look like.
And you know when it's done, it's done.
Example, you know what, I want a business
that makes me x amount of money,
I only want it to have so many customers,
I want to only work no more than so many hours a week,
and I want to have a very competent person running it.
That means I need to hit this kind of revenue,
in order to pay for this person's compensation and salary.
You're creating something. Does that make sense?
You're creating something. Yes?
- [Audience Member] What business did you sell?
- I can tell you in private.
I don't wanna say on the camera.
And so, think about that. Just think about that.
Your perfect business. That is your product.
When Ray Kroc goes to work, the founder of McDonald's,
when he bought the McDonald's from the McDonald's brothers,
now McDonald was not founded by Ray Kroc.
It was founded by McDonald's brothers.
They're technicians, making the new shake,
flipping the burgers.
Ray Kroc, with the vision, goes in and say,
"This thing is cool. Maybe we can open more shops.
"How about you let me do it?"
The McDonald's brothers said, "Sure. Have at it."
And Ray Kroc took that and opened up so many,
so many stores. So many stores.
Ray Kroc, day one didn't go
into McDonald's and flip burgers.
Ray Kroc never flipped burgers.
Day one, he went to not work in the McDonald's,
he went onto work on McDonald's. Not in.
He knows, I'm trying to create a franchise prototype.
I want to create a business that makes a ton of money
that I can duplicate worldwide. Day one.
He's not trying to go in there,
"Let's see how I can make a better hamburger.
"How can we make better french fries?" Nope.
How can we make this that can run
by people with very little education,
very simple training, and we can start it off like that.
What business is McDonald's in?
(audience says real estate)
Very good. Real estate.
And the franchise is a way for them
to make money so they could acquire real estate
and have all these tenets paying them money.
That's the vehicle. One smart guy.
What can I say? One smart guy.
At the same time, other people started
the same hamburger restaurants
and joins same time as Ray Kroc.
Joe's Burgers. Michelle's French Fries.
And they remain one shop, for their whole life.
Because they never took the time
to develop the business skills
that it takes to make a business work.
They just keep doing the stuff. Think about it.
So let's build an on-purpose business.
The purpose of, write this down,
the purpose of owning my business is.
Please write that down. And then we'll take a break.
The business of owning my business is,
just fill in the blank.
The purpose of owning my business is...
My business will allow me to, fill in the blank.
My business will allow me to... So that I can enjoy, what?
And have the ability to do, what?
Time to get clear.
The purpose of owning my business is what?
My business will allow me to do what? So I can enjoy blank.
And have the ability to blank.
That's an on-purpose business. That's not a moving target.
And don't, try not to filter the answer.
Whatever comes to mind, your first thought,
usually that's the truth.
That first thought. That's usually the truth.
And after you think about it, you overthink it,
you filter it, that may be further from the truth.
So whatever comes to mind. Will allow me to do what?
So I can enjoy what? And have the ability to do what?
If you're crystal clear, then you may be thinking,
maybe your business doesn't need
to be as big as you think it needs
to be to give you what you want.
Because there's a big difference between
if you wanna make, a million a year,
or half a million a year versus making 10 million a year.
The price that you have to pay, it's a big difference.
The price you have to pay to get there.
It's like, do you want to be a good enough
swimmer to win local championship?
Or to win just tournament in a provincial tournament?
Or do you want to be an Olympic athlete?
The price you have to pay, differs.
And most people, I think for most of us,
you don't necessarily have to, "I want to win the Olympics."
You know what, I'm pretty happy.
In YMCA, I beat everybody else. I'm happy.
I don't need to be like that.
I just, hey, you know, I make enough.
That's cool, and I can beat the 70 years old. It's cool.
You know? Good self-esteem. (laughs)
It's whatever the goal is. Whatever the goal is. Okay?
Owning my businesses, allows me to, so I can enjoy.
So how many can see that business is just a vehicle? A what?
(audience says vehicle)
To get you what you want.
It's never meant to consume your life.
The challenge is most entrepreneurs
are consumed by their business.
They're consumed by their business,
when it's actually just a vehicle
to get you from Point A to Point B. That's it.
That's why I'm not attached to any one of my business,
except maybe my coaching business.
But, any one of my companies,
with the right price, I would sell.
I'm not attached to it. It's just a vehicle.
I love what I do, but I could sell the business.
Versus this is my baby! I'm not gonna sell!
This is it! I'm gonna hang onto it!
No, as entrepreneur we can always create. Yes?
You can sell and you can create something else!
It's in our DNA! You can't help but create!
How many of you sometimes when you're showering,
you're doing some other things, you're out there,
you're out there, you're thinking about business?
You can't help! It's in our DNA! So it's okay.
Trust me, you sell that thing, with you know, a lump sum.
You will find things to start and do. Guarantee.
Probably the next day. Something.
Oh let's do something else! It's in our nature.
It's our nature. So let's take a 10 minute break. How long?
(audience says 10 minutes)
I'll see you in 10 minutes.
So, what have you learned from my talk,
and how does it apply to you?
And how do you take direct action?
Comment below and let me know.
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