- Make $100,00 to $1 million a year
as a coach or consultant.
By a show of hands, how many of you
are in the coaching business?
How many of you are in the consulting business?
How many of you maybe you're not
in the coaching or consulting business,
but you already do some kind of consultative
selling, meaning, through consultation,
you convert prospects into clients?
Okay, good, good.
So, you're maybe a service-based business.
Very good.
What we're gonna talk about today
is gonna be very, very different,
I'm gonna cover different aspects
of coaching and consulting and very often
people get it wrong that they cannot
even define what coaching and consulting is
and they can't really understand
the difference between the two.
(dramatic music)
- [Announcer] 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.
- So, I've got a packed evening,
so let's get down to business.
What you're about to discover is the truth, the what?
- [Audience] Truth.
- About becoming a successful consultant.
What I'm about to share with you
will work for you if you are a marketing consultant,
a business consultant, a management consultant,
a freelancer of some sort, digital marketer
or you own a digital marketing agency, or a service based
professional, financial planning, insurance, real estate,
et cetera, et cetera, an expert on any topic or are selling
your expertise or you're a coach.
What I'm gonna share with you today will work
if you fall into one of these categories.
Anybody that's not in one of these categories?
What business are you in?
So, you're thinking of becoming a coach?
Okay, good. Smart.
Smart to be here, very good.
Let me just say this, that in the coaching, consulting
business, there's so much misinformation out there.
Almost everyone has it wrong.
And I'll prove it to you by asking a few questions.
How many consultants do you personally
know who are actually successful?
And how many are living a cool lifestyle?
Good.
And how many have control over their business?
How many have control over their time?
So, think about the people that you know,
the consultants and coaches that you know,
you can see it's a very, very, very, small percentage.
It's a very small percentage.
Most consultants and coaches, that I know,
are scraping by, living a pretty boring, stress out life.
They're making just a measly living.
Most people are stuck on, what I call, mid level.
What is it?
- [Audience] Mid level.
- Mid level. They're doing okay and they're hustling,
they're getting stuff done, they get a client
here and there, but they haven't broken through
to that top 10% or what I consider sometimes, the top 1%,
where you're massively respected,
where your clients and associates and industry
see you as someone special, as the one
that can solve the problems, someone who is
a thought leader, someone who's different and unique.
So, you have people who are making a living as a consultant
and coach and then you have the consultant and coach.
You with me so far?
That's what we're gonna talk about.
And you look at the majority, they're occupying
this space, if you follow what they do,
chances are you're gonna get, their results.
And the guys who are at the top 1%,
the consultants coach, sometimes they
do certain things and it works for them,
but they cannot articulate what they do to you.
So, they do it, but they don't
know how to articulate to you.
But today I'm gonna share with you some things that they do.
So, a word of warning, I'm gonna present
unconventional ideas to you, and if you want
extreme results, wealth, respect and power,
you need to do some extreme things.
By extreme, I simply mean different, what is it?
- [Audience] Different.
- Different and usually opposite
of what everyone else around you is doing,
so, what I want you to do, I want you to ignore,
what's the word?
- [Audience] Ignore.
- Conventional wisdom, traditional norms
about coaching and consulting because
I don't do any of those things.
Nearly everything I do, runs contrary
to what would be taught to you in a traditional book,
school or some kind of coaching associations.
Let's talk about why we love coaching first
and consulting, why we love this business.
It's easier and more fun to solve
other people's problems than working on your own.
How many find that to be true?
Right? Yes.
Solve your problems, that's fun.
Solve my problems, not so fun.
(audience laughing)
A great career for entrepreneurs
who typically get bored easily.
How many of you sometimes that you find
that you maybe have a little bit ADD, get bored easily?
You like to start things.
As a consultant and coach, because you are solving
new problems and new challenges for clients
all the time, you don't get bored that easily.
It can also be a great additional profit center.
I know entrepreneurs where maybe they have
had a successful career and now at this point,
at a certain point in their career,
hey you know what, maybe besides running
my own business, in this area,
I could do some consulting and coaching
for people who are not in direct competition
as me in other cities, I've seen that happen.
Or someone who's had a successful business career,
they're near retirement, they're now,
they go golf a couple of times, and say,
this is so boring, I've gotta do something about this.
I wanna share my knowledge with somebody else.
Sometimes these people, maybe senior
management, get into consulting and coaching.
Also, you see that people who in corporate Canada,
corporate America, where, how many of you noticed
that the middle management are disappearing?
So, those people, now, they're out of jobs.
So, sometimes they get downsized,
then transition into consulting.
That's also very, very common because
they have a specific skillset, they
have certain knowledge about some industry
or maybe I cannot get a middle management job,
but I can do some kind of freelance consulting.
Does that make sense?
Jack, I don't recognize your haircut?
That's cool. I like it. I like it.
So, and you learn a lot getting inside
other people's heads and businesses too.
I learned a lot, I've been doing consulting since I'm like
27 years old, I've been doing this for a long time
and through that period of time, I've solved
so many problems for so many businesses
and partially, that's how I gained
my knowledge and wisdom and intelligence
because whatever problem that most
people have got, most people only run one business.
How many?
- [Audience] One.
- They solve problems, for how many businesses?
One.
But, when you are working with so many clients
for so many years, so, they are doing one thing,
solving business problems for one business,
I'm solving it for 10, 20, 30, 50.
So, my knowledge and experiences
multiply at a much faster rate.
So, it's very, very few things that
I haven't seen somehow in business.
Whatever problems you've seen,
you're experiencing, I've seen it all.
I've probably made those mistakes myself.
So, that, you learn very, very quickly.
And also it's easy to work for almost
anyone in the world, as a consultant and coach,
all you need is a what?
It could be a computer, it could by Skype,
it could be a phone, that's it, pretty simple.
If you're working with clients face-to-face
you can do that, but nowadays, you can use
the Internet, you can work with client Zoom
or Google Hangouts anywhere in the world.
You enjoy higher status and associated perks.
This is interesting and say, if you're highly respected
in your area, just recently, I think yesterday,
I got an email from a sponsor.
How many of you watch my YouTube videos?
Good. Good.
How many of you don't watch my YouTube videos?
Then you did prop your hand.
Okay, go subscribe afterwards.
(audience laughing)
I've got this company, a watch company just send me
a message saying they want to sponsor me a watch
in exchange for an endorsement
to make a short 30-second video
on my YouTube channel and talk about the watch.
So, when you are successful, when you've seen
as a thought leader, people send you free stuff
all the time, I get free stuff all the time.
Free books and all kinds of free stuff,
so, perks, you do get that.
Another perk that you might get
depends on how you set it up, example,
with my master mind group, they're like in a circle,
so just a few days ago, we went to,
Celebration?
- [Man) Boat cruise.
- Boat cruise, right.
Also, celebration traveling together.
So, you have those type of perks
that you spend time with the people that you like.
Another incredible income potential
if you structure it right.
Structure what?
- [Audience] Structure it right.
- Structure it right.
If you structure it right.
Why we hate coaching and consulting.
It can require you to work like a slave and drain
all your time and energy if you don't set it up right.
How many of you have experienced this?
Tell me a little bit.
Yell it out, what's it like?
Working with clients that maybe
don't appreciate you or just feel that you
work like a slave, describe it to me.
- [Man] Emotionally draining.
- Emotionally draining, okay.
- [Woman] Fatigued.
- Fatigued.
By working, with so many, so many people.
Okay, yes, what else?
Give me a few more.
- [Man] Sometimes it's not scalable.
- Sometimes scalable because you're working
one-on-one with clients, that happens too, yes.
- [Man] Painful.
- Painful. How?
- [Man] Emotionally, spiritually, physically.
(Dan and audience laughing)
- I can see the pain on Kevin's face. I love it.
I love it, I love it.
Then if you follow the traditional models,
very often, you're stuck with limited income.
And I'm going through some of these models.
Now, this is from the ICF, the Coaching
Association Global Coaching Study,
an average coach makes about $50,000 a year.
They might as well get a minimum wage job.
An average coach makes 50 grand a year.
That's not a lot of money.
SO, most coaches, they struggle.
Most consultants, they struggle.
And larger programs, usually require
a lot of managing and ammend.
I'm gonna go into the different larger
programs that you can consider.
So, that's why we hate coaching
and that's why we love coaching.
So, let me ask you a question,
is it coaching and consulting itself?
Or is it the way, how we do it?
It's how we do it.
Just like a gun, you can use it to protect somebody,
you can use it to go hunting, you can use it
to kill somebody, it's just a thing, it's how we do it.
So, what have you learned from my talk?
And how does it apply to you?
And how do you take the right action?
Comment below and let me know.
If you have any other questions,
you can also comment below and don't forget
click on the subscribe button.
Turn on notification and hit the bell so every single time,
I upload a new video, you will get notified.
If you want to watch my other videos, make sure
you can check them out on the left,
you can check out all the other videos that I have.
We have hundreds of videos on YouTube.
You want to expand on a topic, check it out.