- If you don't have any money to start a business,
the answer is you shouldn't start a business.
(peppy music)
If you follow my work, you know I believe
the worst time to start a business is when you have no money
and when you are desperate.
Yes, there are entrepreneurs who make it big
starting from nothing, from their garage,
from their basement with no money but you never
read the ones who died on the magazine cover.
Out of the one that makes it tens of thousands of
small businesses fail,
but you don't see that.
So I believe that if you have no money,
the first thing you should start is
developing a high income skill.
Now when it comes to high income skill,
I have a lot of my students and friends
asking me this question.
So I want to make this video
to give you some more clarity
'cos one of the most common questions I still get is
Dan, what is the best high income skill
that I should focus on?
What's the high income skill
that is the best right?
And what are the different types of high income skills?
Now I've already made some videos.
You can click a link somewhere here.
I can put a link there.
You will watch some different examples
of high income skills.
But today I want to give you a principle,
a principle that you could follow
so you can decide for yourself
what is the best high income skill for you.
Now first in case you don't understand
what high income skill is,
high income skill it is a skill
that could make you a minimum of 10,000 dollars a month.
So basically six figure income a year.
I defined it as high income skill.
There's a big difference between a high income skill,
a high income profession, and a high income job.
Now high income job is company specific.
Let's say you work for a Fortune 500 company.
You have a good salary.
You're making a decent income.
Six figure income a year,
but the minute you leave the company,
your income goes from here to here.
That's a high income job.
High income profession such as maybe you're an engineer,
maybe you're a doctor, maybe you're a real estate agent,
you're mortgage broker.
That's a high income profession that is industry specific.
So meaning if you are working within the industry,
let's say, you're a real estate agent, that's fine.
But the minute you get out of that also
your income drops significantly.
And usually a high income profession requires
a lot of study.
Requires certifications and degrees
and you got to spend years learning to be a doctor,
a lot of practice.
Then you have what I call high income skill.
Now high income skill is completely different.
Because it's not industry specific
and it's not company specific.
High income skill you could develop your skill
within a relatively short period of time.
It doesn't take years to develop.
Maybe it only takes you a few months to develop
to learn the basics of it.
Also, high income skills they are transferable.
Meaning, I could have a high income skill,
let's say I'm a high ticket closer.
I could close for a company.
I could also close for influencers.
I can close in the health space.
I can close in the investment space.
I can close locally.
I can close for companies in other country.
You see it's much more flexible.
That's the difference.
So if you are wanting to start something
and you have no money, develop your high income skill first.
So what is the most lucrative high income skill
that you could develop?
Here's the principle.
Companies, organizations, entrepreneurs,
they are always willing to pay someone
to bring in revenue.
This is very critical.
So maybe your high income skill
is you are a golf instructor.
You're making a 10000 a month.
That's good.
Nothing wrong with that.
But companies, organizations, entrepreneurs
they're always willing to pay someone to bring in revenue.
It means the best high income skill
this is what I believe in,
the most lucrative high income skill
you could develop, a skill set that could help companies,
entrepreneurs to bring in revenue.
The reason for that is this.
You want to recession proof your income.
Recession proof income.
Meaning when times are good,
you can make money with your skill.
When times are bad, you can even make more money
with your skill.
I always use the analogy
it's like the bar business.
When you're selling alcohol, when times are good,
people will have a drink.
When times are bad, people will have two drinks.
It's recession proof.
So imagine let's say your skill such as copywriting,
such as marketing, such as YouTube,
such as closing.
All these skills are designed to bring in revenue
for companies and organizations.
So when time's good, they're looking to bring
in more of revenue.
When times are bad,
when there is an economic downturn
they are more eager to look for someone
to bring in revenue.
So if you understand that principle,
yes there are different high income skills,
but the best high income skills
are the skills that could bring in revenue.
Now once you understand that,
isn't that lot easier?
Doesn't that give you more clarity?
Okay so what should I focus on?
Now within that, understanding following that principle,
you can choose within all these skills that are out there
it could be dozens and dozens and dozens of skills,
pick the one that resonate with you.
Pick the one that you are passionate about.
Pick the one that you're naturally good at
and you develop that, and you hone that skill
and you master that skill
and then you'll never, ever have to worry about money again
because companies, organizations, entrepreneurs,
are always willing to pay you a lot of money
to bring in revenue.