March 07, 2021

558: Dan Lok | Building Networth from Debt to 8 Figures

45 minutes

Dan Lok is known as “the king of closing,” but his story didn’t always start out that way. As an immigrant from Hong Kong, Dan struggled to learn English and earn money for his family. He began side hustles at a young age leading him to enter debt up to $150,000. After studying with the greats and taking action, Dan became a self-made millionaire at 27, and an 8-figure entrepreneur soon after, leading to worldwide speaking engagements and becoming an author of his most recent book, Unlock It.

Let’s dive right into the episode as we learn more about how Dan was able to overcome every obstacle in his way and build his net worth.

Things you will learn in this episode:

[00:01 - 07:17] Opening Segment

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I introduce today’s guest Dan Lok

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Dan gives some background on his story

Born in Hong Kong

Troublemaker as a kid

Immigrated to Vancouver

Going into business out of necessity

Dan talks about the conditions living in Vancouver

The change in living and culture

Starting with no network

[07:18 - 14:04] Moments of Overcoming the Obstacles

Dan talks about his English learning process

Only making English speaking friends

Listening to and watching media

Full immersion

Facing stage fright

Dan shares the experience of his dad going bankrupt

Looking hopelessness in the face

Getting urgent about learning how to make money

Getting into side hustles

Getting into everything possible while doing school

[14:05 - 23:20] The Power of Leveraging Social Proof

From side hustle to full-time business

Failing 13 businesses

Learning copy from a mentor

Learning the gift of persuasion

“The million-dollar year”

Dan talks about the story of making the cassette tape

Borrowing experience from other skilled people

Approaching high worth people and building off that

The cassette tape

Building off of social proof

Dan’s approach

A word from our sponsor

[23:21 - 37:47] Building Your Net Worth

Dan tells a story about a unique phone call

Experiencing harsh rejection

“This will never happen again”

Moving to sales and closing

Learning on the job

Learning business through prospects

Getting into affiliate marketing and online marketing

From mentoring to seminars

Answering the demand for more content

Burning out from the constant teaching

Exploding because social media

Dan’s various companies

Dan’s tips for being a better salesperson

High-ticket closing

Make the prospect the salesperson

“What would you like to do next?”

The Doctor Frame - example

Resources

It’s not about closing

[37:48 - 41:23] Closing Segment

Who you know, or What you know?

Half the formula is who you know, the other is who knows you

ThE RaNdOm RoUnd

How to engage with Dan

Links below

Final words

Tweetable Quotes:

“I learned at an early age - You don’t ask, you don’t get…” - Dan Lok

“I was speaking and teaching business owners but unlike most, a majority of my revenue comes from DOING what I teach.” - Dan Lok

“We don’t sell, we turn the prospect into a salesperson. We let the prospect do most of the speaking… When you say something it means something; when the prospect says something it means everything.” - Dan Lok

Resources Mentioned:

Unlock It

Dragon 100

Free High Ticket Closers Course

The Hard Things About Hard Things

Connect with Dan on Instagram and YouTube. Be sure to visit https://danlok.com/ to learn more.

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