Travis Makes Money 558: Dan Lok | Building Networth from Debt to 8 Figures
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
- Sponsored ad
- I introduce today’s guest Dan Lok
- Dragon 100
- Be sure to check out guestio.com and start booking
- 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:
Connect with Dan on Instagram and YouTube. Be sure to visit https://danlok.com/ to learn more.
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