How To Get Started When You Don’t Have Money

How To Get Started When You Don’t Have Money

You’re staring at a account balance on your screen that says your savings are almost gone and you’re thinking…. you should start a business.

But how? How do you start a business when you have no money?

The answer is, you don’t.

Sometimes starting a business is a way out, sometimes it isn’t. But when you’re struggling financially, you’re desperate. Chances are, there’s a good reason why you have almost no money in the first place.

Maybe you don’t have a lot of skills, maybe you don’t have a lot of experience, or maybe you don’t have a lot of knowledge. Or maybe, mindset-wise, you aren’t ready to shift from employee to self-employed.

It’s also possible that you have a negative association with money. You believe things like “Money is the root of all evil.” Those beliefs tell me some of your values, and possibly why you have money challenges.

Don’t start a business just because you want to make money. There is nothing wrong with making money – I like making money – but if you’re actually struggling that much financially, just get a job.

Set aside your dreams of entrepreneurship for now and get some money coming in. Get a job, whether it’s part-time or full-time, and when you’re off work, after five o’clock, start working on your business. Start what people these days call a side-hustle. Do something online.

But don’t start a business with absolutely no money thinking that you’ll make it. Most likely you won’t be successful. But if you are decent at what you do and you’re adding value to marketplace with your side-hustle, you’ll see results.

This strategy is part of what I call the Wealth Triangle, which I teach on my YouTube channel. The Wealth Triangle is about learning a high-income skill before starting a business. When you have a high-income skill, your chances of… Click To Tweet

Statistics show that 95% of small businesses fail in the first five years. Even if you don’t fail, you don’t want to be just getting by. It’s going to take a long time and it’s going to be a very tough journey. My mentor gave me some very good advice about how to survive as an entrepreneur, which I share in my podcast.



The Right Way To Set Goals And Actually Achieve Them

The Right Way To Set Goals And Actually Achieve Them

Dan Lok Show

What if you could take 15 years of experience and learn it all in 15 minutes?

How much time would that save you? How many painful lessons? How much grief?

I know what it’s like to look back and wish you could have done something differently, so what I’m going to do today is share with you what took me 15 years to learn. The key lessons, the three secrets about setting goals and being a high achiever. You’re going to get 15 years in 15 minutes.  

I spent the last decade and a half of my life studying achievement and personal development, especially goal setting. Any audio program, books and courses you can think of, I’ve probably read and taken them all.

You could still go and read all those books, but this is what I’ve found works for me. When it comes to goal setting, number one, you have to be very specific. Making money is just a wish or a dream.

A goal is wanting to make $100,000 in income by the end of the year or in the next 12 months. Click To Tweet

That’s a goal. It has to be very specific and very precise.

Let’s take a closer look at that $100,000 money goal. Now that you know your goal and when you want to get it done, you reverse engineer it. Ask yourself, “What do I need to do? What do I need to focus on? What skills do I need to upgrade?”

Divide your $100,000 income goal by 12 months, then by 52 weeks. What do you need to do each week to improve your skills? Then you break it down further into your D.I.G.

Your D.I.G., Daily Income Goal, or what you need to do every day to get to your goal by the end of the year. I explain the D.I.G. a bit more in my book, F.U. Money.

Setting a Daily Income Goal is like training for martial arts. In my podcast, I talk about how you can train yourself to set your goals and stick to them, the way people train in kung fu. Breaking down the goals is really important because over 12 months, it’s very easy to lose focus.

Once you’ve set your D.I.G., you also want to set goals for four major areas in your life: your health, your personal life, your finances, and your contribution to others.

If you think setting goals in four areas can be difficult to achieve, you’re right. It can be, but there is a formula you can use to make sure you succeed at achieving what you want to do.

I set my goals in such a way that when I finally accomplish what I set out to do, it’s no surprise. You can live as if your dreams have already come true.



Why I Don’t Read Books

Why I Don’t Read Books

Dan Lok Show

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I don’t read books. I use books and that’s a big distinction.

What do I mean by “use books”?

I mean I’m not trying to understand everything the author is saying. I read to learn. I don’t need all the background or all the details because the purpose of learning is mastering an idea or concept, and then implementing those ideas in what I do.

There are people who read a book a day or a book a week. I read about two to three books a week. But how I use the books is different than other people.

When it comes to books, I have a simple question: What are three ideas that I can get from the book that I can implement right now? Just three ideas. Click To Tweet

If I can get those three ideas from the first three chapters, I will highlight those, and put the book back on the shelf. Maybe later on I’ll return and read the rest of the book and implement some of the other ideas. But if I’ve got my big three, that’s all I need.

Sometimes I get ideas from the back of each chapter, where they’re talking about action steps and summary and resources. That’s awesome. Sometimes I get ideas just from the table of contents. If the table of contents gives me three ideas, I put the book away and then I implement.

So, I don’t read books. It’s not about accumulation of knowledge. It’s about having clarity.

One of the most powerful mindsets you need to have in life or in business is clarity. Clarity is power. And what is power? The power is the ability to take action.

What I talk about in my podcast is the difference between information and knowledge, and knowledge to wisdom. How you can take what you learn in school and apply knowledge to experience. And from experience, how you evolve that into wisdom.

When you know how to apply your wisdom, you will increase your chances of success in life and business.

So you see, asking me, “What books should I read, Dan?” is a very superficial question. What you should be thinking about is how you’re applying what you’re learning.



What To Do When Clients Say “Let Me Think About It…”

What To Do When Clients Say “Let Me Think About It…”

Dan Lok Show


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No one likes to have the truth withheld from them.

Yet, your prospects are holding their cards close to their chest when they tell you, “Let me think about it.”

And you never hear from them again.

What they’re actually saying is one of three things.

The first one is they don’t have the money, but they don’t want to admit it.  So they say they’ll call you back, but they don’t. When you’re on the phone with a prospect, only one of two things happen. Either you’re closing them on why they should buy, or they closing you on why they shouldn’t.

The second thing they’re actually saying is they don’t see the value. After hearing your offer, they don’t see the value it could bring to their life, so they delay the sale by saying they’ll think about it.

The third thing is they don’t see why they should buy right now. They don’t see the value of what you are selling, so there is no urgency, and you’re letting them get away with that common excuse, “Let me think about it.”

So when your prospective client says, “Let me think about it,” what should you reply? How can you handle this all too common objection? Click To Tweet

The very first thing you should do when you set up the meeting with your prospect is pre-frame it. You must make it clear with the prospect that only one of three things can happen at the end of the meeting or phone call.

Something else you can do is if they say, “Let me get back to you,” you become direct and call them out on what they are telling you. You don’t want them to get away with their smoke and mirrors. There are questions you can ask to be direct without offending them, and get to the truth. You can also offer them an alternative and then the solution.

Remember, you can’t help your prospect if you don’t sell them. 



Why Hustling Does Not Make You Rich

Why Hustling Does Not Make You Rich


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Have you heard about this secret to success?

“Hustle, work your face off, work til you drop. Work until you’re exhausted. Work hard and put in the hours. Then you’ll get rich.”

I think there's some truth to that, but that truly is not the answer. I’ve met too many people who work 10 to 12 hour days and they’re still drowning in debt. Click To Tweet

So I’ve got two questions for you if you’re hustling and dreaming of having lots of money.

Number one, are you currently working very, very hard? Are you getting the results that you want? Are you making the kind of money that you want? If the answer’s no, then why not? Why isn’t your success secret working?

Number two, how many people do you know in your life that work very hard, yet they don’t make a lot of money? Think about it.

That secret formula cannot be the answer. It’s just part of the answer. You’ve got to put in the effort and work hard to a degree, but that’s not what’s going to make you rich.

So, what is the answer? What is the truth?

The truth is this: I think it depends on where you are in your career, but assuming I’m talking to you as an entrepreneur, a high achiever, here’s what I believe. If you’ve been working and hustling for five years, and you’re not making at least a six-figure income, something is missing.

If after 10 years of your career as an entrepreneur you’re not making a seven-figure income, you’ve got to revisit what you’re doing right now. Something is wrong.  There are only so many hours you can work each day, and only so many seven-day weeks you can put in before you’re completely exhausted.

I’ve taken a different approach to building my wealth.


Here are some of the things I’ve done, which I talk about in this podcast:

  • Reading The 80/20 Individual by Richard Koch. So many gurus talk about the hustle, a shotgun approach where you put in so many hours of work, but I prefer the sniper approach. I believe 20% of your activities give you 80% of the results.
  • Leveraging other people’s time, money, resources, and talents. That’s how the rich get 10x the impact.
  • Shifting your mindset. Eight-figure entrepreneurs behave differently and run their business differently than seven-figure entrepreneurs but they don’t hustle 100x harder. They approach their business with a different mindset as their income grows.
  • Working hard but also working smarter to get results.