Why the Worst Number in Business Is ONE | Dan Lok

0:00Okay, so we did the hot seat and for those of you are not familiar with the concept basically the hot seat is as a entrepreneur you come up here and Why is it called a hot seat is it's hot? Okay, and you tell me your biggest problem the biggest challenge and I solve it on spot for you Basically, that's what it is And somehow people think I've just magic power That I could do this it's actually to me is very very easy It's actually it's actually easier than doing a presentation The reason for that is if you've been it's not that because I'm so brilliant It's because if you have Being like me and you've been exposed to 40 50 different industry working with hundreds of companies since in my in my 20s as a copywriter market and consultant and an entrepreneur You've been exposed to so many Businesses and business ideas and strategies Well, you know, I could be an idiot But I would still see there there's certain

1:02Patents there's certain practices that oh, yeah, it works Well, how about you try it and it works for you It's not that because I'm so brilliant. It's just because I've made more mistakes the most and I've been exposed to more things Then the most most more things the most entrepreneurs. That's all one of my Gives I would say is Our friend of mine one time he told me that oh, Dan you're a great connector I said like what do you mean like connecting with people? I said no, no, no, it's a great connector He said you you have the ability to to take and connect different ideas from different industries and Broro the best practices from one industry to another I said that's interesting. I never look at it that way and that's one of just one of my I don't know if it's talents. I don't experience but just something that I have a neck for I guess So it would be interesting now. I don't know what's gonna happen. I don't know what I'm gonna say But it'll be interesting Alfred you ready

2:02Okay, I ever was And if you want a hot seat by the way just send a send a Facebook or send an email to my team DJ or David and you can apply for it and I can pick you as well. Yeah Yeah, so tell me because you email for me and me first and you ask me a couple questions Oh, you know Alfred. It's still hot seat. So maybe give them a little backstory first. Okay, so I One of the sessions that I was at I think the first session at Vancouver Club Dan said so why isn't anybody Reach out to me so I asked them so how do you reach out to the Dan and he said go to my website so I reach out to him Basically my my main problem right now which is pretty much on the way to being solved is that My business as a Kenyzologist. I've always operated out of independent training studios I started it as a partnership with one large chain called fitness wall

3:05But when they merged with Steve Nash we decided to break up that partnership So for various reasons I've had some struggles in terms of moving around and in December I found out that the training studio that I'm running space from is actually closing So I'm kind of I was kind of stuck And what my next move was and because of my partnership with them I actually found a space in the same building It's about 900 square foot. My plan is always being to get enough gym equipment to have a few Kenyzologist and myself up there Maybe additional practitioners as well But December's little news kind of push the button and said okay your hot you have to go you have to find some capital and That's where I was at and where do I find the money to do this and and what can I do a minimal level with that first Just what can I do is my my dream outfit so I Reached out to Dan and said what are my options? Okay, so first of all sometimes I've done hot seats where I

4:07Would just say do a PC and B. Yeah, but sometimes I'll also done hot seats where I'm just asking questions and it makes the entrepreneur ponder And then sometimes they come up with the answers on their own Okay, now first of all there's a lesson there. I want all of you to get so with fitness world Yeah, and then back then and you had basically you didn't have to do any kind of marketing as soon They send you all the all the clients well I've been working with them for seven years and I found this space within the gym and I was one of the top Person training so yeah, basically I had a sales team around me I had other person friends referring clients to me. I had I was able to see the clients soon They'll work out and continue to book them in and that was one way to do that But without that traffic flow. It's harder to stay in touch with clients Okay, so you know how many of you actually in your business right now you have one Source that's producing the best bringing most of the clients for you right now guys if you're hands Okay, that's actually extremely dangerous

5:11Okay, the worst number in business is what one The one supplier that you use the one employee that you rely on the one John Vengepanda that brings an 80% of the sales Because relationship don't last forever They never do They never last forever things happen Environment changes and something not not even they want but things happen So if if all your business is coming from now one source and you do well, you know what? I didn't have to do marketing business comes to me life is easy, right? That's when you should be paranoid Not to be comfortable