I used to think that learning how to create wealth to the tune of $10,000 monthly was unheard of. And then I recently listened to a webinar that spells out a formula that actually makes sense…
How to Create Wealth Step One: Getting a Clear Intention…
You need to have a clear intention of how much you want to create. For the purpose of demonstrating this formula, I’m using the figure of $10,000 monthly. It’s important to use daily visualization by imagining yourself at a future date, but thinking of it as present, being sure to pay attention to the feeling you have when you actually see this much income flowing into your bank account on a consistent basis.
How to Create Wealth Step Two: Determine your Outcome…
If you have no idea how much your income goal is, there is no way of attaining it. You can’t just move blindly in your business and “hope for the best”. You have to have a plan – strategy that will take you closer to your goal as you progress. And remember, it’s not necessarily just the outcome that makes a difference… it’s the journey…
“The major reason for setting a goal is for what it makes of you to accomplish it. What it makes of you will always be the far greater value than what you get.”
– Jim Rohn: American entrepreneur, author and motivational speaker
How to Create Wealth Step Three: Determining the Number of Sales you Need…
Take the monthly figure you desire and divide by 31 to get your daily expectation of creating wealth. In this example, $10,000 divided by 31 = a goal of $322.58 daily (we can round this up to $325).
Take this figure and work backwards to determine how to create wealth in your own business. For example, in my business, I know that statistics reveal that one out of every 40 people who watch the sales video will decide to buy on the spot.
Now, I also need to do a little research in my own business to figure my own upselling statistics. Why? Because this will give me concrete figures to move forward with. While the average person who decides to buy will generate me a $25 commission, I know that one of every three of these people will upgrade to the $100 monthly program, giving me a commission of $125 monthly. One in five of those people will elect the $500 product, and one in ten will buy the $997 product.
So to figure out average commissions, let’s work backwards from a 30-sale point. Thirty sales = ($25 x 30) + ($100 x 10) + ($500 x 6) + ($997 x 3), or $750 + $1000 + $3000 + $2991, or $7741 for 30 sales, divided by 30 = $258.03 each. Let’s round that to an average value of $258 commission for each sale.
Judging from this scenario, I would need 38.76 sales a month (or 1.25 sales daily) to equal a monthly income of $10,000, or a daily income of $325.
How to Create Wealth Step Four: Determining How to Get the Sales…
Judging from my own statistics, I know that one in every forty people who watch my video will decide to buy on the spot. So, to get 40 sales a month, I would need to find a way for 1600 people monthly (52 people daily) to watch my sales video. And how to I do that? Well, this brings us to step five for creating wealth…
How to Create Wealth Step Five: Determining Prospects…
The easy way, of course, is to simply buy leads. However, this is not always very cost effective, especially starting out. Some people pay as much as $5 a lead, depending on their marketing strategy, and this would cost $260 daily to get 52 leads!
While many people choose paid marketing strategies, I elect to use free marketing – blogging, article marketing and videos – to bring in my leads. Assuming you want to go this route as well, let’s determine how to get those 520 people daily to reading your blog posts and articles, and watching your videos. (520 visitors is based on my own 10% opt in percentage for my content to produce 52 leads.)
How to Create Wealth Step Six: Determining Lead Flow…
This is where keyword research comes in. You don’t want to waste your time blogging about stuff that nobody wants to read! You can determine the potential visitors to your site by accessing the free External Google Keyword Tool at ‘Google.AdWords.com’ and click on the link “keyword research tool”.
Determine the number of people searching for your “keyword phrase” that you’ll be using throughout your content. For example, I know that the keyword phrase “how to create wealth” gets roughly 590 exact match searches monthly, or 19 searches a day. This knowledge tells me that if I can promote this content to rank on the first page of Google, I can expect about half of those people (10) to watch my video or reach my article or post, and 10% of those people (1) to become a prospect.
So in this scenario, this particular piece of content for the keyword phrase how to create wealth should yield me one lead daily. How do I get 52 leads daily? Simply put out more content for other keyword phrases – 52 pieces of content each yielding one lead a day will give me 52 leads, which generates 40 sales a month which equals an average of $10,000 monthly. Your future for creating wealth is now in your hands!