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How to Create Wealth: Formula for Generating $10,000 Monthly
I used to think that learning how to build $10,000 in wealth per month was unheard of. And then I recently listened to a webinar that describes a formula that actually makes sense…
How to Create Wealth Step One: Getting Clear Intention…
You must have a clear intention of how much you want to create. I will use the figure of $10,000 per month to demonstrate this formula. It’s important to use daily visualization by imagining yourself at a future date but thinking of it as the present, making sure to pay attention to the feeling you get when you see that big income flowing into your bank account consistently.
How to Build Wealth Step Two: Determine Your Outcome…
If you have no idea what your income goal is, there’s no way you’ll reach it. You can’t just blindly go about your business and “hope for the best”. You must have a plan – a strategy that will move you closer to your goal as you progress. And remember, it’s not necessarily just the result that makes the difference, it’s the journey…
“The main reason for setting a goal is that what it makes you is always worth far more than what you get.”
– Jim Rohn: American entrepreneur, author and motivational speaker
How to Build Wealth Step Three: Determining the Number of Sales You Need…
Take the monthly number you want and divide it by 31 to get your daily wealth creation expectation. In this example, $10,000 divided by 31 = a goal of $322.58 per day (we can round it up to $325).
Take that number and work backwards to determine how to create wealth in your business. For example, I know in my company that statistics show that every 40 people who watch a sales video decide to buy on the spot.
Now I also need to do some research in my business to find out my upsell statistics. Why? Because it gives me concrete numbers to move forward with. While the average person who chooses to buy earns me a $25 commission, I know that 1 in 3 people will switch to the $100 monthly program, which gives me $125 a month in commission. One in five of those people chooses the $500 product, and one in ten buys the $997 product.
To calculate average commissions, we work backwards from 30 outlets. Thirty sales = ($25 x 30) + ($100 x 10) + ($500 x 6) + ($997 x 3) or $750 + $1,000 + $3,000 + $2,991 or $7,741 for 30 sales divided by 30 with = $258.03 each. We’ll round this up to an average commission value of $258 for each sale.
Judging from this scenario, I would need 38.76 sales per month (or 1.25 sales per day) to equal $10,000 in monthly income or $325 in daily income.
How to Build Wealth Step Four: Identifying Ways to Get Sales…
Judging by my own statistics, I know that one out of forty people who watch my video decide to buy on the spot. So, to get 40 sales a month, I would have to find a way to get 1600 people a month (52 people a day) to watch my sales video. And how do I do that? Well, that brings us to the fifth step of wealth creation…
How to Build Wealth Step Five: Identifying Prospects…
The easiest way, of course, is to buy leads. However, it is not always very profitable, especially when starting out. Some people pay up to $5 per lead depending on their marketing strategy and to get 52 leads would cost $260 every day!
While many people opt for paid marketing strategies, I choose to use free marketing – blogging, article marketing, and videos – to generate leads. Assuming you want to go that route, let’s figure out how to get those 520 people to read your blog posts and articles and watch your videos every day. (The 520 visitors is based on my own 10% percentage of my content generating 52 leads.)
How to Build Wealth Step Six: Determining Your Lead Flow…
This is where keyword research comes in handy. You don’t want to waste your time blogging about stuff no one wants to read! You can determine potential visitors to your site by opening the free external Google Keyword Tool at “Google.AdWords.com” and clicking on the “Keyword Research Tool” link.
Determine the number of people searching for your “keyword phrase” that you use throughout your content. For example, I know that the keyword phrase “how to create wealth” gets about 590 exact match searches per month, or 19 searches per day. This knowledge tells me that if I can promote this content 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 potential customer .
So in this scenario, this particular keyword phrase wealth creation content should give me one lead per day. How to get 52 leads per day? Just put out more content for other keyword phrases – 52 pieces of content each producing one lead per day will give me 52 leads producing 40 sales per month which equates to an average of $10,000 per month. Your future in wealth creation is now in your hands!
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