07 Jun How to Make Six Figures by Writing a Book
Would it be a dream for you to make six figures by writing a book and from the comfort of your home?
In this article, I’m going to teach you the Robert Kiyosaki Strategy and the Elon Musk method that you can use to make six figures.
Let’s start with Robert Kiyosaki, author of Rich Dad, Poor Dad, who years ago wanted to sell his board game, The CASHFLOW® Game but was having trouble.
At age nine, his Rich Dad taught him how to be a rich man by playing Monopoly. In 1994, Robert and his wife, Kim, decided to take what they had learned from his dad and create a game board so others could have fun learning.
There are two tracks on his board game, CASHFLOW®:
- The Rat Race
- The Fast Track
The object of the game is to increase your financial IQ to exit the rat race and have more passive income, so you don’t have to work anymore, and your money is working for you.
According to the Self-Publishing Hall of Fame, here’s the story behind what the book’s purpose was:
“Robert Kiyosaki originally self-published Rich Dad, Poor Dad, written with Sharon Lechter, in 1997 as a $15.95 brochure designed to attract customers to his website where he could sell his $195 Cashflow® board game.
After selling rights to Warner Business Books in 2000 and appearing on Oprah, he sold millions of copies, with the book sitting on the New York Times bestseller list for four years. By New Year’s 2005, the book had sold more than 10 million copies and was the #1 business bestseller for 2004 according to USA Today.”
Since Robert could not sell his Cashflow Game, he decided to WRITE A BOOK that would leave a breadcrumb trail to his game, and his plan worked brilliantly.
His book was an unexpected massive hit and sold more than 10 million copies, making him famous!
The two big take-aways from this story is that Kiyosaki used his book to sell a different product (the game) and he did it by using the breadcrumb trail that led readers to his game.
Whatever you’re selling – coaching, consulting, services, online courses, retreats – writing a book can be your breadcrumb trail that will lead readers to your programs, products and services.
COLD LEAD VS WARM LEAD
By having a book, Kiyosaki was turning cold leads into warm leads. You have a greater chance to sell your programs, products and services to warm leads than you do to cold leads.
After leaving my 17 year career in the legal field, I got into outside sales and worked for a company named Thermospas selling high end hot tubs. I was in the top 10% of the income earners and I made six figures working 20 hours per week.
It was the best career move, going from a 9-5 corporate job, to doubling my income and my time off.
The owner of the company was a brilliant marketer and he took the company from $5 million to $60 million by advertising via infomercials where he offered a “FREE” DVD package for people interested in hot tubs and swim spas. When they called the 800 number, the free package was sent out to them which included a color brochure/mini-book, a DVD, and a $1000 coupon.
Within days the telemarketing department would follow up with a call and if everything went well they booked an appointment to have a rep come up to do a site survey and show them our products.
That DVD package was what turned a cold lead into a warm lead and I can tell you from working their 10 years that if the people received the DVD package and watched it before I was there for the sales appointment, my closing rate skyrocketed.
Warm leads are valuable because people feel like they know, like and trust you. If you’re a cold lead, then you have to spend a lot of time trying to build a relationship and sell a product.
So you’re probably wondering, how do you make six figures with a book, right?
The fastest path to making six figures with your book is to have a high ticket program to sell on the back end. I’m defining high ticket to range from $3000 to $10,000 or more.
Most entrepreneurs struggle to hit six figures and that’s because they start with low priced offers. I started my first online business in 2005 with a $197 online course. I never made it to six figures with that business model.
It wasn’t until I hired my first business coach in 2014 and within 90 days I was making six figures selling high ticket.
ELON MUSK METHOD OF SELLING
We can learn something about pricing strategies from Elon Musk. A while back, I read an article about the Tesla 10-year plan and why Elon Musk chose high-ticket first…
In 1996, Elon Musk was making the first “Master Plan” for his business.
Step 1 – Create A Low-Volume, High-Ticket Car.
Step 2 – Use The Money Made In Step 1 To Develop A Medium-Volume Car At A Lower Price Point.
Step 3 – Create The Highest Volume Car At The Lowest Price Point.
Elon Musk did this to make the most amount of money with the lowest volume in Step 1 to then fund Steps 2 and 3.
Elon Musk chose to do high-ticket first so he could fund low-ticket later. You can read the full article here: https://www.tesla.com/blog/master-plan-part-deux
The reality is that it’s hard to build a 6- or 7-figure business with a $97 -$997 product, especially if you are a newbie and don’t understand how to generate traffic and convert that traffic into sales.
If your goal is to make six figures right away, I encourage you to start with high ticket. Then once you are making six figures, you can sell lower ticket offers if you want to.
The coaches I’ve worked with recommend having one high ticket offer and that’s it. There’s a Chinese proverb that says:
Chase two rabbits, catch none.
It’s much easier to focus on one signature program than to have multiple programs that you have to market, sell and manage.
WHY YOU SHOULD WRITE A BOOK TO MAKE SIX FIGURES
Some experts might say a “book” is just a marketing tool, like a webinar or a paid ad, but I believe it’s much more than that.
Here are some big benefits to writing a book that sells your high ticket program:
- It instantly elevates you to the expert level
- It helps you get clear on what you think and believe
- It helps you organize and teach your materials
- It gives people something tangible they can hold in their hands
- It turns a cold lead into a warm lead
- It leaves a breadcrumb trail to your backend offers
- It opens new doors of opportunities
- It attracts media attention (media loves authors)
I could go on, but these are some of the big benefits to writing a book.
Now you’re probably wondering, what type of book you should write.
That depends on what you’re selling. The type of book you should write is something that would attract your ideal client to you and that solves a big problem they are having.
Let’s look at a few authors that make 6-7 figures on the backend of their books:
- Russell Brunson, author of DOTCOM SECRETS, TRAFFIC SECRETS, EXPERT SECRETS and more. He uses his books to attract ideal clients to sell his software clickfunnels and some of his coaching programs.
- The late Dan Kennedy, author of NO BS DIRECT MARKETING, MAGNETIC MARKETING, THE ULTIMATE SALES LETTER and more. Dan used his books to make millions of dollars selling his copywriting services, coaching programs and events.
- Brendon Burchard, author of HIGH PERFORMANCE HABITS, THE MILLIONAIRE MESSENGER, LIFE’S GOLDEN TICKET and more. Brendon used his books to build a massive email list and sell his products, programs and services.
A book is a way to attract your ideal client, elevate your credibility, clarify your message and if you position it properly, to make six figures with.
My business has grown to multiple six figures because of my books. In 2020, I wrote a book a month and published 12 books in one year. I have over 20 books and am being invited on more and more podcasts, summits and speaking events.
Do you see how powerful having a book is. Perry Marshall, author of many business books, said he increased his consulting fees 500% when he published his first book.
Creating a webinar or running ads, doesn’t elevate your expertise like having a published and bestselling book.
Since 2013, I’ve been helping authors write, publish and launch bestselling books to Amazon and also to Wall Street Journal, and USA Today.
If you’d like to talk to me about how we can write your six figure generating book, then schedule a call with me here:
https://bestsellingauthorprogram.com/coaching/
If would like to learn how to publish one book or a book a month soyou can start creating your own passive income like I did, here are the steps I recommend:
- Join my FREE Facebook group here with other authors on this journey: https://www.facebook.com/groups/28BooksTo100K
- Check out the DIY course here: https://michellekulp.samcart.com/products/28-books-to-100k
- Get on the waiting list for Digital Retirement Academy, which opens 4x per year.