If you wanted to increase your income, what would you do to double it? How about triple it?
Maybe you’re working at a job right now, or maybe you run your own business. Either way, you want to increase your income to pay for a vacation, to put a downpayment on a home, or to buy new equipment. What would you do to multiply what you’re making right now?
You don’t need to change your job or start a business that requires a lot of capital.
I’m going to teach you five ways to increase your income, both from an employee perspective and from an entrepreneur perspective.
1. Become More Valuable As An Employee
You see, if you want to radically increase your income, you must make yourself more valuable. I always tell my team members that they don’t have to beg me for their paycheck or pay increase. At the same time, I’m not going to beg them to do their job.
One of the biggest challenges I have as a CEO of a company is to find good people to launch new projects or manage any of the profit generating projects. The right companies are always more than happy to pay you above average if you are willing to put in the above average work.
You see, most people just work hard enough not to get fired. They do the bare minimum because they treat what they do as a job instead of a career.
So ask yourself these questions. How can you
- Become more valuable as an employee?
- Add more value to the company?
- Become irreplaceable?
- Bring in more revenue?
- Work better as a team member?
- Improve yourself? What can you learn?
If you focus on that, instead of just treating your work as a job, you will become more valuable. Once you do that, what you also want to do is advertise your worth.
Now, I don’t mean just taking credit for your work. Tell coworkers what you’re working on, and what problem you solved for the company. Give credit to other team members who worked with you so you work well as a team.
When the time is right, approach your manager and tell them what you’ve done and what results you’ve created for the company. Back what you say with your performance, and then ask for more pay. That’s how you your increase income.
Also promise them, once you get your increase in pay, what additional value and what other things you are going to do for the company in the future.
That’s the very first way to increase your income.
2. Move Into Your Company’s Profit Stream
There are three kinds of jobs in the business world, and only one kind that has the potential to make big money.
The first kind is what I call technical jobs: legal, accounting, and financial.
The second kind of job is operational: customer service, product fulfillment (efficient system of placing a product in a customer’s hands), or some positions in accounting or finance.
The third kind of job is what I call revenue generating jobs. These are the rainmakers for the companies.
These team members contribute directly to the company’s bottom line. These include the salespeople, marketers, and copywriters. Also the leader who leads the team or the employees to produce revenue for the company.
Operational jobs are the lowest paying category in the corporate world. Why? Because those jobs could easily be replaced by somebody else.
If you do a good job as an operational person, you make good money. If you do a great job in those positions, you also make modest pay raises, but you’ll never make the money that you want.
What you want to do is be a rainmaker for your company. You want to find out how money is made within your organization.
I use a very simple formula, and that’s called a 10x value formula, or for a bigger company, it could be 20 to 50x. What it means is, if you are the revenue generator for the company that you work for, you want to deliver more value.
Let’s say you want to make an additional $25,000 a year. You want to find a way to add enough value to increase the company’s profit by $250,000 a year. Then it’s easy for you to get that $25,000.
For bigger companies, it could be 20 or 50 times, because they have more expenses, more overhead, and more infrastructure. But for a high growth company, the 10x formula is very simple.
If you want to make an additional $100,000 for yourself, develop your skill to help the company make an additional million dollars in profit. It is that simple. Find a way to become the leading revenue generator for your organization.
3. Become An Entrepreneur
The third way you can increase your income is to become an entrepreneur within your organization. You are still an employee, but with an entrepreneurial spirit. I have a number of entrepreneurs in my company.
They are utilizing my brand, my resources, maybe my capital, maybe my customer list, to start a project. It could be an initiative, it could be a business within a business or a brand within a brand. They’re basically acting as mini CEOs within my umbrella, my company.
If you’ve got the skills, if you can deliver results and you are creative, you can approach the right CEO and tell them you have an idea and you want to run with it.
This is a very good way to “start your business” and increase your income because now you’re not going out there and starting from scratch. You are exercising your entrepreneurial creativity, but you’re still within the protection of the company. It’s a very powerful way to start your business.
I’ll give you a perfect example. Many years ago, an employee came up to me one day with an idea. He led a project with coaching from me and some of my resources. Then he basically started a business within my business.
When he started, he owned 10 percent of that company and I owned 90 percent because I funded most of it. He only put in some sweat equity. We set goals, and each time he hit a certain milestone, I would up his percentage. Eventually, at the very end, I sold all my shares to him. He now owns 100 percent. I’m very proud of that.
He owns 100 percent because later on, my career had changed and I no longer wanted to focus on so many mini projects. At that point, there wasn’t much value that I could add and it didn’t fit my overall vision. He now has a seven figure business.
4. Develop Your High-Income Skill
The fourth way to increase your income is to develop your high-income skill. A high-income skill is a skill that can make you $10,000 or more per month beyond your job and beyond your business. For example, selling premium products, copywriting, or digital marketing.
What’s beautiful about a high-income skill is it’s transferable. If you leave a profession, your income will drop, but with a high-income skill, your income will not if you change jobs or careers.
You can combine different high-income skills in one profession to dramatically increase your income. I help thousands of my students around the world to develop their high-income skills in a matter of weeks.
That’s the second most beautiful thing about a high-income skill. You don’t need years to develop it. Thirdly, your worth is not dictated by your employer or your company. It’s dictated by you.
How much you make is all determined by two things and two things only. First, your skill level, and second, how the marketplace perceives you. If the marketplace sees the value of your skills, you can charge a high amount.
5. Use Your High-income Skill To Start A Side Business
Now that you have your high-income skill, and assuming that you’re making at least $10,000 a month or $120,000 a year, you can use that skill set to start a side business. It will be your secondary stream of income and another stable income stream.
Let’s say one of your high-income skills is search engine optimization. You know how to optimize websites for Google to get more traffic. Let’s say you’re charging good money for that. You can now use that skill to start your own e-commerce business selling your own products and services on Google.
Or let’s say your high-income skill is Facebook advertising or Facebook marketing. Now you can also use your Facebook management and marketing skill to start an affiliate marketing business, where you’re promoting other people’s products and services to get commissions.
Once you have the skill set, you have unlimited options to make more money, whether it’s at your job or for your own business.