How I can increase my income? How I can get more money? I get many questions like this via e-mail. So, today, I decided that I will share 5 Proven ways to increase your income.
Now maybe you’re working at a job right now or maybe you run your own business. Whatever the case today, I am going to teach you five proven ways to increase your income, both from an employee perspective as well as from an entrepreneur perspective.
5 Proven ways to increase your Income
#1 Become more valuable as an Employee
If you want to radically increase your income, you must make yourself more valuable.
I always tell my team members that you don’t have to beg me for your paycheck or pay increase.
At the same time, I’m not gonna beg you to do your job. I can tell you that one of the biggest challenges as a leader, as a CEO of a company is to find good people, finding enough good people to launch new projects or manage any of the profit-generating projects that we have.
The right companies would always be more than happy to pay you above-average pay 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, they never go the extra mile because they treat what they do as a job instead of a career, but not you.
So I want you to ask yourself these questions.
- How can I become more valuable as an employee?
- How can I add more value to the company?
- How can I become irreplaceable?
- How can I bring in more revenue?
- How can I work better as a team member?
- How can I improve myself?
- What can I learn?
If you focus on that instead of just treating it as a job, you will become more valuable.
And once you do that, what you also wanna do is advertise your worth.
I don’t mean taking credits. I am talking about telling people, hey you know what, this is what I’m working on.
This is the problem that I have solved for the company. And sometimes, when you’re working with team members, or the right company, you might want to also give some credit to your team members.
Let them take some of the credit too. So you work well as a team.
When the time is right, then you can approach your manager or the boss, the right kind of boss, and you would tell them, hey you know what, here’s what I’ve done, here are the results I have created for the company.
Backed by your track record, backed by your performance.
Then you can ask for more pay. That’s how you increase income.
Then also promise them, once you get the pay increase, what more value, what more things are you gonna do for the company after in the near future. So that’s the very first way to increase your income and that is to become more valuable as an employee.
#2 Move into your company’s Profit Stream
There are three kinds of jobs in the business world.
The first kind is what I call technical jobs. I’m talking about the legal department, the accounting department, and the financial department. Those are the technical jobs.
The second kind of job is an operational job. I’m talking about customer service, I’m talking about product fulfillment, or sometimes some positions in the accounting or finance department.
The third kind of job is what I call revenue-generating jobs.
These are the rainmakers for the companies. These are the people, the team members that contribute directly to the company’s bottom line.
Who am I talking about? I’m talking about salespeople, I’m talking about marketers, I’m talking about copywriters, I’m talking about the leader who leads the team or the employees to produce revenue for the company.
You notice operational jobs usually in the corporate world, they are the lowest paying kind of category in the corporate world. Why?
Because those jobs could easily be replaced by somebody else. They can find people to replace those positions. And if you do good, 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 will never make the money that you want.
What you wanna do is want to be the rainmaker for your company.
You wanna find out how money is made within the organization.
I use a very simple formula, and that’s called a 10x value formula, or for bigger company, it could be to 20 to 50x value.
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 1 million, a year. You wanna find a way to add value, to increase the company’s profit by 1 million, a year.
Then it’s easy for you to get that 1 Millon. Now for bigger companies, it could be 20, it could be 50 times because they have more expenses, more overhead, and more infrastructure.
But for a high growth company, if you pick the right company, the 10x is very simple. You wanna make 1 Millon, more for yourself, find a way, develop your skill, help the company to make an additional 1 Million in profit, and you’ll get your pay raise. It is that simple.
So you can’t just say, oh I want to make more money. Find a way to become the leading revenue generator for your organization.
#3 Become an Intrapreneur
What do I mean? It means that you become an entrepreneur within your organization.
You are still an employee but with an entrepreneurial spirit. I have a few intrapreneurs in my company, in my organization.
It means that they are utilizing my brand, my resources, maybe my capital, may be my customer list, to start a project.
It could be 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.
So if you’ve got the chops, if you can deliver result, and you are creative, you can approach the right CEO and say, hey you know what, I’ve got this idea and I believe I can run with it.
I’m gonna run the whole thing. All I need is just a little bit of help from the company, so if I could take off, you know what, I’m willing to share a majority profit with the company, but let me kinda do my own thing and be a little bit entrepreneurial.
This is a very good way to quote-unquote start your business and increase income because now you’re not going out there in the harsh world and starting from scratch.
You are exercising your entrepreneurial creativity, your spirit, but at the same time, you’re still within the protection, kinda under the umbrella.
It’s a very powerful way to start your business. That’s a very, very good way to increase your income.
#4 Develop your High Income Skill
Now I define high-income skill as a skill that can make you 5000$, or more per month beyond your job and beyond your business.
The beautiful thing about high-income skill is this.
Number one. Notice, I said high-income skill, not a high-income job, and not a high-income profession.
When you have a high-income skill, skills are transferrable, but the profession is not.
Even though maybe you’re making a high income, but it’s in a certain vertical and in a certain profession, once you jump out of that, your income drops.
However, high-income skills, you can combine them. You can combine different high-income skills in one profession to dramatically increase your income. You don’t need years to develop your high-income skill. That’s the second beautiful thing about high-income skills.
The third thing that’s beautiful about high-income skills is this.
That your worth is not dictated by your employer or your company. It’s dictated by you.
How much you make, it’s all determined by two things only.
(1) Your skill level
(2) Your perception in the marketplace
How the marketplace perceives you. Now if you wanna find out more,
I made a video on the 10 high-income skills that you could develop today, click on the link below and find out more.
#5 Use your high-income skill to start a side business
So now you have your high income skill, assuming that you’re making at least $5000, a month or $60000, a year.
Now you can use that skillset that you have developed to start a side business, to develop that second stream of income.
Another stable income stream. For example, let’s say one of your high-income skills is search engine optimization.
You know how to optimize websites for Google, so you get more traffic.
Let’s say you’re charging money, good amount of money for that.
You can now use that skill to start, let’s say your own e-Commerce business, to sell 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 skills to start let’s say an affiliate marketing business where you’re promoting other people’s products and services and get a commission in between.
You see how that works? That’s the power, once you have the skillset.
So those are the five ways that you can use today to increase your income.
Which one resonates with you the most? Pick one.
Don’t get greedy, don’t try to do all five, just pick one. Share that with me at email@example.com.