5 Ways To 10X Your Income
Photo by Giorgio Trovato on Unsplash
If you’re like most people, then you’re constantly looking for ways to increase your income and this makes sense because multiplying your income comes with many valuable benefits such as being able to save, invest, and even pay off debt faster. For most people, being able to earn ten times more income than they’re earning now sounds like a far-fetched dream however it shouldn’t be and here are 5 ways you can do just that!
Method #1: Increase Your Skillset
Before we dive into this first method, think about this; why do company directors, CEOs, and a big fraction of management earn more than the average workers do? Of course, you’ll say it’s because they have more experience, which isn’t wrong.
Get a cash bonus when you signup and save on the Cowrywise app with my invite code JOSEPLWV or invite link.
But the truth is, the major difference between the CEO and the average worker is the skills they bring to the table. Most senior workers possess valuable skills that bring more value to their companies, hence validating their high salaries.
A valuable skillset is a mandatory requirement for promotions within the workforce, and sharpening yours will most definitely render you indispensable to your employer. Therefore, if you want to earn more than what you earn today, think of sharpening the skills that are relevant to the industry you’re in currently.
Don’t just take my word for it! One of the world’s renowned business philosophers, Jim Rohn, once argued that building our skills directly affects our income. To put it simply, the more skills one possesses, the more income they attract.
To be clear, this is exactly what Jim Rohn says:
“Skills multiply labor by two, five, 10, 50, 100 times. You can chop down a tree with a hammer, but it takes thirty days. But if you trade the hammer in for an axe, you can chop down the tree in thirty minutes. What’s the difference in thirty days and thirty minutes? Skills- skills make the difference”
With that said, you’re probably wondering which skills you’ll need to acquire for you to be labelled an axe in the job market. Well, if you look around, you’ll notice that the list of essential skills is endless. But the good thing is, the industry you’re in will help you narrow down to the specific skills you’ll need to climb the career ladder. Keep in mind that today, your skills will determine how long you remain relevant in your place of work and the longer you remain relevant, the higher your chances are of smashing your career goals and increasing your income while at it.
Even as you increase your skillset, there are a few things to keep in mind. The first one is uniqueness. The truth is, possessing unique skills is a sure-fire way of standing out from the employment crowd. The more visible you are, the higher the chances of attracting better employers and clinching high-end career opportunities that pay better. So focus on acquiring distinct skills.
Secondly, building confidence and competence in your work area are two critical skills that will help you multiply your income. Confidence will give you an edge in critical decision-making situations like salary negotiations. If you’re confident enough, you’ll emerge with countless wins and better deals that will eventually boost your income. As for competence, this skill will buy you a direct ticket to unlimited growth in the business world.
Method #2: Leverage The Time Of Others
If you’re the type of person that trades time for money, then you probably know that time is a very fleeting yet valuable resource. Time is a crucial tool in everyone’s life and more expensive than we think. This is why for you to make more money in a limited time, you have to make sure that you’re fully exploiting every second you get. But since we only get 24 hours in a day and only two hands, maximizing productivity to the fullest is only possible through leveraging other people’s time.
This simply means bringing people on board your income-generating assets and using their time to earn more money for yourself. It’s simple, actually, and you can achieve this in multiple ways.
For example, instead of navigating the investment world on your own and suffering crippling investment losses, why not hire an experienced fund manager to handle your investments for you, and bring you profits. See, although you’re using their time to multiply your income, you’re achieving more than you would if you were only using your time. And of course, they’re not doing it for free.
Leveraging the time of others will make them feel valued. For example, if you’re paying a coach to help you become a better athlete who’s earning more, your great performance as an athlete makes your coach valuable and sought after in the coaching industry.
Actually, this is more of an opportunity cost. One will look and weigh the opportunity cost of spending his or her time working for your business, and when they spend that time somewhere else. If you have a business, the only way to grow is to hire a team and pay them well. More pay will attract better talent and motivate existing workers to work harder.
Looking at this from a savings standpoint, if you retain more workers in your workplace, you will cut more costs in the long run. You won’t have to spend money hiring new employees and training them before they become fully capable of working efficiently. More leverage to your employees’ time will also attract the best talents in the industry. Needless to say, a talented workforce will significantly boost your production and consequently, potentially boost your income more than ten times.
Moreover, a more qualified team will mean you will have to hire a few personnel to achieve a specific task. Two well-trained people can effectively outshine a four-person job. This reduction in the number of staff employed will lead to significant savings in the expenditure, which is key to boosting your net income and achieving your desired financial goals.
Keenly looking at this, the good of leveraging time for others outweighs the costs that most people will find intimidating. At first, it may seem painful to the business as it will mean fewer profits. However, in the long run, it will be of great importance and benefit. You’ll be able to retain your workers for a longer time, saving on the cost of hiring workers year in year out and training them.
Method #3: Identify The 80–20 Of Your Income
Moving on, the third way to 10x your income is to identify the 80–20 of your income. The 80-20 rule, also known as the Pareto principle, was developed in 1906 by Vilfredo Pareto, an Italian economist. The rule is basically an aphorism that asserts that 80% of our outcomes or outputs come from 20% of our inputs.
The main idea put forward by the rule is to identify the most critical revenue-generating assets in the business and prioritize them. What this rule asserts is that the success of events depends mostly on the more significant 20%. However, many tend to misinterpret this by thinking that other 80% should be completely forgotten, which isn’t the case. That is fallacious because the business and income generated depend on the entity wholly and not just the most essential assets, ignoring the 20% will, therefore, do damage to the expected income boost.
The takeaway of this rule is that you should identify the most income-generating assets in your business. In whichever form, your income is generated to give them special attention to maximize their outputs.
Prioritizing the 20% of your business assets or your income generating engines and giving them more attention will help you narrow down your worries. It also gives you more time to focus intensely on the essential areas instead of focusing on the entire business, which would be more exhausting and time-consuming. Focusing on the whole company also means you’ll not give much focus on each element as needed. The rule will provide you with the best approach; first, to focus on the essential business areas and second, it will give you the idea to picture your business and determine the key elements that need to be focused on more than the others. Sorting these various elements will, therefore, ensure efficiency in managing the business.
Method #4: Increase Your Customer Base or Following
The ideal way to boost your income ten or more folds is by expanding your sales and market share. Increasing sales revenue is the surest way of boosting your income. Boosting sales is only made possible by increasing your current customer base since these translate to the amount of income you attract. A bigger customer base will guarantee more sales, and that will directly affect the net income you earn.
In any business, therefore, maintaining your customers should be your top priority if you want to boost your net income and realize and expanded business. This hopefully rings a bell. This is another example of the 80–20 rule in effect, but here we focus on the specific business asset, that being the customer base.
Are you wondering how you can increase your customer base or following? Let me take you through the few steps that can help you do that. The first tip for increasing your customer base is to develop personal relations with your clients. Developing personal relations with your clients is the best and surest way to maintain your current customer base and even add more. Personal relations will make your customers feel more important as they will the increased attention.
Nothing will make customers feel more special than making them feel like part of your business. You can achieve this by listening to their feedback and responding promptly, or simply using words like thank you and welcome.
In the case of a retail business, developing an aftersales service for your customers, such as consultation or advice will help build a bond with your customers and clients. On top of that, you could also maximize on social media to increase your following. Platforms like Facebook and Instagram will greatly contribute to reaching an expanded audience and attracting more sales.
Method #5: Focus On The Primary Outcome Or Goal
Finally, in all your endeavours, always remember that the main goal is to boost your income. This should always be prioritized in whatever decision you make. Before you make up your mind on anything, therefore, take time and ask yourself if it really will help boost the income generated by your business or your salary. If it doesn’t then set it aside. Note that there are many advantages of focusing on the primary goal.
First, focusing on one specific goal will sharpen your concentration and clear your path of any potential distractions. Having a clear strategy that aligns you with your revenue goals is key in 10xing your income. You need to come up with a clear path and define a way to follow your desired goal. Once you have a clear path in mind, you have to identify the possible risks and shortfalls that may be on the road to your goal and develop ways to neutralize them.
Whether it’s in your business or your job, aim to clear any distractions that hurt your chances of attaining your primary goal, which is to multiply your income. Then, only when one target has been reached should you move onto the next so that you can give this new task your undivided attention!
CONTRIBUTED BY Adam Del Duca
Read More: 6 Golden Rules of Becoming a Millionaire