As Burna boy said ‘Dangote still dey find money’ who are you to sleep on the money? who are you not to hustle or try to increase your income? Because we are all trying to make more money, I put together 6 things you can do to double your income in less than one year. These are steps that have worked for different people over the years and I believe it will work for you too if you can act on it.
1. KNOW WHAT YOU DO
the first step in increasing your income in any way is knowing what you do and how it contributes to your income, we perform a lot of tasks on our day to days activities but only twenty percent of the tasks we perform actually contributes majorly to our income. The 80/20 rule says that 20% of the tasks you perform generate 80% of your income. The rest of the 80% is majorly supported services. When you can identify the 20% tasks that contribute the majority of your income, you will know what to expend your energy on. As a fashion designer you make money from the unique and innovative designs you put out and the presentation of your designs, not the actual sewing, will make more sense to focus on building and developing your creative process to be able to churn out more designs.
2. LET OTHERS DO IT
After identifying the tasks you’d be focused on, the rest that takes up most of your time that contributes little should be outsourced. When you let others do the less important stuff, you have more time to dedicate to the important stuff and you make more money without burning out. Things you are not so good at or things you don’t enjoy doing should be outsourced to free up your time for productive things. One of the best decisions I made in recent times was outsourcing my business social media pages curation, the quality of work is better and I have more time to do other things I enjoy like writing this article.
3. IDENTIFY WHAT YOU DO BEST
You are paid for your skill and the value you add when you can identify what you do best, your unique skill will set you apart among your peers and increase your value to your employees or customers. If you are an entrepreneur, focus on an idea and leverage your unique skill to maximize it, if you are an employee let your skill be discernible among your peers, be distinguished, take initiative let your employer know that you have ambition and willing to help the company in whatever way necessary. When you do this you will be considered for better opportunities.
4. LEARN MORE
You are paid for what you know and the skill you possess. The more you learn, the more you earn, the more valuable you become. There is always something new to learn in whatever field or profession you operate in. Consistent self-improvement expands your knowledge and skill set. To significantly increase your income, you need to be on top of trends, new procedures, and techniques in your industry so you can charge more for your time and value.
5. HELP OTHERS MAKE MONEY
When you help others make money, they pay you. Every company exists to make money, the knowledge and skills you possess can be taught to others at a fee, it can also be rendered as a service to them at a fee. When your actions can increase other’s profit, you become valuable to them and the money is always placed on value. You can help others make money by consulting on your area of expertise, conducting training, webinars, writing, etc. You will be building a reputation, making money while doing what you enjoy.
6. CHARGE MORE
The single quickest way to make more money is to increase your price. If you are an entrepreneur and you haven’t increased your price in the last two to three years you are doing yourself a disservice because the quality of your work over the years has definitely improved so you should charge more for it. And if you double your price and lose customers, you are making money and having more time to focus on other things. If you are an employer, ask for a pay raise or apply for a higher-paying role. Remember, the goal is to be loyal to your pocket, not the game.