There is a definite correlation between wealth and income. The more money you make, the easier it becomes to save. Hence, it is imperative to improve on your ability to generate more income.
Here are seven tips to help increase your ability to earn more money:
1 – Invest in yourself. While you might not be able to determine your salary, you can work at increasing your income by improving your education. Take steps to become a professional in the field you are in. Search for online courses you can take to help boost your resume.
“Work hard on your Job, you get paid for your time, work hard on yourself you get paid for value.”
Merge your new qualifications with excellent performance at your job to get the desired promotions and pay raises. If they don’t seem to come in your present employment you can start looking around for a new job utilizing your new skill set and knowledge.
2 – Develop multiple income streams. Do you presently rely on a single source of income? If so, it’s time to start developing multiple income sources. You can start by getting a part-time job. For example, an accountant can seek out small businesses to help with their books, a teacher can get paid for home tutoring, etc. In whatever field you find yourself, the key is improvisation.
3 – Learn a new trade. You can learn a new trade (fashion design, event management, makeover, etc.) and start a home based part-time business selling your services to your network of friends. This way you can keep your day job and still earn extra income from these activities.
4 – Start an online business. With all the reviews and reports of people earning substantial amounts online, I think it’s an option worthy of consideration. You should however do a thorough research. Don’t be too quick to pay for any course or buy any material on making money online without thoroughly checking it out.
In my opinion you should consider only options where you don’t have to invest any money, at least at the moment. All you really should need to invest is the spare time you usually have at home after work and on weekends. Try to get all the resources and reading materials you can online for free.
5 – Network your way to wealth. If you are an entrepreneur you need to improve on your networking skills. Seek out and make good use of events and organizations that allow for networking of their attendees or members. Be prepared before attending such events. Preparing might involve determining beforehand how you’ll strike up a conversation and fuel such conversation to the extent that you can create a relationship with at least two new people per networking event. These individuals will turn out to be your doors to different segments of your market.
6 – Target the wealthy. Wealthy customers have the potential to pay more for your services as opposed to low income earners. Hence, include as part of your marketing campaign getting at least two new affluent customers every month.
7 – Sell more to your existing customers. Statistics shows that it’s a lot easier selling more to an existing customer than selling to a new prospect. Start brainstorming on complementary products or services you can sell to your customers. Due to the trust they have in you, they are more likely to buy from you than try some other new supplier they have never used before. You can lay your hands on a wonderful book by Matt Oechsli: The Art of Selling to the Affluent. It was a good read for me, and it should be for you as well.
About the author: Amos Agboro is a freelance writer & educator. He presently has a blog where he writes about his personal quests for financial freedom and increasing his net worth through well thought-out choices. He writes about how to earn more, how to save more, and achieving financial freedom.