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How To Increase Your Earnings?

Whether you are working at a job or have a business, you are always in need of increasing your earnings to catch up with your surmounting expenses.  There are many possibilities.  But it boils down to only two ways to increase your earnings- magnify or multiply.

Magnify Your Charges

If you are making money by trading your time, then all you must do is to increase your rate.  If you are working, perhaps you will seek promotion or get another job which will pay you more.  You are increasing your rate, that is magnifying your time cost.  If you are in service industry, you are likely to increase your service charges.  If your consulting charges are $45 per hour, you may opt to increase your rate to $55 per hour.

Multiply to Increase your Earnings

Multiply earnings by selling more products or increasing your services. 

One Stop Service To Increase Your Earnings

If you are in consulting business, you may opt to become public speaker to speak in your specialty area for which you will charge either as speaking fee or charge people to come hear you.  As a consultant, you can handle only one client at a time.  Now as a speaker you can charge a set fee, or you could charge based number of attendees. What you are doing is reaching out to more people without exhausting your time. 

The best example is none other than Amazon.  Amazon’s platform is very unique- it sells more products in many areas as well many products within each specific category.  Originally Amazon’s focus was selling books.

Of course, both methods are good, but multiplying is better.  Magnifying ways is totally dependent on the hours you can dedicate, and you are limited by the time you can spare.  Not only that, but when you magnify, your fee, level of service, responsibility will increase.  Furthermore, the expectations from your customers will also increase.  Perhaps leading to increased stress level.

One Stop Service To Increase Your Earnings

Multiplying your earnings is lot easier when you are in Online business.  If you have a solid marketing system you can enhance your earnings by:

  • Selling to more people by having (and building) your client’s list
  • Selling more products that meet your clients’ need in many areas
  • Selling products that has high rate of return- high-priced items
  • Earn more by referring others into the business- Earn from their efforts

Multiplying income is easier especially if you are pursuing online business.  However, your efforts are needed in ensuring you have sound marketing system.  As there are significant changes at rapid pace, you need to be savvy enough to enhance marketing system.  

This article was published on 02.09.2020 by Prakash Kunjeer
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