How To Increase Your Earning Potential

Anyone can increase their earnings by working harder and longer.

But this approach is not sustainable because there is a limit to how many hours one can work.

Here is an alternate approach, to earn more, by working the same or fewer hours.

1/ Niche down

Become an expert in a small area by niching.

Through your expertise, help others.

A high level of expertise also makes it easier for you to sell what you do because you gather more high-quality case studies and referrals in an area where others see you as an expert.

2/ Invest in yourself and your growth

Investment in self is the best investment.

Invest in getting fitter and smarter. Invest in better tools. Invest in building high-quality marketing assets or in increasing distribution for your ideas.

3/ Get paid for value

Decouple time from money, or get high-paying gigs, which pay higher for similar work.

Get out of getting paid per hour or per item. Instead, get into long-term deals where you are paid well for the value you create. 

When doing short-term projects, charge top dollars based on promised outcomes.

4/ Increase demand for your work

Demand and supply drive earnings.

If your demand is more than what you can offer, increase your rates.

Increase your demand by seeing in the right places and being seen as an expert.

5/ Choose $10K work over $10 work

I wrote at length about it in my how to be millionaire post.

At its core, it is about doing leveraged work and spending your time doing $10K and even $100K work.

6/ Upskill, because there is no growth without learning 

Continue learning irrespective of your current level.

Without learning, you’ll lose your relevance. Without relevance, new earnings are not possible unless you already have assets that pay you.

The best strategy is to earn more by working less and using the space you create to learn more to increase your earnings even more.

7/ Partner with others on the same path

This is the magic trick the most successful entrepreneurs use. 

For example, Bill Gates partnered with IBM that put MS-DOS on every computer IBM made and shipped. And this made Bill a billionaire and eventually one of the richest men in the world.

How can you apply it in what you do?

8/ Build new revenue streams

If working in a job, take on a side hustle.

Even after you meet your income goals, work a bit more to create a cash cushion that allows you to absorb any falls if the risks you take don’t work. If your risk works out, you’ll win big.

When you apply these, you’ll be a winner no matter what. The scale of your success may vary, though.

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