Save, save, save. Like exercising, drinking plenty of water, and eating our veggies, we all know saving money is important. But saving money isn’t the only way to get ahead financially. In fact, if you’re just focusing on saving, there are real limitations to the progress you can make in your financial life. At some point, there’s only so much you can save by couponing, eating in, living small and embracing frugality. If you’re still falling short at the end of the month, you may need to focus on boosting your income so that you can create a bigger cushion between the money you make, and the money you keep.
Here are four keys to boosting income you should consider incorporating into your professional and personal life.
Building your personal brand
In today’s digital world, your personal brand is worth its weight in gold. You should think of your brand as your ability to shape how people think and feel about you. Ultimately, the conclusion they land on is completely out of your control, but you do have an opportunity to influence how you are perceived. This includes the photos of you online, any personal taglines, written/creative works and accolades. By consistently focusing on this across multiple platforms, you give yourself an opportunity to enhance your reputation, strengthen your credibility and justify higher pay.
For example, let’s say you’re interviewing for a sales role at a sports marketing company. Since the job will likely require you to be the face of an organization or program, it’s important that you help the decision maker visualize you in the role you’re applying for. Consider creating a personal tagline you can use on your resumè, in an email signature, on a social media graphic , or even an article of clothing. The goal here is to tell a consistent story about who you are and what makes you special. By doing this, you communicate to a hiring manager that you are deserving of an opportunity and worthy of consideration. And if your goal is to earn more money this year, it’s critical you improve the number of times you hear the words “welcome aboard” instead of “maybe next time”…
Developing new age digital skills
The internet is more than just catchy dances, sports clips and memes. It’s a place where people are collaborating on income-earning activities every single day. Because of this, it’s more important than ever to develop digital skills that allow you to communicate in a variety of ways and through multiple platforms. For example, if you’re an aspiring architect, it’s not enough to simply have a book of amazing sketches. You need to understand how to start a blog or website, do simple graphic design, promote yourself on social media, and/or host online virtual events. All of these are par for the course in not only ensuring people can find you, but giving yourself an opportunity to earn more income.
Even if you’re in a non-creative role, having digital skills can help you stand out from the rest. The world of being applauded for creating simple documents, reports, and even emails is fading away. In its place, is a higher demand for more modern and visually attractive communications - like photography, video production, animation, and even audio editing. The good news is you don’t have to go back to school to learn how to do this. Tools like Canva, offer free and paid plans where you can easily and quickly make designs, videos or documents from a laptop or mobile device.
Selling with confidence
Selling has the tendency to make people uncomfortable. To sell successfully, you have to be diligent, consistent, and tolerant of rejection. Because of this, selling can also trigger feelings of insecurity which can lead you away from potentially lucrative opportunities. So how do you overcome that insecurity so you can sell more confidently and earn more income? Here are a few pointers:
First, remember that very few people buy anything after hearing about it for the first time. If you’re introducing something to someone and they’re not familiar with the product or service, keep that in mind and factor it into your sales process. They may just need time to do their own research. In fact, they may also want to do some research on you before buying, which is why it’s critical to have a strong personal brand.
Secondly, in sales, there are lessons to be learned from rejection. Instead of trying to erase those memories, take notes on what you did and how the other person responded in order to learn from the experience. By doing this, you can identify patterns in your sales pitch and make improvements to increase your chances of a sale with future customers. Consider recording your conversations or practice pitches so you can analyze what you’re doing well and where there may be room for improvement. If you need hands-on training, you may also want to consider hiring a sales coach who can help you sharpen your skills.
The ultimate goal: Multiple streams
When most people think of income, they tend to think of the wage or salary from their primary job. In truth, wages and salaries are just one form of income. Studies have shown that 65% of millionaires actually had at least three different forms of income. Because of this, they’re able to more effectively grow their overall income since it’s not reliant on any one source. But whether your goal is to become a millionaire or not, it’s still critical to have multiple pathways of income coming in. That way, during the good times, you can compare and maximize your earning potential, and in the bad times, you have more than one option available to you in order to bring cash into your household.
Written by Rich & Regular of www.richandregular.com