Why you need to make more money this year

In January 2013, I turned on the radio and heard the song ‘we are making money this year’ by Jaywon. The song went on to become a smash hit because it resonated with the thinking of a lot of people who want to make more money and it is no different today.

With today’s economic reality, making more money is not a fantasy, it has to be our reality as cost of living seems to be increasing on a day to day basis and if we are not ready to decrease our standard of living, we have to increase our earnings.

In a recent group coaching session with some of my clients, we discussed ways in which a business can make more profit and we came up with three options:

1. Increase prices
2. Decrease costs
3. Increase volume.

In the same vain if you want to increase your revenue or income this year, you have to do any or all of the following:

1. Increase your earning capacity: this could mean acquiring new skills to make yourself more marketable or able to command more money. Or become better at doing what you already do so you can offer more value and get paid more. It could also mean re-packaging your existing skills and offering it to another industry that would pay you more for it.

2. Increase you streams of income: Multiple streams of income is something that should be considered in today’s economy. This could mean having a side business alongside your current job or expanding the streams of income that your business can generate. It could also mean using a portion of your main income to invest in high interest yielding assets to ensure you get income from multiple sources.

3. Increase your current income from your career or business: this could mean negotiating a pay raise. However you must ensure that you are bringing exceptional value to your organization to justify your pay raise. If you run a business, you need to set higher revenue targets for yourself and work to meet those targets so you would have more income to pay yourself.
Each of these decisions has to come with deliberate action steps. If you are looking to start a side or main business this year or grow your start up, I have a free 3 part lesson series to guide you. You can register to receive them HERE