I’m a huge fan of musicals, especially the musical Rent. And, with that in mind, enjoy the following song. Eight thousand, three hundred, thirty-three dollars, that’s how much you need to make each of the year. In ebooks, affiliates, webinars, course sales, coaching, and side-hustles too. That’s how you start making $100 grand a year. In all seriousness, though, have you ever wondered what it would take to grow your income? And, what it would take to grow to grow your income to $100 grand a year. Or, just to grow your income in general.
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Show Notes
It’s officially the second week of January and it’s now to time to get down to business. I don’t know about you, but I’m really focused on making a minimum of $100,000 in 2020. With that in mind, I thought that now would be the perfect time to talk about growing your income too. Now, if you’re thinking there’s no way I can make $100,00 this year. It’s already January, I know how much I make, etc.
I get it.
Instead, I want you to think about the following conversation this way: what if the actions you begin taking now, will eventually earn you more-wouldn’t it be worth it? To eventually make
- $55,000
- $65,000
- $100,000 or more
If you start making $8333 from July on that’s still a little more than $49,000 from July-December.
The Steps
- Focus on Mindset-In my opinion, mindset is the hardest area of focus. You have to believe that it’s possible. If you don’t believe that it’s possible, it’s going to be impossible to grow your income. Especially if you’re an entrepreneur. Lacking the belief that you can make more money will affect: your pricing, your sales, and the emotion and language that you use about what you’re trying to sell.
- Work the numbers
- Hour $52
- Day $416
- Week $2,083
- Month $8,333
- Set up your systems with a focus on simplicity. Focus on creating one sustainable action that you can repeat daily.
- Send one kick ass pitch a day for freelance writing
- Share an opt-in every time you share your business
- Pitch for one new side-hustle a day
- Pitch for one new job a day-Quality vs. Quantity=365 pitches a year, you’ll have a higher success rate with this process.
- Focus on what’s worked for you in the past and duplicate the process or area where you were able to grow your income quickly
- Think about how you’re exchanging your time for money. If you’re picking up an actual side-hustle, how much time does it take for the money that you’re earning? Are there other side-hustles that pay more in less time? Can you double-dip? By that what I mean is, are you working a side-hustle that allows you to study or focus on something at the same time. An example of this is working security where you primarily sit at a desk. Usually these types of jobs will say that it’s ok to read, etc. while sitting. Work on a freelance project, website, course, etc. during that time.
- Diversify your income streams-Most jobs will cap your earnings or they might not have the opportunity to earn overtime or to pick up additional paid hours if you’re salaried. Start a side-business that enables you to grow your skills and income. Focus on businesses that are digitally based and have low carrying costs. Here’s my example:
- Romance books
- Courses
- Affiliates
- Sponsored Content
- Webinars
- Non-fiction books
- Freelance writing
- Coaching
- Events
- Have minimum earnings goals for each income stream-I have a minimum amount that I’m focusing on earning for each income stream each month. These minimums help keep me focused on taking action.
- Marketing! There are two aspects to this
- For 9-5 people, it may be quietly reaching out to companies to see if they are hiring-especially if you know people in the company. Or, letting your friends and family know about your intention.
- If you’re running a business:
- Get on podcasts as a guest
- Get people on your email lists
- Understand that people are not keeping track of what YOU are doing.
- A closed mouth doesn’t get fed
- Be kind to yourself, this process will take time. And, it will take time to build momentum. Also, with each small win you’re confidence will grow.
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I love this. So many people have goals but they don’t include details and how you want to make that happen. I know this year is going to GREAT for you.
Jason, I’m not messing around in 2020.