How To Increase Your Income Potential In 2020

Building Multiple Streams of Income

One area we all know everyone will tend to plan for in 2020 is to increase income, especially if you are not comfortable with your current earnings, since there are bills and other projects to embark on.

So increasing ones income potential has to be a key focus and to do that you have to be strategic and know what to do in 2020 in this area. In this article I have summed up what I believe will help you based on my experience to increase your ability to earn additional income (multiple streams of income) come 2020.

1. Provide a Product or Service that is solving a particular need in demand: there is no income without a product or service. Even if you create a product or service, they must be in demand or there must be a market or people who need it and are willing to pay money for it. In thinking about a product or service ensure you focus on Needs, Target market, size and their purchasing power. You can read up more here good-product-constitution/. One of my mentors and top leadership and business coach always says;

“Money flows in the direction of value”

Dr Sam Adeyemi

you must be a able to give value in return for money. So plan as this is the best time to put together what you got to offer in 2020. Either you are starting a business or just to add a service besides your current work? then plan it.

2. Ability to Sell: Products or Services don’t just sell themselves people need to sell it, either through advert, face to face marketing or other social media marketing. As a product owner you must have this skill to sell what you manufacture or produced to potential customers. You must be willing and hungry to sell your products, and in selling you must know who to sell to, not everyone is the right customer for a particular product, but if your product cuts across all market segment, then you will have a higher target market. products like daily consumables and in high demand.

In increasing your sources of income, you don’t need to reinvent the wheel, just identify a gap within a market and use the same available solution to meet it. Last year I launched a product on how to turn your skills to money with a focus on creating digital products, you can subscribe for the course here skills-to-money/

So go an identify

3. Humility to Sell: To sell you must be humble, and willing to hear things you might not like from your potential customers, some will even want to educate you on your products, its not bad it’s just part of the whole game. That customer is holding your potential money in his pocket and only your ability and humility will force him to bring it out of his pocket and give it to you. Don’t give up after the first try, keep pushing. one of the businesses I started the first 3-people I met said no, but they ended up becoming my first customers with the highest referrals.

There is no pride in selling, you must be humble enough to answer all questions from your potential customers. they want to know you are not just taking their funds without the value you mentioned, after the first try they will always come for a repeat if their experience is positive. so strive to ensure their first experience is positive.

4. Good communication skills: Communication is everything, I have seen people who have good products or services but cannot communicate the value to potential customers or sell it to them. it’s the most frustrating experience to any sales person or product owner. You must build your communication skills, you must know the right word to use to sell your products or services, you must practice how you want to sell, till you become extremely good at it that when you are woken up suddenly you will repeat the same thing. Communication covers all channels of your sales, you can also get a professional to guide or help with a cover for products especially on digital marketing channels.

These four skills are very key and will guarantee you multiple income sources in 2020.

Don’t wish to increase your income, be deliberate about it.

Please i will like to hear your feedback, share and subscribe to recieve notifications for new publications.

To your Success

Lawrence Obi

Entrepreneurship? Then Read This

Entrepreneurs design, build and run businesses. As one you must be able to create systems on how the businesses will run successfully.

Don’t let people deceive you that entrepreneurship is not for everybody, everyone has the capacity in them to build businesses that’s how God made us. Its either you are building your own businesses, or you are helping someone build the ones they have founded (Intrapreneurship). That’s what entrepreneurship is all about.

On systems

Entrepreneurship is not easy but its worth it. To make it easy, you need to start building systems and processes either before you start or immediately you start, systems help your business to run even when you are not there.
Don’t build the business around you but build it around your customers and the team.

People & Trust

Train your team so you can trust them, don’t employ people because you want to trust them, let people earn the trust by their contribution into the business.

If you have been running your business for more than two years and you can’t take a stroll, and nothing gets wrong? Then know that you are doing something wrong and be sure that even after 5years without you the business will still fail.

I developed systems even before I started any of my businesses. People, Systems and processes are the surest proof you need to sustain your business beyond you and the initial stage.

Simple Revenue, Profit and Cost Calculations

Making a profit in your business is a major indicator that your business is healthy; but note that profit is not all the money you generate in the business in simple terms it is

Profit = Total Revenue/Sales – Total Operating Cost/Expense

Operating cost are those cost that you incur while running the business these include
• Salaries
• Electricity
• Rent
• Water and other Bills
• Cost of producing the product, item or services.

Most entrepreneurs make the mistake of counting all their business have generated as their profit, so they spend based on the revenue, this is totally wrong, your revenue is not your profit.

In Simple terms revenue

Revenue = Cost of Item + Margin on Item or service

I have also noticed that a lot entrepreneurs don’t separate their personal expense from business expense, this is the beginning of fraud and bad corporate governance in an organisation. So the company owner see everything the company makes as his money and has the liberty to spend as he likes.
As a business owner you must be part of the payroll and your salary paid to your personal account just as others also get paid.

To move your small business to a different level you must set up structure and systems, this alone changes the outlook of your business to outsiders and potential investors, no one will invest in a business or take you seriously if it revolves around the founder only. It must be around the People, Products, processes and procedures.

To Your Success 
Lawrence Obi