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.

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To your Success

Lawrence Obi

How Banks Make Billions – You Too Can: Part 3

This is going to be the final post on this series. I hope you have found this to be very informative. Did you miss any? You can read part 1 & 2. see links here http://www.lawrenceobi.com/Part 1

and part 2 http://www.lawrenceobi.com/Par 2

Someone talked about segmentation and not participating in every market. Yes that’s true but what most banks also do is they outsource management of some segments to third party providers or partner strategically. Because those segments might not be their core or it might be expensive managing and acquiring the customers there. Banks understand partnership, so they look for strategic partners to push certain kind of business to their market while they just provide support. So this could be the case for you in your business, Partnership is key. Let me also emphasize that it depends on your business model and what your business goals are.

So to the main discussions.

3. They look for where the crowd gathers

Banks don’t just open branches anywhere, they look for where the footfall is high and there is a genuine demand for banking service. With business presence and a lot of commercial activities and the banks can recover or break even in less, within 12 months or slightly more. Because it’s very expensive to start a new branch. Banks don’t want to waste funds, there must be business case that will justify the investment. Even in the bible it says who wants to first build a house and not count if he will be able to finish it. You must justify your investment in any business or even location. So, do the simple maths, project and show the potentials, banks don’t joke with that. This doesn’t imply that some of the banks have not made mistakes, in fact some have even closed or merged some of their locations as it turns out to be unprofitable over time.

I have handled a lot of financial projects both local and international and as the project manager of these projects, I must always show the business case and why we need to make that investment before the sponsor approves, nobody wants to throw his money away based on speculations there must be data to back it up.

That’s why you see banks like GTbank don’t open branches like every other bank, they are very strategic in their investment and they always get it right.

I believe that before you start a business or sell any product, you must be able to identify your market and where you will get the maximum of your customers, do the analysis and consider the size and their impact on the product or services you are about to launch. If your customers are on social media platforms, there is no need investing hard earned money on physical locations except there will be a general impact on your brand or product.

in a nut shell, identify and follow where the most of your customers are and pitch your tent there.

4. Always Concerned about Operating Cost:

Banks understand the impact of operating cost, so they don’t joke with it, that’s why you see that banks can sack thousands of people without blinking an eye lid. Because operating cost can wipe out all your income and put you in a loss-making position, they always seek ways to reduce cost and one of the easiest ways is to reduce the workforce. I don’t always agree with their style though, but this happens regularly. You won’t understand this except you are running your own business. I never understood this until I started running my business, a lot of cost were just dropping on my table, so I started watching all our expense lines and you know what? apart from power especially in Nigeria, staff cost is one of the highest.

As I close this series I will say, don’t just stop where you are, keep improving, keep growing and make a difference

I appreciate all who liked, made comments and shared their perspective. If this series have been very helpful, please share with your friends and on every platform. Also drop your message for more conversation

To Your Success

Lawrence Obi