People seek to raise their income for various reasons, including a desire to live more comfortably, be better prepared for unexpected events, have greater financial stability, and pay off their debts more quickly.
You may also wish to raise your income to boost your investments. So, in this post, we will share some crucial tips that could help you in increasing your income to achieve your financial goals.
How to increase your income
Get a raise
If you believe you should be paid more for your work and want to take action, you have two options: find a new higher-paying job or request a raise.
Most people do not get a raise because they never ask.
There are periods in many enterprises when it is natural or convenient to discuss remuneration. Some employers carry out annual or quarterly employee reviews. If you have one coming up, your employer may be anticipating a discussion about your pay. However, to increase your chances of getting a raise, you need to demonstrate that you deserve it.
I would recommend a book on becoming a good negotiator, "Never Split the Difference" by Chris Voss. The book provides actionable strategies for negotiating.
Get a new job
The second option for people who believe they should be paid more for their work is to look for a new job, especially if negotiating a raise does not go as planned. Finding a new job can be a difficult task. However, planning carefully to land a career you desire can be worthwhile.
The following pointers may help you prepare to acquire a new job easily:
Learn new skills
Learning new skills can greatly benefit your career life. It helps you reach your goals, provides confidence, and motivates you to strive even more. A honest assessment of your skills and strengths will help you in building a personal brand, allowing you to sell yourself more effectively to potential employers/clients on paper—CVs, cover letters, or application forms—and in job/contract interviews.
Get new qualifications
Qualifications are more than just fancy pieces of paper. Acquiring the necessary qualifications will give you the impetus to begin and pursue your chosen path. If you have seen a job posting, you’ll observe that educational attainment is a prerequisite in most of these adverts, regardless of position or sector.
Although there are jobs that don't require a degree or certification, getting qualification in form of formal education or certification increases your chances of landing your dream job if it's available. This is because qualifications inform companies about what you know and can do. The higher your qualifications, the more likely you will be able to produce expected results. Your credentials also reveal your capacity to develop the skills necessary for the job.
Start a full time business
Don’t just start a business; solve a problem. Consumers will constantly seek solutions as long as they have problems. People will always seek better, faster, and smarter ways to get things done. Look around you, there are numerous opportunities to build a business around improving the status quo. However, the most difficult challenge for most businesses is identifying these problems and pairing them with the most efficient solutions.
Try to identify solutions to problems a lot of people in a specific niche that you are familiar with have. Solving a problem can mean helping people make money, cut cost, save time, provide them comfort or information.
You can choose to solve problems you face everyday, at work or at home. Do some market research to discover how many other people have the same problem then build a unique and better solution than existing alternatives.
Here are some suggestions:
- Arbitrage - buying low in a market and selling higher with a profit margin in another market or to an audience who are willing to pay higher.
- Fashion products like shoes, T-shirts, etc., from wholesalers. You can sell in a physical shop or sell online with Shopify.
- Low cost manufacturing: turn raw materials into processed goods, e.g. buy Apples, then make Apple juice and sell in branded containers with a profit margin. If you’re good with crafts like sewing, bead-making, etc., you can sell them on Etsy.
- Improve on existing products: make something better than existing solutions, no need to look for a new market, present your offer to people either cheaper product, faster resolution, etc.
Pick up a side hustle
Even though a side hustle is often something you do in addition to your regular employment, it can occasionally grow into a large business that pays well enough that you can quit your main job.
There are various kinds of side hustles. Some take a considerable financial investment to get up, while others do not but may require a significant amount of your time. Here are a few ideas:
Make instructional videos on YouTube
The online video platform is entertaining and replete with a bunch of educational videos. You can earn a lot of money on the platform. You do not need to be famous or talented to make money on YouTube. You only need an internet connection and a way to consistently make quality content. You can supplement your income on YouTube by doing something as simple as making lessons for others to follow.
You can create tutorials on any topic on YouTube; someone will always need those tips at one point or the other. For instance, assuming you are an established sound engineer who can demonstrate how you overcame several challenges to reach your current level of expertise, you can create short instructional videos on “how to fix some minor sound engineering issues”. There are high chances that many budding sound engineers may find the videos helpful. So, creating instructional videos might be the best way to help them while making some money in the process. How does that sound? Great, right?
Here is a video of Noah Kogan interviewing some of the top earners on YouTube. Watch this if you need some inspiration.
Test apps for companies
This involves assisting developers in creating apps that are less buggy, more functional, and easier to use. At the same time, you’re being paid for it. Basically, you test the app’s functionality by using it as a normal user would, ensuring that the overall user experience is favourable while recording any bugs you find. You get paid once you have provided test reports to the developers.
Check out Testlio for Software testing gigs.
Transcribe audio and earn per hour
Transcription is a straightforward side hustle: you listen to an audio clip and type out what you hear. Straightforward but not usually easy. You’ll listen to speakers of different ethnic backgrounds. You’ll have to cope with bad audio quality, look up terms, and listen to the same recording several times.
Your transcriptions could be used for subtitles, make research easier for people who are deaf or even be used in legal or medical matters. There are numerous websites where you can sign up and work as a transcriber. One of such is Rev.com
Participate in Online Surveys for a Fee
This approach to increasing your income does not necessitate any special skills on your behalf. All you need to participate in paid online surveys is an opinion, internet access, and a desire to share your perspective or personal experience. Interestingly, numerous websites, including DigiOpinion, Inbox Dollars, Survey Junkie, Swag Bucks, and many more, are willing to pay you to express your opinion.
If you want to get rich quickly, you probably won’t be interested in this approach to earning money because the process is slow and steady. However, this could be a viable choice if you want to make some extra money on the side.
Driving for Uber or Bolt
Are you a competent driver with a valid driving license? Do you have access to a car? If you answered yes, you might be able to supplement your income by driving for Bolt or Uber on weekends or after your normal weekly working hours. If you apply this approach to getting some additional money, you won’t have to wait until the end of the month to receive your money; you can start making money right away. That is not the end of the story. You are free to work whenever it is convenient for you.
If you are seeking to raise your income so that you can achieve your financial goals more quickly, you should consider these 4 ways to increase your income. There is no limit to what you can achieve with these, you just have to be willing to do the work. You can also try out several options available and see which you're more comfortable with or which aligns with your financial objectives based on returns.