3 Ways to Increase Your Earning Potential
Leveraging your skill set to maximise your earning potential doesn’t always mean starting your own business. In our generation, everyone is either an entrepreneur, about to become one or is friends with at least one.
But some of us get discouraged when we are in that first section “about to be/looking for ways to become an entrepreneur” and start our own thing and launch our brand. For those ones, I encourage you to remember that the fact is that not everyone can become an entrepreneur.
More importantly, instead of trying a thousand start up ideas, look to be more entrepreneurial in your thinking and find ways to add value wherever you are. Entrepreneurship is fortunately or not, a one size fits all approach. If it comes to you, great, do your thing. But if it doesn’t, don’t force it- focus more on using your skills to make you the MVP employee. There are more than one ways to make more money.
Increasing your earning potential is (unfortunately) not as easy as just merely asking for a raise. You could increase your earning potential by doing the following three things:
Master YOUR craft – It’s 2019 and we have had more ideas than we can count for starting a business. It’s great to think of a bunch of things you can get involved in. It’s nice to start up various businesses. But even better, is seeing ONE all the way through. I can’t count how many things I have started up in the last year or two, but I can’t put my name to any of them today. Thankfully, (and hopefully!) Operation #SaveSpendInvest is here to stay. They say it takes 10,000 hours to master something. You think of that number and it seems bigger than you. OK so let’s forget the number and get the point. The point is, whatever it is you’re doing, you better do it well. If you know how to sew, learn all the shapes, textures and types of things you can sew. Practice till your hands bleed (not literally). Attend workshops, seminars and find people in the field you can learn from. Perfect your craft and be known for it. The bible tells us in Ecclesiastes 9:10 in ESV
“Whatever your hands find to do, do it with your might.” NLT version says ‘do it well’. We must have heard that phrase before – now is the time to put it in practice. Before you think of another idea to start, focus on just ONE for the rest of the year and master it.
Get knowledge – Fortunately for me and a lot of other people, I work in an industry where knowledge is power and so the more I know, the better I am at my job. The better I am at my job, the higher my salary. There’s a direct correlation, albeit sometimes it can take a while to get to the top but slow and steady here will win the race. African parents love accumulating qualifications like they’re trophies. An Undergrad in Business Finance, MSc in Financial Management , PhD in Organisational Behaviour, ACCA, MBA, CFA, CTA … ALL of the qualifications, we got it. Fair enough for them, back then the more titles you had before your name the better. Things haven’t changed very much since then, knowledge still is very valued. But a title here and there is not where what we’re necessarily going for. What you want to do is get knowledge of your field. When people have questions about anything, let them come to you for the answers. You don’t have to take all the exams to get the information. A short course here, a conference there will get you very far. I’m a big book lover. I love to read. My own way of getting knowledge is therefore to immerse myself in as many books as are relevant. If books aren’t your thing, how about videos? Podcasts? Whatever way you can, get knowledge.
More knowledge = more money.
Be skillful – I have a friend who is very skillful. He would decide he wants to learn Spanish in 6 months, book a personal tutor over the period and do just that. Every year he adds more and more skills to his CV. I absolutely admire him. Over the years, his technique started to rub off on me and I too found myself doing the same thing. When I got into full time employment, I was afraid I’d get stuck doing the same thing. So I decided to do something else I could add to my CV. This year, I decided to add the skill of languages – Spanish in particular. Although I can’t speak it fluently now, my trips to Spain over the years has by no means been wasted. Prov 22:29 says
“Do you see a man skilled in his work? He will stand before kings: He will not stand before obscure men.”
Get skillful – acquire a new skill in anything that tickles your fancy. From languages, to sports to even IT skills, whatever you can do to be more valuable to your employer, do it and do it well. Spanish just might come in handy when they need someone to send to Barcelona for a new project!
If you are thinking of starting your own business, these tips do apply too. It would also be very helpful here to get a mentor in your field and begin having those insightful conversations. 30 years of experience being passed down could save you 30 years of mistakes so take notes and ask smart questions.
Do you have any more things to add, questions or suggestions then get in touch. Share this to anyone you think it would benefit and let me know if you have any topics you’d like me to cover. Email us at
email@example.com for a more personalised career conversation. I look forward to your emails.