There are 6 steps to increase your income. Look, if you want to make more, you will need to start thinking bigger and doing even more.
Where a lot of people fall short is they either don’t know what to do exactly or they wind up doing the wrong things.
Now, if you’re in sales and you want to increase your income, what are you going to do about it?
Well first, let’s address WHY you should increase your income. Because if you’re doing OK right now, the temptation to hit the cruise button may be incredibly powerful. Are you cruising right now? Do you have a belief that’s holding you back from earning more? When you compare yourself to others (HUGE mistake) are you ahead of your pack?
- If you had a family member lose everything in a fire, how able would you be to help and support them?
- How would it feel to have enough money to buy them a new house without a second thought?
- What if your church lost its roof in a windstorm?
- Are you so financially secure you could stroke a check for the roof and not have it affect your wealth at all?
- What if your best friend from High School found themself addicted to meth and homeless? They need rehab but don’t have the means or family support. Can you be the one that gets them the help they need?
- Why would you want to increase your income?
None of these reasons to have more money involve greed.
Do you need to get your head right about money? How you see money AND how you see people with money will have a huge impact on your ability to collect and create more of it in your life.
Once you get that handled, it’s on to the next thing which is how are you going to do that exactly.
First thing you need to know is how much more do you need to make. What are you truly capable of? Do not compare yourself to others, rather compare yourself to your true potential. What you know you’re capable of. Forget the self-doubt that just kicked in and instead start listening to the other inner-voice. The one that wants you be all you can be. What are you capable of? For reals…
STEP 1. Decide to Increase Your Income
What is your desired income target? Start with your annual, which might need to come from what kind of life you want to be living, then divide that be 12 and that’s where we’ll start. Remember to factor in things like more education, emergencies, unexpected things like injury and illness. Financial freedom comes after financial security and they are not the same.
STEP 2. Expect to Increase Your Income
Believe you can do it. Expect it to happen. This should not ever be about if. This has to be a when thing. When will I win? Let go of doubt, wonder and maybe. And you may find you need to do this daily… and that’s perfectly OK! Make a decision, raise your expectation level of yourself and then expect it to happen. Look for all the time.
STEP 3: Do the Math
What’s it going to take? You have a number, now what?
Money seems to flow to those who give it the most attention and take the most responsibility for it.” –Grant Cardone
- Desired Income Target
- Average Commission / Profit Per Sale
- Number of Sales Required to hit your income Target
- Closing Ratio from the demo to close
- Number of Demo Opportunities Needed
- Number of contacts required
So that works out to how many appointments do you need to set to get X amount of demos that will result in X amount of deals.
STEP 4: Skill Up
The best way to increase your income is to increase your sales. And to do that, you will need to make a commitment to yourself to improve your sales skills. All commitments require time and money and since time is money and you want to invest money not spend money, your first investment always needs to be in yourself.
And by investing yourself with a training program like Cardone University, you have the added advantage of learning the whats and hows from someone else’s experience and study. HUGE time and energy saver. This will allow you to incrementally increase your income at work.
STEP 5: Audit Your Surroundings
Your network will be a reflection of your net worth. It’s one thing to have made a decision, to have raised your expectations and done the math but it’s another thing altogether to identify who and what you’re surrounding yourself with. Is the information you’re consuming and the people you’re investing time with moving you closer to or further away from your target? And if the people around you are not pushing you to be the best version of yourself, it might be time to change your surroundings.
Is the content you’re consuming, meaning social media and news speeding you up or slowing you down? And how are you caring for your meat suit? Are you hydrated, working out frequently, smoke free and sober? Is your space clean?
STEP 6: Go Broke
There is a middle class mindset about being comfortable that will take all the wind out of your sales and smash any urgency you think you have. Do you find that when you really need the money that you find it and it seems to “show up” right on time? Do you find that when you need it, you hustle more and push harder? This is why you’ll hear sales managers encouraging their top producers to go buy stuff when they have a big month.
We tend to push harder, work more and operate with more urgency when we’re broke. It keeps us hungry. If you watch UFC, sometimes the undercard is better than the PPV because you got these young up-in comers hungry and swinging for the fences.
Now what does it mean to go broke? When you earn extra money beyond your basic needs, get rid of it in a good place, put it somewhere you can’t touch it. Save to invest. Stack up 10, 20, 40, 80, 160k and push it into a cash flow producing asset.
He’s a simple example from back in the day. When I was working in a restaurant, when I got home, I’d put all the one dollar bills I had in a shoe box and when they got to 500, I’d put it in a CD. I wound up with 3 CDs a 30, 60 and 90 day revolving worth 5,000 each which I used to pay for my wedding rings and honeymoon.
Fastforward, I stack money now to invest in Cardone Capitol, but the same concept applies just on a larger scale. How can you save to go broke?
Now what? Which one of the six has your full attention right now? Where are you going to start? You have to make a decision, you need to raise your expectations, and do the math. That’s the plan. That gets the action started. Next is improve your skill set. This is ongoing. You’re never done. In fact, from here you should be in a constant state of auditing your surroundings and going broke whenever you can, so would it be a bad idea to do these 6 things everyday?