An increase earning potential is a great way to start the year. However, it is a lot more challenging than it sounds. There are a number of factors to consider and look into before you even delve into increasing your income. Though it is really tempting to just start and see where it leads to, it might cause you more harm than good.
One thing you need to know is where you are exactly. It is important to have a clear definition of your starting point. You would have a challenging time trying to benchmark and monitor your progress down the line. Having a clear understanding of where you are can let you assess your career choices as well. You would be able to pinpoint career mistakes that can potentially harm your earnings.
One good start is knowing exactly how much you are clearing every month. SSA.gov shares that the average wage for 2015 was around $48,000. It is also important to base your wages on your net income. This is pretty handy when you have to start using the figure to plan your finances. It would be difficult to budget when you are looking at your gross income.
Here are a few things you need to keep in mind when you are trying to increase your earning potential for the year.
Definitive career goal
It is important to have a goal to aim for when you are trying to increase earning potential. Think of having a specific place you want to be when out at sea. Without it, you run the risk of sailing around with nowhere to go. It might sound romantic and adventurous at times. However, there is a big chance you would run into trouble having no clear goal in mind.
You need to give yourself direction in your career. Whether it is getting a certain appraisal feedback from your supervisors. This can affect any increase in pay you could potentially receive. Are you trying to get a promotion in the office? Then use that and understand the requirements for it. Having a specific goal could help you hash out the steps you need to take to make the most of your time.
Pick up a new skill
One of the ways to increase earning potential is to make yourself a valuable asset to your company if you are trying hold down a job. If you own a business, this can make you more competitive. To do this, you need to either improve your current skills or pick-up new ones. The challenge is that to focus on the relevant ones that can bring you closer to your goals.
If you are working as an account executive in an advertising agency then project management could be a valuable tool in your craft. If you are an online writer then reading books or even taking up design courses could add value to your career. It is important though that you have discipline while doing this. Adding to your present skill set can bring you closer to financial improvement by increasing your earning potential.
Pay attention to your social media persona
The Huffingtonpost.com shares that most consumers are aware of some of the biggest social media platforms available for their own consumption. In fact, there is a big chance that you have one opened right now. It can be in a different tab or simply on your smartphone. It is quite different when someone at this digital age would not have any social media presence.
Nowadays, it is not uncommon nowadays for employers to take a look at your social media profile. Are you comfortable with them seeing your last post? Is it full of rants about life and has been your dumping ground for all your frustrations that has come your way? Have you also made a habit of airing dirty laundry in your social media accounts for all the world to see?
No one is asking you to delete your social profile or even to change who you are. However, it could be a good idea to be more cautious of what you put online. Rather than venting all your anger on social media, why not use it to showcase your talent? If you love photography then use social media to express your talent. You can even share your baking prowess by posting recipes you love to cook.
On a professional standpoint, you can also use your social media accounts to get more involved in your chosen industry. You can use the power of social media to connect with industry movers and shakers. You can even do your part in helping spread knowledge regarding your industry to other people. This is a great way to show existing or potential employers that you value your part in the overall industry development.
Find ways to boost productivity
There is no question that office productivity leads to better finances. No doubt, this can have a positive effect in your effort to increase earning potential. The more productive you are in the office, the more gets done. You increase your value in your workplace as well. This sets you up for success as you increase your chances of getting a better position in the company
If you are running your own business, this can help you as you get more things done. You just have to remember two things – be busy with the right things and don’t stretch yourself out too thin. You can fall into the trap of believing being busy is good. However, you need to balance your time and focus on the important aspects of your business. If you try to accomplish too much, you can end up with a lot of unfinished work.
Invest in cultivating your network
It will be a tough time ahead if you believe you do not need anyone to reach your goals. To increase earning capabilities, you need to look beyond your own potential. You need to enjoin the support of other people especially family and friends. At the very least, you need a support system from family and friends to get you through tough times.
Your network can also lead you to better opportunities or simply open doors for you to get you to your goal. The idea is to engage and cultivate your network. Take an active role rather than just talking to them when you need them. As you engage your network, you can also learn from them which can be useful on your journey to increasing your earning potential.
Know important updates in your industry
You need to take an active role in your industry to help you learn and improve your skill set. It can be as easy as reading up on updates on what is happening around you. You can also use your network to know changes and updates in your respective industry. It is also possible to attend conferences and seminars to get updated. This can even help you increase and cultivate your own network.
Explore your hobbies to increase earning possibilities
Each one of us has a hobby that we love doing in our spare time. It can even be that activity that we can see doing immediately after retirement. It can be photography, baking, wood making, arts and crafts, cooking or even physical exercise. At times, these hobbies serve as an escape for you. It keeps you happy and grounded as you attend to your activity.
This hobby has the potential to help you increase your earnings capability. There are ways to monetize them to help you increase your income. You can sell your goods on free social networking sites. You can also offer your photography services over the weekends for family and friends. One thing that could be holding you back on this endeavor is fear. Entrepreneur.com explains how people are afraid to monetize their hobbies because they are afraid to fail. It might also rob them of the enjoyment in doing their hobby once they fail. The idea is not to pressure yourself too much and take it one step at a time.
If you are able to increase earning potential for you and your family, you are setting yourself up for success. You are putting yourself in a better position to achieving your dreams.