Have you ever sat down like one in an interview hall to question yourself, “How can I increase my earning power in Nigeria?” An entrepreneur who has mastered the strategies for improving on their earning ability has a conspicuous tendency to become wealthy at the long run. The hard truth is, no matter how prudent you try to be in terms of saving, if you don’t increase your earning power and practically earn at least twice or thrice what you were earning in the last 12 months, there’s no doubt that inflation will catch up with you.
The consistent increase in the prices of products and services across global markets and Nigeria in particular has literally made our currency worth less. According to a report obtained from National Bureau of Statistics, Nigeria, Trading Economics published that the inflation rate in Nigeria in terms of consumer prices as at May 2016 escalated to 15.6 percent from 13.7 percent it was in the previous month. While inflation rate in gasoline prices had jumped to 67 percent. When we look at these factors and more, you will agree with me that any Nigerian or one whose business is connected to Nigeria with a right-thinking thought pattern will have no choice but to make the subject of this article their priority.
Let’s be practical! How on earth can an entrepreneur in Nigeria live their dream if they do not increase their earnings? Sure, it will be like fetching water with a porous basket. Unfortunately, this is exactly what most entrepreneurs do. They work so hard just to earn the same amount of money they earned a month before and some, the previous years. Funny enough, what they don’t seem to know is that the fastest way to becoming poor is to run a business whose interest rate is far below the inflation rate. In case you don’t understand, let me explain. If the inflation rate in your country is an approximate of 16% and the interest rate of your business is 5%, the propensity that you will most times spend from your savings and capital is not debatable.
Hence, the need to discover, develop and master strategies that will continuously keep your earning power stronger. Early this year, I meticulously thought about what I want to share with you here, and came up with a master plan that enabled me not only double my income but also created another coaching niche for me where I train others in setting their 90 Days Action Plan. Your maximum attention at this point is more vital than anything else.
3 Ways to Increase Your Earning Power in Nigeria
1. Don’t bother what others think about you
It’s heartbreaking that they are potential millionaires out there who are still enslaved in the enclave of poverty, not because they are under any form of spell, but because they are still minding what people will say about them should they dare follow their dream. Will Rogers said, “Too many people spend money they haven’t earned, to buy things they don’t want, to impress people that they don’t like.” In the course of minding what people will say or are saying about them, some entrepreneurs have locked themselves out of their own breakthroughs. “With them lie the arsenal of their own destruction.” They undermine their inert ability to evolve and end up all their lives eating crumbs. If you must increase in your earning power, you must be ready to take the box out. You must be ready to sacrifice your pleasure, comfort and desires in order to meet your needful needs. Don’t let anyone make you classify as mere, jobs and business deals having the capacity to move you to the next glorious phase of your life.
2. Maximize your talent
Your talent is your share of God’s grace. Your talent, just like your lifestyle has the capacity to make you a living if you handle it professionally. Make a list of all the things you are talented with, map them with the necessary markets and decide your price. If you position your marketing campaign very well to the right audience, over time, the amount you will make will shock you.
3. Multiply your streams of income
Timothy Ferris, the author of The 4-Hour Workweek said, “Money is multiplied in practical value depending on the number of W’s you control in your life: what you do, when you do it, where you do it, and with whom you do it.” Taking a review from Tim Ferris’s quote, it means that what you do, that’s, the kind of business and its number will decide how much you will likely take home each month. One of the easiest ways to increase your earning power is to multiply your streams of income. Among many other reasons for which experts encourage Nigerian entrepreneurs to own several streams of income, one is to enable them mitigate against risks.
If you are considering doubling your income this month, you can take advantage of these few points I listed here.
Let me step out of the keyboard now. I hope you found this article is interesting? If it has impacted into your life, please share with your friends on Facebook, Twitter and LinkedIn.
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