Maximize Your Income with Three Game-Changing Strategies

What if you could increase your income without working more hours? In today's episode, we reveal three game-changing strategies to elevate your financial success. 

Follow Dr. Sheena Howards' socials:
@drsheenahoward | Power Your Research 

Transcript

Increase Income With Smart Strategies

Speaker 1 0:00

You could cut lawns in an urban area that has row homes right , or you could cut lawns in a suburban area where the value of their homes are half a million dollars . The same exact service that you're offering to this population you could be doing in a different population and charge them more . I don't want my work to be stuck behind an academic paywall . I want to leave a legacy , I want to reach my potential and I want to change lives . This podcast , power your Research , is my attempt to help the smartest people in the world do that very thing . My hope is that you use the lessons I share to make more money than what your higher ed job can ever pay you . I've done it , my clients have done it , and so can you . My hope is that you'll apply what you learn here and one day join the Power your Research program where you can work with me one-on-one . Today , I'm going to give you three ways to increase your income . So these three ways that I'm going to share , I've actually used and so I know how they work and I want to share them with you . So the first , very surprising way to increase your income is a referral system , and this was surprising to me and kind of new to me within the last year and year and a half , but it has some really cool benefits outside of even increasing your income . But it has some really cool benefits outside of even increasing your income . So a referral system is a relationship that you might have with actually somebody that may be doing some services for you , or an adjacent company that doesn't do exactly what you do but maybe does something that your current clients may need as well . And with a referral system it basically works like this If I send you clients and they sign on with you , then you give me a percentage of what you make from that sale . So that's one way you can increase your income without really doing much . So this might look like a link inside your current program or inside your current course that someone clicks on to book a call with your affiliate and they jump on the call , they make a sale and then you get 15% of that sale . So I've actually made over thousands of dollars this year with just referrals with people that I have a relationship with that I know do good work because I've actually used their services or worked with them before . So this is different than just sharing affiliate links right , just sharing a link and getting a month free . This is actually something that involves a relationship with these referrals so that you can build a system that works for both of you .

Speaker 1 3:06

And the second part of this that has an added benefit is that sometimes the referral system might not involve you getting a percentage of the sale . It could just involve you getting more free services . So , for example , let's say you have a virtual assistant that does monthly tasks for you . You could have a referral system with that virtual assistant that says hey , if I , every time I send you a new client and they sign on with on with you , you know they'll give me 10 free hours of virtual assistant work , so that that puts money back in my pocket because it's money that I now don't have to spend just because I referred someone to a virtual assistant company that I already am a fan of . For these to work , in my experience they take some relationship building . They take a little time to learn about the different services that you've used , that you like , that you want to engage in this type of partnership with , because it makes it super easy to refer someone to something that you're a fan of .

Speaker 1 4:02

So first way to increase your income is starting a referral system . The second way to increase your income or is to sell the same thing you're already selling , but to a market that you know has more money . So you might be selling something that is working for you , but you want to increase your income , but the target market that you're selling to just doesn't have the money . So , for example , let's say I sold I don't know help with studying to college students . Well , college students typically are broke , right , we know that , and so you can't increase your price with that target audience too much . Otherwise you wouldn't make any sales , not because they might not want to pay you , but because they don't have the money . But if you wanted to teach people who are already in the professional world , who are already working full-time , how to better their studying habits , for I don't know a certification that you're trying to get , a person that is working full-time probably has more money for the same services that you were offering a different target audience .

Speaker 1 5:02

And so I run an academic branding company and my target audience is PhDs . Most of the people in the program are either faculty members or are in administration , or they have a PhD and they're doing some sort of full-time job out here in the real world . Hey everyone , real quick . I don't run any ads on this podcast , so I have to rely on word of mouth . If this podcast has helped you in any way , please share it with a friend and follow me , dr Sheena Howard , on LinkedIn , where I give more free content on building your brand as an academic . If you tell me you came to my LinkedIn from the podcast , I'll make sure I accept your request Selling something to that target audience . I know they have money , right ? I know they can afford the program that I'm giving them and I can make a promise to them that , hey , I'm going to help you increase your income , I'm going to help you increase your platform so you can have leverage to make more money , and so I could have a branding company that serves all different types of target audiences . But I chose professors because I am a professor , I know the psychology of professors , but also it's a great , viable population that has more money than , say , someone that isn't a PhD or isn't a faculty member , right ?

Speaker 1 6:18

So the second way to increase your income do the same thing before a target audience that has more money , and I'll give you two more examples . You could cut lawns in an urban area that has row homes , right ? Or you could cut lawns in a suburban area where the value of their homes are half a million dollars . The same exact service that you're offering to this population . You could be doing in a different population and charge them more , right ? Another example I'm a writer and I write books for celebrities and CEOs and social impact companies . Now I could write books for influencers and small businesses , but they wouldn't be able to pay me 50,000 plus to write their book . They probably would be able to pay me 50,000 plus to write their book . They probably would be able to pay me 10 or 20,000 if that . And so the same service . I'm just offering it to a very specific target audience that I know has more money . So that's the second way to increase your income in 2024 .

Speaker 1 7:17

And then the third way you can increase your income is to just sell more services to current and past clients , clients that have already paid you , clients that have paid you in the past . What else do they need from you to help them reach their goals ? They may need more of the same thing , but you don't know that because you haven't reached out to them . So this time of year I like to reach out to clients that have paid me this year that I did good work for and I know I did good work because I do good work , because I'm very anal . I reach back out to them and say , hey , I'm still here , let me know if I can help you with anything , and a lot of times they're excited oh yes , actually I have this project that I need you to help me with , and they trust me because they've already paid me money and I've already done good work for them in the

Expanding Services for Increased Income

Speaker 1 8:00

past .

Speaker 1 8:00

You could offer the same services to people that have already paid you , or new services to current clients . So in a branding company like mine , I'm teaching academics how to increase their visibility , authority and income , and they're going to get results guaranteed . But there may be other things inside the program that they don't feel like doing , and so I could offer them new services to help and assist them . Maybe they want to get their blog started and they want a ghost writer to write all the blog posts . Right , I could offer current clients who already know I do good work , who are already getting results , something else .

Speaker 1 8:36

So those are three great ways that I've used that I know work . Some of them take a little bit of time to nurture the relationships , but if you're building a brand , if you're increasing your visibility , authority and income , you're building off of your past work right . Every day you're building relationships and nurturing them and learning something new , and so you're already in the process of moving towards these things , and so hopefully this will help you move towards these things with more intention so that you can increase your income . I hope this video helps . Let me know if you have any questions or comments down below . So I hope you have an amazing day and I hope this was helpful you .