Here is the audio for my weekly podcast above! Check it out if you want a deeper look into the post.
How to create value so you can earn more money.
Most people don’t understand how to create new opportunities for themselves. They don’t understand how to create value in the world so they become angry and confused, leading to a much bigger problem. This is the one thing you can do to create more value for yourself.
Learn a skill
If you are able to find something you enjoy doing you can leverage that to earn yourself more money. The idea here is that your value in the workplace is directly related to your abilities and being able to take on more responsibility. Look for gaps at work or in your community and see what kinds of skills are needed to fill in those gaps, learn those skills and do it. There are more opportunities open for people that have unique skills than for people looking to learn on the job. People want to ask for a raise because of how much time they have dedicated to something and that’s not the right way to look at it. Your earning potential is directly related to the amount of responsibility you are able to take on and your ability to do things that are highly valued. A CEO that was just hired should be making more than someone who has been at a company for 10 years but stayed in their position never taking on more responsibility. Time doesn’t equal more value. Responsibilities and skills equal more money.
How do you know which skill to learn? Where do you learn those skills from?
That completely depends. I think you should always do things that interest you and that you like to do. Your skill set should reflect the things that you enjoy doing because then you can dedicate more time to it and you would have way more fun learning. Some people might not have that flexibility so the other option is to look around and see what people need. What is needed in your community? Do you notice that you live in an area with a lot of businesses and they all would like more customers? Do you work in a place that is looking for someone that understands excel or certain computer programs? Are they looking for someone to take on more responsibility in a certain area? That’s a place where you should start. For good reason, I completely understand, most people would rather get paid first and take on more responsibility afterwards but that is not a good place to be. Why should someone pay you more before they even know you can provide some value for them? If you are doing so well and taking on more work and developing better skills, then it’s a no brainer to pay you more because you’ve proved more value. Most people get it backwards.
Learning new skills is one of those things that seem complicated but it’s honestly not. I used to work in NYC and my manager came up to me one day and said ” Joel we need to do these pivot tables on excel do you know how to do that?” Without hesitating I said yes and that I would have them by the end of the week. Guess what I did as soon as I got home? I googled “how to create a pivot table” and I learned everything about pivot tables and got the project done better than they even expected. With the internet you can learn everything on this planet. At the tip of your fingers you can learn 6 figure skills that in 1 year or 2 years you can live a life that you would have only dreamed about. No one wants to wait 2 year though and that to me us absurd. If someone came up to you and said ” I want you to earn 120,000 per year BUT you can’t eat rice for 2 years” Most people would google that day “alternatives to rice” and immediately say yes! So why would you not take the time to learn something that can guarantee you a higher income. 2 years goes by in the blink of an eye! We have YouTube and so many services out there willing to be patient with you and teach you a skill that you can use to earn more money. The goal here is that you need to look for it. People will not find it for you and people will not have your best interest in mind. You need to decide what you want to learn and go learn it. Take control of your life.
There are 3 types of business models
Service based Businesses
Physical Product Businesses
Information Product Businesses
You can think of any business on the planet and they would fall in either one of these categories. Some can be a mix of 2 but it will always fall in these three categories. You can go on google right now and type in How to make more money or Different Types of business models and you will get a list of stuff that you can do and the truth is they would probably all work in some way, shape or form. But the truth is that the only model that would work is one that you personally believe in, have enough money to start and enjoy doing. If you hate cats, don’t open a cat store just because selling cat stuff is hot right now. It sounds good but when you do it, you will be miserable.
It all boils down to this: Look for a need that you would have fun with and enjoy tackling and go do it. It sounds like some cheerleader/Disney type statement but it’s absolutely true. Find a need that you like and provide a solution! It’s that simple. Forget about what’s hot or not hot but look for something around you that needs to get done and go full steam ahead! Let’s say you like cupcakes a lot. Would the cupcake stores in your county like to get new customers? Well you can help them get customers and then become known as “The Cupcake Person” because if someone has a cupcake store and they need customers you are the one to go to! Figure out what you like and go find someone that could use your skills!
I plan on getting more in depth with the 3 types of business models on future episodes so stay tuned in to those. For now, goodbye everyone!