Doubling your income might seem like an impossible feat. Heck, even earning a few hundred bucks extra per month can seem like a stretch.
Yet it’s completely possible to earn substantially more money if you’re willing to put in the work.
I would know, I’ve done it. But that’s a story for another time.
For now, let’s focus on you.
Here are five time-tested tips on how to double your income.
Double Your Income By Increasing Your Value
Make yourself more valuable to your employer by learning new skills.
Take training courses, look into certificate programs, and pursue more education.
Expanding your knowledge as it relates to your current job makes you more eligible for promotions. Work hard to ensure you’re the best person for your job (as well as better paying jobs with your company).
Stay ahead of the pack so you’re the first choice for pay raises and promotions.
Consider a Different Job
According to Harvard Business Review, sometimes part of advancing in your career is switching jobs.
As you learn new skills and increase your value as an employee, you’ll become more attractive to other companies.
It’s especially important to always keep your eyes open for new job opportunities. Especially if you’re currently in a position with limited opportunities for growth.
Network and set up job alerts, it never hurts to explore new opportunities.
You’re never going to double your income if there’s no possible way to move up the employment ladder.
Start Your Own Business
Forbes states that monetizing your hobby or starting a small business from scratch can potentially double your income.
Of course, doing this takes a lot of hard work. But it’s possible!
We recommend starting your business while you still have your regular job. Commit just a few hours per week at first.
If business takes off, you might be able to eventually leave your full-time job altogether.
It’s called being a chicken entrepreneur, and there’s nothing wrong with that!
Increase Your Prices/Output
If you already own your own business or have a job where you set your own rates, an easy way to double your income is by doubling your prices.
You’ll need to convince people to pay your increased price by backing it up with increased value.
You can do this by proving that it’s worth paying you more than your competition because you’re the best at what you do.
Or, hire new talent to help you to increase your customer base or services offered. Sometimes packaged services can be more valuable together than separate.
Alternatively, you can increase your output (at your current rate or your new increased rate).
If you get paid per project, figure out how to complete projects more quickly so you can pick up more of them each month.
If you get paid for every product you sell, figure out how you can sell more of them each day.
Try Sharing Economy Gigs
Every dollar counts when you try to double your income. And there are few easier ways to make more money than with a sharing economy job.
While they don’t have the income potential of starting a successful small business, they’re a great way to make extra money right away without any startup costs.
Not sure how much you can make? Check out our fancy little income calculator for more.
It’s not exactly easy to double your income.
Yet it can be done with a little hard work, the knowledge of where to spend your energy, and patience.
The five tips above will help you start your journey towards increased earnings.