How to Double Your Income: Key Strategies

Introduction

• Doubling your income is more doable than most people think.
• Traditional thoughts on doubling income (like asking for a raise) are usually ineffective.

Doubling Income at Your Job

1. Ask for a Raise
   • Not likely to work but possible if you make yourself indispensable.
   • Think from an owner's perspective: How can you add to the bottom line?
2. Get a Job at a Prestigious Company
   • Increases your value and chance of getting recruited by other companies.
   • Example: A young lady progressing through Microsoft, Google, and now Harvard/ Amazon.
3. Further Education
   • Go back to school for a higher degree.
   • May improve job prospects but not guaranteed.

Starting a Side Business

• A more effective way to double your income.
• Choose the Right Business: Prefer a product-based business over a service-based one.
  • Selling insurance or credit card processing (service treated as a product).

Disconnect Revenue from Time

• Selling a service you provide limits income. Productize part of the service.
• Get Monthly Recurring Revenue (MRR) contracts to ensure steady cash flow.

Part-Time Business Ideas

1. Ebooks and Audiobooks
   • Write and sell on Amazon; no fulfillment needed.
   • Ebooks ($200-$300/month) vs. Physical books (tens of thousands/month).
2. YouTube Channel
   • Create content, partner with YouTube, and earn from ads once you meet criteria (1000 subscribers, 4000 watch hours).
   • Example: Author makes $40-$50k/month from YouTube.
3. Drop Shipping
4. Amazon Influencer and Storefront
   • Recommend products and earn a commission on everything the buyer purchases within 24 hours.
   • Example: Some influencers make millions.
5. Affiliate Marketing
   • Promote products from sites like ClickBank and earn commissions.
   • Myron’s affiliate program offers 50% of sales.
6. Multi-level Marketing and ClickBank Affiliates
   • Promote and earn commission from sales, with some earning significant amounts just from referrals.

Key Warning: Don’t Quit Your Job Too Early

• Only quit when your side business makes twice as much as your job.
• Job you dislike serves as a motivator.

Doubling Your Revenue in Business

1. Increase Lead Generation
   • Double the number of leads through more lead magnets and opt-in funnels.
   • Use different opt-in funnels for the same lead magnet by targeting various demographics (e.g., entrepreneurs, authors).
2. Improve Conversion Rates
   • Enhance sales skills to double conversion rates.
   • Focus on persuasion over convincing.
3. Increase Price Points
   • Sell higher-priced products to increase revenue.
4. Add Premium Value Offers
   • Create high-value offers (e.g., $10,000 product) and target converted leads.

Example of Success

• A company stuck at $1.2 million/year scaled to a $1.2 million day using these strategies.

Conclusion

• Implementing any one of these strategies can double your income or business revenue.
• Doing all of them can drastically multiply your success.