“I have no idols. I admire work, dedication and competence.” — Ayrton Senna
This is exactly how I feel.
I’m a huge fan of hard work and personal development. I love to help anyone that’s willing to apply the advice. I respond to all emails and even give out my cell phone number to readers that want to text me any questions that they may have.
I love dedication. I love to read your stories of personal success and business accomplishments. Life’s too short to waste any time at all.
I have many friends that have increased their incomes over the last year or so. Today I’m going to share these stories.
How have friends of Studenomics made more money?
I won’t share too many details because I didn’t ask for permission to share their life stories.
A good buddy found a new part-time gig. This will allow him to focus on his side business.
It’s good to know that you have a safety net as an entrepreneur because nobody wants to go broke and be homeless, right? I would never suggest that you quit your job without a backup plan. Getting a part-time job while you grow a business is smart. You have the structure, the income, and the backup plan in case your business doesn’t work. Plus, you sort of need money to pay the bills and survive. Survival is important these days.
And please don’t share any quotes on taking risks or Bill Gates. The survivorship bias is very dangerous. We all like to look at those that took a huge risk and had it pay off. Nobody ever discusses the failures.
I’ve sadly many many folks that have failed with business ventures and are now stuck in jobs that they hate. They risked it all, all of the time.
While risking it all is important in some areas, you need to make some damn money so that you don’t use a credit card or a huge business loan to finance your business.
Moving on…
A long-time reader started a freelance business.
A reader emailed me to let me know about a new freelancing service they will be providing.
Awesome! They’ll be doing the work in their spare time. There’s no need to quit your full-time job if you’re still slapping your debt around.
This extra money will allow them to make huge dents to that debt, on top of finally going on a trip. I love it. Please have a drink for me.
My brother is expanding his clients for his hair cutting.
Your current customers are your best customers. You do a great job every single time and they’ll be more than happy to provide referrals or bring someone in with them.
A good friend bought a franchise.
If you want to own your own business, but don’t want to do all of the market research and testing, you can always buy a franchise (assuming you have the finances). My friend has launched a franchise location and business is booming. He’s just stuck managing women that don’t get along with each other always.
Now it’s your turn. What can you do? Let’s look at what really matters here…
How can I increase my income?
Seth Godin emphasizes the hierarchy of value: The hierarchy of value (from worst to best): lift, hunt, grow, produce, sell, connect, create/invent.
Judging by this, it really depends on what you think you can offer the world.
Some common ways to make more money include:
- Get a second job.
- Ask for a raise.
- Upgrade your skills.
- Start a business.
I could go on forever with obvious advice. Who the hell doesn’t want a raise?
What resources will help me?
I believe in giving away 99% of my best information to you.
This is why I released my PREMIUM guide on how you can start freelancing away for free. I’ve also put together step-by-step guides for getting started online.
With that being said, I have one thing to add:
Execution > education.
Do something. Stop reading. Reading productivity and business blogs all day to feel like an entrepreneur is like watching porn and calling yourself a pornstar.
No, you don’t have to get off Facebook or stay in 24/7. You just have to find a way to use a little bit of your time more efficiently.
I suggest you grab a copy off my book on Amazon if you want to have the information in your hands to start applying right now. If not, just do something today. That’s all I ask of you.
Good luck in making more money this year! Hopefully you can finally go on that trip or join that expensive dating site or whatever tickles your fancy.
Regarding the franchising option, it is a proven way to reduce some of your risks when starting a a new business. However, buyers should still do serious due diligence before moving forward as all franchises are not created equal and there is no way to eliminate risk completely when starting any business. A franchise business can potentially fail just like any other start-up business. Its also wise to consult with a franchise attorney before signing any franchise agreement to protect yourself.