How to Triple Your Income - 6 Pillars

Can you triple your income in 2009? Is this even possible with the American recession?

It’s not totally out of the question. If you’re in a job then this is probably an unrealistic expectation, but ultimately it depends on your position in the industry. If you collect a performance based salary from a sales or marketing position then it’s possible to triple your income.

But what if you’re not in sales and marketing. Can you still make the big money?

You sure can, and here’s how. Become a consultant.

How to Triple Your Income Consulting

This is what I did in November of 2008. I worked as a project manager for an energy company for five years. At the time I was making some of my own personal changes and the opportunity to become a consultant presented itself.

Before I became a consultant I was earning approximately $35.89 hourly or $70,000 CDN per annum. When I started consulting for the same company I started earning $105/hour. That was about a 293% increase. Consulting is a great way to increase your hourly rate to afford more time off from work and possibly work a 3 day week instead of a 5 or 6 day week.

I can see the red flags raising already.

You’re probably thinking:

* Who me? I can’t be a consultant, I’m too old.
* I don’t have the right skills or enough experience, I’m too young.
* Oh, I don’t know. It’s sounds all to risky to leave my job.
* What about my retirement plan?
* What about benefits? How will I take care of myself in the future?

These concerns along with half a dozen other programs will always surface when you do something outside of your comfort zone. If you’ve been in a job for some time then these concerns are normal.

How do I know? Because I had the same concerns when I left my job. I was worried and wasn’t sure how it was all going to work. But after making the move I can tell you it’s one of the best things I ever did.

6 Pillars to Become a Consultant

These pillars are what I consider the “must-do’s” to becoming a consultant. In this series I’ll explain how I earned more money, increased my time off and started my own business by using hidden skills and identifying opportunities that weren’t apparent to me. They were my blind spots.

Yes, you can be a salary employee and start your own consulting business by applying these six pillars:

1. Identify the Need

You’ve got to think differently if you’re going to be a consultant or entrepreneur. You have to look for the needs and problems in the business. Then once you identify those problems, start putting solutions together to address those needs. There are two specific needs that are common to every business. I’ll share both of them with you in the upcoming series. Address either one of them and you’ve hit gold.

2. Earn the Right

Before you move into consulting you have to prove your value to your employer. Your solutions must provide value. You can demonstrate this with your results. And not only results, but by creating specific results that your employer will pay a premium dollar for; the results that demonstrate value to the company.

3. Effective Action

This means taking actions that produce the greatest results in the shortest period of time. You won’t get paid a premium dollar unless you provide premium quality. This means trimming the fat and doing the things that matter most. Using the 80/20 rule is a big proponent to effective action. In this section I’ll show you how I was able to work less and earn more.

4. Attractiveness

People want to work with other people that they like. People are attracted to those people who are attractive; not just in a physical sense, but those people who they enjoy being around - the people that make them feel good. It’s natural to want to work with people that make you feel good. There is a powerful way to improve your attractiveness and therefore your likability; and it’s coming up in this series.

5. Vision

You’ve got to have a clear picture of where you’re going. If you don’t, it’s like having a ship without a rudder. Who are you helping and why? How many hours are you working and what are you doing? All of this must be mapped out in your head at the very beginning. You do this by creating a vision.

6. Decide

This is the most important of all 6 pillars. None of this works until you decide to make the quantum leap and start a consulting business. Once you decide to become a consultant, you’ll be well on your way to realizing an increased income and enjoy more free time.