Can Entrepreneurs Turbocharge Their Earning Potential

earning potential

Most of us wish that we were able to command a higher salary with our employers, but feel that we have to accept whatever is on offer. However, if you know that you have a lot to offer your employer, and you are starting to feel like you aren’t being properly valued, there are things you can do to take charge and improve your own earnings potential. Below are some of the simplest and most reliable ways of turbocharging your earning potential.

Ask for a Raise

One of the simplest things that you can do to improve the amount of money that you are taking home from your job is to simply ask for a raise. If you think that your employer will be amenable to increasing your wages or the rate that they offer you, it is always worth asking them about the possibility of a raise. If you happen to know that other workers performing the same role as you are being offered better terms at competing businesses, this can prove to be a valuable bargaining chip, especially if you can also demonstrate that your performance is exceeding theirs.

How to Ask the Right Way

Asking your employer for a raise in the wrong way can ultimately be harmful to your case, and may even have other unforeseen repercussions. Before you decide to take the plunge and ask for a raise, make sure that you have reasons beyond just wanting to earn more money. If you have been with your employer for a significant amount of time, they may be willing to consider a raise as a reward for loyal service.

  • Understand your value: Before you can effectively negotiate a new salary, you need to have a realistic picture of your own worth to go in with. There are no benefits to going into a salary negotiation with an unreasonable ask or, worse still, no idea at all of what you want. 
  • Know your employer’s pay practices: Just as you need to know what you are worth to an employer, you also need to know how much value your employer places on workers in your position. 
  • Be realistic in your demands: If you understand your own value well, and you know what your value to your employer is, it should not be difficult for you to formulate realistic demands regarding your pay rise. Going in with demands that are obviously not going to fly won’t just lead to a rejection; it could end with you missing out on a raise that you otherwise would have secured without issue.
  • Be confident and believe in yourself: If you do not believe in yourself, or have the conviction in what you are asking for, you can’t expect your employer to show much enthusiasm for giving you a raise. On the other hand, if you go into the meeting with a clear idea of what you want, and genuine confidence that you deserve what you are asking for, your confidence will rub off on the other people in the room.
  • Don’t wait for opportunity to come to you: If you think that you deserve more than you are currently getting paid and you are feeling a little undervalued with your current employer, do not wait for them to approach you with a potential raise. Instead, take the fight to them and show them that you have the initiative and confidence to pursue a pay rise on your own.

Be Open to New Opportunities

If you want to start earning more money than you currently are, it will help to be open to new opportunities. Any limits that you place on what you are willing to consider in terms of employment will hinder your search for a higher salary. On the other hand, if you are willing to consider new opportunities and potential employment paths that hadn’t occurred to you before, then your scope for increasing your earnings potential will grow considerably.

Look for Training and Education Opportunities

If you are determined to remain within the industry or field that you currently working, there are still things that you can do to improve your value within it. Businesses love workers who are able to demonstrate their initiative and are willing and able to pursue self-improvement without being told to. As well as looking for training and education opportunities that are relevant to the field that you currently work in, there are also a number of training opportunities that you can pursue that will be applicable across the board. 

Useful Degrees

  • Accounting: Businesses need accounting staff. However, smaller businesses often find that a dedicated accountant is more money than it is worth, especially when budgets are tight. As a result, many businesses look to hire workers with accounting knowledge who are able to take on additional duties within the business. An accounting degree will instantly make you a more attractive and valuable hire.
  • MBA: The Masters of Business Administration has long been one of the most sought-after degrees for entrepreneurs. This degree is aimed at those who already have managerial experience but would like to formalise their knowledge and experience. The MBA is a very well-rounded business course that teaches students a variety of important subjects. If you think that transitioning to running your own business could be the way to go, then this is a great degree to choose. 
  • DBA: The Doctor of Business Administration degree is similar to an MBA but is different in some important ways. A DBA is a perfect way of building on an MBA and doesn’t just prepare students for administering businesses, but also teaches them about how to devise and carry out research that can be used to inform decision-making and support problem-solving. There are even part-time distance learning DBA courses, like this one from Aston University – https://studyonline.aston.ac.uk/programmes/executive-doctor-business-administration-dba that enable students to learn while continuing to work at their job.

For determined entrepreneurs, there are plenty of things you can do to enhance your earnings potential. Don’t wait for opportunities to come to you; instead, take an active role in seeking out new opportunities and boosting your value to employers.