How To Double Your Income Using The Rule 80/20

By Nesley RoyL

Finding out what's working and doing more of it is one of the most effective strategies to boost your income. Doesn't it appear to be straightforward? The issue is that you must first determine what is and is not functioning. The best way to accomplish this is to keep track of everything. After that, you examine your facts and build a strategy for what you should and shouldn't do in the future.

The first thing you'll need to do is pick what you want to track. Depending on your business and what you accomplish daily, weekly, and monthly basis, this will be a little different for everyone. Examining your income and expenses, goods or various sources of money, and, of course, where you spend most of your time is a great place to start.

Let's imagine you start keeping track of where your money comes from. If possible, review financial records from the previous six to twelve months. Were you able to earn a profit from your products? Did you get a lot of commission checks from your affiliates? Did you monetize your websites by selling advertising?

Next, look at the expenses associated with that income. There will be some fixed costs, such as hosting your website, that you should disregard for this exercise. Examine the costs that are directly tied to each source of revenue. For example, you may employ a graphic designer, a virtual assistant, and pay for shopping cart software to promote your products. You may also be paying affiliates commissions to promote your products.

Subtract those expenses from your earnings to get a good idea of your true profitability. Other sources of revenue will incur minimal or no costs. You can begin comparing when you've modified your income figures to reflect the profit you've generated.

Last but not least, understand how much time you're devoting to earning money. To launch a new substantial course, you may need to work twelve-hour days for a month. On the other side, using content you've already written or purchasing pre-written content, you might be able to put together a short eBook or new membership content in a day or two. Examine the time it takes to launch each product type and compare it to the amount of money you intend to make in the future. This will assist you in determining the most profitable use of your time.

It will be easy to decide what you should do more of, what you should do less of, and what you should stop doing now that you have all of the information at your fingers. Focus the majority of your time and effort on the most lucrative goods and revenue streams. Work on it over six months and see how much your profits increased. I wouldn't be surprised if you were able to double your income using only this one strategy.

About the author

Nesley RoyL

Writer of the Orb Servicetech.