There are only two ways to increase your earnings.
1) Magnify
2) Multiply
Let’s talk about magnify first.
For a person who uses time to make money, the way to increase his earning is to magnify his time cost.
For example, a doctor can increase his income by becoming a surgeon, who can command a higher fee. A public speaker can increase his income by charging a higher fee for his seminar.
If you want to increase your income through magnification, the questions to ask is, “How can I charge more for my time?”
Another way is to multiply.
Multiplying your income simply means selling to more people.
For example, having your own affiliate program is a way to multiply your income. A public speaker can also multiply his income by creating online courses or membership. That way he can reach out to more people without exhausting his time.
If you want to increase your income through multiplication, the questions to ask are, “How do I find more customers?”, “How can I duplicate my success?”
Magnifying is good, but multiplying is better.
Why?
When you magnify, your fee, level of service, responsibility, and the expectation from your customers will also increase. That may eventually increase your stress level.
When you multiply, you are simply selling more.
Nevertheless, in business, we should always think of both ways, i.e. how to magnify and multiply our earnings.
