By Jennifer Spencer
Thanks to rapidly growing industries and technological advances, making seven figures doesn’t seem as out of reach as in years past.
With plenty of individuals and businesses experiencing growth and financial gain, people are eager to learn how they too can bring home the big bucks and attain financial freedom. Whether you’re a business owner or just a person with big financial goals, keep scrolling to see how you too can earn a 7-figure salary.
1. You Must Have Multiple Streams of Income
This is one of the oldest lessons in the book. The more streams of income you create, the more likely your chances of earning seven figures. Sure, one income stream can potentially reach the million-dollar mark, but it can be a bit risky to put all your eggs in one financial basket.
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Aside from earned income, where you’re exchanging time for money, you must invest in other streams to free up time while also reaching financial freedom. Passive income is the main way to do so, which you can generate by creating digital products, as one example. Residual passive income streams from affiliate marketing or real estate rental property income can also get you closer to your seven-figure net worth goals.
To successfully manage multiple income streams, one must learn the skill of delegating. As Richard Branson has expressed, “As much as you need a strong personality to build a business from scratch, you also must understand the art of delegation. I have to be good at helping people run their individual businesses, and I have to be willing to step back. The company must be set up so it can continue without me.”
2. Create Products and Services People Need
The products and services you offer have a direct effect on your earnings, and a 7-figure business is attainable if you focus on price, value, and demand. Consider high-ticket products, services, or packages to appeal to some of your most dedicated clients. Regardless of high ticket prices, new products and services are a good way to earn more money in the new year and decade. Provide more valuable options to your customers and they’ll appreciate it, all while you scale your business.
3. Scale Properly
Before scaling your business, be sure that your customers will want what you’re building. Beginner entrepreneurs often make the mistake of overlooking this step. From there, be sure to maintain enough inventory to satisfy demand, and bear in mind that most businesses keep popular items in a higher supply.
4. Media Exposure Is Key
Utilizing the media is important when showcasing your business and what you offer to a wide range of possible customers and clients. Target as specific an audience as possible, and don’t be afraid to refine the audience your ads are targeted to. Be clear and confident in what you offer, and revenue will likely increase.
5. Invest in Your Business and Yourself
To scale your business, you must reinvest by outsourcing more tasks to focus on growth, equipment for more efficient operations, marketing, etc. As mentioned earlier, investing in other areas of income is crucial, but it doesn’t stop there. Be sure to invest in your education to increase your skills, like obtaining a college degree if you only have a high school level education. Plus, it’s important to invest in your health to stay active and on top. Not only do you have to do what’s best for your business, but also for yourself.
6. Avoid Burnout
As much as people would like to think otherwise, it’s not healthy to be working all the time. Despite your hard work, a lack of rest will decrease performance, and experiencing burnout imposes additional health risks. You can lose focus on the goals you set, and little to no progress will be made in the upcoming year.
Manage time to achieve goals, and set aside time to rest and grow. As a successful business mentor, Merel Kriegsman states, “If you attempt to pull a ‘just keep swimming’ strategy, your ability to receive awesome things in your life starts to lag behind the results you’re seeing in your business, and that’s when self-sabotaging behavior will come and bite you in the butt.”
7. Hang Around Other 7-figure Earners
Almost every successful entrepreneur has advised this, but that’s because it really is important. If you hang around five millionaires, you’ll be far more likely to become one yourself. Whether you surround yourself with a Wall Street investment banker or a corporate lawyer, it doesn’t matter if your cohorts are on the same career path as you as long as their work ethic and wealth inspire you to do more.
Sometimes it may be best to relocate for the sake of financial growth. It’s no secret bigger cities can bring bigger opportunities, like San Francisco or other United States cities. Depending on the type of business you’re involved in and where you currently live, it may be worth considering.
Making seven figures today and beyond may take plenty of effort, but it’s not impossible to achieve. Whether a 6-figure salary is what you’re after or an 8-figure salary sounds more like it, analyze these areas and see where there’s room for improvement because better actions will lead you to a better income ahead.
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