Goal
1) find out how much you should earn
2) compare that with your current income
3) negotiate salary if needed or increase the price if you’re in business
Myth bursting
who determine how much you earn / charge
- market?
- clients?
- coach? / boss?
- your worth?
The income / salary formula
- expertise
if there is a list of expert in your field, where do you think you’d rank?
e.g. individual employee / self employed / business owner / coach
what’s the 1, 2 and 3?
how can you improve your ranking to get into top 10 experts in your field? (or top 3)
what do you need to study more?
who do you need to hire?
what have you done to improve your expertise in the last year? (professional field, CPD concept, keep up with your expertise and keep adding to your expertise)
in a scale of 1–10, how much would you rate your expertise?
2. passion / energy
how much energy do you dedicate to this?
half-hearted 50%? 100% 200% 30%?
how much passion do you have for this? (Steve jobs test if this is the last year on earth, would you do this?)
waterfall (continuous passionate) vs firework (excitement)?
how do you keep up your passion?
in a scale of 1–10, how much would you rate your passion?
3. confidence
do you believe in what you sell?
e.g. individual employee / self employed / business owner / coach
do you believe in getting results?
do you believe that what you do is valuable?
e.g. do it for $$ purely or do you have a bigger purpose? I do abundant sales coaching because I want to infuse abundance in more people’s life and business
in a scale of 1–10, how much would you rate your confidence?
4. creativity
innovative and technology idea / application
e.g. individual employee / self employed / business owner / coach
are you open to new things / ideas?
e.g. new business model partnership
do you execute any of your new ideas?
e.g. from time to time we have inspiration e.g. this workshop, previously I’ve done a vision board and new year planning one — do you turn your ideas to actions?
when’s the last time you brainstorm (on anything)?
e.g. how to increase your income by 50% in 3 months
in a scale of 1–10, how much would you rate your creativity
5. influence
how many people see you as their role model? they wanna be more like you?
how many people know, like and trust you?
if you ask them to buy ‘sth’, how much of them would buy?
how are you building relationship with your audience right now?
how are you expanding your influence?
in a scale of 1–100, how much would you rate your influence?
The calculation
e.g. ( 5x5x5x5x20 ) /2 = 6,250 monthly income
(10x10x10x10x100) / 2 = 500,000 monthly income
2) compare that with your current income
if lower than current, then you know it’s time to increase your price or negotiate your salary or find a new job that match your expertise, passion, creativity, confidence, influence.
if higher, you may adjust
3) know how to increase income / don’t undercharge / overcharge
5 ways to increase your income
- expertise increase
2. passion increase
3. creativity increase
4. confidence increase
5. influence increase
e.g. only 1 added to expertise and passion,
(6x6x5x5x20) / 2 = 9,000 monthly income ($2,750 more!!)
don’t underestimate little improvement
and conduct evaluation after each quarter.
All the best,
