October 17, 2024 • 9 mins
What if you could increase your income without working more hours? In today's episode, we reveal three game-changing strategies to elevate your financial success.
Follow Dr. Sheena Howards' socials:
@drsheenahoward | Power Your Research
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
You could cut lawns in an urban area that has row
homes right, or you could cutlawns in a suburban area where
the value of their homes arehalf a million dollars.
The same exact service thatyou're offering to this
population you could be doing ina different population and
(00:20):
charge them more.
I don't want my work to bestuck behind an academic paywall
.
I want to leave a legacy, Iwant to reach my potential and I
(00:41):
want to change lives.
This podcast, power yourResearch, is my attempt to help
the smartest people in the worlddo that very thing.
My hope is that you use thelessons I share to make more
money than what your higher edjob can ever pay you.
I've done it, my clients havedone it, and so can you.
My hope is that you'll applywhat you learn here and one day
(01:03):
join the Power your Researchprogram where you can work with
me one-on-one.
Today, I'm going to give youthree ways to increase your
income.
So these three ways that I'mgoing to share, I've actually
used and so I know how they workand I want to share them with
(01:27):
you.
So the first, very surprisingway to increase your income is a
referral system, and this wassurprising to me and kind of new
to me within the last year andyear and a half, but it has some
really cool benefits outside ofeven increasing your income.
But it has some really coolbenefits outside of even
(01:47):
increasing your income.
So a referral system is arelationship that you might have
with actually somebody that maybe doing some services for you,
or an adjacent company thatdoesn't do exactly what you do
but maybe does something thatyour current clients may need as
well.
And with a referral system itbasically works like this If I
send you clients and they signon with you, then you give me a
(02:09):
percentage of what you make fromthat sale.
So that's one way you canincrease your income without
really doing much.
So this might look like a linkinside your current program or
inside your current course thatsomeone clicks on to book a call
with your affiliate and theyjump on the call, they make a
(02:33):
sale and then you get 15% ofthat sale.
So I've actually made overthousands of dollars this year
with just referrals with peoplethat I have a relationship with
that I know do good work becauseI've actually used their
services or worked with thembefore.
So this is different than justsharing affiliate links right,
just sharing a link and gettinga month free.
(02:55):
This is actually something thatinvolves a relationship with
these referrals so that you canbuild a system that works for
both of you.
And the second part of this thathas an added benefit is that
sometimes the referral systemmight not involve you getting a
percentage of the sale.
It could just involve yougetting more free services.
(03:16):
So, for example, let's say youhave a virtual assistant that
does monthly tasks for you.
You could have a referralsystem with that virtual
assistant that says hey, if I,every time I send you a new
client and they sign on with onwith you, you know they'll give
me 10 free hours of virtualassistant work, so that that
(03:37):
puts money back in my pocketbecause it's money that I now
don't have to spend just becauseI referred someone to a virtual
assistant company that Ialready am a fan of.
For these to work, in myexperience they take some
relationship building.
They take a little time tolearn about the different
services that you've used, thatyou like, that you want to
engage in this type ofpartnership with, because it
(03:58):
makes it super easy to refersomeone to something that you're
a fan of.
So first way to increase yourincome is starting a referral
system.
The second way to increase yourincome or is to sell the same
thing you're already selling,but to a market that you know
has more money.
So you might be sellingsomething that is working for
(04:19):
you, but you want to increaseyour income, but the target
market that you're selling tojust doesn't have the money.
So, for example, let's say Isold I don't know help with
studying to college students.
Well, college studentstypically are broke, right, we
know that, and so you can'tincrease your price with that
target audience too much.
Otherwise you wouldn't make anysales, not because they might
(04:40):
not want to pay you, but becausethey don't have the money.
But if you wanted to teachpeople who are already in the
professional world, who arealready working full-time, how
to better their studying habits,for I don't know a
certification that you're tryingto get, a person that is
working full-time probably hasmore money for the same services
that you were offering adifferent target audience.
(05:02):
And so I run an academicbranding company and my target
audience is PhDs.
Most of the people in theprogram are either faculty
members or are in administration, or they have a PhD and they're
doing some sort of full-timejob out here in the real world.
Hey everyone, real quick.
I don't run any ads on thispodcast, so I have to rely on
(05:24):
word of mouth.
If this podcast has helped youin any way, please share it with
a friend and follow me, drSheena Howard, on LinkedIn,
where I give more free contenton building your brand as an
academic.
If you tell me you came to myLinkedIn from the podcast, I'll
make sure I accept your requestSelling something to that target
(05:45):
audience.
I know they have money, right?
I know they can afford theprogram that I'm giving them and
I can make a promise to themthat, hey, I'm going to help you
increase your income, I'm goingto help you increase your
platform so you can haveleverage to make more money, and
so I could have a brandingcompany that serves all
different types of targetaudiences.
But I chose professors becauseI am a professor, I know the
(06:07):
psychology of professors, butalso it's a great, viable
population that has more moneythan, say, someone that isn't a
PhD or isn't a faculty member,right?
So the second way to increaseyour income do the same thing
before a target audience thathas more money, and I'll give
you two more examples.
You could cut lawns in an urbanarea that has row homes, right?
(06:31):
Or you could cut lawns in asuburban area where the value of
their homes are half a milliondollars.
The same exact service thatyou're offering to this
population.
You could be doing in adifferent population and charge
them more, right?
Another example I'm a writerand I write books for
(06:52):
celebrities and CEOs and socialimpact companies.
Now I could write books forinfluencers and small businesses
, but they wouldn't be able topay me 50,000 plus to write
their book.
They probably would be able topay me 50,000 plus to write
their book.
They probably would be able topay me 10 or 20,000 if that.
And so the same service.
I'm just offering it to a veryspecific target audience that I
know has more money.
(07:13):
So that's the second way toincrease your income in 2024.
And then the third way you canincrease your income is to just
sell more services to currentand past clients, clients that
have already paid you, clientsthat have paid you in the past.
What else do they need from youto help them reach their goals?
They may need more of the samething, but you don't know that
(07:35):
because you haven't reached outto them.
So this time of year I like toreach out to clients that have
paid me this year that I didgood work for and I know I did
good work because I do good work, because I'm very anal.
I reach back out to them andsay, hey, I'm still here, let me
know if I can help you withanything, and a lot of times
they're excited oh yes, actuallyI have this project that I need
you to help me with, and theytrust me because they've already
(07:57):
paid me money and I've alreadydone good work for them in the
past.
You could offer the sameservices to people that have
already paid you, or newservices to current clients.
So in a branding company likemine, I'm teaching academics how
to increase their visibility,authority and income, and
they're going to get resultsguaranteed.
But there may be other thingsinside the program that they
(08:19):
don't feel like doing, and so Icould offer them new services to
help and assist them.
Maybe they want to get theirblog started and they want a
ghost writer to write all theblog posts.
Right, I could offer currentclients who already know I do
good work, who are alreadygetting results, something else.
So those are three great waysthat I've used that I know work.
(08:40):
Some of them take a little bitof time to nurture the
relationships, but if you'rebuilding a brand, if you're
increasing your visibility,authority and income, you're
building off of your past workright.
Every day you're buildingrelationships and nurturing them
and learning something new, andso you're already in the
process of moving towards thesethings, and so hopefully this
(09:00):
will help you move towards thesethings with more intention so
that you can increase yourincome.
I hope this video helps.
Let me know if you have anyquestions or comments down below
.
So I hope you have an amazingday and I hope this was helpful
you.
You could cut lawns in an urban area that has row
homes right, or you could cutlawns in a suburban area where
the value of their homes arehalf a million dollars.
The same exact service thatyou're offering to this
population you could be doing ina different population and
(00:20):
charge them more.
I don't want my work to bestuck behind an academic paywall
.
I want to leave a legacy, Iwant to reach my potential and I
(00:41):
want to change lives.
This podcast, power yourResearch, is my attempt to help
the smartest people in the worlddo that very thing.
My hope is that you use thelessons I share to make more
money than what your higher edjob can ever pay you.
I've done it, my clients havedone it, and so can you.
My hope is that you'll applywhat you learn here and one day
(01:03):
join the Power your Researchprogram where you can work with
me one-on-one.
Today, I'm going to give youthree ways to increase your
income.
So these three ways that I'mgoing to share, I've actually
used and so I know how they workand I want to share them with
(01:27):
you.
So the first, very surprisingway to increase your income is a
referral system, and this wassurprising to me and kind of new
to me within the last year andyear and a half, but it has some
really cool benefits outside ofeven increasing your income.
But it has some really coolbenefits outside of even
(01:47):
increasing your income.
So a referral system is arelationship that you might have
with actually somebody that maybe doing some services for you,
or an adjacent company thatdoesn't do exactly what you do
but maybe does something thatyour current clients may need as
well.
And with a referral system itbasically works like this If I
send you clients and they signon with you, then you give me a
(02:09):
percentage of what you make fromthat sale.
So that's one way you canincrease your income without
really doing much.
So this might look like a linkinside your current program or
inside your current course thatsomeone clicks on to book a call
with your affiliate and theyjump on the call, they make a
(02:33):
sale and then you get 15% ofthat sale.
So I've actually made overthousands of dollars this year
with just referrals with peoplethat I have a relationship with
that I know do good work becauseI've actually used their
services or worked with thembefore.
So this is different than justsharing affiliate links right,
just sharing a link and gettinga month free.
(02:55):
This is actually something thatinvolves a relationship with
these referrals so that you canbuild a system that works for
both of you.
And the second part of this thathas an added benefit is that
sometimes the referral systemmight not involve you getting a
percentage of the sale.
It could just involve yougetting more free services.
(03:16):
So, for example, let's say youhave a virtual assistant that
does monthly tasks for you.
You could have a referralsystem with that virtual
assistant that says hey, if I,every time I send you a new
client and they sign on with onwith you, you know they'll give
me 10 free hours of virtualassistant work, so that that
(03:37):
puts money back in my pocketbecause it's money that I now
don't have to spend just becauseI referred someone to a virtual
assistant company that Ialready am a fan of.
For these to work, in myexperience they take some
relationship building.
They take a little time tolearn about the different
services that you've used, thatyou like, that you want to
engage in this type ofpartnership with, because it
(03:58):
makes it super easy to refersomeone to something that you're
a fan of.
So first way to increase yourincome is starting a referral
system.
The second way to increase yourincome or is to sell the same
thing you're already selling,but to a market that you know
has more money.
So you might be sellingsomething that is working for
(04:19):
you, but you want to increaseyour income, but the target
market that you're selling tojust doesn't have the money.
So, for example, let's say Isold I don't know help with
studying to college students.
Well, college studentstypically are broke, right, we
know that, and so you can'tincrease your price with that
target audience too much.
Otherwise you wouldn't make anysales, not because they might
(04:40):
not want to pay you, but becausethey don't have the money.
But if you wanted to teachpeople who are already in the
professional world, who arealready working full-time, how
to better their studying habits,for I don't know a
certification that you're tryingto get, a person that is
working full-time probably hasmore money for the same services
that you were offering adifferent target audience.
(05:02):
And so I run an academicbranding company and my target
audience is PhDs.
Most of the people in theprogram are either faculty
members or are in administration, or they have a PhD and they're
doing some sort of full-timejob out here in the real world.
Hey everyone, real quick.
I don't run any ads on thispodcast, so I have to rely on
(05:24):
word of mouth.
If this podcast has helped youin any way, please share it with
a friend and follow me, drSheena Howard, on LinkedIn,
where I give more free contenton building your brand as an
academic.
If you tell me you came to myLinkedIn from the podcast, I'll
make sure I accept your requestSelling something to that target
(05:45):
audience.
I know they have money, right?
I know they can afford theprogram that I'm giving them and
I can make a promise to themthat, hey, I'm going to help you
increase your income, I'm goingto help you increase your
platform so you can haveleverage to make more money, and
so I could have a brandingcompany that serves all
different types of targetaudiences.
But I chose professors becauseI am a professor, I know the
(06:07):
psychology of professors, butalso it's a great, viable
population that has more moneythan, say, someone that isn't a
PhD or isn't a faculty member,right?
So the second way to increaseyour income do the same thing
before a target audience thathas more money, and I'll give
you two more examples.
You could cut lawns in an urbanarea that has row homes, right?
(06:31):
Or you could cut lawns in asuburban area where the value of
their homes are half a milliondollars.
The same exact service thatyou're offering to this
population.
You could be doing in adifferent population and charge
them more, right?
Another example I'm a writerand I write books for
(06:52):
celebrities and CEOs and socialimpact companies.
Now I could write books forinfluencers and small businesses
, but they wouldn't be able topay me 50,000 plus to write
their book.
They probably would be able topay me 50,000 plus to write
their book.
They probably would be able topay me 10 or 20,000 if that.
And so the same service.
I'm just offering it to a veryspecific target audience that I
know has more money.
(07:13):
So that's the second way toincrease your income in 2024.
And then the third way you canincrease your income is to just
sell more services to currentand past clients, clients that
have already paid you, clientsthat have paid you in the past.
What else do they need from youto help them reach their goals?
They may need more of the samething, but you don't know that
(07:35):
because you haven't reached outto them.
So this time of year I like toreach out to clients that have
paid me this year that I didgood work for and I know I did
good work because I do good work, because I'm very anal.
I reach back out to them andsay, hey, I'm still here, let me
know if I can help you withanything, and a lot of times
they're excited oh yes, actuallyI have this project that I need
you to help me with, and theytrust me because they've already
(07:57):
paid me money and I've alreadydone good work for them in the
past.
You could offer the sameservices to people that have
already paid you, or newservices to current clients.
So in a branding company likemine, I'm teaching academics how
to increase their visibility,authority and income, and
they're going to get resultsguaranteed.
But there may be other thingsinside the program that they
(08:19):
don't feel like doing, and so Icould offer them new services to
help and assist them.
Maybe they want to get theirblog started and they want a
ghost writer to write all theblog posts.
Right, I could offer currentclients who already know I do
good work, who are alreadygetting results, something else.
So those are three great waysthat I've used that I know work.
(08:40):
Some of them take a little bitof time to nurture the
relationships, but if you'rebuilding a brand, if you're
increasing your visibility,authority and income, you're
building off of your past workright.
Every day you're buildingrelationships and nurturing them
and learning something new, andso you're already in the
process of moving towards thesethings, and so hopefully this
(09:00):
will help you move towards thesethings with more intention so
that you can increase yourincome.
I hope this video helps.
Let me know if you have anyquestions or comments down below
.
So I hope you have an amazingday and I hope this was helpful
you.
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