The Two Powerful Ways to Increase Your Earnings: Magnify or Multiply
This was based on an article from Kenneth at LeadsLeap
When it comes to boosting your income, there are only two strategies that truly matter: magnify and multiply.
Both have the potential to skyrocket your earnings, but they work in different ways. Let's break them down and explore how you can leverage these methods for greater financial success.
The first approach to increasing your income is to magnify your earnings. Essentially, this means finding ways to increase the value of your time or services. For someone who earns money based on time spent—like a freelancer, consultant, or service provider—magnifying your time cost is the key to increasing your income.
For example, consider a doctor who decides to specialize as a surgeon. By offering more specialized services, they can charge higher fees for their time and expertise. Similarly, a public speaker can increase their income by charging higher fees for seminars or workshops, or by positioning themselves as an expert in a niche area.
If you want to grow your income through magnification, ask yourself the following questions:
"How can I charge more for my time?"
"What skills or expertise can I develop that will allow me to raise my rates?"
The benefit of magnifying is that you can directly correlate higher earnings with a specific upgrade in your skills or offering. However, this method does have its limits—there’s only so much you can charge for your time before you hit a ceiling.
The second way to increase your earnings is by multiplying your income. This approach doesn’t focus on working harder or increasing your hourly rate. Instead, it’s about reaching more customers and expanding your reach.
Imagine a public speaker who decides to create online courses or launch a membership site. These strategies allow them to reach a much larger audience without directly increasing the amount of time they spend working. Similarly, an entrepreneur can multiply their income by launching an affiliate program that lets others sell their products on their behalf, thereby growing their customer base.
To increase your income through multiplication, ask yourself:
"How can I find more customers?"
"How can I scale my success without adding more work?"
Multiplying your income has one significant advantage over magnifying: You’re not limited by your own time. As you scale, your earnings grow without a corresponding increase in effort.
While magnifying your income is a solid strategy, multiplying tends to be a more powerful and sustainable way to grow your earnings over the long term. Here's why:
Magnifying typically means you’re charging more, which often leads to higher expectations from your customers. With higher fees comes the responsibility of delivering more value, and that can increase your stress and workload.
Multiplying, on the other hand, is all about reaching more people with fewer direct inputs. Once your business is scaled, you’re selling more without needing to work more hours or offer more personalized services.
In business, the most successful entrepreneurs and professionals know that both magnifying and multiplying are crucial strategies. While magnifying can elevate your skills and value, multiplying allows you to grow your business beyond the limits of time.
To achieve lasting success and significant income growth, always be thinking about both: How can you magnify the value you offer? And how can you multiply your reach to serve more people?
By mastering both approaches, you’ll set yourself on a path to not just higher earnings, but also greater freedom and opportunity.
Marshall McLeod (aka) Uncle Toad
270-519-6244
Great Program that uses Multiplication