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Using the 80/20 Rule to Double Your Income
One of the best ways to double your income is to figure out what’s working and doing more of that. Sounds simple enough, doesn’t it?
The problem is that you first have to know exactly what’s working and what isn’t. The best way to do that is to track everything. From there you look at your data and make a plan for what you should and should not be doing going forward.The 80/20 rule states that 80% of your results will come from 20% of your efforts. The challenge is in figuring out what those magical 20% are in your business. Let’s discuss using the 80/20 rule to double your income.
Your first step will be to decide what you want to track. This will be a little different for everyone depending on your business and what you do on a daily, weekly, and monthly basis. A good place to start is to look at income and expenses, products or different sources of income, and of course where you spend most of your time.
Let’s say you start to track where your income is coming from. If possible, go back and look at the last six to twelve months of financial data. Did you make money selling your own products? Did you get large affiliate commission checks? Did you sell advertising on your websites?For the past several years affiliate marketing has accounted for approximately 40% of my annual income, with my own information products…
