The following post is from FMF contributor Brad Richardson.
Many people dream of breaking out from the day-to-day job they currently have and becoming their own boss because of the promise of making more money and being in charge of their own lives. You know, a lot of those people end up back in a 9-5 job within 3 years because they didn’t have what it takes to make it as a business owner. Sure, a lot of people start and run successful businesses, but if you aren’t interested in taking a risk you might want to consider how you can make more money in the job you have right now. Here are three ways you can make more money in your current role, without having to get a second job.
Ask Your Boss for a Raise
Yeah, yeah. It sounds so simple. Imagine if you could just walk up to your boss and ask for more money. Well, why can’t you? Get a good pitch together, list some recent accomplishments, talk about how hard you have been working for the company, talk about your loyalty and dedication, and just ask for the raise. It’s best if you have a dollar figure in mind. What’s not best is if you lay a sad story on your boss about how you need to make more money or you’re going to have to file for bankruptcy. Your boss doesn’t want to hear about that.
Ask for More Responsibility
I once worked for a doctor who paid a cleaning company to come in once a week and clean the office and exam rooms. I approached her and asked if she would pay me instead. So once a week I would stay for a few hours after hours and clean the office. It was a decent amount of money and really helped to pad my bank account. If you take on more responsibility, make sure it is clear you want to be compensated for it.
Find a Gap and Fill it
One way to make extra money at your current job is to tap into skills you might not even realize are worth money and offer to act as a consultant to your current employer. You can bill them for the added work you do, and you never have to leave the office to make more money. It’s best if you have a clear contract in place when your employer becomes your client, and there are some risk factors at play here, but if you are serious about it, consult a lawyer and make your contract tight. Instead of paying an outside firm to consult, they can pay you a little more money and get way more in return.
Before you go knocking on doors looking for a part-time job, start with what you know. I once approached my boss and said I was going to look for a part-time job, but thought I would ask if he needed any additional work done around here that he was thinking of hiring someone to do. If you have a multitude of skills or experiences to draw on, like I did, you can land yourself in a better financial situation in no time.