It often comes with a pay raise, which is always good. It can represent a boost in responsibility, pushing your career forward.
But here’s a question few have asked—is a promotion the best way to boost your income?
Let’s do the math.
The average income boost from a raise is 3%.¹ If you earn $60,000 per year, then you can expect a raise to give you an annual boost of $1,800. That’s $150 per month.
Depending on your situation, that could make a huge difference for your financial picture. But it pales in comparison to other income-boosting strategies. For instance, changing jobs can boost your salary by 14.8%.² The average annual income boost from starting a business is $14,705.³
Suddenly, 3% doesn’t seem all that impressive!
Again, this isn’t to detract from getting a promotion. It’s a testament to your work ethic and grit.
But if your entire career arc hinges on landing one promotion after another, you may need a better strategy.
¹ “What to Expect from an Average Promotion Raise,” Indeed.com, Feb 22, 2021, https://www.indeed.com/career-advice/pay-salary/average-promotion-raise
² “Average Salary Increase When Changing Jobs Statistics ,” Chris Kolmar, Zippia, Dec 28, 2021, https://www.zippia.com/advice/average-salary-increase-when-changing-jobs/
³ “STUDY: Millions of Americans have a ‘side hustle’ to boost their incomes and pursue their passions,” Vista Newsroom, Aug 1, 2019, https://news.vistaprint.com/side-hustle-study-us
And it’s no wonder why. You’re abandoning the familiar routines and regular paychecks of your 9-to-5 for something uncertain and unfamiliar.
You have to face a lot of fears.
There are the financial fears. Are you going to be able to pay your bills?
There’s the fear of overwhelm. Anything new can be daunting. And it seems like as an entrepreneur you’ll face challenges and obstacles that you’ve never faced before.
There’s the fear of failure. Not accomplishing what you set out to do is one of the worst feelings in the world. And entrepreneurship seems to expose you to fear of failure like nothing else.
The result? Entrepreneurship feels like a Pandora’s box that’s better left closed.
But here’s the truth—entrepreneurship doesn’t have to be scary. And if you make and follow a solid plan, it is possible to achieve personal and financial freedom. You can reach the entrepreneur lifestyle.
Again, it’s no wonder why. When you abandon the routines and paychecks of your 9-to-5, you face more than fear—you face unlimited freedom.
As an entrepreneur, you have the power to control your own time. You work whenever you want, not at your boss’s whim.
As an entrepreneur, you make your own decisions. No more watching your ideas bog down in red tape and bureaucracy.
As an entrepreneur, you pursue your own potential. You reap the rewards of your hard work, not your boss.
In short, entrepreneurship gives you the power to just live your life on your terms, not someone else’s.
It’s like Cicero once said…
“What then is freedom? The power to live as one wishes.”
All that’s standing between you and the power to live as you wish is fear. And with the right planning, system, and mentorship, that fear can be overcome.
That’s why I’m a leader with e2E. Because that’s my mission—to free employees from fear so they can become entrepreneurs.
It’s no secret that there’s an uprising among employees. It’s called the Great Resignation. The cause? The fact that workers…
-Want to earn more money
-Feel burned out and unsupported
-Lack leadership and mentorship¹
And so they’ve quit in the millions.
Can you relate to that? Do you feel like your boss doesn’t really care about your well-being or career? Is your gut telling you that your talents could be earning you more?
Perhaps you’ve worked hard for a raise, only to get passed over in favor of someone less qualified.
Or maybe you’ve explored new opportunities, only to find employers are requiring outrageous qualifications for little pay.
Plan A was getting a promotion. Plan B was getting a new job. And now, both seem impossible.
So what’s next? “Plan E”, the path to entrepreneurship.
Your Plan E leads to the entrepreneur lifestyle—owning your day, working when you want, collaborating with whomever you like.
It’s your escape plan for making a smooth transition from where you are now to the business and lifestyle you want. This plan gives you an easier way by lowering risks and removing obstacles. And most importantly, your ‘Plan E’ can put you in the helping hands of experienced mentors who can guide you on your journey.
Make no mistake—there will always be stumbling blocks along the road to building a business.
But a solid plan can keep you moving forward in spite of those hiccups so you’re not forced to retreat back to employment. It’s the difference between hitting a dead end or hitting the mark.
Any successful “Plan E” must assess…
The Risks that can end an entrepreneur’s dreams
The Reality that the most rewarding success will also be the most painful to earn
The Mindset that you’re either growing or dying
The Answers about which industry and market you’ll serve—and how.
The People you go into business with who are critical to success
The Options of going into business spare-time, part-time, or full-time
The “E-Factor” of becoming a digitally-enabled entrepreneur
You don’t need permission. Once you’ve made your “Plan E”, you’re free to begin your mission. You’re ready to make the move.
If you have any questions about entrepreneurship, let me know. As part of the e2E movement, it’d be my privilege to help guide you from employee to entrepreneur.
¹ “The Real Reasons Workers Are Leaving in Droves? (Burnout Is on the List, but Not at the Top)” Melissa Angell, Inc., https://www.inc.com/melissa-angell/great-resignation-burnout-workers-upskilling-career-development.html