I’ve heard the advice from financial professionals for years: pay yourself first! And I agree. For those of us making a living in the speaking business, some months are easier than others.
I want you to consider this – think of building a business, not merely a speaking practice. The difference? Think about building an equity-based business. Something that can give you income long after you come in from the road.
Many speakers have diversified by adding trainers to present their licensed intellectual property. As long as your material is relevant, it can be sustaining. You could also just out-right sell your intellectual property if there’s a buyer. Perhaps to someone who you are now using as a trainer. Perhaps someone seeking to expand their offerings.
What if, like many, your business consists of speaking, webinars and some ancillary products created over the years? What’s there to sell?
One word my friends, one simple word. Database! If you have a good database, you can turn it into retirement income in a couple of ways. Sell it outright. If you want to wash your hands of business and not deal with any details, this is one choice.
Another choice may be to rent your database! Ever considered this? You could have several people working with your contacts. Each time a booking comes from your list a percentage of the fee goes back to you! Who knows. An agent or bureau could even be interested in your list. Think of your database as having equity. It does! You may have never thought about it.
It would work as a type of lead share. You would need someone with more technical knowledge than I have to set it up to insure you are aware when a booking from your list happens. You could have a contract written up at the beginning of the relationship to outline how and when money would be paid – i.e. – paid when the deposit is made, paid in the back end, whatever you prefer.
Remember this – it does not matter if the names on the contact or old. You are providing a lead with a company that has historically paid professionals to come to speak. And, you are able to tell what type of information they were interested in.
I realize I may be somewhat simplifying setting up an exit strategy. You would obviously need an attorney and an accountant to advise you. Be smart about it.
I hope that I may have given you something to think about as you go about building your business. It may be worth more than you think it is!
Copyright 2014. Lois Creamer. Lois works with professional speakers who want to book more business, make more money and avoid costly mistakes! She can be reached in the following ways:
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