11 Ways Your Speaking Business Can Increase Profits

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Profit is the one thing every business needs. Some speakers overlook this point but it's an important part of any successful speaking and consulting business. It's what enables your company to expand and grow into new markets, launch new products or services, and provide better customer service.

In order for a business to be profitable, there are many different things that need to happen such as:  a willingness to lead, teach, influence, and inspire; a willingness to speak with clarity, brevity, and authority; a willingness to build, market, and sell your solution; a willingness to provide customers with superior quality goods/services at reasonable prices; continually improving productivity while cutting costs in areas where possible; a willingness to lead with compassion, integrity and the 8 tools of business sovereignty; etcetera.

Your speaking business will not survive if you put all your focus and energy on the wrong things. You have to make profit a priority, or else it won't be around for very long! The idea of profit is the lifeline for every business. Therefore, before you devise a strategy to increase your profit margins, conduct a quick assessment:

1. What was your total revenue last year?

2. What was the total of your expenses last year?

3. Once you subtract expenses and taxes, look at your profit. What feelings arise?

4. In what ways does this number reflect scarcity (not enough), sufficiency (just enough) or overflow (more than enough to spare and to share)?

5. What does your business need this year for more profitability?

6. Which expenses can you cut down on without hindering the growth of your business?

7. How can you generate more revenue without increasing your expenses?

8. What needs to change in terms of your approach or attitude to make your business more profitable?

Your assessment responses will point you towards one or more of the following 11 ways to increase the profits in your speaking business:

1. Use the stage to land additional speaking opportunities.

2. Raise your speaker fee.

3. Increase your ticket price by including your book and/or supplemental training materials.

4. Offer a bundle of two or more products for sale at one time.

5. Offer an online course  or coaching program.

6. Create a membership-based model where buyers pay on an annual, quarterly, monthly basis and receive perks such as discounts on purchases (up to 50%), first access to new workshops/classes/products, invitations to VIP member only events.

7. Add additional services like image consulting, makeovers, speaker training, media training, pitch sessions, videography, photography, mock interviews, etc.

8. Create a physical product, digital app, live retreat and/or licensed facilitator program.

9. Offer a limited-time bonus for buying now, so that you're giving customers an incentive to purchase before it's too late.

10. Create a loyalty reward system where repeat buyers get perks and bonuses based on how much they spend with you.

11. Set up an affiliate program, so that you're incentivizing your customers to spread the word about your product or service (make sure they link back to you!)

In closing, please keep in mind that profit is a measure of the (intangible and tangible) value you create for others in a sustainable, ongoing way. You cannot have a sustainable business based on scams and rip-off energy. For your business to be sustainable, your customers and clients must receive value for the services or products they buy from you -AND -  you must make a reasonable return on my investment for creating and delivering those products or services.

In the comment section below, please share which of the aforementioned strategies can you implement - with ease - in the next 7 days? What’s emerging here for you? What new connections are you making?