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There are 2 main ways to make money by public speaking and in this video, we are joined by Michelle McCullough to help us understand some things you know to get you started. If you’re an aspiring public speaker with a gift to share to the world, check this out!
Alright, we’ve got another video here about public speaking. Specifically, “How to make money public speaking?” So, of course, we brought in Michelle McCullough to help us answer that question. Alright. So, there are actually a lot of different ways to make money public speaking. Kind of is a review because we talked about this in another episode. But let’s talk about the two main ways. Because I know they both apply to you. Both speak to sell and Keynote. So, what are both of those mean? -Okay, so I speak to sell event is where somebody brings you in they don’t pay you to speak. You speak for free typically. And then you have the opportunity to sell either a product or a service at the end of your presentation or during your presentation. And then people would come and purchase that from you at the event live or if they’re a live stream they can purchase it through a specific link. But you have the opportunity to make back your money. And also do some lead generation through what we call a speak to sell event. -Okay, so if you’re wanting to be a speaker, this option might be a fit for you because you know, people are looking for people to speak for free to fill their events. But in order for it to be profitable for you, you’ve got to have something to sell. You’ve got to have a product or have a service or if you’ve got a business, obviously, there’s a there’s a great fit for lead generation. Okay, so now let’s let’s summarize keynoting where you’re actually getting paid to speak.
So, how does that work? -So typically, you either work with a speaker’s bureau or an association or another type of meeting planner and then they would pay you to come and speak in advance. So, they would reach out to you, there’d be a contract. There’s probably going to be some kind of negotiation in some way shape or form. But they say, “Hey, we’ll pay you X.” You say yes and then they pay you typically in advance before you even speak or at least portion of it in advance. And then you come and present. And in some cases you can still sell books at the back of the room but generally speaking there’s no sales pitch at all it’s just content and just information in exchange for what they’ve paid and asked you to speak about. -How do you get to that point where people are willing to pay you to come and speak to them? -Well, I certainly started in the speak to sell realm and actually making the transition from speak to sell the keynoting was a little bit painful. Because once I figured out the groove of the products and services that would sell best, I actually took a pay cut. That’s speaking engagements to do keynote speaking. And yet at the same time, it’s a great benefit because then enough to prep product. So I don’t ship things places and I have to fulfill on the back end. But as you make that transition, it’s just about finding different kinds of events. And so for me, I was doing a lot of things in the beginning in the entrepreneur space or with small business owners. And then to keynote, I shifted to corporations, associations and bigger events. And so however you’re starting either is good but in order to get into the keynoting space, you need to find the events and the meeting planners that are looking for paid keynotes. -All right, so the approach that you’re taking is kind of the approach that I’m taking because I’m getting a speaking. Because I’ve got a business and I’ve got you know, services that I offer and so as I speak, I’m totally willing to speak for free. In our chapter, there’s a lot of up-and-coming speakers that advise the lot just get up there and speak for free even for people that don’t have products or services to offer simply because it’s good practice, you’re going to get better and better. But also you build a reputation and people will see you and I mean, what… Is that correct? Is that your advice? -Yeah. I absolutely recommend that for brand new speakers. And we call it the free circuit or the animal circuit. Because you’ve got the Lions Club and the Elks Club. Also chambers of commerce or other great places. Rotary clubs. People who are looking for monthly speakers on a regular basis who don’t have a budget. I figured out how to sell or to lead generate in those even beginning. And still to this day, from time to time, I’m invited to do a free engagement. And if I can figure out how to recoup my time away, from paying client then I will still do them in effort to market my business. But I don’t do them as much as I used to do them. And so, but I definitely recommend them at any stage of your business to get yourself out there and also to get really good at referral business. I built my keynote speaking business by speaking for free and asking for referrals from corporations who had hired. So for example, even three years ago, I was asked to speak at a Chamber of Commerce event outside of my city. And it took me… It was a little bit far away and it was going to take me two days away from my business. But it was a leadership event and the people in the room were CEOs, CXOs and other leadership top places. And from that speaking engagement, I got 5 paid speaking engagements that started out for free. So in that case, it was a great marketing tool that I could use to build and expand and to get in front of decision makers. And so, it can be great for new people and I can also be great for established speakers who are trying to find the right people to write the checks. -Cool. all right. So, I also want to get to… There’s other ways that you can monetize speaking. So, I want to make sure we cover that. But one other thing that I would like to bring up and just as kind of a reality check for people that say, “I’m going to make a career change and I want to become a speaker.” So, let’s just make math easy. Let’s say you’re making 50,000 a year as an employee or a hundred thousand a year. You’re going to leave your job and now I’m going to be a full-time speaker. Is that going to work? -Well… My quick answer is no. I’m not… -Right. -Because because it takes time, right? To build that reputation. Just like even if you’re going to do the speak to sell. It’s like, “Well, you’ve got to have a business or you’ve got to create it for some type of product or service.” And while there might be exceptions. You might just be a celebrity or Earth’s have some reason where you’re just you’re going to jump right in and it might work for you. But in most cases, kind of the the point that I thought of adding in here is don’t quit your day job. -Absolutely. -…like keep doing what you need to to pay the bills to bring in the income and start building your speaking career and slowly make that that transition. I think that’s just a little bit more realistic. -I wholeheartedly agree. And there are so many events that are on Saturdays and in the evenings that it can be really easy to… I tell clients who are looking to do this who call me and say, “Hey, I want to be a speaker, how do I transition? Can I quit tomorrow?” And I’m like, “Well, wait just a second. And give yourself a timeframe because it can go on forever.” Take 6 months or 12 months to figure out if you can replace your income with speaking. And for a while, it’s going to be a little bit crazy and you’re going to be working a lot. Nights and weekends. But it helps you understand how the business works. Helps you transition from being a paid employee that gets regular paychecks. Also figuring out, “Oh wait, some months I speak four times and other months I speak once.” How am I going to balance out my income to make sure that I’m able to pay the bills. And that some months I’m not destitute in other months I’m not rolling in the dough. And so, it just is a really good transitionary job that other things wouldn’t be as transitionary but definitely it is possible but give yourself the time to make that. -So when I say don’t quit your day job, I’m not necessarily insulting you. -Yes.
-It’s just temporary. Alright. So, there’s speak to sell, there’s keynoting. What are other ways that we can monetize speaking? -Well hopefully, at the foundation of a speaking business is an expertise of some way shape or form. If you’re speaking on leadership and business or if you’re speaking on marketing, social media or if you’re speaking on motivation and success principles or even in the health industry. There are different ways you can monetize. First and foremost, I recommend products of some kind whether that’s writing a book or creating an audio program or a video program that you can sell that provides additional value. That’s what we call the low level hook, if you will of people transitioning from just getting to know you to actually paying you money. And then from there, you advance to things like group coaching or a bigger program of some way. Some kind that people can learn and engage that becomes more results-focused. And from there, you would go into one-on-one private coaching and consulting. And then maybe even above that might be high-end events or mastermind programs. So a lot of the monetization that comes from the speaking business, like I said, starts that foundational expertise. But then figuring out what are different ways you can package that expertise to provide value to individuals, to groups and maybe even the public as a whole. And as you do and the more specialized the training, the more focused efforts and one-on-one, the higher you can tend to charge. And sometimes, you can do your own events and not need to get paid but there’s just a variety of ways you can bring in some income either with consulting our products. -Cool. Well, I’ve seen some real creative ways that people have done that where they were, they charged a certain amount for their keynote but then they asked a smart question like you know, what are the things that you’re doing or how many days is that or whether the needs do you have? And you’re looking for other things. And they found out that they also needed somebody to do a workshop. And… -Sure. -…and so you know, I’m just making up a hypothetical. But let’s say, you got hired as a keynoter that was an hour on the stage. But you also did a breakout session and you also included like a copy of your book for the whole audience. You know, and so you can have this this big huge package of value that you’re delivering to them and yet, it’s still just the same trip out together their keynote. You’re just providing more and more value. Anyway, I think it’s… -Absolutely. -…pretty creative. -It is. And you know, people always ask me, “Do you have to have a book to be a speaker?” And I say, “No, but do like more money?” Because the reality is as soon as my book came out, it didn’t necessarily get me more speaking engagements. But I would go into organizations and say, “Hey, do you also have a gifting budget and do you want to provide a book to everyone in the audience?” And in some cases, I’m getting paid double or triple what I would have made just from the keynote because I have something that’s in that low level that they can purchase for everyone in the room. -And is that… This is just a curiosity. Is that a self-published book? -So, no. It’s with a hybrid publisher. So, I have a publisher that does distribution through bookstores. And other channels but then I can also buy copies to sell at the back of the room. -So okay, but so you’re making some a little bit better profit margin, okay. Cool. Well, now you know how to get paid for public speaking. And make sure you subscribe to this video, I’ll also put a link to Michele McCullough down below. With speakmichelle.com and we will see you tomorrow.