Captain’s log, stardate 20210823
This week on TBOA, Rochelle and I talk about how to monetize your positioning (and what to do if your revenue model isn’t working).
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How most freelancers and independent consultants monetize their expertise in their first year or two—and the signs when your revenue model might need an overhaul.
The link between your positioning and monetizing your business—and why you want to be open to new ways of packaging your expertise.
A “typical” consulting/speaking/book revenue model and how it can become a trap (and some ideas to avoid it altogether or get out while you can).
What to do when your revenue model isn’t working.
“It’s very common for people to just go out on their own and do their job, but for clients instead of a boss, and the obvious business model is to just rent your hands out by the hour. And that’s fine. That’ll get you going.”—JS
“And then at some point (after you’ve positioned yourself) you come smack dab up to your business and revenue model and you say, oh, these don’t fit anymore.”—RM
“The competition is increasing and you start to realize that you need to, you might not call it positioning, but you start to realize that you need to appear different in a meaningful way.”—JS
“The real money is coming from the other two revenue streams (consulting and speaking), so he is on what I would call a gilded hamster wheel.”—RM
“The typical business model for a consultant is write books, speak at conferences and make your money on consulting…He couldn’t sell that business—he is the business.”—JS
“This idea that you’re stuck with this business and revenue model that you created for something you no longer do is insanity.”—RM
“I love posting prices on your website because it puts you into a slot in the prospect’s mind. So when new clients come along, they already have the expectation, at least in a ballpark way, of what it would mean to work together.”—JS
“Of course, there are things you’re going to do for free. But when you’re working in your genius zone, delivering to your ideal audience, most of those should be paid.”—RM
If you enjoyed this episode, please consider sharing it with a few friends who might find it useful. Thanks!
P.S. The next session of The Pricing Seminar is launching in September.
If you’re ready to start getting paid what you’re worth, add your name to the announcement list so you don’t miss out:
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I hope to see you there :-)