What would it feel like to grow your speaking business by a factor of ten? More importantly, what would it feel like to create a business that allows you the lifestyle and freedom that is perfect for you? It might seem impossible – but it CAN be done, so long as the timing is right. In this article, I’ll cover the important question of WHEN, so you can recognize when the time is right to scale your speaking business.
If you’ve read my blogs, listened to my podcasts, or even just looked for tips to start your speaking business on Google, you probably know the importance of scaling in order to grow your speaking business. But scaling at the wrong time can be counterproductive, especially if you start too soon.
On average, a business can be ready to scale after one or two years. However, time is not the only factor you should consider. Your company can be in the market for over two years and still fail to maintain a consistent income or fail to implement proper processes and systems. These issues are red flags indicating it’s not time to scale.
Based on my experience, and my book Scaling Your Speaking Business, I’ve identified five signs that tell you are ready to scale your speaking business. This advice will help you decide what is the next best step for your company.
Signs It’s Time to Scale Your Speaking Business
1. You’ve been turning down business opportunities.
Not on purpose, of course! Having many opportunities means you’ve done a great job marketing yourself and creating a memorable experience in your presentations. That’s a good thing!
But when you get to a point where you are turning down business because your calendar is full, you’re ready for a change.
A big part of scaling is moving away from trading your time for money and moving into revenue streams that don’t require that much of your attention. It’s when you are feeling a squeeze in your calendar that you’ll want to consider adding some passive income to the mix. (See more in #2 below!).
2. You have a consistent source of income.
This sign is linked directly to the last because it is also a sign that your efforts have been paying off, literally. Once you hit your sales goals every month consistently and money is no longer a daily worry, you can start thinking about scaling.
Having a consistent source of income proves that you have solid content and are solving an important problem, so why not turn this experience into a new book, or a membership site, or an online course?
Something worth remembering here is that scaling is not a solution for lack of income. You have to be able to sustain your business before even thinking about scaling because scaling also requires investing.
3. You’ve created efficient systems and processes for your business.
Systems and processes are the cornerstones of any successful business. People often think that after one or two years in business a company can start scaling because that is usually the time it takes them to set up proper systems and processes.
Lead generation, onboarding new clients, and gig management processes help you and your team perform day-to-day tasks easily, and increase your productivity. However, if you don’t have systems and processes in place yet, now is the time to start creating them to scale your speaking business down the road.
4. You outsource or automate tasks.
Previously, I mentioned that scaling is also an investment, and a good sign that you are ready to scale your speaking business is when you are able to hire extra help or automate some tasks. This not only leaves you with more time to follow up on your scaling journey but also allows you to take a step back and look at the big picture of your business. Remember, if you are doing the $30/hour jobs yourself, then it’s time to outsource.
5. Your ducks are all in a row.
Finally, the most important sign you have to look for when you want to scale your speaking business is that all of your objectives and resources are aligned towards one big goal. If your energy is rolling out in ten different directions, you should try to align everything first.
Scaling can take months or years and you have to be able to follow the processes with a solid strategy and a committed team.
As a speaker and entrepreneur, you want to be able to dedicate time to what you love. Use these tips to scale your speaking business, and if there’s a specific topic you’d like to know about, send me a message or purchase my book Scaling Your Speaking Business to have a practical guide on scaling your business.
See you soon, Wealthy Speakers!