Is all cash good cash? It’s an interesting question to ponder as you build your speaking business. Getting started isn’t easy, and we often act from a place of lack instead of abundance.
- Some of you are working day jobs as you build your speaking business. Are you feeling frustrated? Are you resenting the money that comes from that job?
- Some of you are saying ‘yes’ to every opportunity that comes your way so you can build your speaking business. Is it making you feel resentful? Are you getting soured from the experience?
I don’t know the laws of the universe intimately enough, but “Jane logic” dictates that when you complain about any money coming in, it does not help bring more money to you. When it comes to the question, “Is all cash good cash?” my conclusion is: all cash is not good cash if you resent it.
Whether it’s your day job or your speaking fees, it’s time to transform your mindset and approach your career from a place of abundance. I’m sharing some examples below that I know you can relate to. I also have three questions to help you decide what is ‘good cash’ when contemplating whether to say yes to a job or speaking gig.
Reevaluating Your Day Job
My client Frank has a day job. He is a sales professional who cherry-picked all the top clients from his photocopier sales and maintenance business to build his speaking business, where he earns more than 10K per month. He works in the mornings on this “day job” that, after 30 years, he could do in his sleep. This business is affording Frank some time to build his speaking business to the point that he can replace that income.
But is Frank happy?
There have been times when he’s been frustrated because he wanted to grow the speaking business more quickly. But when we talked about him resenting the easy money he was making on the other side of his business, he realized he needed an attitude change.
Frank couldn’t resent the money from his day job. He had to love that money because it was allowing him to build the speaking business of his dreams. If Frank had become resentful of that income, he would likely not get the results he wanted in either business.
Do you have a day job? If it allows you to grow something in speaking that will be amazing, appreciate that income. It’s buying you time.
Reevaluating When to Say Yes to Gigs
Let me give you another scenario.
Let’s say that you’re a busy speaker and you say yes to everything, even if it’s not the best fit for you or doesn’t pay you what you deserve. Why do you do that? Because, for many years, you have been in a position and mindset of lack.
As my client, Linda, says, “I’ve spoken for everything from a big fee all the way to a box of Chardonnay.” 😂😂
At one point in time, that box of Chardonnay might’ve been what made Linda happy, but after 30 years in the business, she deserves more. Now Linda has developed a stronger fee schedule and offers packages at the highest fees she’s ever charged. And people are buying those packages!
There’s no question that Covid set many people back in terms of mindset. Fear and uncertainty sent many of us back to a place of lack and scarcity.
But now that we are seeing a lot of meetings booked, let’s be aware of whether we are taking engagements that are a good fit for us. All cash may not be good cash. If you accept an engagement outside of your lane, you are doing both your brain and your brand a disservice.
Your brain is not being served because you’re confusing your brain by not going all in on your expertise. And your brand is not being served because you’re confusing your buyers. When a leadership expert agrees to do a session on time management, both the brain and the brand become confused, which does not help grow a strong speaking business.
If You Agree, Adjust Your Mindset!
Assuming that you can pay the mortgage, all cash is not necessarily good cash. Especially when you’re saying ‘yes’ to speaking engagements you should turn down. That said, you need to appreciate all money you agree to earn. Let me share another example.
Deborah, one of our students in the Wealthy Speaker School, had three “low bono” (low fee) webinars coming up a day after our meeting. She was resenting the income because she felt like the clients hadn’t valued her.
But here’s the thing.
If you agree to do engagements like that, you need to set aside your feelings about how much you got paid and focus on giving value to the audience. The audience doesn’t know what you’ve been paid, nor do they care. They deserve your best.
If you agree to a speaking gig at a lower price than you would have liked, it is not helpful to be resentful. In a scenario like this, adjust your mindset, deliver your best, and make sure not to agree to speaking engagements like these again!
Deciding What Cash Is Good Cash
So, when is it right to say “Yes” – either to a day job or a speaking engagement?
Here are three things to think about before taking on engagements, projects, or jobs. (And side note: there’s no harm in asking a client who’s not offering to pay the full fee to “let me think about it.”)
- Will this cash buy me time to build the speaking business of my dreams? Can I appreciate it?
- Is this cash being earned inside my area of expertise?
- Is this fee one that I will be happy with on the day I drive or fly to this event?
I said it before, and I’ll say it again: all cash is not good cash if you resent it.
Please hear me when I say, I understand that sometimes the bills need to be paid, but when you make decisions from a place of abundance rather than from fear, you will be helping both your brain (mindset) and your brand.
Let’s be more intentional when making these decisions, so we say yes to the right things and appreciate the money and jobs we agree to.
See you soon, Wealthy Speakers!