Summary
When deciding on speaking engagements, focus on the potential revenue rather than the fee you get paid. Even if I earn a high fee like $100,000, it might not lead to more earnings later.
Consider the long-term benefits of an opportunity. Sometimes, spending $20,000 initially can lead to a significant payoff of $1 million to $2 million in annual revenue after one year.
Be patient with investments. It might take 3 to 6 months before seeing any returns, but persistence can lead to substantial gains over time.
Think about customer retention. If a customer stays with the business for 5 years, the lifetime value can be $5 to $10 million, making the initial investment worthwhile.
Short-term sacrifices can be necessary for long-term success. Even if there’s no immediate revenue, the growth potential can be very rewarding.
Video
How To Take Action
I would suggest focusing on opportunities that may not immediately bring in money but have high revenue potential in the long term. Even if a speaking gig doesn’t pay you upfront, it might open doors to bigger earnings later.
A good way of doing this is by calculating the long-term benefits of investing in an opportunity. Sometimes, spending a bit today, like $20,000 for a project, could lead to $1 or $2 million in revenue a year later. That opportunity could grow even more over five years, depending on how long customers stick around.
Patience is key. Investments might take 3 to 6 months before showing any returns. During this time, keep an eye on the progress and stay committed. This strategy calls for persistence but can lead to great success.
Think about how to make customers happy so they’ll stick with you for years. Loyal customers mean the world to your business, bringing a lifetime value of possibly $5 to $10 million. Investing in customer satisfaction is a wonderful way to build long-term relationships.
Consider that short-term sacrifices may be needed for long-term success. Even if there’s no immediate revenue, the potential for growth is very rewarding and worth the initial effort and expense. Focus on nurturing these opportunities, and see them turn into something big over time.
Full Transcript
it's not about how much can we get paid it's about what's the revenue potential because if I get paid to speak let's say on a good end a 100 Grand and that's a high paid speaking engagement for me but then we generate zero Revenue but on the flip side I paid $20,000 and we walked away with no Revenue in the first 3 to 6 months cuz usually we make no money in the first 3 to 6 months but a year later I generated a million or $2 million worth of Revenue annually and if a customer stayed with me for 5 years that's $5 to10 million worth of businesses in the long run but I paid money in the short run and I made no Revenue also in the short run
