Following the various ideas we have covered in earlier episodes you may have been able to build a substantial following. Now is the time to consider affiliate marketing as a low-cost option to generating income.  This is particularly attractive if you do not yet have a product to sell. What is affiliate marketing? It is an agreement where you agree to promote a product or service in return for a share in the income generated from your lead. If effect it is a fancy term for the historical, but still relevant, finder’s fee. The most widely known affiliate program is the Amazon associate program where if someone clicks on your link you earn a commission on anything they buy in the next 24 hours, with some caveats. It is easy to set up your associate status, I did it in a few minutes. But there are a few things you should know, and I will share them in my new blog The Geriatric Entrepreneur launching to tie in the start of season 9 on IBGR …

Last week we learned how you can start building your brand and then ways to use that brand to monetize your skills. We looked at the steps needed to build a consulting or coaching business. And then how to break away from the tyranny of the clock, which limits your earnings to the hours you can work. If you can command $300 per hour, and very few consultants are able to charge more, then earnings more than $250,000 per year are possible. But wouldn’t it be nice to earn that, or more, working fewer hours.  We learned lessons from folks who have developed as systemized approach and others who had the courage to offer a premium product that could be sold over and over again. To some extent this week we start by returning to a paid by hour activity. Building your own speaking practice. The difference? Once you have established your credibility as a speaker your hourly rate will be very very attractive. Event organizers often have a generous budget speakers. And why not? …

Continuing to learn from Dorie Clark’s excellent book “Entrepreneurial You” In an earlier post I mentioned Michael Port’s book “Book Yourself Solid”. Let me share with you the changing ways Mr. Port was able to capitalize on his book’s success. After publishing his book in 2006 Mr. Port suddenly had a massive new audience. He now had the scale needed to build a group coaching program. He started with teleseminars, most internet connections at the time were not fast enough to support video conferences. The cost for a three-month program was $1,200 and demand was strong. Then he tried a yearlong mentoring program for $8,000 per person which entitled his clients to several training calls per month and three, three-day retreats per year. His initial program had 40 participants. Even when he increased his price to $12,000 demand remained strong attracting between 150 and 250 clients each year. But his participants found travel to the retreats pricey, and Michael Port found executing large live events, costly and stressful. Like all good entrepreneurs he took the …

Continuing to look at the ideas contained in Dorie Clark’s book “Entrepreneurial You” Building up the courage to charge for your services is challenging. What if no one wants your product? Or people complain that you are overpriced?  Or call you a sell out for charging at all? Yes that may well happen. But you cannot help others with your advice or great product or outstanding service if you cannot keep yourself in business. It’s strange, people willpay $200 per hour for a psychiatrist  but will look askance at paying the same rate to tap into your decades of experience. I “lose” many potential clients when I tell them my charges, for me this is often a cause for regret, not because I have lost a potential client but because I know I could deliver them many times more value than I charge. Should I reduce my rates? No! I charge what I am worth, as is borne out by my client history. My clients can terminate my services at any time, I do not …