Value-Based Fees: How to Charge—and Get—What You're Worth: A Guide for Consultants, Second Edition

9.4. EXPLORING NEW LUCRATIVE FIELDS

You've heard me say before that there are a lot of ways to make money. I just never imagined how many there were. Actually, we're presented with them almost every day, but we fail to set fees for them for a variety of reasons:

• We don't take the time to recognize their intrinsic worth.

• They're things we do "naturally" and unthinkingly.

• The positioning is wrong.

• We assume that a fee is our only source of remuneration.

I've never written about these elements before because they best apply to mature, successful consultants whose name, brand, stature, and positioning have created a powerful attraction. Like a bank loan that becomes available only once you're so successful you don't need it or a speaker's bureau that wants to represent you only after you've made a name for yourself on the speaking circuit, these alternative sources of income arise when you're already doing well financially.

However, you're still willing to accept the bank's line of credit and the speaker's bureau's business, so why not embrace new sources of income that can provide for retirement, kids' college tuition, vacations, charitable donations, or simply discretionary income?

NOTE

If you are providing any kind of service, help, or advice on a continuing or even periodic gratis basis, ask yourself, "Why am I not charging for this?" There will often be a completely spurious reason (or no reason at all, other than your own lassitude).

Here are some alternatives for assigning fees ...