It can feel like a big shift to go from deciding that you want to be a professional speaker to learning that it's an actual business.
After all, like any successful business, professional speaking requires a strategy. That means defining your unique value proposition, competitive differentiator, ideal customer, brand identity, marketing plan and pricing strategy.
Another key element? Your business model, or how you structure your practice. That’s where we’ll focus here. We'll break down what a business model is, why choosing one matters, plus your three main options: Independent, Managed and Exclusive. By the end, you’ll have a clearer picture of which model best fits you and your speaking career.
What is a "business model" within professional speaking?
If you’re not completely sure what a business model is, you’re not alone. In fact, there’s an entire piece in the Harvard Business Review dedicated to listing out different definitions for it.
Here, we’ll keep it simple: When we say “business model,” we’re referring to the framework of your speaking business — the foundation that defines how it operates and generates revenue.
It’s important to call out before we go further that this model doesn’t have to be etched in stone, as you can always change it over time.
Benefits of selecting a business model
Choosing the right business model will empower you to effectively manage today's resources, while positioning your speaking career for growth in the future. More specifically, it can help you to:
1. Gain clarity in operations
With a defined business structure, you'll be able to plan the allocation of your time and resources more effectively.
2. Enhance financial planning
Understanding your business model helps you to predict revenue and manage costs.
3. Focus on strengths
Figuring out which model best suits you will allow you to create alignment with your individual strengths, so that you can leverage them.
5. Show professionalism
Having a clear business structure demonstrates to clients and collaborators that you are serious about your career, which can help to cultivate confidence in your ability to deliver.
Of course, these are just a few of the ways that identifying a business model will help to support your speaking journey.
3 business models for professional speakers
1. Independent
What it means:
Most speakers take on this business model — sometimes because they’re new, and other times because it’s the way they’ve chosen to run their business.
If you’re planning on being the one to manage your speaking business, this is also the model for you. As an independent speaker, you’ll be in charge of finding speaking engagements, marketing, pricing, prospecting, managing sales leads, booking speeches, coordinating travel logistics, building bureau relationships and more.
Speaking of bureaus, you can work with as many as you’d like within this model. As you do, they will help to handle the opportunities they book for you.
When it works best:
This is a great model for speakers who are either just starting out, or prefer to be in more direct control of their overall speaking business. It also works well if you are organized, have business knowledge or are willing to learn it, and don’t mind taking on this side of your practice.
Independent models are great for speakers who value flexibility, as they run their own brand and handle all client communications on their own.
If the logistics and details become too much, you can also always hire someone like a business manager to help with things like sales, marketing or operations.
Summing it up:
- Independent: Offers complete control, but requires significant time and effort.
2. Managed
What it means:
If you choose not to go independent, another option includes a managed business model. Within this model, a speaking manager or agent will help to run your full operations. Remember all of those things you’d be handling on your own in the independent model? A manager’s job is to offer support.
The specifics will vary from manager to manager in terms of exactly what that support looks like. For example, every manager should be negotiating your contracts and handling inbound marketing. Only some managers will assist with your scheduling and travel needs.
The specifics of payments to your manager may also vary, but these are typically commission based, and some managers will require a monthly retainer.
While this model may sound great, keep in mind that managers typically only work with speakers who have already made some real progress as a speaker on their own. When a manager is willing to take on the risk of only earning income if they can book you as a speaker, they want to know that you’ve got the goods!
When it works best:
A managed model works well if you're getting started in professional speaking and recognize that you’re just not strong at the business side of your practice, or struggle with keeping everything organized.
It also can work well for more established speakers. As your speaking business gains momentum, the activities required from you to manage it will pick up. If you feel a need for extra support during this time, a managed model may be the way to go.
Summing it up:
- Managed: Provides support and guidance from an agent or manager but may involve sharing revenue.
3. Exclusive
What it means:
This option is pretty much just as it sounds — all of your business flows exclusively through one speakers bureau. Whether a new lead comes directly to your website, or through another bureau, all sales opportunities go through your exclusive bureau.
For a speaker who is proven or shows some real potential, this is a great setup for the bureau, as they will be involved in all of the business the speaker books.
It also means that you’re more top of mind for that bureau, which could lead to you getting booked more often.
It's important to call out that going exclusive doesn’t necessarily mean that you can't work with any other bureaus. In most cases, if one reaches out with a speaking opportunity, you could still move forward — it’s just going to go through your exclusive bureau first. The two bureaus will work together on figuring out the right way to progress with the engagement and split the commission.
When it works best:
Generally, in order for a bureau to work exclusively with you, you’ve got to have some strong momentum in your speaking business, or very clear potential. You need a track record of success.
It’s worth calling out that even if you do have strong momentum, you may choose to stick with an independent model, so that you can work directly with more bureaus.
Summing it up:
- Exclusive: Can be lucrative but is not a fit for every speaker.
As you can see, different business models work for different speakers. One isn’t better than the other — it’s all about what works best for you and your career. In addition, just because a model fits well now doesn’t mean you won’t transition to another one down the road.
As for where to start, you should select the one that aligns with your current goals, strengths and resources. This will help you to maximize the potential of your speaking business in its current state, while also preparing for growth in the future.