“I don’t get on the airplane—and definitely not the stage—unless all invoices are paid in full.”

When my friend and fellow keynote speaker Joey Coleman said this to me over coffee, I started drilling him for details: Really?! How do you have the nerve to say that to a speaking client?! How do you avoid caving in to make sure their event doesn’t fall apart if they haven’t paid in time? What about clients who work for highly bureaucratic companies that insist on their “standard” net-120 terms?

In this illuminating conversation, Joey shares his best practices for getting paid on time—every time by setting, stating, and upholding better boundaries (and contracts) with clients.

More About Joey: As an award-winning speaker for over twenty years, Joey Coleman works with organizations around the world ranging from small startups to major brands such as Volkswagen Australia, Zappos, and Whirlpool. His First 100 Days® methodology fuels the remarkable experiences his clients deliver and dramatically improves their profits.

🌟 4 Key Takeaways

“You should care a lot about what a few people think.” For Joey, it’s his wife, his children, his closest business advisors, longstanding clients. “I don’t want my creativity hampered by one person’s feedback.”
“You need to know how to ask for the money.” Gem from Joey’s dad growing up on the most important thing to know when running your own business, about having confidence when you state the price and terms of your services without wavering.
Don’t raise your prices just for the sake of raising them; however, as your expertise and capabilities and the cost of living and costs of running your business increase, there is a necessary understanding that prices will go up. Right before he hit send on a proposal, he would stop, go back to the original contract and raise the fee by ten percent.
Price is something you pay at the grocery store; investment is something you are going to do to grow your operation and make it better. You will invest with me to grow your returns, and it will continue to pay dividends. As a speaker, you need to be clear on the return on investment that you’re promising.

📝 Permission

It is unbelievably challenging to start and run your own business. Because you are so bold to do that, give yourself permission to courageously set your boundaries. The more clear and comfortable you are stating how to work with you and holding firm when pushed, the happier you will be as a business owner, and the longer you will be in business.

✅ Do (or Delegate) This Next

Try Joey’s approach to sharing the investment for working together. List a range on your website, and the first time your desired client learns how much it costs to work with you should be hearing it from you, not reading a document.

🔗 Resources and Books Mentioned 📚

🎧 Related Episodes

📝 Check out full show notes and share with friends: https://itsfreetime.com/episodes/269

Learn more about your ad choices. Visit megaphone.fm/adchoices

Financial Heresy

The 2024 Real Estate & Bank Crisis has Begun

Remember Everything You Learn from Podcasts