How to Maximize the Return on an Unpaid Opportunity
Aug 02, 2023Entrepreneurs are commonly asked to participate in events or promote products and in return receive “exposure”. This tactic is commonly used in some industries but is also common with smaller-budget businesses. As the one being asked to provide a service (essentially for free) I think it is worthwhile for you to take the time to thoroughly investigate the opportunity and see what the potential return on investment could be for you.
I’ll be sharing how I approach these situations, the thought processes I use, and creative ways to structure your contract to ensure that it is beneficial, and not a waste of your time, money, and energy.
The key takeaways from this episode are:
1. Entrepreneurs frequently face requests for "exposure" in exchange for their services. Thoroughly investigate each opportunity to assess its potential return on investment.
2. Avoid immediate rejection; take time to evaluate opportunities and understand their potential payback.
3. Overcome emotional responses by employing strategic thinking when considering event invitations. Get creative with contract structures to ensure mutual benefits.
What you’ll hear in this episode:
[1:00] As entrepreneurs, we are often asked to provide services free of charge in exchange for “exposure”. How do you navigate this?
[2:42] Why I never say no right off the bat.
[3:58] Make sure that you thoroughly understand the potential payback of the opportunity.
[5:50] My #1 tip to evaluate an opportunity where the payment is “exposure”
[8:01] How to overcome an emotional response vs. a strategic response when being invited to something.
[10:00] How to get creative with your contract to make it mutually beneficial for both parties.
Related Episodes:
Building Authentic Relationships in Business with Barb Betts
How to Network if You Hate Networking Events
Revenue Goals That Actually Move the Needle
Resources:
Tactical Resources:
5-Day Financial Mindset Refresh: https://www.keepwhatyouearn.com/refresh
Create a Custom Podcast Playlist: https://quiz.tryinteract.com/#/6303d4c525b1e80018d47cfa
Grow Cash Flow for Your Business: https://www.keepwhatyouearn.com/endless-cash
Tax Deduction Guide: https://www.keepwhatyouearn.com/tax-deduction-guide
CFO Power Session: Text POWER to 860-609-6374
See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator
Additional Resources & Connect with Shannon:
Find everything you need at https://www.keepwhatyouearn.com
Questions about this episode? Text me! https://my.community.com/shannonweinsteincpa
Hire us: https://www.fitnancialsolutions.com/accounting
Find me on IG: https://www.instagram.com/shannonkweinstein/
Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ
The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
