Financial Tips for Public Speakers
As a public speaker, you might be excellent at and passionate about imparting your knowledge to other people, and you might be excited to get on the stage and get a new audience interested in your favorite topic. However, public speaking is not only fun and games; it can have a major impact on your finances, both positive and negative. Here is a guide to some of the best financial tips you should follow when going into public speaking.
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Take Out Insurance
You might believe that you only need to have business insurance behind you if you are starting a public speaking business. However, this is not the case. Instead, it is paramount that you look into general liability insurance that can cover all of your gigs. By doing this, you will ensure that you do not encounter any financial recriminations if you are sued by an audience member due to an injury they have sustained or an accident that occurred on the premises. This will allow you to enjoy public speaking without worrying about the monetary and PR disasters that could occur. However, when you take out this insurance policy, you should ensure that you include this expense within your budget and business plan, or you might find that you cannot afford it- or do not account for it- each month.
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Have a Second Mode of Income
Although public speaking can be profitable, and you might want to spend the majority of your working hours planning speeches and interacting with an audience, it is also important to have a second mode of income. Not only can this allow your bank account to thrive, but it will also allow you to make the most of the opportunities that have been given to you. This does not have to be a completely different job, though (although many public speakers work within their industry). Instead, you might simply try to grow the profit that you are making from audience members by selling DVDs and books that you have created and that you might have referenced in your talk. You might also design online courses allowing anyone, no matter where they are located, to access your work.
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Invoice Quickly
Sometimes, you might feel as if you are out of pocket as a public speaker, as it can take a few weeks to get paid for each project that you do. This can make it hard to keep your accounts in order and leave you without enough money to pay your expenses. This means that you should try to invoice your customers as quickly as you can after the event. You should also write on your invoice how long you give your customers to pay you before chasing them up or requesting a late fee.
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Separate Your Personal and Public Speaking Bank Account
It can be hard to keep track of the money you are making. To mitigate this, you should consider separating your personal and public speaking bank accounts so that you can see exactly how much you are earning and take all your expenses from your business account. You might even be able to find a more appropriate deal and terms for this account.
To simplify tracking and reimbursement even further, many professionals now use a business expense card connected to their dedicated account. It allows you to cover travel, event fees, or accommodation costs without dipping into personal funds while keeping your spending records organized for accounting and taxes.
Managing your finances as a public speaker isn’t just about saving receipts or budgeting between gigs—it’s about treating your speaking career like a real business. Building healthy financial habits early on will make you more confident when negotiating fees, planning events, or taking on bigger opportunities. As your calendar fills up, consistency and clarity with money management will ensure that the effort you put into each talk reflects not only on stage, but in your long-term financial success.
