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About the Author: Katie Conroy is the creator of AdviceMine.com. She particularly enjoys writing about lifestyle topics and created the website to share advice she has learned through experience, education, and research.

The world of professional speaking can be incredibly lucrative. No matter where you are in your career, it can be worthwhile to turn your skills into a formal business. Whether you decide to create a business for just yourself — or for a group of expert speakers — your venture can pay off big time.

Before launching your new company, it is important to do your research, if you’ve been thinking about starting a professional speaking business.

Not streamlining essential processes

Too many new entrepreneurs spend more time on tasks than needed. There is an abundance of apps, online platforms, and software that can help you do almost anything for a fraction of the time it would normally take. From day one, aim to streamline essential processes for maximum efficiency.

By far, one of the best time-saving tools is invoicing and scheduling software. This will give you a clearer picture of your billable hours and availability for gigs and projects so you can better manage your bandwidth. Better still, you can batch-process invoices so you save time and maybe even get paid quicker. And finally, you can track and pay expenses with ease.

Trying to do all business-related tasks with no assistance

Another major mistake that a large percentage of new entrepreneurs make is trying to do everything themselves. Despite the benefit of saving money, trying to tackle duties such as customer service, graphic design, copywriting, event bookings, and IT work is draining. No one has enough hours in the week to run a business solo. Attempting this can lead to burnout, which may ultimately lead to the closure of your company.

Instead, opt to outsource core duties. On almost any budget, you can hire freelancers for the exact tasks you need. Whether you contract for several hours of work per week or full-time services is completely up to you and your needs.

Forgetting to schedule off days

Closely related to trying to handle all business-related tasks yourself is the mistake of forgetting to schedule time off. When you work as your own boss, you don’t have anyone giving you a vacation day/PTO allotment. Driven business owners may overlook this aspect of running their company, and work seven days a week.

For your health — and for the well-being of your organization — plan time to rest and recharge. This is especially important if you will also be booking speaking engagements for yourself in the near future. Earning an outstanding reputation largely depends on your ability to perform. Exhausting yourself will lead you to show up as less than your best, which isn’t beneficial for anyone.

Not marketing your business to the fullest

Don’t be shy in getting your name out there. Whenever you are presented with an opportunity to market your business and/or speaking services, take it. Marketing your business to the fullest is essential for getting your name out there, and for lining up high-paying speaking events. Regularly post on social media to market yourself. If you need some help in this area, you can hire social media management services through online job platforms. Before hiring a candidate, review their experience and feedback for past work.

Avoiding networking opportunities

As a speaker, one of the best places to promote your services is at networking group events. While online marketing is certainly important, networking events will help local business leaders learn more about you. They’ll also get a firsthand look at your presentation style and speaking topics.

Turning your passion and talent for speaking into a business is a wonderful way to make a living. Utilizing the tips above can help you fast-track this goal and book your first engagement even quicker.

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