Keynoting: Many people associate “speaking” with standing on a stage in front of an auditorium full of people, but there are many other ways to earn income as a speaker.

Keynote work pays well, but it’s difficult to compete for, and you probably won’t be the speaker at next year’s event. Keynoters must constantly prospect for new business, and they’re hard-pressed to turn each engagement into one or two more by pushing hard for referrals.

Many people start out imagining themselves up on the big stage, and then they bounce out when they don’t land there in a year or two. This is a business for experienced speakers who have polished presentation skills and content that delivers value in excess of their high fees.

Corporate Trainers and Breakout Speakers are usually paid less per engagement than keynoters—which makes no sense because the audience will gain more practical skills and insights from a workshop. But that’s how it goes. However, it’s not uncommon to work with multiple groups within an organization or to be invited back on a regular basis. Breakout speakers sometimes offer the same session several times at a single event.

And some breakout speakers prefer the intimacy that comes with engaging attendees in small groups and on a first-name basis.

Speaking for Free can be a worthwhile plan as long as your free talk lands you consulting or contract work—or if the decision-makers in the audience are likely to hire you to speak.

You might also reduce your fee if you can walk away with a two- or three-camera video shoot on a quality stage.

Figure out what your end goal is, compromise your fee only when the arrangement leads to a win-win, and choose the right speaking business model for you.