Compensating advisors can take various forms, depending on the level of involvement and the stage of your business:
1. Equity: Offering a small percentage of equity can be an attractive option, especially for early-stage startups. 2. Cash Payment: For more established businesses, paying advisors a consulting fee might be more appropriate. 3. Hybrid Model: A combination of equity and cash can also be considered, balancing immediate costs with long-term incentives. 4. In-kind Benefits: Sometimes, offering in-kind benefits such as access to services or products can be a suitable form of compensation.