If you’re a service provider you probably wonder how you can earn some income without trading hours for dollars. Well, the best way to do that is to add some kind of recurring income to your business model. Recurring revenue is the key to taking your business to the next level and ensuring your survival during times when you can’t work. The great thing is, the work you do today toward making recurring revenue a goal, is going to pay off for years to come.
In order to add a recurring revenue model make a list of all the things you now do for your clients that are regular and recurring. Brainstorm ways in which you can offer a monthly deal to your clients where you automatically do said tasks without them reminding you, and set them up on auto-pay or auto-billing via Freshbooks.com and PayPal. The beauty of this is you create a recurring revenue stream from things you already do, but maybe don’t do often enough or only do when the client thinks of telling you. This way it keeps tasks up to date and likely won’t take as long.
One idea behind recurring revenue is to do less work for more money. Trading hours for dollars can only make so much money because there are only so many hours in the day. So the next recurring revenue model you can add to your business involves your expertise. If you’re an expert in something, and if you do something every day for others you can classify yourself as an expert. As an expert there are various recurring income ideas that can be borne of your expertise such as:
eBooks — Write an eBook and sell it in a variety of ways from your own sales page, to selling it on Amazon via Kindle.
eCourses — Rewrite the eBook to be delivered in short bursts via an eCourse. You can make it a three month, six month, or any length you want and bill your members monthly to keep getting the new course.
Membership Sites — Turn your eCourses and eBooks and other lessons and tutorials into a membership website. It can include a message board, and other opportunities for paying members. If you could attract just 100 paying members and only charged $19.95 per month (and many membership sites are more than that) you can make almost $2000 a month just from this one website.
Group Coaching — Offer group coaching calls to your membership as an “up-sell”. For instance if regular membership is $19.95, offer the group coaching calls for an upgrade at $49.95 a month. Have the group coaching call via a system like Adobe Connect or even Skype.
Affiliate Sales — Make all this work automatically by allowing members only to become affiliates of your membership site and other individual products. People like exclusivity. You can encourage sales via the membership site and give them the tools to be successful creating their own recurring revenue model.
No matter what your normal business is, you can create any of the above, or all of the above, as a recurring business revenue model. Start today creating your recurring revenue model and soon enough you’ll not have to rely only on trading hours for dollars.