If you’re a service provider you may be looking for ways to increase your income without increasing your work load. Trading hours for dollars can be limited. Sure, you enjoy and love what you do every single day but eventually the amount of income you can make will be capped to the number of hours you have each day to work. By creating recurring revenue solutions you’ll end the problem with time scarcity and open up a whole new world of possibilities. You can think of recurring revenue as a way to add on to your existing services but it can also be a way to create passive income. Let’s take a look at both options.
Add on Services That Create Recurring Revenue
Priority Client Club — Charge clients a monthly fee to get priority service. If your normal return is 72 hours offer them 48 hours for the price of the monthly fee. Or, offer a set number of services / products / tasks for the monthly recurring charge.
Monthly Maintenance Program — If you perform technical services such as website security maintenance, updates, and backups, offer a monthly recurring program to your clients that they pay every month via auto pay or auto billing.
Long Term Discounted Contracts — Offer a big discount for clients who agree to sign a long term contract rather than work just month to month. They must give a notice to end the contract since you make it clear that you mark out this time for them. Sometimes you can include a cancelation fee equal to the discounted rate to avoid client cancelations or freebie seekers.
Client Coaching Program — Coaching can be accomplished via email, on membership sites, and by telephone. Offer a monthly client coaching program with recurring fees and a promise of a certain amount of your time.
Passive Income Models That Create Recurring Revenue
eBooks — Write the eBook once, then sell it in multiple ways. Via your own website and sales page, or via Amazon’s Kindle and /or Barnes & Noble’s Nook. Both offer a free and simple opportunity to sell your eBooks. Price point is imperative here, lower is better for larger sales volume.
eCourses — If your book is a how-to book, you can break it down into a course that you “teach” via email. Set up Aweber to auto deliver courses on a predetermined “drip” and clients pay you a monthly membership fee to keep getting the courses via their email membership.
Membership Website — Put your eBooks and eCourses and other “how to” information on one website and charge a monthly fee for access. In this case you may need to add to the site at least monthly to encourage members to stay.
Affiliate Programs — Both have an affiliate program and participate in affiliate programs for products and services that you like. Nothing is better than making money today on something you did a year or more ago.
Outsourcing Services — While service providers like to think they are irreplaceable, try to think long term and consider starting to outsource much of the work you do on a day to day basis. By outsourcing most of the hourly work, you will become a manager of your business, which can then be sold, or taken over by someone else.