One of the shifts that can happen when you step into entrepreneurship is not having a set or consistent income.
However, as an entrepreneur you get to decide on and build your business model in a way that’s going to work for you.
Some entrepreneurs enjoy having big bursts of income through launches that happen once or a few times per year while others prefer having income coming in every single month.
Personally, I prefer to have recurring revenue coming in month after month. I like consistency and knowing what to expect when it comes to how I run my life and business.
There is no right or wrong way to do this, it’s simply about finding what works for you.
If you want to create recurring revenue in your business then I’d love to share some ideas with you on how to do exactly that!
Extend the length of your offers
An easy way to do this is to extend the length of your offers. This is one of the immediate ways that I shift my clients business models in order to create recurring revenue for a longer period of time. For example, if you offer 6 week service, turn it into 3 months. It doesn’t necessarily mean you have to add more (maybe it does) but it simply allows more room for implementation and results.
For example, let’s say you are a sales coach with the following offer:
6 Week Sales Program
6 1:1 coaching calls
You can convert it to:
3 Month Sales Program
6 1:1 Coaching Calls (2 per month)
6 Modules (2 per month)
2 Implementation weeks per month
Investment: $600/month for 3 months
Notice how now you have created more space for your client to see results through implementation along with your support, you’ve increases the rate because you are offering support for a longer period of time AND you are creating consistent income for the quarter vs. for 1.5 months. It’s a win-win for you and for your clients.
Create recurring offers
Another easy way to do this is to create recurring offers in your business. This can be done through a subscription or a membership site.
Let me give you a few examples.
If you are a service based business you can offer monthly or bi-weekly group coaching calls through a membership service. Or perhaps you enjoy creating courses, you can offer a membership through which you give a new course each month.
If you are a product based business you can create a business model where you ship products every month or every quarter in exchange for a recurring fee. For example, I subscribe to a company called quip for my toothbrush and every quarter they send me a new toothbrush head for a recurring quarterly fee.
Take a look at what you are currently offering and ask yourself, how can I extend this? How can I turn this into a recurring offer? Get creative with it and extend it. That’s how you’ll create recurring revenue in your business while serving your clients at a higher level for more impact and bigger results!