If you’re looking to move away from 1:1 services but are feeling apprehensive about the online launch model, this post is for you.
I’m going to chat about the power of recurring revenue and where you can find the opportunity for it in your business.
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Recurring revenue wasn’t introduced into my business at the beginning. It was a path of discovery for me.
Over 5 years ago, in 2014, I launched my first online course – the Home Detox Bootcamp. It was a typical launch process where people would sign up, make a once off payment, and receive access to the online community where I would host the live program over several weeks. Once the course had been delivered, the time consuming process of re-launching the program for another round started again. I was doing at least 2 live online courses a year and I did that for a few years until I got sick of the constant selling, delivering and selling again process. I thought “oh gosh there has to be a better way.”
While doing bicep curls at the local gym, I had the idea of building an online membership in my business. It was an untapped opportunity as I really didn’t know anyone who was doing it in this space.
It was 2016 when I introduced a membership based recurring revenue model into the sustainable living side of my business. The Self Sufficiency in the Suburbs program was launched and continues to provide a steady stream of recurring revenue. After the successful program launch, I began to look at ways to generate a recurring revenue from the coaching side of my business and moved away from the 1 on 1 business coaching model. Moving to recurring revenue business took so much pressure out of my business, which flowed into my family life, and has allowed me to shift my focus to fully supporting my community members and coaching clients.
That’s a little about how I have pivoted my business to recurring revenue over the past few years. And now I’m helping my coaching clients do the same.
What is a RECURRING REVENUE?
Recurring Revenue is ongoing income for products or services, usually categorised by ongoing support.
WHAT ARE THE ADVANTAGES OF RECURRING REVENUE INCOME STREAMS
There are many advantages of establishing a recurring revenue stream in your business. For starters you can improve your cashflow management and decrease your anxiety levels. You can shift your focus from marketing and constant selling to service delivery and you have the opportunity to provide your clients with ongoing support which will assist in improving long term results.
WHAT ARE THE DISADVANTAGES OF RECURRING REVENUE INCOME STREAMS?
It’s hard to think of too many disadvantages of recurring revenue streams, but the ongoing delivery nature may not suit some entrepreneurs. For example, if content creation and supporting a growing community is not your thing, an online membership may not be suitable for you. The pressure to constantly hold space and publish new content might be a red flag and you may instead prefer packages where you can deliver for a while, have a break and then sell and deliver again.
WHERE TO FIND RECURRING REVENUE IN YOUR BUSINESS
The first step is to determine which package delivery option is best suited to your business:
- Done For You – eg. web/graphic design and social media management
- Done With You – eg. coaching/workshop
- Do It Yourself – eg. ecourse
Examples of recurring revenue models
- Membership model – eg. Self Sufficiency in the Suburbs course
- Mastermind (group coaching model) – eg. Conscious Business Circle
Subscription model – eg. Who Gives A Crap toilet paper
Retainer model – eg. web design, graphic design, podcast editing
KEEN TO LEARN MORE ?
I’ve been super busy behind the scenes putting together a resource to help those of you who want to find an easier way to make money while making a bigger impact.
I’ve created a program that condenses the process I take my private conscious coaching clients through to help them get clarity on how they can break away from 1:1 work and serve more clients with ease.
After piloting this program with a group of social enterprise consultants in September (which exceeded all their wildest expectations) I’m now ready to help more conscious business builders start a new decade with a clear plan for how they can make a bigger impact.
So, if you’ve been feeling the call to create more leverage in your business so you can make a bigger impact, are keen to pull away from 1:1 work to conserve your energy, yet want to service more clients with ease (without working more!), you’re absolutely not alone.
And there IS a way to make it happen….
I’m super proud to invite you to join my Package Your Knowledge Bootcamp – a 4-week LIVE course + coaching experience that will show you how to package your knowledge and expertise into leveraged offerings that sell.
With a perfect mix of content and coaching, this course is the IDEAL way to get clarity on how to package YOUR knowledge so you can make a bigger impact and live life on your terms.
And the really good news??!!
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Plus we get started next week!
If you’re keen to make a bigger impact AND you’ve experienced that nagging feeling that there *must* be an easier way to make money, Package Your Knowledge Bootcamp will show you how.
Here’s to making a bigger impact!
Recurring revenue really is the icing on the cake when it comes to creating a leverage offer that add value for you and your ideal client. Discover it in your conscious business and you’re well on the way to earning more, making a bigger impact and serving more clients with ease.
Over To You!
Have you created a recurring revenue stream in your business? How has it worked for you?
If you’re looking for help to find your leveraged offer that sells, check out Package Your Knowledge Bootcamp!