Today I want to talk about recurring revenue and share how I was able to use it to replace the income from my day job.
What is recurring revenue? It is a predictable income. Recurring revenue is the portion of a company’s revenue that is highly likely to continue in the future.
[Check out this post for everything I learned in TRIBE]
Everything changes when you have a consistent income every month that you can count on. It decreases stress and brings more clarity and allows you to have. The reason that I was able to quit my job and have a steady income coming in each month is because I started to build my recurring revenue.
I could show my husband the numbers that proved I would be able to replace the income from my day job because my recurring revenue was growing each and every month. When you rely on big launches, one month your revenue may be huge, but the next month you might not make enough to pay your bills.
This is why I always recommend building recurring revenue into your business model.
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Building Recurring Revenue: How I Was Able to Replace My Income From My Day Job
The first question most people have about recurring revenue is: How?
Start by answering these questions:
- How can you sell something and provide value for over 6 months to a year (at least)?
- What problem can you solve every single month?
- What does your client need help with over and over?
- How can you create a tool or resource your customers need? What are they asking for?
- How can you reduce your customers’ costs or pain monthly? How can you make their life easier?
Related Posts You Might Enjoy:
Interview with My Business Mentor Stu McLaren
How I Did It
Having the recurring revenue coming in every month lets me focus on passion projects, spend more time with my kids, and have less stress. Here is how I started.
Individual coaching: $200/month for weekly coaching calls (this was LOW but where I started! I booked up quickly and raised my prices)
Group coaching: $150 per month for weekly group coaching sessions
Membership site: Our first membership site was $10 per month for twice/month interviews with career experts and FB Group community. Our second membership site is $39 per month for a step-by-step training program and monthly biz growth bonuses (Previously it was weekly FB Lives and weekly NEW content before I transitioned it to a curriculum/phases)
Physical product: Annual purchase of our Create Your Future 90 Day Planners: $159 and we send you quarterly planners in the mail so you always have one ready to go.
CRP Training on Recurring Revenue: www.classycareergirl.com/membershipsecrets
I AM NOT PERFECT. Everything I know I learned from Stu McLaren about membership sites. Go download his guide to a profitable membership site TODAY and take his TRIBE course: www.classycareergirl.com/tribeguide
BOOKS TO READ:
Rich Dad, Poor Dad by Robert Kiyosaki