Archive for the ‘make money’ Category:
5 Ways to Earn Recurring Revenue
Earning recurring revenue is the best way to keep your business afloat even during down times like vacation and illness. Recurring revenue is money that you will earn week after week or month after month without that much daily upkeep. You can add many levels of recurring income to your business model even as a service provider. Here are some ideas you can start right now to set up a few recurring revenue streams.
Technical Support – Look at the services you provide and choose the ones that must be done on a regular basis. For instance, if you’re a technically inclined Virtual Assistant who works with their clients on keeping their websites updated you can offer a monthly recurring package of updates. You would put the client on auto-pay, or auto-billing which can easily be accomplished with billing software such as Freshbooks.com, and then you would automatically do the updates as needed for their sites on a mutually agreed upon schedule.
Teach Others – Most people are an expert at something. If you are making money working from home as any type of service provider, you can help others do the same. Create an ecourse, and either put it in a members only website or have it delivered by members only email subscription sign up. The good thing about this is the work is done once, and other than occasional updates to the information, this recurring income idea will be on auto-pilot just like the eCourses.
Write an eBook – Don’t just write the eBook, sell it. Today it’s very simple to put a book for sale on Kindle via Amazon.com. Even if you only sell your book for .99 cents you can make quite a nice recurring revenue stream. You can write books about your own business, your own life, or even a fictional novel if you want to. There are writers who could not get published in a traditional manner earning six figures via Amazon Kindle. Why not you. Imagine making recurring revenue years down the road from work you did today.
Create a service club – Many big name sites do it, like Amazon, Costco and others. For a small membership price you are first in line for service, or you get other special items if you choose to use them. The trick here is that the specials do not roll over and the client must act by a certain date each month. For instance, if you’re a graphic designer you could offer 1 banner, 1 button, and 1 other graphic each month for a price you feel is fair. The member is set up on auto pay or recurring billing the first of each month. The members are entitled to use their credits on a first come, first serve basis with a 48 hour notice. If they choose not to use their credits one month, it does not roll over. Believe it or not people will pay for the privilege of being first.
Long Contracts – Another idea for recurring income is to give discounts for longer contracts. Instead of just working week to week or month to month give your new clients (and old) the option to sign a yearlong contract for a discount. Make the terms of the contract explicit that if they leave the contract early they will need to pay the discounted fee difference. For instance, if you give a 50 dollar per month discount due to the client signing a yearlong contract, then they cancel after seven months, to end the contract they will need to pay $350.00 to end the contract early. Ensure that all your payments for these contracts are received before you start any work agreed upon.
Creating Recurring Revenue Solutions
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.
