When you run a business, you probably started your business because you wanted to do things on your own terms and your own schedule, but unfortunately the daily running of a business – especially when you work directly with clients to deliver services to them can take up a lot of your time, so the best way to overcome this is by ensuring you create more time and money freedom in your business by creating recurring income.
Recurring income doesn’t necessarily mean passive income, though passive income is typically a recurring income, depending on the systems you have set up.
As a business owner it’s important to have multiple streams of income, which should be recurring because if you’re not creating recurring income then you’re going to be faced with a situation where you’re constantly chasing clients and always in a place of wondering where your next paycheck is coming from, and this is not an ideal situation for anyone to be in, so in this post we’re going to share with you some of our top tips on how to create various recurring income streams in your business.
Retainers are one of the very best and most common ways to create a recurring income, although they’re typically not passive since they usually involve some kind of individual service such as tax consulting, business consulting, coaching, or even things like copywriting.
How a retainer works is, for example, say you’re a copywriter who offers a package of a specific amount of content for your client each month and included in that is the ability for them to contact you as and when needed to get other things done, for this benefit to them they would pay you a monthly fee known as a retainer.
Retainers are fully customizable to your own business and there’s no set way of setting one up, so it will always depend on your own service offers and pricing structure as well as what you and your client feel comfortable with.
Digital products are another great way to add, not only a recurring but passive income source to your business. Passive income is where you create something once and then it generates revenue on an ongoing basis without you having to sell it each time because you’re using an automated process to do that. For example, let’s say you’re a business coach and you typically work with clients one to one, whilst this will typically generate a recurring income source for you, depending on how you have your packages set up, you’re only able to work with a certain amount of clients because this takes time. Also, private coaching is going to cost more than a course, so if you want to be able to offer your customers something to help them get started at a lower price point, then a digital product such as a workbook or an online course is a great way to do this, but that doesn’t require extra time or energy from you once you’ve set it up.
Most people who have an online business know that webinars are extremely powerful when done right for online marketing and sales, but did you know that you can take a free webinar you’ve already done and automate it so that it becomes a sellable product of its own? This is, again, a great way of boosting your monthly recurring income through products at different price points without extra work from you and still be able to deliver value to your clients. When it comes to setting up your webinar, there are lots of platforms out there to choose from, so just finding what works for you is key, but it also doesn’t have to be complicated or take weeks to finish – it’s about the value being delivered. For example, software with a Beautiful.AI lets you create the best presentations in minutes so that you’re not putting hours of work into something that you may only be selling for $20 or so.
To add a pretty much guaranteed monthly recurring income to your business, then membership sites are a great way to go in achieving this. Again, you can set these at different price points, and a membership site can be set up exactly as you wish. For example, you can include live access to you through a Facebook group, or you can simply have a membership site that contains no contact with you and is just a training vault where you upload things like webinars, scripts and other digital material for a low monthly cost.