Creating a recurring-revenue business model is an incredible way to make money online, which is why I’d like to talk about it in this article!
There are several types of businesses that have recurring revenue, but one of my favorite types is the blogging service. By offering your readers access to your content for a monthly or yearly fee, you can easily keep producing high quality content while making passive income.
In fact, some of the biggest blogs earn enough income per month to finance a full time blogger. That’s how well A Listening Team was able to grow their site into something significant! They only need to put out good content every week, and they get paid for it over and over again.
But not all bloggers have their own sites, their followers, and perfect timing to release new posts. What if someone wanted to read your best tips, for example? You could offer them a free trial so that they can check yourself out before buying.
This is where another type of business model comes in – the affiliate marketing website. Rather than owning a space just to tell people what you know, you can instead recruit other brands to pay you to promote theirs.
By getting paid by various companies for promoting their products, you have created a form of recurring revenue.
A great way to introduce the concept of show recurrent income is with an example. Let’s take a look at what I like to call The Example Parlor.
The Example Parlor is a business model that has a very simple premise- you can go into this place and spend money every week! That means they make regular, predictable purchases every few days or weeks, but it doesn’t need to be for a monthly subscription nor does it have to occur frequently outside the context of a relationship.
I will never forget my first time in The Example Parlor. It was early 2016, and I had just started working full time as a writer. I needed to do some research for my writing project, so I logged onto TheExampleParlor.com and asked if there were any studies online about how to write effective essays.
There are, and since I already knew roughly how long each essay should be, I wrote an introductory paragraph, inserted their site name in front, and then typed away until I got a little bit more than my allotted word limit. (Editor’s note: This is a really good reminder not to brainstorm too much before editing your work)
After I edited all those links out and adjusted the length of the body, I saved and uploaded my work.
As we mentioned before, creating a recurring-payment system with PayPal or Stripe is an easy way to offer paid services or products to your customers. But what kind of professionals can use this service?
Business owners who enjoy having frequent sales will be ideal candidates for this model. For example, someone who has monthly meetings with groups of people may find it convenient to have their memberships pay for themselves. Or maybe you are in the business of selling educational materials, so you create content that students can access at no cost but then they need to purchase a subscription to watch it.
The key thing about these types of businesses is that there is usually not very much upfront investment needed to start offering them. They’re already prepared by nature because they exist as something now, so they have the equipment and logistics in place.
What if you don’t know anyone who would be willing to do work pro bono though? No problem! You can always use advertising to keep up your reputation and generate some extra money. By offering your services for free (or heavily discounted), you will eventually find somebody who will buy one set of ones and two sets of twos of whatever it is you’re putting out.
Now that you have your landing page, business model, and domain name in place, it’s time to create your online store!
Creating an eCommerce site is not difficult to do, but it does require some technical knowledge or expertise. There are many ways to go about creating your store, and the best way will depend on what kind of products you sell and how much traffic you hope to get from search engines and other sites.
Some people start with Amazon as their platform, but this isn’t necessarily the best choice for every entrepreneur. You should consider which one makes the most sense for your business and product line.
There are several free tools out there that can help you launch your own shop easily and quickly. Some even connect you with sellers so you don’t need to run your own cart! This article will talk more about those types of apps in detail.
Starting a business is always a good idea, but it’s especially true if you want to reach beyond your current circle of friends and family. If you have a talent or skill that other people are willing to pay for, starting a business that teaches them how to do it is an excellent way to make money.
Blogging is one such talent that almost anyone can start doing with very little investment. It is also a great way to build confidence as well, since most people were never taught how to write in high school.
If you're already having trouble convincing yourself that you could make money blogging, read through our list of reasons why blogs earn lots of income. Then get started!
Advertising is one of the most important ways to grow your business. Advertisements are typically paid for using either profit or revenue shares, or both!
Profit-share advertisements allow you to keep all of the income from the advertisement, even if your business does not receive as much traffic as expected. This is great because you get to keep the money no matter how many views the ad gets!
Revenue-share advertisements work similarly to cost-per-click (CPC) ads, but instead of the advertiser keeping all of their earnings, the owner of the site where the advertisement runs keeps part of the pie. The owner earns a set amount per view, depending on what model they use for monetization.
This article will talk about some easy ways to start investing in advertising for recurisvely-revenue businesses.
Many entrepreneurs offer their services to other businesses or individuals for a fee. This is typically called business consulting, professional coaching, consultancy, motivational speaking, or public relations (PR) services.
If you’re offering your expertise to others, you should be charging for it!
Starting out with no money can make it difficult to ask for what you want. But don’t worry, this article has some tips that will help you get into the recurring revenue mindset.
I’ll also share my strategies for offering PR services as well so you can start building your client base right away.
What are recurring revenues?
Recurring revenues are income that is being re-earned over and over again. For example, if I bought you a drink at a restaurant, then bought you another one an hour later, that would not qualify as a recurring revenue transaction.
However, if I gave you $100 to buy groceries and split them up between both of you, that would! We call these types of transactions ‘transfer payments’ because you are transferring value from seller to buyer.
A recurring revenue model is similar. You provide a service or product and get paid for it over and over again. It could be monthly, weekly, yearly, or even lifetime access depending on what the customer gets out of it.
With this type of income, you never run dry physically, which makes it more stable than having only sporadic income.
Many entrepreneurs start their business with an idea that they are sure will work, then try to make it happen without investing in research or trying alternatives.
They begin selling before determining if there is enough of a market for what they want to offer!
By this time, however, things have often gone wrong because they have not done adequate research or invested in ways to test their ideas.
This can be very costly since they may have needed extra money to launch!
Recurring revenue is profitable (making income again and again) so you should look into opportunities to add this to your business model.
There are many different types of recurring revenue, such as monthly subscriptions, yearly memberships, and even a pool of resources and services that you pay per use.
The more common ones like subscription sites or digital products/services mean that you do not need to spend additional money to start generating profits.
A growing number of businesses rely heavily, if not exclusively, on recurring revenue to survive. This is especially true for companies that offer online services or products you need every day.
Most people use social media daily – it’s part of your everyday routine. Millions of business owners know how powerful creating content to share on social media can be for their company.
But what many don’t realize is that you can create engaging posts about anything — even things related to your own product or service!
By offering free tips, answers to questions, and insights into how to use your product, you can inspire others to visit your site to learn more. You can also provide opportunities to purchase by including links to buy (or download) an app, tool, or course component.
This is called “leveraging social media for sales,” and it's totally valid - it's just not necessarily about selling something yourself.