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09 - How to create a RECURRING REVENUE MODEL for your business
Let’s be real, going into business can be a bit scary - and one of the main reasons we see companies fail is that they haven't succeeded at creating a recurring revenue model for their business.
Think about it, part of the reason why people love the security of being an employee - is the knowledge of having that steady income coming in month after month. Not having that certainty is usually one of the main reasons why people are too afraid to launch their own business.
But what if I told you that you can have all that and more security x 1000 by planning your business in a clear way from day one? In order to create a clear budget and plan a steady expansion and growth, you need to masterfully orchestrate your customer journey so that your clients will be able to stay invested in your brand for the long term. Thus creating that steady cash flow honey!!
When creating BLOOM in 2020, the very structure of the company was based around providing a service that would be needed on a long term basis. By doing so, I ensured that there would be a steady cash-flow and this allowed me to know exactly what the revenue projections were and exactly what I needed to spend on. Without this, I would have been stressed thinking where my next client would be coming from!
In this episode, I am discussing some examples of recurring revenue streams that can potentially leverage your existing business! Maybe you are providing a service right now but want to do a one-to-many scenario, or perhaps you sell products and wish to create a secondary revenue stream by creating a membership model for your brand. Ready to learn how? Let’s dive in.
The four types of recurring revenue models we discuss in the episode are:
LONG TERM MONTHLY RETAINER SERVICES
MASTERMIND GROUPS - GROUP CONTINUAL SERVICES
MEMBERSHIPS - DIGITAL PRODUCTS + COURSES
LADDER STYLE CUSTOMER JOURNEY
***
If you’re interested in learning more about Bloom Virtual Co and how we can help you brand, launch, and grow your business, head over to our website and see how we can be your new Virtual Dream Team!
Thank you so much for being here - wishing you a fabulous day and week ahead.
See you next time!
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By BLOOM Virtual CoLet’s be real, going into business can be a bit scary - and one of the main reasons we see companies fail is that they haven't succeeded at creating a recurring revenue model for their business.
Think about it, part of the reason why people love the security of being an employee - is the knowledge of having that steady income coming in month after month. Not having that certainty is usually one of the main reasons why people are too afraid to launch their own business.
But what if I told you that you can have all that and more security x 1000 by planning your business in a clear way from day one? In order to create a clear budget and plan a steady expansion and growth, you need to masterfully orchestrate your customer journey so that your clients will be able to stay invested in your brand for the long term. Thus creating that steady cash flow honey!!
When creating BLOOM in 2020, the very structure of the company was based around providing a service that would be needed on a long term basis. By doing so, I ensured that there would be a steady cash-flow and this allowed me to know exactly what the revenue projections were and exactly what I needed to spend on. Without this, I would have been stressed thinking where my next client would be coming from!
In this episode, I am discussing some examples of recurring revenue streams that can potentially leverage your existing business! Maybe you are providing a service right now but want to do a one-to-many scenario, or perhaps you sell products and wish to create a secondary revenue stream by creating a membership model for your brand. Ready to learn how? Let’s dive in.
The four types of recurring revenue models we discuss in the episode are:
LONG TERM MONTHLY RETAINER SERVICES
MASTERMIND GROUPS - GROUP CONTINUAL SERVICES
MEMBERSHIPS - DIGITAL PRODUCTS + COURSES
LADDER STYLE CUSTOMER JOURNEY
***
If you’re interested in learning more about Bloom Virtual Co and how we can help you brand, launch, and grow your business, head over to our website and see how we can be your new Virtual Dream Team!
Thank you so much for being here - wishing you a fabulous day and week ahead.
See you next time!