Recurring revenue can take a number of shapes and forms …. from membership sites, retainer coaching packages to WordPress maintenance plans.
But the idea is simple: Have clients and customers that pay you consistently (i.e. every month) for your products and services.
FOCUSING ON RECURRING REVENUE IS JUST SMART
Here are just two compelling reasons to think about recurring revenue in your business this year (and there are many more):
- Maximize client value — getting a client in the first place is time-consuming and expensive. Focusing on recurring revenue makes the most of that and turns the one-project client into an ongoing source of revenue that maximizes the amount they spend in your business.
- Stabilize and grow revenue — a lot of freelancers and solopreneurs experience the feast and famine seasons during the course of a year. With recurring income, you can start to flatten the lows out while growing your business at the same time. And imagine each year that you have to bring in less new clients altogether because you have a stream of good recurring income.
These are some of the reasons so many people have flocked to roll out membership sites and plans in their businesses: it’s smart and leverages not just existing clients, but also experience and expertise.
9 MODELS OF RECURRING INCOME
In a recent webinar interview I did with John Warrillow, author of The Automatic Customer: Creating a Subscription Business in Any Industry, we talked about the 9 Subscription Models. They are:
- The Membership Website Model
- The All-You-Can-Eat Library Model
- The Private Club Model
- The Front-Of-The-Line Model
- The Consumables Model – i.e. Dollar Shave Club
- The Surprise Box Model – i.e. BarkBox
- The Simplifier Model
- The Network Model
- The Peace of Mind Model
By the way, we’re going to be rolling out tutorials and training on how to use iThemes Exchange to roll out your own subscription offerings online soon.
You can read more about these and get great examples and tips on what businesses it might be best attuned for in John’s book The Automatic Customer.
HOW TO MAKE RECURRING INCOME WITH ITHEMES
As part of our WProsper customer focus this year, we’ve been rolling out some great content to give you ideas for making recurring income in your business like our free half-day workshop recently called The Power of Recurring Income.
I asked Nathan Ingram, one of our long-time customers who is also one of our regular trainers at iThemes Training, to share his experiences and expertise using iThemes products to make recurring income in his web design business.
Here are replays of the sessions, with links to download the slides:
Session One — Recurring Income: The Secret to Freelance Success
Session Two — How to Package and Price Your Services
Session Three — How to Sell your Services to Clients
Be sure to check out our free ebook titled How Selling WordPress Maintenance Can Save Your Freelance Business for more resources and ideas for utilizing our products in your work. Also check out this tutorial from the blog on How to Automatically Invoice Clients for Monthly Website Maintenance.
This is just the start of pushing our more resources and ideas for how to grow your business and make more money with recurring revenue this year at iThemes.
Be sure to sign up for WProsper so you get the latest, fastest updates on free resources we’re offering this year to help you do well, do better with WordPress and iThemes.