Badass Is The New Black (Season 5) Episode #12 - How to Generate Recurring Revenue for Your Business With EaseApr 19, 2023
Recurring revenue is one of the ways you can get everything you want but there is also ONE KEY factor that makes this effortless, and I am sharing about it in today’s episode!
If you are ready to finally have more time with your family, a business that lights you up, and money flowing in, tune in to today’s episode!
Welcome to another episode of Badass is the New black Podcast! I’m your host Krissy chin business coach and founder CEO of the Krissy chin brand AKA K&C consulting cofounder of GROworkspace I built $1 million business from the ground up, starting at exactly where you are and I’ve helped thousands of other coaches, health professionals, and network marketers get their businesses set up online an automated so they can spend more time with their family and less time behind their computer while also making an impact on many more lives. If you are a driven entrepreneur who wants to have multiple revenue streams with a business that is automated and streamlined you are in the right place!
Today I am going to talk about recurring revenue. But before we dive in I want to invite you to a masterclass that is happening NEXT WEEK! April 25th. And I am inviting you because if you want to generate recurring revenue then it’s incredibly important that you have your business set up in a way that will allow you to maintain or get the lifestyle you desire while also reaching your business goals of growing to 6 or multi 6 figures in your business.
Because none of us, not even me, find a business making even a million dollars worth it if we have to sacrifice all our time to get it, right?
So hit pause, go save your seat for our upcoming masterclass - “the 6-Figure CEO Secrets to increasing your sales while spending most of your time with your family” I’ll share the sneaky hidden obstacles that are getting in your way of turning leads into customers, and what to do about it,
How to get 4 more hours back every day with your to-do list checked off and plenty of time to get a workout in, brunch with your bestie, and maybe even take a nap!
I’ll share the best way to streamline, systemize, and automate your business.
It’s happening next Tuesday if you are listening when this airs! April 25th 1 pm Eastern time! Go to thekrissychin.com/masterclass to save your seat and join us live!
So let’s dive into a few ways you can generate recurring revenue.
Now when people think of recurring revenue they think of guaranteed revenue coming in maybe every month. But nothing is guaranteed. So I want to help you think outside the box today with some creative ideas on how you can be setting up your business in a way that makes it easy to bring in money every single week!
When I say recurring revenue most people instantly think “subscription” right?
Where someone signed up and then they are charged every week, month, quarter for service, or access.
Some challenges that I see with subscriptions are that you need to be constantly creating or providing support in order to keep people paying.
Because the moment they aren’t getting value, they are out, they cancel.
You might be thinking, I am crazy maxed out already, driving my kids around after school to sports and dance practice. I am busy keeping up the home trying to make home cooked meals plus having to do everything in my business already. I don't have time to create something new every month, or make myself accessible every month.
And I will tell you if you feel this way right now, that you don’t have the time in your business to support a membership style offer, then there’s likely things going on in your business that can be tightened up, that can be streamlined, that can be automated, to free up a lot of your time.
I am not saying you MUST have a membership!
The thing I love about businesses is that we all get to do this differently. And it’s a combination of determining your dream lifestyle, and then how to set up your offers in a way that not only supports your desired lifestyle but also in a way that gets your clients the best result.
This is what we work on with your students and clients all the time. How to best serve your people while ALSO being true to yourself and what you want.
Having a membership subscription is only ONE way to generate recurring revenue.
Another way to generate. It is to have a payment plan on one of your offers.
We have one offer that is $197 and we offer a three month payment plan of $77 which means we actually make a little bit of extra when they choose a payment plan.
And we have larger programs with a significantly larger investment that break down the payments over a year. Which means we see recurring revenue from those over 12 months.
While it can be fun to bring in all of that revenue at once, it can also be incredibly valuable to have those payments spaced out overtime so that you are bringing in recurring revenue every single month with the payment plans that you have available. It also can make your offer more accessible to people who may not be able to pay the full investment upfront.
Another unique strategy that I have seen for recurring revenue, is having retainers. If you have a service based business, You could have a monthly minimum that you charge clients.
I have seen Copywriter’s who say YES, I’ll work with you, but I have a $1000 retainer - meaning the person hiring them is committing to paying them a minimum of $1000 a month for the work.
Imagine if you were able to take on 5 clients with $1000 retainer for each client you’d have recurring revenue of 5 grand every month.
Something else I like to look at with our students in regards to being able to keep money flowing into the business is their product suite. Do they have one? and does it allow for recurring revenue?
Again, we’re looking outside the box not just at subscriptions when we say recurring, but how can we keep money coming into the business on a regular basis?
And developing a strategic product suite is one way to do this.
When you are just starting out it is hard to think about everything you will do in the future! But it’s important to think about your customer journey so you can be thinking about offers that allow your customers to keep coming back for more and keep paying you.
Because you don’t just want a customer to come in and buy from you once, you want repeat customers because the easiest people to sell two are the people that are already in your ecosystem and have bought from you before.
Now of course, with any of these methods of bringing in revenue, there is typically an endpoint.
If you have a payment plan for an offer that payment plan is going to end at some point in time and the recurring revenue will stop.
If you have a membership subscription, churn is inevitable. There are always going to be people who cancel their membership. of course your goal is to decrease the churn but churn is going to happen.
So what does that mean for your business? It means that regardless of how many recurring offers you have set up, it’s still really important to make sure that you’re keeping your funnel full and bringing in new people. And not just ANY people. The last thing you want to do is grow your email list with people that aren’t actually going to buy.
And not only that But how do you do this in a scalable way? A way that allows you to get 4 more hours back in your day so you can go grab lunch on Wednesday with your best friend and not feel guilty about skipping out on work.
And if you are finding yourself in a place where it’s hard for you to take time off, you feel like your to-do list for work is never ending, you are always behind because you don’t have enough time then I want to first say it’s not your fault.
You haven’t been taught how to organize your business in a way that allows it to feel effortless. Many people teach how to make the offers but leave out the most important part which is really helping you understand what is going to work for YOU long term. Because everyone wants different things. Everyone has different goals.
And so I want to help you whether you are in the beginning stages of your business and want to get things set up in a way so you aren’t struggling for years to find customers, manage your business, and family. Or if you have been at your business for years and just can’t seem to get ahead. You wished you would be further along by now. More clients, more revenue and you have just hit a wall and don’t know what to do next to help yourself achieve what you want to achieve. Then I am here for you and our upcoming FREE masterclass is your FIRST STEP to making such a simple yet incredibly impactful change in your business so you can have everything you want.
A successful business with plenty of time for family time, thousands of dollars coming into your bank account every week so you can pay off your credit card every month and still have plenty for a dream vacation to the beach!
And thousands of lives changed for the better because of your products or services.
So don’t miss this opportunity! We are only teaching this FREE masterclass once this year and it’s happening NEXT WEEK April 25th.
Go to thekrissychin.com/masterclass
Those that show up live are in for a special treat AND we find that struggling businesses owners that show up live find the greatest transformation in their business after the class!
Click the link below this video or in the show notes or save your seat at thekrissychin.com/masterclass and I’ll see you there!
ALSO NEXT WEEK I HAVE A HUGE ANNOUNCEMENT SO be sure to tune into the episode! We are doing something we have never done before and I know it is going to be incredibly helpful for you in growing your business with ease!
So I will see you on Tuesday for the Masterclass and Wednesday for a new episode!
BBB Masterclass: https://www.thekrissychin.com/masterclass
Knowledge Into Profit Guide: www.thekrissychin.com/profit
Website Review: www.thekrissychin.com/websitereview
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