In this post, I’m going to share some recurring revenue ideas you can use to make a profit on every purchase made by a client. After reading this you’ll have multiple methods at your disposal to use as a way to create monthly recurring revenue.
I Felt I needed to make this post after talking to an affiliate marketer that said that after 5 years, he finally had a $3000 dollar month by promoting affiliate products. It blew my mind because with traffic he was driving to his website he could’ve easily doubled or tripled that amount if he just changed a few things.
After this post you’ll have:
- The mindset you need to increase the revenue of your business
- 7 methods to create recurring revenue
The mindset needed to create a successful business
In a lot of ways creating business seems pretty straightforward. Find a solution to a problem and sell the solution to people in need. If you feel the same way than I’d like to add something to this way of thinking. In order to have a successful business, you need profit.
The easiest way to make profit is by having your customers make multiple purchases. This is called increasing the lifetime value of a customer. One way to do this is by focussing on recurring revenue on the backend of your business. Recurring revenue has a lot of advantages when it comes to making profit
This is why Real Digital Success presents…
7 Recurring Revenue ideas to 3X your income stream!
Create a membership website that functions as a platform revolving around a common goal on which people can communicate with each other, receive training, get expert support, discounts etc. As long as the value you provide on the website is relevant you should be able to ask for a monthly feed to get access to the website.
Create an online storage space
In the book Rich dad, Poor dad written by Robert Kiyosaki, he talks about ways he and a friend of his tried to make money when they were young. One of the things they tried was creating a comicbook library were people could read old comics for a limited time. You’d pay upfront for access.
A few years after that I saw that someone I knew used this same concept of giving access to a “storage” but than online. In the past, he made a lot of plugins for WordPress and he decided to put them all at one place and for a small monthly fee, you can get access to all his plugins.
He also updates them and creates new plugins all the time.
Offer Online coaching
Online coaching is a great way to get recurring revenue. I’ve noticed that nowadays everybody is calling themselves a coach so my definition coaching is guiding someone through the process of achieving their goals by helping them find ways to optimize this process.
They look at what they have to work with in real time and depending on that they decide a course of action. Since this is done over a long period of time during the process asking a monthly fee isn’t that strange and is done in a lot of instances.
Create A Secret facebook
Creating a membership website can be a lot of work luckily you can do a lot of what you can do with a membership page with a Facebook page. Through video, audio, pictures, and text you can support people, give them coaching and provide exclusive content which are all good reasons for people to become a member of your facebook page for small monthly amount.
To make sure it’s exclusive I’d advice you to create a secret facebook page since people can only access those with your permission. Hook it up to a Paypal account that deducts a fixed amount of money monthly from your members Paypal, Creditcard or bank account and grants them permission to access the facebook page the moment they show you the receipt.
Promote affiliate products that give out a monthly recurring commission
Promoting affiliate products can be a great way to create recurring revenue. For those that don’t know what affiliate products are. These are products from companies you have the agreement with that if people buy their products based on your recommendation that you get a Comision.
The trick is to find companies that sell affiliate products with a recurring commission. There are a lot of websites out there that list companies that offer affiliate products with monthly recurring commission. Just type in recurring affiliate programs + (your niche) and you’ll have more than enough options at your disposal to make some profit.
Offer Online software support
If you’re in the software business there are more than enough ways to earn a recurring income. A lot of online tools offer expert software support for a period of time and after that, if you want to continue having experts help you, you pay a monthly fee.
A lot of people are willing to part with their money if it means they can save time and energy. Online support eliminates the hassle of having to search for answers to your questions.
Some of the most successful Businesses are built around this concept, for example, Amazon Google and Uber. If they can do it why can’t you?
Online courses with evergreen content
Usually, you wouldn’t think of an online course as a way to get recurring revenue. Why would you keep paying for the same information month after month, but if you make an online course with evergreen content you can actually get recurring revenue.
The concept evergreen in this context means content that’s always relevant. You can do this by updating the course with new information that’s of value for the people that bought the online course.
When making a course like this you shouldn’t see it as an online course but an information source that keeps on growing with time-based on things like events happening in the niche and the questions and feedback gathered from your customers.
To Make recurring revenue sustainable you need communication
Recurring revenue can relieve you from a lot of stuff and is probably the closest thing to having passive income but you have to keep in mind that revenue will only come in if people keep paying for your services/ products.
You have to stay in contact with your customers. Some of them might lose motivation or might feel like they’ve outgrown your services, or they just decide to go a different route. You need to know this else wise you might wake up one day and see that your bank account is empty.
An effective way to keep in contact with your customers is to use email. I’ve written a post about how to do that which you can find by clicking here.
The Bottom line
It’s all about the back-end of your business. The moment you increase the revenue you make on the backend of your business it allows you to put more money into creating your lead magnet and tripwire which makes it possible to provide way more value up front for a cheaper price and attract a lot more prospects.
This is how you create a successful business.
That’s all for now!
See you at my next post.