fbpx

Creating Recurring Revenue in Your Business

by | Jul 26, 2020 | Podcast, Podcast: Sales | 0 comments

Creating Recurring Revenue in Your Business

Recurring Revenue

Recurring revenue is the bloodline of your business and builds consistency.

In this week's episode of Aligned & Ambitious Radio, I’m diving into recurring revenue and how it can build huge consistency for your business. I’m also sharing tips on how you can go from having ups and downs each month in your income to sustainable recurring revenue. 

But before we dive on in, let me introduce myself. My name is Taylor Slango and I’m the host of Aligned & Ambitious Radio and a business coach who helps women make major bank through their own online businesses. 

So if you’re an ambitious millennial, wanting to get more out of life and learn how to combat those who doubt you along the way, stick around. This podcast episode is for you!

And today, I’ll be covering how you as an entrepreneur can ensure your overall trend of income is almost always rising, rather than going downhill. It’s normal to have months of a plateau, but as long as you overall see growth, that’s the key. Tune in to episode 73 on your favorite podcast streaming platform for even more details!

You Can Listen On…

Creating Recurring Revenue in Your Business, Point #1: When it comes to payment plans for self-study courses, ensure you have proper terms and conditions set up, and that you are protected.

As far as extended payment plans on self-study courses, here is a potential issue. Someone can come into a course on an 8-month payment plan, take the course within 1-2 months, and wiggle their way out of the payment plan. I highly discourage using PayPal for this reason. With PayPal, your client can go into their account and cancel out of their subscription. PayPal also has a preference for the consumer rather than the seller, so if any disputes come up, it’s more than likely that you will be at a disadvantage as opposed to the buyer.

These are just CEO mindset shifts we have to start making when it comes to recurring payments. I highly recommend utilizing Stripe for payment plans, Stripe has great settings and features for you to adjust to your needs. When it comes to collecting payment plans, specifically self-study courses, it is okay to make them longer. For example, my 5 Figure Flow program had an 8-month payment plan offered that worked out quite well. It’s normal for a few people to drop off along the way, but that’s why it’s so important you have proper legal protection set up when it comes to your business.

Creating Recurring Revenue in Your Business, Point #2: When you’re doing a live coaching container, avoid extending the payment plan too much.

I had this happen before, where I take a client and work with them on a 3-month contract. They opt for a 6-month payment plan. The client completes the 3 months, they do very well and gain transformative results. However, when the contract ends, the payment doesn’t. 

A few things happen here. Firstly, if a client wants to move into a new level with you, they face a barrier of the payment plan they’re still involved with. I find that you can’t continue with most of these clients since they’re still locked in that payment plan.

It’s so important to look at your offerings from a high level and make sure you’re giving clients payment plans that will work long term. Ask yourself, what is your vision for that specific client? After this contract ends, will they be locked in a payment plan still? I stopped doing extended payment plans now for this reason. Now for one-on-one coaching, it is a flat non-negotiable rate. If we work well together and vibe, I may extend an additional month out, that would require them to pay before we started that new month. Always be sure you are holding boundaries and not feeling as if you have to please people.

You May Also Like…

Learn how to sell in the DMs in a way that feels good! Get ready for Instagram to become profitable AF. 

Find out why Instagram Stories is everyone's favorite way to get clients!
Inside Selling On Stories, you'll learn THE formula for turning your IG Stories into a dream client machine!

Where you'll learn to sell out your launches, 
master your marketing + become an innovative leader

Creating Recurring Revenue in Your Business, Point #3: No matter what you do, it’s always good to have a few clients on retainer to stack your revenue.

With retainer clients, it’s a good idea to have a few clients at whatever capacity, this becomes easy when you focus more on building the retainer clients. For example, a course is great, however, long term if you have 3 retainer clients at $1,500 a month, you’re already producing $4,500 in recurring revenue. Even if you don’t sell anything, that’s almost $5,000 a month. 

Viewing recurring revenue from this perspective is a lot less intimidating than selling out 50 spots in your course. Of course, we want longevity and passive income, but the magic in business happens when you have a healthy mix of both high ticket clients and passive offers.

For me, If I have a retainer client on a 12-month contract at $2,100 a month, I know that if I sign 3 clients just like this, that’ll be $7,500 a month recurring just from retainer clients. I view all my course launches as extras on top of this. With courses and launches, especially if it’s limited offers at a low ticket value, it can be hard to build this stacking effect and get recurring revenue into your business.

Creating Recurring Revenue in Your Business: Main Takeaways

When you’re a business owner, you must look at everything long-term. One of the biggest long-term strategies you could implement is recurring revenue, and there are many ways you can do so. Don’t get too caught up in the now, make sure you are planning and most importantly, setting up the proper legal protection for you and your clients.

THANK YOU SO MUCH FOR LISTENING …

Thanks for tuning in to Aligned & Ambitious Radio! If you liked what you heard, connect with me on social too at Facebook, Instagram, or start working with me

If you like what you saw and heard here, head on over to iTunes to subscribe, rate and review the podcast.

  About Your Host

Hi! My name is Taylor and I help ambitious women make a lot of money on the internet. Since you're here, it's safe to assume you're: Aligned and Ambitious. You want to build a business that gives you total freedom with your money AND time. I'm here to make that process SIMPLE + FUN.

How to Breakup with Limiting Beliefs & Set yourself Free

Limiting beliefs grind my gears, but we all have them. We all have parents and whether we were raised by them or by someone else, we were raised under a certain belief system. Most belief systems differ from one another solely based upon the environment which you grew...

What I've Learned about Money Mindset

One of my faaaaavorite things to talk about is money mindset. The foundation of consciousness + manifestation is the concept of what you think, you attract. What you think, you become. Humans are conditioned (for whatever stupid reason) to grow up attaching the...

How To Create a Sales Funnel That Drives Growth Through Your Podcast with Tara Counterman

In this episode, I am joined by my best investment ever, Tara Counterman. We talk about how to create a sales funnels through your podcast…

Why What Got You Here, Won't Get You There

WHAT GOT YOU HERE, WON’T GET YOU THERE. This is for you, if you’re in one of two places: (a) You're grinding day in and day out waiting for your business to take off, but you're hitting wall after wall instead of breakthrough after breakthrough. OR (b) You're planning...

What To Look For When You're Mastermind/Mentor Shopping

In this episode, I am going to be sharing what to look for when you're thinking about joining a mastermind. There is always a correct time…

Online Visibility: How to Utilize Your Visibility to Scale Your Business with Madison Tinder

In this week's episode of Aligned & Ambitious Radio, I’m going to share the stage with Madison Tinder. Together, we’re going to talk about strategies you can use to build online visibility and scale your business with it.

Holistic Health & Healing with Ayrial Griffin

In this episode, I have special guest., Ayrial Griffin. She shares all of her knowledge about holistic health and healing…

20 Lessons I Learned In 2020

In this episode, I am going to share the 20 lessons I learned in 2020. My hope for this episode is for it to be something that you can…

24 things I learned by age 24

24 things I learned by age 24: One: You can literally be, do, and have anything and everything you want. We are such incredible, magical beings and if more people understood that - everyone on this earth would be living out their abundant dreams. Two:  You HAVE...

Three Things You're Missing the Mark On When It Comes to Marketing

A lot of times, I see people assuming that marketing is just something you do when you're trying to sell. That’s a huge mistake to be making…

let's jam on the gram…

Follow Taylor on Instagram

You may Also Like..

How to Build a Good Team for Business Success

How to Build a Good Team for Business Success

How do you even start building out a team for your business?  What does the process look like?  If these are questions that have run through your mind, then this post is going to be super helpful. This is a common question I get asked about… A LOT. I wanted to do a...

0 Comments

I´m Ingrid Bergman

Delenit perfecto ne mel, facete utamur in mea, cum ceteros fuisset repudiandae eu. Delenit omittam philosophia per ea, eos te omnium discere. Nam adhuc percipit et. Viris comprehensam quo ea.

CATEGORIES

GET YOUR FREE COPY

SENSATIONAL SOCIAL MEDIA

30+ pages of content strategy that'll lead to more sales

No thanks I don't want to upgrade my social media strategy

Pin It on Pinterest

Share This