#292: Recurring Revenue — How to Start Earning Steady Paychecks Without Going Back to a Day Job

Most of us love the freedom that comes from working for ourselves.

But we also want the predictability of income that a regular, full-time job can give us.

The stress and anxiety of an unpredictable income lead us to make fear-based decisions, which makes matters even worse—and ultimately leads to burnout.

You can’t entirely eliminate variability in your income, but you can reduce it. When you do, you’ll make smarter decisions—which will help you create a truly sustainable business.

In today’s podcast episode, I walk through five different ways to create recurring revenue—and reveal what you need to do today to start making more of it.

The notes that follow are a very basic, unedited summary of the show. There’s a lot more detail in the audio version. You can listen to the show using the audio player below. Or you can subscribe in iTunes to get this show delivered straight to the Podcasts app on your smartphone, tablet or iPod.

 

Start by shifting your thinking

The first step is to internalize the idea of recurring revenue. Stop thinking in terms of one-off “made to order” services and start thinking about services you can standardize and offer again and again.

When you change your thinking, you’ll start to notice these opportunities everywhere.

Make a commitment

You have to commit to running a business that’s mostly (or completely) based on recurring revenue. Most professionals want that kind of business, but few have the conviction to make it happen.

5 Ways to Create Recurring Revenue

  1. Think Retainers

If you don’t currently have a retainer, make it your goal to land one—even if it’s small.

Incorporate the retainer mindset into your qualification process. For every prospect, ask yourself: does this prospect have retainer potential?

  1. Think Productized Services

Consider creating a productized service. Look for a service you currently offer that has a recurring component (e.g., a newsletter or social media copy) or a plug-and-play component (e.g., a lead generation package).

  1. Think “X as a Service”

What’s something your clients KNOW they should be doing but fail to execute on consistently? Create a subscription service around this need.

  1. Think Agencies

Agencies don’t always make the best clients, but if you position yourself well AND go after the right ones, they can also act as a recurring source of income.  The key is to match your background and experience to the right agency (rather than positioning yourself as a generalist that can help with overflow work).

  1. Think Information Products

Marketing information products is never as easy as it sounds. You’re essentially starting an entirely new side business—especially if your audience is different from your current target market.

As an added bonus, information products can also deliver clients who realize DIY is not for them.

The Next Steps

The next step in this process is to calculate the dollar amount and percentage of your income that’s recurring today. Next, set a goal for the dollar amount and percentage you want a year from now.

Once you’ve set those goals, decide how you’re going to get there. Figure out which two ideas (out of the five discussed) you’re going to look into further—and pursue.

 

 

By the way… whenever you’re ready, here are 3 ways I can help you grow your freelance business:

 

1. Grab a free copy of my book.

It’s called Earn More in Less Time: The Proven Mindset, Strategies and Actions to Prosper as a Freelance Writer. The title says it all. 😉 — Click Here

2. Join my implementation program and be a case study.

I’m putting together a new implementation group this month. If you’re earning $5k+/month (or the part-time equivalent) from your freelance business … and you’d like to grow your income quickly with better clients … just email me at [email protected]

3. Work with me privately.

If you’re a 6-figure writer who’s trying to earn more in less time, with less stress, I might be able to help you get there faster than you think. Just email me at [email protected] and put “Breakthrough” in the subject line, and I’ll get back to you with more details.