Episode 1 of Recurring Revenue Revolution Podcast:
Membership sites are not the only way to create recurring monthly income. It’s definitely the corner stone of a recurring revenue business, but there are 10 other ways to package your information and expertise to create predictable monthly income in your business, and in this episode I’ll reveal them to you!
Here is a list of the ten types of recurring revenue streams that so far have been deemed successful if the right amount of work and effort are put into their start-up.
Ten Types of Recurring Revenue Streams:
1. Micro-membership programs.
You might have heard other people call these fixture membership programs or continuity or micro continuity, I call these micro-membership programs. They are basically an online course that you deliver automatically in a time-released sequence using some kind of a content drip technology.
So, a membership website is technically a training program positioned as a micro-membership program. It is something that you can automate more and make a lot more streamline.
2. Coaching Clubs:
Coaching clubs essentially are peer groups led by coach, a mentor or an industry expert. You can do training calls and then Q&A calls in the same week. A month later you could do the same thing again. While coaching club may work as an excellent recurring revenue stream for some, it’s not for everyone. You have to make the choice about whether you feel confident about the model or not.
3. Subscription based software.
You do not need to be a programmer to create a recurring revenue stream through a subscription-based software. You can create a basic crude version with some rudimentary skills and once the money starts coming in for the first version, you can hire an actual programmer and re-design the software from scratch.
If your first version is a couple of hundred dollars, then reinvest it once you start making money. You can outsource tech support.
4. Retainer-based services.
Whether you do design, writing, consulting, editing, coaching whatever you do it doesn’t matter. There’s a way to package your services in a retainer format where you actually tell people that for this amount of money every month you get access to me; to my talent, to my time, to my expertise. The format works better than charging your clients by the hour.
5. Affiliate income:
The fist thing I would recommend here is to remove your mental block about affiliate partners, don’t always look at them as your competitors. If a client won’t buy from you, they may buy from an affiliate partner.
It’s a good idea to select 5 to 10 different products or programs that match your niche market and market those. Here, I would recommend selecting a few quality programs, instead of fragmenting your efforts into multiple small programs.
Affiliate income can bring a lot of recurring revenue for you especially if you choose to promote recurring revenue based those monthly renewable tools and programs.
6. Group coaching programs.
You can create your programs based on reaching a specific goal or simply working with people who are coming from the same industry (like a peer group).
It’s a good idea to create a group program, you will love running it because the energy in there is a lot, more exciting than working with people one on one. The value doesn’t come just from you it comes from other members of the group and that’s great because you may not always have the answers but somebody else in the group probably would!
7. Home study programs.
Home study programs can help you create a recurring revenue stream if you allow people to make payments monthly. The challenge with these programs, however, is that sometimes people buy the course and then it stays in a box under the table! They forget about it completely!
To counter this I create a special call for people who have purchased a home-study course and walk them through the home-study course. Since, home study courses do not include coaching, you could up-sell some kind of a consultation or a free session with the purchase of a home-study course.
8. Online university.
This is where you basically offer people an online curriculum there’s nothing to ship. It’s all online and you can throw in all kinds of things like Q&A calls, member forum coaching, you can bring more classes in.
9. Big-ticket group programs.
This is really about those mastermind programs you see offered at live events. Here you may invite people to join their mastermind programs that include retreats, coaching, trainings and materials. These programs usually sell for anywhere between $60,00 to $100,000.
It’s a big range and depending on who you are selling to, what your platform is and a whole bunch of other factors of what’s included in the program – you can price your program that way. It is a long-term commitment my program that can go on as long as 12-months.
10. Big ticket coaching packages.
This is really where you package one-on-one time instead of offering a few sessions here and there or doing two or three or four sessions a month. It’s a highly leveraged package that could include one private VIP day where you work with the client’s one on one.
You could also include 90 days of bi-weekly coaching follow up calls to make sure that your clients get all their questions answered. This is really the best way to go deeper with somebody and to really make a difference and transform their business.
So these really are the 10 different kinds of income streams that you can add to your business to create a recurring revenue business. Remember you don’t need to necessarily create all of these income streams right away.
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