I’ve been in a reflective mood for the last few months. Back in the summer my husband nearly died, his appendix burst (I thought it was food poisoning) and the hospital treated him and saved his life, which was no easy job as his system was flooded with poison. It was a big shock to my system, he’s 39 and I’m not ready to be without him, although I don’t think anyone is ever prepared for when this happens. It made me think about my revenue streams and how much he has funded Birds on the Blog and other sites of mine until they stood up on their own two feet.
Then I thought about my father. He retired from work when he was 40. He worked incredibly hard and made many sacrifices to achieve this. And here I am approaching 40 and no where near as independent as I’d like to be and I’m not yet able to retire to Tenerife and work from the beach. Although it has to be said that if I can take 3 months off over the summer to be with my husband, I’m not doing too badly.
At all comes down to trading time for cash. Do you still trade time for cash? Yeah I’ve moved much of my coaching into products. I’ve done this because I believe the best type of business to is one with recurring revenue that can be built upon each month, after all life is too short for any other kind .
In some circles this is called residual income or passive income. I prefer to avoid both of those terms as they can be associated with some sleazeball marketers, whose sole objective is to make you part with cash you can ill afford so that they can make money while they sleep.
The important factor is that if you start today to build recurring revenue it can have a huge impact on your business success tomorrow.
You’re probably familiar with the flashy sales pages that show the work at home person enjoying a life full of big houses, fast cars, and exotic vacations around the world. While all that is nice, we all know that just having a reliable income in which to support your family is the real goal, that you have more hours to be with the people you love (instead of the job that was meant to free up your time so you could spend it with the people you love…)
The following are recurring income ideas that almost any business owner can add to their existing business model.
- eCourse Sales
- eBook Sales
- Online Tutorials
- Membership Sites
- Affiliate Marketing
If you notice, all of the above require that you create products in addition to whatever other work you are doing. So it’s not a get rich quick route to the beach.
No matter what your role – whether you perform technical support, write content, perform virtual assistant tasks, graphic design or any other skillset that you have (it doesn’t matter what), you can create a product and sell your knowledge and expertise.
You are an expert in what you do, there is no reason you can’t teach other people how to do what you do. You can create information products that can be turned into streams of recurring income.
It is also possible to outsource the creation of the eBooks, eCourses, Tutorials, and even the entire set up of membership sites and affiliate program if you are not sure whether you can do it or not. Of course this means having to pay someone to do what you can’t or teach yourself how to do it.
Recurring revenue streams such as these are not “one off” sales like trading hours for dollars is.
The work, money and time you invest today will pay off down the road. It’s an investment in your future and investment in your independence in case the worst case scenario happens.
In fact, creating recurring revenue streams is a sure way to create a snowball effect in your business.
Don’t be frightened that you’re an “idea” person instead of a writer, you can hire a writer. Don’t worry that you do administrative tasks but aren’t very technical, anything you need done can be outsourced if you don’t want to or can’t take the time to learn it yourself. The other day I met a woman who intends to outsource every single aspect of her membership site. The only part that will contain “her” is her image on the front of the product! And whilst it’s not what I could could do, I do have to admire her for attempting this.
It’s said one of the most effective ways to start is to create an email membership eCourse.
You can set up the entire membership without being done with the eCourse. Set it up to be as long as you want it to be, six months, eight months or a yearlong eCourse where you deliver new material to your members each month. All you need is an outline to keep you on track and members who are relying on you to get the information to them.
Once you have completed an entire year long membership eCourse on any topic you can compile that and rework it a little bit to become an eBook that you sell outright either through your own sales page or via Amazon’s Kindle or Barnes & Noble’s Nook.
Once you’ve accomplished these two things, you can “lather, rinse and repeat” . When you have enough eCourses and eBooks you can then start a membership site to house all of it and attract an entirely new audience. As you can see the sky is truly the limit on creating recurring revenue for your business and this time next year, I won’t be so reflective, I’ll be sipping cocktails from the beach.
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