For our 99th episode, we’re covering a very important topic: Recurring Revenue. If you’re like a lot of other business owners and freelancers the only time you get paid is when you’re on a project – you don’t have an ongoing source of income.
Here to share a better business model are John Warrillow and Seamus Anthony. They’re discussing real world experiences on implementing recurring revenue in your business, how to do it and why it’s so important. Listen in for all of that and more on today’s 99th episode of The WP Elevation Podcast!
We’re giving away giving away a copy of his book Built to Sell - Creating a Business That Can Thrive Without You, which delves into the one big mistake entrepreneurs make - building a business that relies too heavily on themselves.
Leave a comment below for your chance to win!
Recurring revenue is an avenue anyone serious about building a sustainable business should venture into. John Warrillow is something of an expert on the topic, he wrote the top-selling books Built to Sell and The Automatic Customer.
On today’s episode, he gives Seamus Anthony, one of our bloggers here at WP Elevation, some advice on how to create recurring revenue opportunities in his business.
While recurring revenue should be everyone’s objective, it’s also one of the hardest things for companies to build. The primary reason it’s so hard is because freelancers confuse having gigs with having a business. This often leads to the feast or famine lifestyle, so many freelancers and consultants endure.
John says the real place to start is to ask ourselves if we want a job or business. If we want a business, then we should look at what we offer and how we can turn one of those offerings into a recurring revenue stream.
As we do so, John recommends we answer the following three questions:
When we can answer yes to all three questions then and only then do we have a viable recurring revenue option. John gives a real-life example on the show that expands on this thoroughly.
Once we’ve got an idea and a plan together for our recurring revenue options John explains how to present it to our current clients in such a way that they say yes. He shares how he tried and failed to implement a new recurring revenue model in the past, and what lesson he applied from that experience to create future success.
In this episode, John also tells us how to create a subscription offering within a service-based business, where to start and how to implement it.
John helps Seamus go beyond his current role as a jack-of-all-trades and find what is unique about himself and what he brings to the business. John shows Seamus how he can build a recurring revenue stream and in turn build a business that will thrive without him.
We also discuss whether or not you should offer maintenance plans, and why doing this one thing generates more referrals faster. It’s all here – and more – on the 99th edition of the WP Elevation Podcast.
Hint: to enter the competition to win a copy of John’s book Built to Sell: Creating a Business That Can Thrive Without You, leave a comment below!