064 – Why Recurring Revenue Is Vital For Your Business

 

Main talking points include:

What recurring revenue IS NOT:
  • Money for nothing
  • Service Fees
  • To be taken for granted
What recurring revenue IS:
  • Predictable
  • Built to scale
  • A means to deliver ONGOING VALUE to your clients
  • A benchmark to provide security for you / your staff / your family
Do a quick calculation – how many people depend on your company? 
Number of staff + their spouses / dependants (animals?!)
SO… = 10 staff = 24 lives dependant on our income
Recurring Revenue and Me… 
Freelance Business:
  • Started with £10.00
  • NEVER lost a quote on price
  • Triggered the feast/famine cycle in my business and my family life
  • Built a successful “freelance” business, but didn’t have the overheads to employ anyone
  • Built it into low six figures
Ecommerce Agency:
  • Team of 16 when I started….
  • Turnover of around £600,000 with around £240,000 (£20K / month) of this being recurring
  • When I left (2 years 3 months later):
    • Team of 36
    • RR of £96,000 / month (or £1.15M)
SO…
  • Started in 2016
  • By month 7 RR covered the overheads of the business
  • Y2 – six figures of RR
  • Y3 – multiple 6 figures…
  • I have NEVER not paid myself or my team
  • The team started as 2… it’s now 9.
What RR gives you that’s MORE THAN MONEY
  • Business Value
    • Looking to sell your business 1 day, contracted RR is the second biggest multiple of business valuation (after property)
  • Freedom
  • The power to make decisions
  • Commitment
  • A platform to add and demonstrate value to a select group of clients
  • The ability to charge what you’re worth, rather than racing to the bottom
  • A means to get out of the feast / famine cycle
You’re talking just about agencies, right? 
WRONG!
  • I AM talking about service based B2B business…
    • Consultants
    • Copywriters
    • Designers
    • Developers
    • Marketers
    • Social Media Managers
    • Bloggers
    • Course Creators
    • Researchers
    • SEOs
    • Lead gen
    • Photographers
    • Illustrators
    • Authors
    • Translators
How do you get started? 
  • Design
  • Market
  • Deliver
Sound good? 
Unpack the themes of designing, marketing and delivering RR services IN YOUR BUSINESS
12 weeks
6 x 1-to-1 calls
Practical applications
Identifying your customers
Delivering Value

 

 

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