Work from Home and the Magic of Recurring Income!
We are all mindful that due to the Covid 19 pandemic there is a big boost in the number of people working from home. For those who have actually ‘Fired the Boss’ and now working the ‘day job killer’, they require a viable work from home business. Many are trying to find or working towards, establishing recurring income for their service.
If you are seeking to improve your income, grow a faithful following and position your brand as the go-to source in your market, there is no easier way than by injecting a repeating revenue stream into your business.
Not only will you profit from the regular memberships, you can also utilize a series of tested methods to skyrocket sales of other products or services!
Plus, repeating profits is consistent and predictable. Unlike other income streams, such as with one-off products or services, with a regular monthly or annual repeating revenue platform you know what to expect.
You are not bouncing from one item launch to another. Instead, you can concentrate on growing your ‘reach’ and extending the worth of your program. You can focus on a scalable organization and stop trading your time for money!
You will also discover how to select a format that focuses on long term success, so you can enjoy the benefits of passive earnings each month – all on complete auto-pilot.
You can now see the many advantages of incorporating a stream of recurring earnings into your business.
Not only are you able to keep payments rolling in every month, you can set it up so that it works towards driving in clients each and every single day, all within one platform.
Plus, it is constantly simpler to sell to existing consumers than it is to convert brand-new ones.
Everywhere you turn, companies, including the multi- million dollar companies, are focused on the repeating income platform.
Even bricks and mortar organizations have followed suit, by creating commitment programs where individuals can spend for certain services a month (beverage bundles, medical and spa treatments, automobile wash services, express mail shipment services, and so on).
In fact, essentially every service can gain from including a recurring revenue stream.
To begin, it is essential to come up with a primary advantage for your recurring income stream.
Why would people want to sign up for your program?
What are the advantages?
How does it benefit them?
Why you and not your competitor?
For example, with a health spa plan, someone could buy a $100 plan that gives them the ability to book three massage treatments, rather than the normal two.
With an online company, you could offer access to advanced training or unique resources not offered anywhere else.
The secret is to highlight the advantages upfront. Customers sign on for repeating programs because they are getting more bang for their dollar, or they are being given access to something distinct, special and unique.
Possibly they are aiming to save time or minimize an otherwise steep learning curve.
Membership based programs are not only incredibly lucrative, as they produce recurring earnings, they are also, single-handedly, one of the easiest methods to acquire traction in your market and position yourself as a professional in your field.
With a subscription program, people sign up for continuous access to unique content. This is where they enter your community and are typically given the choice to network with others or ask concerns via a private group or online forum, as they advance through the training.
You might have seen this in action yourself, when you signed up for a course, or training program. The course instructor has positioned themselves as an expert on the subject; simply by providing a clear, workable system, to achieving a specific goal or job.
By offering step-by-step training in a specific niche, you will have the ability to protect your place in your market and end up being a leading source for quality information.
Simply put, you end up being the go-to person in your field. They are phenomenal at increasing your consumer outreach, maximizing exposure and handling a sales funnel so that you can take advantage of your ever-growing community.
Another excellent thing about the subscription design is that you can produce a flagship program that is tailored towards helping your subscribers find out about one subject, and then work towards broadening your program as your community grows so that you are keeping subscribers moving through your sales funnel.
There are numerous ways to construct a successful subscription program. Begin by thinking about the frequently asked concerns in your niche.
Rather than spending all your time teaching people how to master a particular software application on an individual basis, you might produce a subscription site that uses access to video training that shows them how to utilize a third-party product to boost their service?
Package your subscription program in different ways, e.g. using tutorials, digital resources, training, private social media, or a mix of them all.
There are a few popular models utilized to produce subscription sites, consisting of:
Evergreen Material Model
This is where your material is released in the very same sequence, regardless when someone joins your program.
For instance, somebody who takes part in January would receive access to the first month’s material immediately, and after that in February they would get access to the 2nd month’s material and so on.
A member who joins in February would still get January’s content as month 1. Every member begins at the beginning of your content cycle and after that advances as the months go on.
With an evergreen content system, the material is launched sequentially based on each clients’ join date.
These are typically the easiest membership sites to set up because you can develop the content as soon as, and then set and forget.
Current Month Access
This type of membership platform is based on the existing month. Somebody signing up in January would receive access to that current month’s content.
If somebody signed on in February, they would just gain access to that existing month’s material. So, every member is given access only to the current upgrade.
You can further monetize this style of membership website by providing members the choice to buy access to archived content.
This model assists to increase the worth of every customer, they are buying access to existing material while being able to purchase additional access to prior months or specialized content. This format works well if your material is segmented so that monthly material can stand alone and is not based on previous lessons or training.
All Access Pass (Content Buffet)
This format normally includes providing members with access to all previous content, along with brand-new material on a regular monthly basis whilst they are a current subscribing member.
Generally, you can price these subscription programs at a higher cost point because subscribers are accessing all the available material, regardless of when it was released.
Think about the different formats, so you may determine what would work best for your target market.
For example, the weight-loss market is a popular one for membership programs because their month-to-month program guides somebody through their journey from the very beginning until they have reached their weight loss goals.
Their month-to-month subscription never ever ends either because even when somebody finally reaches their target weight, they are then transferred into a membership program designed to help them preserve the gains they have made.
Another important part is in the groups and forums members gain access to. In these areas, they can find an accountability partner, personal online fitness instructors and coaches that help them remain on track.
With this type of platform, you are not just able to produce a regular monthly income from the repeating subscription costs, you can easily broaden your subscription program to use extra upgrades, such as access to weekly meal strategies, ‘community’ support, physical fitness strategies and personalized weight-loss strategies.
Whichever subscription format you pick, ensure it supports your goals.
You need to try to find a membership software solution that offers, quick set up, an user-friendly admin panel, security and of course, flexibility concerning content options, in addition to payment processors.
I advise ProductDyno: https://www.ProductDyno.com
ProductDyno works for all digital product formats, consisting of the capability to sell regular monthly material in whatever format you choose, as well as the capability to offer licenses to software, themes, designs or plugins.
The admin panel is user friendly and there are regular updates, so you can feel confident you have access to all the features. It must be among one of the easiest methods to get your membership site off the ground with very little expense and effort.
Once you have your subscription program off the ground, you could use tailored coaching access to a little group of trainees. You might select to use this once a year or use it on an ongoing basis.
Coaching is a premium service, which means you will be able to set a higher rate than other types of services. It is a great method to inject extra capital into your business.
Software Products (SaaS)
SaaS means Software application as a Service and is provided on a membership basis.
The benefits are obvious. In exchange for their recurring payments, they may use the software application, it is kept up to date and they have access to customer support.
From Drop Box and Adobe to mailing list companies like MailChimp and Aweber, a lot of the leading brand names have included SaaS into their companies and for good reason. Doing so, significantly increases their annual earnings, while making it simpler for them to provide value to their client base.
Physical Product Memberships
You may be aware of the Dollar Shave Club, in addition to other subscription ‘boxes’ that focus on health, physical fitness or cosmetics, just to name a few. These are growing in appeal every single day.
How does it work?
Customers register for a service and in exchange they receive a box or items each month. The items differ but are usually all in the exact same niche or market.
This format works well. Clients look forward to getting brand-new items on a monthly basis in the mail and they become part of a community of active users of the product.
Most product- based membership sites, host groups and forums where people can go over the products and share feedback.
Cosmetic lines promote their membership boxes by asking users to submit photos of them using their items and they produce tutorials based upon the different cosmetics in the month-to-month offering.
The downside is that creating a physical product subscription program isn’t always the easiest business to launch as it will require coming up with products and packaging as well as shipping and distribution partners, but don’t overlook the possibilities. There may be a way to simplify the program so that it works for your business.
For instance, an author who self-publishes books via Amazon KDP could develop a subscription program where readers can sign on, to receive a new book on a monthly basis through their exclusive book club.
While an author may not release a new book on a monthly basis, they could quickly send out some of their preferred ‘reads’, promoting other up-and-coming authors. The shipping expenses would be minimal and it could even be automated, through websites like Lulu.com.
How could you include a physical item subscription into your organization? It is time to put your thinking cap on and see how you might take advantage of this! You could also integrate a membership program with a physical item subscription plan.
For instance, you could offer access to an online training program that uses guides, tutorials and videos and supply them with a physical copy of the course by means of a book.
Step 1: Identify a problem in your specific niche, where people are actively looking for guidance, training and ultimately, a service.
Step 2: Create a list of topics to cover in your course, based on those ‘problems’. Then, pick the various formats to use (video, printed material, workbooks, and so on).
Action 3: Next, go through that list and narrow your focus, so that you are targeting a specific sector of your market.
Need help identifying a problem in your niche or coming up with a topic for your course?
Here are a couple of ideas for you to consider.
Send out an e-mail to your mailing list asking what your readers need help with. You can either set the email, so they reply with their own feedback, or choose 3-4 subjects and create a survey that requires to select only one.
Discover ideas for your course by searching popular blog sites and Facebook groups in your specific niche. See what individuals are talking about and what concerns are frequently asked about.
Browse Reddit sub-threads along with Q&A sites like Quora, for popular questions and ongoing conversations. Your aim is to design your course based upon an evergreen, common issue in your market.
Search platforms like Udemy.com and Teachable.com to see what courses they are offering and what sort of training is being used.
Websites like Teachable will show you a breakdown of all lessons, so you can get a feel for the scope of the training.
Producing a training program is easy with sites like https://www.Teachable.com because you are not required to build your own site or find out HTML.
Just enter your material or link to your videos and Teachable will compile your course so that people can move through it at their own pace while monitoring their progress.
With a recurring income product or service, you will be able to generate a steady and dependable income every month. Best of all, you do not have to stick to simply one format and can broaden your network as you discover new demands for content.
I have explored a few of the popular alternatives in my blog, so I know you will be in a much better position to move forward and work towards developing your very first recurring revenue stream.
The key is to always to find ways to connect a service or product into a recurring income source.
For example, even if you decide to develop a traditional subscription site platform, try to find ways to feed that traffic into an upsell that is based upon a subscription service model.
You always want to incorporate your funnel into a recurring income source whenever possible.
I hope my blog has all that you require to begin your own recurring income strategy.
To your success!