Why you want recurring income in your business

by Dec 14, 2020Online Business0 comments

Why do you want recurring income packages in your business?

I could talk about this so much, because it is so essential to have in your business.

Here are the top 3 reasons why you want recurring income:

  1. You will KNOW the exact dollar amount you can count on having each month
  2. You don’t have to worry about where your next client is going to come from
  3. You can add to your income every month, without having to spend extra time to make more money.

Essentially, when you have recurring income packages in your business, you are able to deliver immense value month after month to your clients, and know that you are growing in your numbers each month, without spending extra time doing so.

Recurring income gives you the security in your business, because you intentionally designed it into your business model.

You have income flowing in that you can count on every single month, because you structured it this way.

What exactly is recurring income?

A recurring income offer is any offer (and I’ll dive into different offers you can implement later in this post), that you sign a client up for where they pay you the same amount each month, for as long as they are signed on as a client. So, every single month, you provide something valuable to them that they want and need, and in return, each month they pay you (and this is automatic with the help of Ontraport) on an ongoing basis. So many of my own clients stay enrolled for years!

For me, implementing recurring income was life-changing.

When I first started out as a freelance graphic and website designer fresh out of college, I had the design skill, but I did not have any idea of what I was doing on the business side of things. I just knew I wanted to be my own boss, and I needed clients. So I set out and I found clients. But I didn’t have any idea that I needed to have specific offers in my business. I just wanted the client, so in my early days, I would do ANYTHING they asked, just to keep them.

Side note: I had no boundaries back then and no understanding that when you implement boundaries, you actually make 100x MORE money, and the client actually is MUCH higher caliber – and FAR more a joy to work with.

So back then in the early days, that’s what I did… everything. This meant I worked all hours, on all kinds of projects, and yet my income was only barely getting me by. How could that be when I was basically working around the clock? I realize now what I was missing. I didn’t design my business in a way that was going to bring in a specific income goal and time freedom. I was doing all the work, and yet I still wasn’t making the money I wanted to make. I never knew what the next month was going to look like.

The business was running me. That is NOT how it has to be, nor in my opinion how anyone ever wants it to be! When you’re just trying to get by each month… then you’re stuck in the reaction mode. You’re not able to get ahead because all you’re thinking about is surviving the month. Then the next month you do it again. It’s a vicious cycle, unless you get out of it. But many women don’t know there is any other way of doing things. No wonder so many businesses fail.. because the people running them get burnt out before they even discover what they need to do to change it and get the help they need.

Because when I changed this, everything changed.

And now, as a business coach, this is what I help women do every single day. So women like you never have to worry about how much you’re going to make. You always KNOW how you are going to hit your business numbers because you are steadily growing (and stacking) your income every time you bring in a new client into one of your recurring monthly packages. There is so much stability.

But it starts with deciding to design your business so that you are not overworked.

So that you can create financial stability and never have to work a job you don’t like.

You want to create packages to offer in your business so that you can bring in the recurring income and have the security every single month.

When you implement recurring income into your business, you can work your way to:

>> Have all of your private client spots filled and then can start a waitlist for when these monthly contracts end.
>> Once your 1-to-1 spots are filled, you can scale with a 1-to-Many recurring income offer. This is where you can help many people at once.

When you design your business to bring in income month after month, you will not have to worry about where your next client is coming from. You’ve created consistency in your business. You’re not dependant on any one client to take care of all your expenses.

When you have this, it gives you peace of mind. Nothing is worth more than that. 

There’s a way to create these packages to give you the life you want.

Here are 4 different methods you can think about, then choose the way that you want to move forward with and start!

Method #1: Provide a recurring monthly service

This is for my service providers! If you are a service provider, how can you take the service you have or create a whole new branch to compliment the service that you have (and you most definitely can find a way – it’s right under your nose) and turn it into a monthly service that you provide the same client each month. This is where you are working directly with one individual client at a time, every single month for this service.

Then, once you have your package decided, your next step is to determine how many clients can you enroll in this service at a time? How many clients can you take on at once each month, working only the hours that you want? This is the number of client spots that you have open each month. Knowing this helps you to NOT overwork.

Method #2: Coach clients towards achieving a specific goal

I have clients who start as service providers and then expanded in their business to include this as well. I actually did the exact same thing in my own business. Now, this is primarily the way I bring in income with 1-to-1 clients, where I work directly with private clients. Implementing recurring income this way in your business means that you jump on a specified number of calls with your client each month, and you spend 20-90 minutes with them, coaching them along the path towards achieving their goal. You can structure this however you’d like to make the most sense for the goal and the people you want to help. Once you decide what you want your private coaching program to look like, you can then decide how many clients you can take on at once time in the hours that you set aside for work. That is how many spots you have open in your calendar. Then month after month, the clients you enroll will pay you when you continually show up for them and they see progress towards the results they are after.

Method #3: Create an online program (a digital course or group coaching)

When you have all of your private client spots filled, this is when I typically recommend creating an online program because you have now reached your capacity, have gained a lot of experience, and now you’re ready to SCALE your business and create even more time freedom for yourself. With this method, you can create an online program where you take something you’re already doing in your business, and then you teach it. Then you sell this pre-recorded program again and again and people pay you monthly for access to it. You can include support in this program, group coaching calls, whatever you want! This is when you can increase your income astronomically!

Method #4: Become an affiliate partner

WIth this method to set up recurring income in your business, you don’t even need to have your own product, service, or coaching. You can find somebody else’s tool or program that you believe in that has an affiliate program that gives out recurring income every single month. You can sign up as an affiliate, and with the unique link they give you, you can use this link to have people purchase through it. (So instead of selling your offers, you’re selling someone else’s offer) Then, once somebody purchases, you receive a recurring deposit in your account every single month for every person who you sign on.

There are many methods for building up recurring income. You just have to decide which one makes the most sense for you and then go all in, selling your offer, and reaping the benefits.

What does this look like in a real-life example?

Let’s say you are a coach, and you want to make $10,000 every single month. How would you get there?

First, without recurring income…

How would you get to $10k? Let’s say you offer a $500 one-off coaching session.

You would need 20 people to purchase this offer this month to make $10,000.

Then next month, you would need to do the exact same thing, find 20 people to purchase.

Can you even convince 20 people to hire you for $500 for one call?

And do that every single month? Without being overworked? Then each month you have no idea what next month will look like… because you have nobody on the schedule.

Now, here’s what it looks like when you HAVE recurring income…

Every time you sign a client, you are adding an additional layer to your income every month.

So how would you get to $10k? Let’s say you sign clients on for $1,000/month because every month they get 2 calls with you. It’s an ongoing program that helps them reach key milestones towards their goals every single month. This in itself is so much more valuable than the one-off offer.

Let’s say the first month you get 5 clients. Then next month you get another 5 clients.

Now you’re making $10k/month, and you don’t have to enroll ANY new clients after these 2 months. You could even get 10 clients in one month if you really wanted to. It sure beats having to try to find 20 clients.

Now it’s your turn

What recurring income offer are you going to implement in your business first?

How many slots do you have open for 1-to-1 clients?

Then, what is your plan to scale?

The route I typically take my clients through is:

Reach $10k with 1-to-1 clients, then scale with a 1-to-Many offer to $30k/month and beyond.

However, some of my clients and I start with the 1-to-Many offer.

The biggest key is that whatever you do, you are ALL IN until you have created the income that you want.

There’s so much you can do to build up your income. It’s SO MUCH FUN!

I hope that this inspires you and helps you think of ways to build up your own recurring income.

If you would like to work together to create big shifts in your business and reach your first or next $100k/yr, join me inside of 6-Figure Coach Academy where I’ll help you do just that! 

Also, if you’re not yet a part of my free community of coaches and experts on Facebook, I’d love to see you there! Join Become a 6-Figure Coach here.

I’m here for your success,

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