Ever wondered if you could leverage your website to provide ongoing revenue for your business? There are several tools that you can start using today to simplify process in your business, reduce credit card fees, and automate your billing. Let’s start with a concept that has been around for a long time, the Reoccurring Revenue model.
What is a Reoccurring Revenue Model?
Reoccurring revenue is any revenue that you receive annually, monthly, weekly or daily where you provide a service for a fee. For example, your electric bill, rent, and cellphone bill are all based on reoccurring revenue models that those companies employ to create more capital in their businesses.
So, you may be asking: How does this help me? Funny you should ask. Today it’s easier than ever to develop a reoccurring revenue plan and implement it by using basic tools on the Internet. Examples include:
- Scheduled auto maintenance
- Music lessons
- Personal training
- Yard maintenance
Many of these items can be some type of service-oriented revenue stream while others can involve some type of product. For example:
- A yoga teacher can create evergreen yoga videos for students to reuse at their leisure.
- A personal trainer can develop weekly video training to fill in on days your trainee is out of town.
- A music teacher can record sessions to sell a monthly subscription to new and past clients.
The list goes on and on. With just a few plug-ins, you can set up a website, create some videos with your iPhone, and be off to the races with some reoccurring revenue sources.
If you want to use the reoccurring revenue model to generate more income, here are some best practices to incorporate:
- Create a secure website to allow the user to enter their credit card information. You will need a SSL certificate and web security to prevent hacking.
- Make sure you have a clear consistent brand. Always use the same logo, colors, and fonts on your website and marketing collateral. You are a professional so your website and all materials should reflect that status.
- Create a marketing plan that helps you focus on where you are going to find clients and how you can drive them to your website. Many of the reoccurring revenue sites that I have seen include great introductory offers that get new clients with a free trial or other free content that can be tried before they buy.
- Don’t set it and forget it. Letting your website go stale is the number one problem of 85% of websites on the Internet today. They get developed, posted, and then die a slow death.
To learn more about how you can generate reoccurring revenue and develop a site that drives that income, contact Simons Studios today.