A note for entrepreneurs.
If there’s one thing that comes close to magic in business, it’s recurring revenue.
Not every business can create recurring revenue, but if you can figure out a way to do it, I encourage you to do so. It is worthwhile to get creative here. As you look through your credit card statements, you will find many subscriptions. These might include a monthly dog box mailing, a car wash service, lawn care, or many other services.
Your recurring revenue offering might be a product or a service. It might be billed monthly or annually. No matter what it is or how you invoice for it, this offering can do wonders for your business.
Recurring revenue grows until it becomes a solid floor under your feet. This is “guaranteed” revenue every month. With luck, it will grow to cover your core expenses and your payroll. After that, it will grow to give you a steady profit on top of everything else.
All that sounds good. But recurring revenue does something else as well. It gives you freedom. It allows you to take some chances and try new things, safe in the knowledge that the rent will be paid and the employees will be paid.
In other words, it gives you the freedom to constantly breath new life into your business.
More juicy info for first time entrepreneurs . . .
|THE ULTIMATE GUIDE FOR FIRST-TIME ENTREPRENEURS|
The Small Biz Quickstart Workbook
Author: Karl W. Palachuk
Karl has worked with thousands of business owners and managers – and helped several of them make the move to self-employment. With this workbook, Karl will help you make the launch as well. This workbook is guaranteed to help you learn about what it takes to start and run your new business.