3 Ways To Generate Recurring Revenue In Your Business
Wouldn’t it be great if all your customers paid you regularly, time and time again? Well, businesses that have recurring sales benefit from this process.
Subscription and recurring revenue are hot topics today, and for good reason. Businesses that generate recurring revenue have more value than businesses without, and the coveted Monthly Recurring Revenue (MRR) figure can boost your cash flow and profitability significantly.
Offering ongoing services that generate recurring revenue can add greater depth to your business. This can also unlock additional revenue from each customer. Doing this will help you offer a higher lifetime value for your customers and you’ll ultimately flatten your competition.
There are many examples of recurring revenue businesses. Whether you’re in the realm of consulting services, health and fitness, e-commerce, software, or offline sales, there are ways to fit the subscription component to your business.
Here are 3 ongoing services you can leverage to share your knowledge and generate recurring revenue.