Recurring income
Peaks and troughs in cashflow are a right pain in the bum aren’t they?
I mean it’s great when you have a fantastic month with lots of new clients and invoices flying out left, right and centre.
But when you have a month full of indecisive faffers who are absolutely definitely going to work with you but just not quiiiite yet, it’s really frustrating isn’t it.
There’s one thing I always work on with my clients if they suffer from unpredictable cashflow and that feeling of constantly having to hustle to bring in more money.
And that’s recurring income. Or repeat revenue – whatever you’d like to call it.
Although please don’t call it ‘passive income’ because there’s really no such thing! 🤦♀️
The perfect business model is to build your recurring income to a level that it covers all your overheads each month. So that you can be comfortable in the knowledge that the bills are going to get paid this month, next month and the one after – happy days! Everything you bring in on top of that then becomes your growth fund (or your holiday fund if you know what’s good for you!)
Of course, I regularly hear the classic ‘but that won’t work in my business’. And I’m not suggesting that there’s a 5 minute fix and a perfect blueprint that can be applied to every business. I’m realistic about that. But I do believe that almost every business can build more recuring income if you’re willing to be creative and open minded.
Which is why this week’s business tips video goes into more detail about exactly what that could look like for you. I’ll prompt you to think about changes in your services; adapting your payment terms and plans; or even adding in some simple new services that could have a surprisingly juicy impact.
And while I’m at it, I’ve also explained why all the promises of ‘passive income’ are just classic marketers over-selling tactics designed to take your money and deliver diddly squat. Not that I’m not a big fan or anything! 🤣
So, have a look at this week’s video and let me know what resonates with you.
And of course, if this sounds like a great idea but you know you’d need some help to implement it why not book in for a speedy 15-minute brainstorming call with me.
