How To Create Recurring Revenue For Your Business
Consistent Revenue Doesn’t Have To Be A Challenge
When it comes to your business, it’s revenue that keeps you in business, right? Far too many businesses struggle to obtain consistent revenue that they can predict and count on. Sometimes, recurring revenue can come as part of a seasonal buying pattern, but then it’ll disappear during other times throughout the year. Ensuring that you meet seasonal revenue goals is one thing, but continuing that revenue all year ‘round is something entirely different.
Remember, this problem is true for any industry – it’s certainly not something that’s only reserved for small businesses and brick and mortar stores. They key is figuring out how to offer enough added value that customers want to come back and continue paying for a service, a product, or an experience. This problem spans industries, and you’re certainly not alone.
With that said, how exactly can you ensure that your business continues to generate revenue regularly? How can you ensure that your revenue is consistent? By embracing a recurring revenue model. What’s that, you ask? We’ll get to that in a moment.
Recurring revenue is essentially a portion of a business’ revenue that owners expect to occur consistently throughout the year. In other words, recurring revenue can be easily predicted, forecasted, and foreseen months in advance. In addition, it’s relatively stable.
Recurring revenue is essentially a rather guaranteed source of revenue that you can depend on in regular intervals. Guaranteed revenue? How can that be possible? It’s not like you can guarantee that the same ten customers will walk into your store and purchase the same ten products every week, right?
You see, recurring revenue comes from something different – and in the digital age of internet streaming, it’s likely that many of us are already familiar with the source of recurring revenue.
Subscription models are exactly how businesses generate recurring revenue. Essentially, subscription services allow you to receive payments from customer in the form of guaranteed revenue – just as long as they maintain the subscription. For instance, you can launch an app and require your customers to subscribe to it for a monthly fee in order to unlock its features. This means that with every month, you’ll have predictable revenue that you can count on.
Why is this a good thing?
It’s a good thing because it doesn’t have to be all of your business. In fact, it’s almost better if it’s just some of your business. In other words, if you allow customers to purchase a subscription plan through your business for one service, make other services one-time fees. This helps to ensure that you have revenue coming in from multiple streams. That way, if subscriptions are down for a few months, you have revenue coming in from other areas, and vice versa. With a subscription model, you can rest assured knowing that each month, you’ll have a set revenue that you can easily calculate and predict simply by knowing how much you charge and how many subscribers you have.
Setting Up Subscriptions
You might be thinking to yourself, “how can I find the time to set up a subscription service? That really sounds like a time consuming process.” Sure, it can be – but it doesn’t have to be! Remember, when it comes to your subscription service, you’re essentially earning a set revenue without having to worry too much about it – it’s a hands-off model.
This means that setting up and managing your subscription service should be just as easy as well. You have to find a way to sell subscriptions, manage them, process payments, and update them as needed. There’s got to be a way to do it without having to spend too much time on it, right?
Upscribbr is an app specifically designed to make it easier for businesses just like yours to manage subscriptions, market them, process payments, and generate recurring revenue all at the same time. Not only that, but it provides customers and users with value too – it allows customers to search for subscriptions that they might be interested in, discovering new businesses, new products, and new services along the way.
With Upscribbr, not only are you managing and marketing your subscription to current customers, but you have the ability to do the same with brand new audiences as well – and that’s what makes a subscription service even more valuable.
It’s Time To Give Upscribbr A Try
Now that you’ve learned all about how beneficial Upscribbr can be for your business and your new subscription service, it’s time to give it a try. Take advantage of the recurring revenue model by marketing, managing, and processing your subscriptions with ease.
Ready to give Upscribbr a shot? Download the demo today.
Marketing specialist @ Upscribbr