Listen "MDP064 – Why Recurring Revenue Is Vital For Your Business"
Episode Synopsis
Main talking points include:What recurring revenue IS NOT:Money for nothingService FeesTo be taken for granted What recurring revenue IS:PredictableBuilt to scaleA means to deliver ONGOING VALUE to your clientsA benchmark to provide security for you / your staff / your family Do a quick calculation – how many people depend on your company? Number of staff + their spouses / dependants (animals?!)SO… = 10 staff = 24 lives dependant on our income Recurring Revenue and Me… Freelance Business: Started with £10.00NEVER lost a quote on priceTriggered the feast/famine cycle in my business and my family lifeBuilt a successful “freelance” business, but didn’t have the overheads to employ anyoneBuilt it into low six figures Ecommerce Agency: Team of 16 when I started…. Turnover of around £600,000 with around £240,000 (£20K / month) of this being recurringWhen I left (2 years 3 months later): Team of 36RR of £96,000 / month (or £1.15M) SO… Started in 2016By month 7 RR covered the overheads of the businessY2 - six figures of RRY3 - multiple 6 figures… I have NEVER not paid myself or my teamThe team started as 2… it’s now 9. What RR gives you that's MORE THAN MONEYBusiness ValueLooking to sell your business 1 day, contracted RR is the second biggest multiple of business valuation (after property)FreedomThe power to make decisionsCommitmentA platform to add and demonstrate value to a select group of clientsThe ability to charge what you’re worth, rather than racing to the bottomA means to get out of the feast / famine cycle You’re talking just about agencies, right? WRONG! I AM talking about service based B2B business… ConsultantsCopywritersDesignersDevelopersMarketersSocial Media ManagersBloggersCourse CreatorsResearchersSEOsLead genPhotographersIllustratorsAuthorsTranslators How do you get started? DesignMarketDeliver Sound good? www.marketingdevelopment.academy/renegade Unpack the themes of designing, marketing and delivering RR services IN YOUR BUSINESS12 weeks6 x 1-to-1 calls Practical applicationsIdentifying your customersDelivering Value Join our Facebook Group! Hosted on Acast. See acast.com/privacy for more information.
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