Whether creating one, two or several recurring revenue streams to correspond with your service business will genuinely improve your life. This is simply not a strong statement or fluff, it’s a fact.
You know that, although you may truly love what you do with a passion, trading hours for dollars is not going to build the long-term rewarding and profitable success that you dream of. There must be an additional way to achieve everything that you want out of life and your business. Happily there is!
Advantages of Recurring Revenue Streams for your Service Business Includes:
- Consistent Income – We all know that clients sometimes let us down. Holidays come and they cut down their hours, or just disappear entirely. You know that it happens! It doesn’t matter how nice your clients are, or how good you are to them, sometimes being a service provider has risks involved that make it stressful. By creating recurring income streams you will eliminate some of the stress by creating consistent income, month after month.
- Helps to Avoid Burnout – Creating a recurring income stream (or better yet, multiple streams) will help you avoid burn out. You started this service providing career because you loved what you do. You still love it, you can’t even imagine doing anything else, but sometimes the joy is gone. You’re over worked and over stressed. You may even already be to the point of burnout.
- Passive Income Streams – Most recurring income models create a situation where you can earn income tomorrow on some work that you did today. That is called passive income. Nothing is better than creating a passive income idea that earns consistent money for you. Not even your most wonderful client can give you the kind of thrill that passive income streams going into your PayPal account can.
- Build Wealth Quickly – It is unlikely that you will build wealth fast with a service based business, even if you outsource to the hilt, your job will only become more and more frantic and busy. If you want to truly build wealth quickly you have to do what wealthy people do, which is build up passive, residual, recurring and reliable income, month after month.
- Allows You to be Selective – Building your passive income streams will create choice in your life. Finally, you can choose which clients you work with, and even command a higher fee because you are not reliant on the money to survive. You can get a lot pickier about who you accept as a client, creating a whole new wonderful world of exclusivity that people will pay for. You will be empowered beyond your wildest dreams to take your business to an entirely new level.
Recurring Revenue Streams For Your Service Business Summary:
Whether you write and sell reports, eCourses, offer exclusive membership sites, or something else entirely, you can add substantially to your profit margins by adding in recurring revenue streams to your service provider business. It doesn’t matter what your service niche is, there are recurring revenue ideas within your niche that will fit right in with what you already offer.
It’s just a matter of putting your thinking cap on and getting it done. From graphic designer, to virtual administrative assistant, you can turn your expertise into recurring revenue with just a little thought.
Tags: passive income streams, recurring income stream, recurring revenue ideas, recurring revenue streams, revenue streams, service business, service provider business
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