Recurring Income Strategies – Four Proven Methods

If you’re looking to boost your income, grow a loyal following and position your brand as the go-to source in your market.

There is no easier way than by injecting a recurring income stream into your business.

With recurring revenue. You can create a strong foundation for your business. While taking advantage of the opportunity to incorporate additional income streams into an ever-growing community.

Not only will you profit from the regular subscriptions. But you can utilize a series of proven strategies to skyrocket sales of other products and services!

Recurring Income Streams

To start, it’s important to come up with a primary benefit for your recurring income stream:

-Why would people want to sign up for your program?

-What are the benefits?

-How is it different from others?

You need to come up with a clear benefit that will persuade people to sign on and stay subscribed.

Recurring Income Method One:

Membership Programs

Subscription-based programs are not only extremely profitable.

As they generate recurring income.

But they are single-handely one of the easiest ways to gain traction in your market. And position yourself as an expert in your field.

With a membership program, people sign up for ongoing access to exclusive content.

There are a few popular models used to create membership websites, including:

Evergreen Content Model

This is where your content is released in the same sequence regardless when someone joins your program.

For example, someone who joins in January would receive access to the first month’s content immediately. And then in February they would receive access to the second month’s content and so on.

A member who joins in February would still receive January’s content as month 1. Every member starts at the beginning of your content cycle and then progresses as the month’s go on.

With an evergreen content system, the content is released sequentially based on each customers’ join date.

These are often the easiest membership sites to set up because you can create the content once, and then set & forget.

The only downside to this format is that you may struggle to offer group coaching as students will be at different stages of your training.

Current Month Access

This type of membership platform is based on the current month. Someone signing up in January would receive access to that current month’s content.

If someone signed on in February. They would only gain access to that current month’s content. So, every member is given access only to the latest update.

You can further monetize this style of membership site by giving members the option to purchase access to archived content separately.

This model helps to increase the value of every customer.

Because they are purchasing access to current content. While being able to purchase additional access to unlock prior months or advanced content.

This format works well if your content is segmented. So that each month’s content can stand alone and isn’t dependent on previous lessons or training.

All Access Pass (Content Buffet)

This format usually involves providing members with access to all previous content. As well as new content on a monthly basis as long as they are a paid member.

Typically, you can price these membership programs at a higher price point. Because subscribers are gaining access to all the available content, regardless when it was released.

Programs that run this way would include programs like Lynda.com .

Where you pay for access to their training database. And can then browse through their full library of courses and training material that continues to grow.

Recurring Income Method Two:

Software Products (SaaS)

SaaS stands for Software as a Service and is offered on a subscription basis.

The benefits are quite obvious to customers: In exchange for their recurring payments,they are given the ability to use the software while knowing that it is updated regularly. And that they’ll gain access to prompt customer support.

From Drop Box, Adobe and Systeme.io to mailing list providers like Get Response and Aweber. Many of the leading brands have incorporated SaaS into their businesses and for good reason.

Doing so drastically increases their yearly income, while making it easier for them to provide value to their customer base.

Not ready to create your own SaaS product?

No problem! You can still build recurring income in this industry by promoting useful products and services that your customer base could benefit from.

There are dozens of important tools you can easily promote within your own content to generate revenue.

And for every new customer you send their way, you’ll earn a recurring income from their ongoing payments. Win-win!

Recurring Income Method Three:

Physical Product Subscriptions

You’ve likely heard of the Dollar Shave Club as well as other subscription boxes that focus on health, fitness or cosmetics, just to name a few. These are growing in popularity every single day.

Here’s how it works:

Customers subscribe to a service and in exchange they receive a box or products every month.

The products vary but are usually all in the same niche or industry.

This format works well because recipients not only look forward to receiving new products every month in the mail, but they become part of a community of active users.

The downside is that creating a physical product subscription program isn’t always the easiest business to launch.

As it will require coming up with products and packaging as well as shipping and distribution partners, but don’t overlook the possibilities. There may be a way to simplify the program so that it works for your business.

Recurring Income Method Four:

Online Courses

While courses don’t usually bring in recurring income on their own. Since many are designed on a platform that involves a student paying a one-time fee for access to the training. You can still generate consistent recurring revenue by focusing on a strong front-end sales funnel. That directs students to other products and services.

Start by thinking about a topic for your course, as well as the content formats you would feel comfortable creating.

This could include:

-Text-based lesson plans

-Video Tutorials

-Webinars

-Interviews with Experts

-Workbooks and Customized Lesson Plans

-Printables (checklists, guides, etc.)

The key is to identify an ongoing demand for help with specific problems.

Your course should always focus on one main niche.

So you’re able to create content that is in-demand, relevant and focused.

At the same time, you don’t want to box yourself into a corner. The topic you choose should be something you can see yourself still interested in a year from now.

You don’t want the problem to be easily solvable, either. Your goal is to find a way to create a course that provides a workable system that addresses the issues that people are struggling with.

By purchasing access to your course, they are given the knowledge needed to accomplish specific goals.

Keep in mind that for your membership program to be successful, you need to come up with a strong hook.

A hook reels you in. It sets your program apart. It works at differentiating your program from your competitors. And tells potential subscribers why they benefit from signing up for your program. It’s visceral and compelling.

Evaluate your membership program’s strengths and unique benefits:

-How does it stand out?

-What is the greatest asset you offer members?

-How is it different?

-What will someone learn or improve by being a part of it?

Step 1: Identify an ongoing problem in your niche where people are actively seeking guidance, training and ultimately, a solution.

Step 2: Create a list of topics that you should cover in your course based on those common questions. Then, decide on the various formats you plan to use (video, printables, workbooks, etc.).

Step 3: Next, go through that list and narrow your focus so that you are targeting a specific segment of your market.

Conclusion

With a recurring income business model, you’ll be able to generate a steady and reliable recurring income every single month.

Best of all, you don’t have to stick with just one format and can expand your network as you discover new demands for content.

The key is to always look forward to ways to tie a product or service into a recurring revenue source.

To Your Success,

Joshua