Do you have to sell something each time you make revenue? Does your small business have the opportunity to sell something once, and make revenue from the sale over and over again? Creating a recurring revenue model as part of your small business can help reduce your costs and provide a more steady flow of revenue into your business.
Recurring revenue is not only highly likely to continue, it is also predictable, stable, and can be counted on in the future with a high degree of certainty. There are a lot of small businesses today that have uncovered the value of having a recurring revenue model, and if not for their whole business, as a part of it.
Whether it’s a monthly subscription service, a service that gets performed on an ongoing basis, or even an annual payment that is made to your small business, recurring revenue is often times a better choice. A recurring revenue model allows you to reach out to customers more often and build a more loyal customer base.
Building a recurring revenue model into your small business is not hard. Looking for ongoing ways to provide products or services that either compliment, supplement or support your main product line is a good starting point.
Thousands of companies, like Netflix, Salesforce, and AT&T have used recurring revenue models to dominate their industries. Adding a recurring revenue model will provide more predictable growth for your small business.