Think back to when when you were a child and you went to stay at your grandparents home when your ma and pa when out for the evening or away for the weekend.
I do not know about you but I always couldn't wait to exploring the biscuit and sweet tin she used to have.cThis tin was like an Aladdin's Cave of biscuits, sweets and treats that I never got at home. 99 times out of 100 this tin was full. However on that rare occasion the tin was not full.
A full tin filled you with delight and a near empty tin was disappointing. Now consider your business. During times of market expansion or demand you had lots of new business coming to you. New customers would appear with very little effort. However in todays commercial times it would seem the biscuit tin is not so full. The sales cycle is longer, budgets are squeezed, customers are way more demanding and there is more competition.
The sweet tin is surely less than full. So what's a business owner to do? Well consider monthly income streams as a business catalyst in leveraging cash from existing consumers. So how does a business turn ad-hoc projects and projects into monthly revenue streams?
The secret is to make sure that you build these monthly offerings into your initial offers with clients. Web corporations do this very well by factoring into service and support contracts for hosting, upkeep or doing monthly updates to an internet site.
Fitness trainers and golf coaches factor in a series of monthly tuition as opposed to one off lessons. Folks learning how to play musical instruments can now join online membership schemes where they pay a once per month charge to gradually learn and improve their skills.
Many marketing consultants now offer monthly coaching on a paid scheduled basis supplying them access to mentors in developing their business. Re-occurring revenues are definitely the way forward in these hard economic times and wonderful benefit is that folk pay whether or not they actually use some services or not.
So overcome the biscuit tin mind-set and incorporate monthly recurring income into your business structure.
I do not know about you but I always couldn't wait to exploring the biscuit and sweet tin she used to have.cThis tin was like an Aladdin's Cave of biscuits, sweets and treats that I never got at home. 99 times out of 100 this tin was full. However on that rare occasion the tin was not full.
A full tin filled you with delight and a near empty tin was disappointing. Now consider your business. During times of market expansion or demand you had lots of new business coming to you. New customers would appear with very little effort. However in todays commercial times it would seem the biscuit tin is not so full. The sales cycle is longer, budgets are squeezed, customers are way more demanding and there is more competition.
The sweet tin is surely less than full. So what's a business owner to do? Well consider monthly income streams as a business catalyst in leveraging cash from existing consumers. So how does a business turn ad-hoc projects and projects into monthly revenue streams?
The secret is to make sure that you build these monthly offerings into your initial offers with clients. Web corporations do this very well by factoring into service and support contracts for hosting, upkeep or doing monthly updates to an internet site.
Fitness trainers and golf coaches factor in a series of monthly tuition as opposed to one off lessons. Folks learning how to play musical instruments can now join online membership schemes where they pay a once per month charge to gradually learn and improve their skills.
Many marketing consultants now offer monthly coaching on a paid scheduled basis supplying them access to mentors in developing their business. Re-occurring revenues are definitely the way forward in these hard economic times and wonderful benefit is that folk pay whether or not they actually use some services or not.
So overcome the biscuit tin mind-set and incorporate monthly recurring income into your business structure.
About the Author:
Molly Jamieson writes for Adobe Business Catalyst partner Platonik. Their web site features examples of web shops using Adobe Business Catalyst.
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