MDP064 – Why Recurring Revenue Is Vital For Your Business
RetainFM
English - August 16, 2019 15:07 - 37 minutes - 34.6 MB - ★★★★★ - 4 ratingsCareers Business marketing marketing strategy marketing careers marketing agency design agency digital agency wordpress seo digital marketing content marketing Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
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 MONEY
Business 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
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