Recurring income is a holy grail for business owners. Who doesn’t want to sell something people buy over and over, (with little to no additional work for you!)
But if your business model is built chasing one-time or big-ticket sales, adding a reoccurring income stream may seem out-of-reach. Get your team together (or enlist your creative agency’s help) to brainstorm supplemental products or services your company could offer after the sale. For instance, can you deliver valuable service or maintenance reminders (for services you sell or manage) via email, SMS or an app? Can you offer add-ons or upgrades that would improve or update your product after a time? Can you create personalization or customization opportunities?
Think outside the box! Study unrelated industries to see how they incorporate reoccurring income into their business models. With a little creative thinking, some of their concepts might translate to you.