Recurring revenue can be a blessing once you obtain it. In short, recurring revenue is the profit that you continually earn from your business without necessarily putting in any additional work. This is achievable by establishing a income generating business that has the ability to run on its own. There are countless business ideas that enable you to do so, but they are by no means “easy”. Here are a few examples below.
Establishing a Blog
Blogs vary in just about every aspect over the internet, but can be uniquely rewarding in any way that you approach. Blogs can continuously reward you for your hard work by attracting high paying sponsors, bringing your viewers to a product that they have interest in and even the simple revenue that Google Ads helps you generate. As you may know, creating a GOOD website is never a simple, overnight task. It can take months before you earn a single cent. If you have the patience to dedicate time into a blog, it may end up paying you more than your average job could ever offer!
Starting a Podcast
A decent Podcast can be just as rewarding as a blog! John Lee Dumas has made this dream a reality by starting a simple Podcast called Entrepreneur on Fire. He posts a new interview with entrepreneurs everyday and provides his audience with guidance, advice, and ideas for starting their own business. John earned a about $70,000 in the first 365 days of the Podcast launch and is now earning six figures each month from his efforts!
Video coaching can be the most ideal way to establish a recurring revenue. Imagine being a world famous personal trainer. You are going to have clients from left to right and it is going to be nearly impossible, and definitely stressful, trying to manage and teach all of your classes. People learn at various speeds and some will desire a more personal lesson that adapts to their speed. You could attempt to meet everyone’s requirements and sacrifice your personal free time, or you could take the smarter approach. Record one of your classes, insuring that you make each exercise clear and easy to comprehend, and compile it into a course, no different from the creation of P90x. Your classes will forever be available for people to buy and learn from, while you able to better enjoy life and work towards your next goal!
These are just three of the countless ideas that will allow you to start a business and establish recurring revenue. Don’t limit yourself to any single idea. One idea is never better than the another and if you set your mind to it, you could even combine ideas! It’s all in your work ethic and if you set a goal and do everything possible to accomplish it, you will begin to see results.