How can you generate recurring revenue for your small business?

1 Offer subscriptions or memberships

One of the most common ways to generate recurring revenue is to offer subscriptions or memberships to your customers. This means they pay a regular fee to access your products or services, either monthly, quarterly, or annually. For example, you could offer a subscription box, a software as a service (SaaS) platform, a newsletter, a coaching program, or a loyalty club. The key is to provide value, convenience, and exclusivity to your subscribers or members, and to keep them engaged and satisfied.

2 Create online courses or digital products

Another way to generate recurring revenue is to create online courses or digital products that you can sell on your website or through a platform like Udemy or Teachable. Online courses or digital products are scalable, meaning you can sell them to many customers without increasing your costs or workload. They are also evergreen, meaning they can generate income for a long time without needing much updating or maintenance. For example, you could create an online course, an ebook, a podcast, a video series, or a template that teaches your customers something valuable or solves a problem for them.

3 Provide maintenance or support services

A third way to generate recurring revenue is to provide maintenance or support services to your customers. This means you offer ongoing assistance, advice, or repairs for your products or services, either as part of your package or as an add-on. For example, you could provide maintenance or support services for your web design, landscaping, plumbing, or accounting clients. The benefit of this strategy is that you can increase your customer retention, satisfaction, and referrals, and also upsell or cross-sell other products or services.

4 Partner with other businesses or influencers

A fourth way to generate recurring revenue is to partner with other businesses or influencers who can promote your products or services to their audiences. This means you pay them a commission or a fee for every sale or lead they generate for you, either as a one-time deal or as a recurring arrangement. For example, you could partner with other businesses or influencers who share your niche, values, or target market, and who have a large and loyal following. The advantage of this strategy is that you can leverage their trust, credibility, and reach, and also expand your customer base and brand awareness.

5 Build a community or a network

A fifth way to generate recurring revenue is to build a community or a network around your products or services. This means you create a platform or a space where your customers can interact with you and with each other, share feedback, ask questions, offer support, or exchange ideas. For example, you could build a community or a network using a blog, a forum, a social media group, a podcast, or a webinar. The benefit of this strategy is that you can increase your customer engagement, loyalty, and advocacy, and also create more opportunities for selling or marketing your products or services.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?