Recurring Revenue 101: Building a Sustainable Consultancy

“I gave a very clear example about being in pain, and when you’re in that level of pain, you are willing to literally do whatever it takes.” - Jess In this episode of Confessions podcast, we're diving deep into the world of recurring revenue. We share our experiences and insights on the benefits of offering monthly options, the shift from one-off projects to long-term contracts, and the importance of marketing and positioning these offerings. Plus, we discuss the value of addressing pain points and saving time for our nonprofit clients. Tune in as we spill the beans on how we're navigating the world of recurring revenue and creating sustainable income in our businesses. It's a candid conversation that's sure to offer some valuable takeaways for fellow nonprofit coaches and consultants. Key Highlights: Why Recurring Revenue Matters Your business is like a marathon, not a sprint. If you only rely on one-time transactions, you're constantly chasing new clients, which can be exhausting. Recurring revenue brings stability, allowing you to plan and budget with more confidence. It's a win-win for you and your clients. For many nonprofits, predictable monthly expenses are a game-changer, making it easier for them to budget and manage cash flow. Navigating Pricing and Contracts Pricing can be a tricky beast. Both Jess and Cindy share insights on how to package services and offerings in a way that makes sense for recurring revenue. It's not just about setting a monthly price, but also understanding the value of your services and the needs of your clients. Jess gives an amazing example of how to create annual programs and simplify the approval process for your clients.  Clever Marketing Strategies Understanding your audience and their pain points is key. Jess and Cindy discuss the importance of marketing strategies tailored to the value you provide. Jess offers a fresh take by focusing on time-saving benefits, a perspective less explored in the industry. This approach aims to resonate with nonprofits feeling the impact of time constraints. Cindy shares her experiences with marketing recurring revenue options to consulting and nonprofit audiences, offering valuable tips for consultants to position their offerings effectively. Playing Chess, Not Checkers As Jess mentions, playing chess, not checkers, in business is about working smarter, not harder. It's about being strategic and forward-thinking. Cindy chimes in, highlighting the need to create long-term contracts, especially when offering indefinite services, giving a direct boost to recurring revenue and long-term relationships. Keep in mind, recurring revenue can help stabilize your business and provide consistent income. By understanding your audience, pricing your offerings appropriately and effectively marketing the benefits, you can create a successful recurring revenue model for your nonprofit coaching or consulting business. Find Us Online:  https://www.confessionswithjessandcindy.com Connect with Cindy: Cindy Wagman Coaching https://cindywagman.com The Good Partnership https://www.thegoodpartnership.com Connect with Jess:  Out In the Boons: https://www.outintheboons.me Hosted on Acast. See acast.com/privacy for more information.