Welcome to the 17th edition of From V to You, a weekly letter of inspiration, tips, tricks, and behind-the-scenes of how I’m building a business around my personal brand so you can too. If you’ve missed the previous letters, you can always read them here.
Hello from Apex, North Carolina!
Where your desktop background and your real-life background match!
We are all in LOVE with North Carolina, but the first week has been INSANE! New house, new schools for the boys, new office, new everything. Apologies for not writing last week, but I couldn’t pull myself together to get it done. I had to give myself a little grace to get a handle on life again, but the good news is I am fully operational this week and want to talk about something that’s been weighing on my mind – recurring revenue.
No Recurring Revenue = No Business/Life Stability
As a former agency owner (I sold the agency to my new agency partner back in June 2019), recurring revenue was my JAM. The vast majority of our business was recurring revenue. Executing marketing services for clients each and every month to help them crush their business goals. Because of that, I could forecast our future growth, budget appropriately, and hold my expenses in check to only a certain percentage of that MRR (monthly recurring revenue). As a personal brand business, recurring revenue is NOT my jam…yet.
My revenue is actually pretty inconsistent. Here are my sources of revenue:
- Speaking Engagements ($$$$ per event)
- 1:1 Hourly Consulting ($$$/hr)
- Virtual or In-Person Education ($$$ – $$$$ per launch/event)
While this might look appealing, the truth is – it leaves me zero room for LIFE to do LIFE. If I get sick, if I have to tend to my family, if there’s a slow period, if I move, or whatever, I’m stressing. You take a “sick day,” and you’re essentially taking a “no pay” day. So yes, I get to do whatever I want whenever I want, but financial freedom still doesn’t feel checked off. I think most of us want to grow a business from our own brands to have BOTH lifestyle and financial freedom, right?! That’s the dream. That’s the pursuit.
Knowledge Monetizes Forever
So how do we create recurring revenue in our brand’s business??
This is where running a business in 2019/2020 is a MAJOR BLESSING. The technology, software, tools, virtual resources available to us are endless. We can sell our physical or virtual products in our sleep and make the selling mechanism evergreen. We can do ridiculously valuable monthly subscriptions where the knowledge is recorded in one big batch and released over the course of the next 6 months to a year. We can create certifications and create an army under us to help serve even more people.
My challenge for you this week and definitely as we round the corner into the new year is to think of how to create recurring revenue opportunities in your brand’s business.
What you create creates you
So let’s create something that gives us both lifestyle and financial freedom.
Until next week,