Think about how you are going to earn money from this concept. You have probably already chosen one of the three recurring revenue business models. The next step is for you to pinpoint who your ideal customer or general target audience is.

Not only do you need to understand the basic demographic information such as their age, gender, location, income level, etc., but you need to know more psychological and behavioral elements that tell you more about their pain points, preferences, and challenges.

Keep in mind that this is not a one time process for you. As a business owner, it's up to you to understand how your customers journey will evolve over time. Their needs will change, and you have to be able to deliver something that addresses that transformation.

When you are building your recurring revenue, you never want to over promise and under deliver. You have to be realistic about timelines and how often you can publish or develop features for something so that you are not disappointing them.

It's important that you maintain open communication with your customers and don't disappear on them like so many online entrepreneurs do when they start sliding in their responsibilities.

Think about how you are going to price your recurring revenue system. Typically, there will be some sort of value based pricing that allows people an entry level onboarding arrangement until they feel comfortable with the value you can provide to them.

That's why it helps to have tiered pricing, where you can cater to people who have elevated budgets and increased needs for core functionality or advanced features and support.

You have to think about what type of tools you will be using, such as a CRM (customer relationship management) tool that houses customer data and facilitates the management of their subscription.

In order to help you maintain good customer retention and continue delivering to their needs, you'll also want to have a good analytics system in place that can tell you more about customer behavior and what you can do to improve things such as your churn rate, cost of acquisition for each lead, etc.

Because you will have a system set up where people are subscribed, you'll want to have a solid security system in place that protects customer data. That means ensuring privacy and backing up your system regularly.

Make sure you are looking at any type of technology that can help you with running your recurring revenue system, and even automating it wherever applicable. This will make your system streamlined for success.

Now that you know what options you have available to you, let’s talk about you developing your own funnel of recurring revenue. The foundation of your business is going to be to develop a funnel that is irresistible to prospective customers.

They are looking for a few things from you. It starts with the value you can provide to them. How is your product or membership going to change their life or solve a problem for them in a unique way?

Secondly, you have to think about pricing. You can have one price if you want to, but it's often better if you can devise a way to have different tiers of pricing so that you can attract people and separate budget groupings based on their needs, where you charge people more if they need more from your product or membership.

You also have to consider bonus perks. For example, you might have an early bird launch discount for when you bring the product to market. Or, you might have exclusive member only bonus downloads.

You also have to think about the issue of customer retention. It's not just about how you're going to get people on board, but how you are going to keep them subscribed so that your income doesn't fluctuate month to month.

Part of how you'll do this is by continuing to deliver value to them and not just meet, but exceed their expectations. For example, you might have a live webinar from time to time where you allow them to interact with you and ask questions or you might release a case study that is exclusive to people in your membership.

Think about your funnel and how you are going to implemented online. It's going to start with the attraction process, where you are publishing content that brings people to your blog or social media accounts and presents the free lead magnet that gets them on your list.

Next, you're going to nurture those prospects via email marketing so that you can prove the value you offer to people, and help them let their guard down so that they are more open to signing up for a recurring payment system.

You'll then present them with your offer, whether it's a membership for ongoing courses, some sort of licensing, or the use of a product and you will need to not only include a strong call to action to help it convert, but also incentivize them with bonuses and options such as price tiers that can meet their budget.

In most cases, consumers don't like to be left on their own, and it's easier for them to disengage with your brand if they have no connection with you. So anytime you can have a live stream, webinar, or Q&A series with them, it helps to build that dedicated relationship that makes them want to keep being a customer.

 
One of the most common pieces of advice you’ll hear as an online entrepreneur is that you should develop multiple streams of income. It seems wise, especially when you consider the danger of putting all of your eggs in one basket.

But that generalization gets overblown in the worst way, causing marketers to spread themselves so thin, they never get to experience true success. In fact, for many people, this is polar opposite of the advice they should be taking.

Multiple streams of income is a concept that involves having more than one business model or niche. Sometimes, people will do so many things at once – selling info products, offering freelance services, trying out affiliate marketing, dropshipping, selling printables and more.

Instead of embracing a multiple business model approach, let’s consider a strategy that has you fully focused on excelling at one thing. This is what most truly successful, top notch entrepreneurs do when you study their business carefully.

Usually, the ones touting a multi stream approach are doing it because newbies feel more secure having backup plans and they aren’t fully sure of which direction they should commit to.

Having Multiple Streams of Income Dilutes Your Productivity

One of the most important things you can possess as an online entrepreneur is productivity. Whether you have one business or multiple branches, it's important to keep up with the output your consumers demand, as well as what will keep you competitive in the marketplace.

When you are trying to manage more than one business, you're spreading your own energy, focus, and resources thin. This is bound to have an impact on how effective you are at being productive throughout your day.

Each business model is going to have its own list of tasks and a timeline they must be met within if you want it to be a success. If you are not able to keep up with that level of productivity across all branches, you will see each one of your businesses fail, without ever delivering any income stream whatsoever.

You have to think about more than just output of content. You're also trading your energy and your mental capacity whenever you switch gears and have to work on a different project in a completely separate manner from what you were just working on.

This is known as being a Jack of all trades and a master of none. You want to excel at one thing rather than have a little bit of experience and effort spread across a wide terrain.

It's better for you to have excellent results with one business than it is to be mediocre or even a failure in many different businesses. Each one is going to require you to hone your skills in a way that allows you to beat your competitors when it comes to the attention and investment by consumers.

You should have a focus on quality, not just quantity of deliverables when it comes to your target audience and what they are looking for. If you are trying to keep up with three to five businesses, you're going to find it difficult to even be productive, much less ensure the quality of what you are doing.

It’s More Complex Managing More Than One Business Model

When you are trying to learn the ropes of being an online entrepreneur and achieve your success goals, it can be enough of a struggle as it is to gain an understanding and apply principles in a way that allows you to generate income.

If you are trying to manage more than one business, you are burdening yourself with an extremely complex and overwhelming task. You have to stay informed about everything going on within each business model.

For example, if you are an affiliate marketer on Amazon, you have to not only manage their rules and guidelines that are continuously changing, but what Google and other search engines expect from product reviews they ranked highly.

If you switch gears to work on an info product, you have to look at the rules of the platform, networking etiquette, affiliate recruitment, and other issues that are difficult for even the most organized entrepreneur to manage.

The list goes on and on, with the more business models you add on to your strategy. Not only does the knowledge you have to absorb increase, but your time management becomes more difficult as each project begins to demand your attention in order to profit.

It’s Hard to Gain Traction for Your Brand with More Than One Branch

It’s also more difficult if consumers are viewing you as spread too thin. If your brand is trying to be a catch-all, it doesn’t instill confidence in your buyers and subscribers that you have the expert knowledge they need.

Your brand needs to be focused to reflect a top tier level of service and production. If someone looks up your name, they shouldn’t see five different businesses. To them, it won’t look impressive – it looks desperate, unorganized and concerning.

Imagine someone Googles your name and sees that you sell anti aging info products, promote dog care items on Amazon, sell bath bombs on Etsy, and offer virtual assistant services as a freelancer.

You have to be able to carve out an identity for your business that is clear and consistent. Ideally, this will be centered around your skills, talents and interests that reflect a passion for what you do.

Expenses Rise with Each Business You Tack On

If you’re a new marketer, or someone financially struggling, you’re going to find your costs and overhead rising with every business you add. Instead of just a domain and hosting for an affiliate blog, you might decide to add on several more businesses.

As an info product vendor in another niche, now you’re looking at paying for yet another domain, maybe a ghostwriter or editor, graphic designer or tools, and more. If you decide to add on a membership program, you now need a platform like AMember, which is costly and presents you with a big learning curve.

If you’re selling something tangible on Etsy or Shopify, you’re going to have to add the materials and shipping costs to that and don’t forget about fees you’ll pay across multiple platforms or paid ads you have to run to generate traffic, too.

To learn all of these new business models, you have to pay for courses, tools, and maybe even coaching to get you to a place where you can become profitable with your new add-on venture.

Streamline Everything Into One Business Model While Protecting Your Income

You don’t have to put your income at risk by focusing on a single business and niche. You can protect it in different ways. First and foremost, abide by rules and regulations as well as proper etiquette related to your business model.

Don’t engage in any risky behavior, like spamming or breaking rules of the platforms you’re using in order to turn a quick buck. You can also protect your income by utilizing multiple platforms, rather than just one.

For example, if you sell info products you can put your courses on ClickBank, Udemy, JVZoo and Warrior Plus as well as sell direct to customers on a platform like Systeme, Thrivecart, etc.

Multiple streams of income may sound tempting, but it can sometimes serve as a detriment to your overall success. If you’re determined to branch out, make sure that you’re making one business successful and profitable before you begin adding anything on one at a time, allowing you to properly manage your expansion.
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Before we begin talking about how to set one up and plan one, let's look at the different types of recurring revenue streams you can generate online. There are basically three different forms of recurring revenue.

The first one is a subscription based model, where people subscribe to your brand through something like a membership where they gain value each month. As long as you are performing for them and meeting their needs, you can secure your income with minimal drop offs.

The reason many consumers enjoy belonging to an online membership program is because they are a part of a community where they can connect with each other, ask questions of you, and even support each other in their goals.

They also like receiving ongoing value from someone they know and trust. They get to look forward to new information such as courses, templates, and other elements of content that meets their needs.

You can also offer different tiers of subscriptions so that people can choose one that fits their budget. When promoting this type of recurring revenue stream, you can offer a free trial to prove value before they make a commitment and drip teasers out to non members so that they can get a sneak peek of the type of value that waits for them inside.

The second type of recurring revenue business model is licensing. With this type of option, you are going to charge your customers for the right to use a product for a specific period of time, where it renews each month, quarter, or year.

Many online software developers use this type of recurring income model and the price is more attractive for a longer commitment, such as purchasing annual rights rather than monthly.

With this type of business model, you can have other ways to earn from it, such as charging for a single user or multi user license and having tiered licensing where they can access different functionality or features.

Digital product models with recurring revenue are the third option, and this allows you to bill customers on a regular basis for the of your product. So if you develop a product that is cloud based, such as storage or a product such as an artificial intelligence tool, keyword research tool, etc., you can charge customers for using what you created.

If you think about it, you are probably using this type of business model as a consumer. For example, if you have an email autoresponder system, you are likely paying a certain fee each month for the number of subscribers you have, which increases the more people you get on your list.

Or, you might be paying OpenAI for access to ChatGPT plus. You pay each month for the use of that tool, and as soon as you stop paying, your access goes back down to the free level or stops altogether.

The great thing about this type of revenue model is that customers only have to pay for the level that they are using, so they see it as a fair deal, where their price is less when they are using the product less.

As your product is proven to be useful to them, and you entice them with elevated features and perks to different levels, they can upgrade and contribute more to your recurring income stream.

We all have dreams, aspirations whispering in the back of our minds. Maybe you crave the thrill of starting your own business, yearn to finally master a new language, or simply desire to run a marathon. But between the spark of an idea and its tangible manifestation lies a vast and sometimes daunting space. How do we bridge the gap and turn those dreams into concrete realities? The answer lies in crafting a powerful plan – a roadmap that guides us from aspiration to achievement.

The first step is acknowledging the power within yourself. You are capable of incredible things, but effective planning helps translate that potential into focused action. Here's how to create a plan that propels you towards your goals:

1. Define Your Goal: Clarity is Power

The first step on any journey is knowing your destination. What exactly do you want to achieve? Is it learning French fluently or launching an online store? Be specific. Avoid vague aspirations like "get in shape" or "be more successful." Instead, define a measurable goal like "run a 5K race within six months" or "increase my income by 10% in a year." Specificity provides a clear target and allows you to track progress.

2. Break it Down: Divide and Conquer

Large goals can feel overwhelming. To combat this, break your main objective into smaller, more manageable steps. Imagine climbing a mountain; you wouldn't attempt the entire ascent in one go. Instead, you'd break the climb into manageable sections, focusing on reaching each base camp before tackling the next. Similarly, divide your goal into smaller, achievable milestones. For example, to run a 5K, you might break it down into weekly training sessions, each gradually increasing distance and intensity.

3. Set Realistic Deadlines: Time Management is Key

Every action step needs a deadline. This creates a sense of urgency and helps you stay on track. Be realistic, though. Don't underestimate the time and effort required. Factor in potential roadblocks and buffer periods. Assigning due dates also allows you to schedule reminders and hold yourself accountable. Utilize tools like calendars, project management apps, or even simple sticky notes to keep deadlines visible and present.

4. Identify Resources: Fueling Your Journey

No journey is undertaken alone. Identify the resources you need to achieve your goals. This could involve acquiring new skills, enrolling in courses, seeking mentors, or securing funding. Research online tools, workshops, or classes that can equip you with the knowledge and skills necessary. Don't be afraid to reach out to experts or successful individuals in your field for guidance and support.

5. Celebrate Milestones: Acknowledge Your Progress

The path toward your goal won't be a straight line. There will be bumps, detours, and moments of doubt. But it's crucial to celebrate your accomplishments, both big and small. Reaching each milestone is a victory, a testament to your dedication and perseverance. Take the time to acknowledge your progress, reward yourself for achieving your mini-goals. This positive reinforcement helps maintain focus and motivation throughout the journey.

6. Embrace Flexibility: Adapting to the Unexpected

Life throws curveballs. Be prepared to adapt your plan as needed. Unexpected events may require adjustments to your deadlines, resource allocation, or even your overall approach. The key is to remain flexible and resourceful. Don't let setbacks derail your progress. View them as learning experiences and use them to refine your plan as you move forward.

7. Maintain Focus & Discipline: Stay the Course

The final, and perhaps most crucial, element is maintaining focus and discipline. There will be days when motivation dips, and distractions abound. Here's where your "why" becomes paramount. Remind yourself of the deeper purpose behind your goal. What motivates you? What will achieving this goal mean for your life? Harnessing the power of your "why" helps you persevere through challenges and stay committed to your journey.

Action: Take the First Step

Remember, planning isn't just about creating a document; it's about taking action. The most detailed plan is useless without execution. So, take the first step today! Schedule that introductory language course, research potential business mentors, or lace up your running shoes for your first training session. Every action, however small, sets you in motion towards your desired outcome.

By crafting a well-defined plan, equipped with actionable steps, deadlines, and a focus on resource utilization, you empower yourself to turn dreams into reality. Remember, the journey towards your goals is just as important as the destination itself. Embrace the process, celebrate progress, and remain focused on the power within you to make things happen.

 Life, in all its richness and complexity, can sometimes feel like navigating a vast ocean. Without a sense of direction, we drift aimlessly, buffeted by currents and storms. This is where purpose steps in, acting as our internal compass, guiding us towards a meaningful destination. Having a purpose isn't about grand gestures or achieving world domination. It's the guiding force that imbues our days with meaning, motivates us through challenges, and fuels our desire to contribute something valuable.

So, why is having a purpose so important? Research suggests a strong correlation between purpose and well-being. Studies have shown that individuals with a strong sense of purpose experience greater happiness, resilience, and even better physical health. Purpose provides a sense of direction, helping us prioritize and make decisions that align with what truly matters. It fuels our motivation, pushing us to persevere through setbacks and keep striving towards our goals. When we feel like we're contributing something meaningful to the world, it fosters a sense of connection and belonging – essential ingredients for a fulfilling life.

But how do we find this elusive purpose? The truth is, purpose isn't always a lightning bolt revelation. It can be a gradual process of self-discovery. Here are some ways to embark on this exploration:

• Uncover your values: What core principles are most important to you? Is it creativity, justice, helping others, or intellectual growth? Identifying your values gives you a foundation for your purpose, as your purpose should naturally align with what you hold dear.
• Reflect on your experiences: What activities or situations have brought you the most joy and fulfillment in the past? This could be anything from volunteering to spending time in nature to pursuing a creative hobby.
• Explore your strengths: What are you naturally good at? What skills and talents do you possess? Using your strengths in service of something larger than yourself can be a powerful source of purpose.

Once you've started piecing together your purpose, the next step is keeping it front and center. Here are some ways to ensure your inner compass remains steady:

• Integrate purpose into daily life: Find ways to weave your purpose into your everyday routine. A teacher might infuse passion for learning into every lesson. A parent can find purpose in nurturing their children. Look for opportunities, big or small, to live your purpose each day.
• Set goals that align: Your goals should be stepping stones on the path towards your purpose. When choosing goals, ask yourself: "How does this move me closer to what I truly value?"
• Find a purpose partner: Share your purpose with a friend, family member, or mentor who can support and encourage you on your journey. Having someone to hold you accountable and celebrate your successes can be incredibly motivating.
• Embrace the journey: Purpose isn't a fixed destination but an ongoing exploration. Be open to learning, adapting, and refining your purpose as you grow and evolve.

Life inevitably throws us curveballs. There will be times when our purpose feels distant or blurry. During these moments, it's important to practice self-compassion. Reconnect with your values, revisit the experiences that sparked joy, and remind yourself of the unique contribution you bring to the world.

Remember, having a purpose is not a luxury reserved for a select few. It's a fundamental human need, a guiding light that empowers us to create a life filled with meaning and fulfillment. By embarking on a journey of self-discovery and actively nurturing your purpose, you'll find the motivation and direction to navigate life's vast ocean with confidence and purpose.

Life throws curveballs. From flat tires to lost jobs, unexpected events can test our composure and leave us feeling overwhelmed. But what separates those who crumble from those who rise above? The answer lies in resilience, the ability to adapt, bounce back, and even thrive in the face of adversity.

Resilience isn't a magic shield that deflects all problems. It's a set of skills and attitudes we can cultivate to navigate life's inevitable bumps. Here's how to build your resilience toolbox and use it to conquer everyday challenges:

1. Cultivate a Growth Mindset:

Imagine challenges not as roadblocks, but as opportunities for learning and growth. People with a growth mindset believe their abilities can be developed through effort. When faced with a setback, they see it as a chance to learn new skills or improve existing ones. This optimistic outlook fuels perseverance and fuels the fire to overcome obstacles.

2. Embrace Acceptance:

Life doesn't always go according to plan. Sometimes, bad things happen. Fighting against reality only prolongs our suffering. Acceptance doesn't mean giving up; it means acknowledging what is and making a conscious choice to move forward. By accepting setbacks as part of life's journey, we free ourselves to focus on solutions and positive action.

3. Build Your Support Network:

No one is an island. Having a strong support system – friends, family, mentors – provides a safety net when life throws punches. Knowing you have people to confide in, who offer a listening ear and words of encouragement, can make a world of difference. Lean on your support network during tough times and reciprocate the support when they need it.

4. Develop Healthy Coping Mechanisms:

Everyone has stress, but how we manage it is key. Unhealthy coping mechanisms – like overeating, substance abuse, or social isolation – can worsen challenges in the long run. Find healthy outlets for stress, such as exercise, spending time in nature, meditation, or creative pursuits. Having healthy ways to manage stress equips you to deal with difficulties in a constructive way.

5. Find Meaning and Purpose:

Having a sense of purpose goes beyond daily tasks. It's about feeling connected to something bigger than yourself. Whether it's contributing to a cause you believe in, nurturing relationships, or pursuing a creative passion, meaning provides a sense of direction and motivation. When challenges hit, a strong sense of purpose reminds us why we keep going.

6. Practice Gratitude:

Taking time to appreciate the good things in life, no matter how small, can significantly boost resilience. Gratitude shifts our focus from what's lacking to what we have. It fosters a sense of optimism and appreciation that fuels our ability to navigate difficulties with a positive outlook.

7. Celebrate Small Wins:

The road to resilience isn't linear. There will be setbacks. But don't underestimate the power of celebrating small victories along the way. Each hurdle we overcome, no matter how minor, is a testament to our strength and perseverance. Acknowledging these wins reinforces a belief in our ability to keep going.

8. Take Care of Yourself:

Resilience starts with self-care. Prioritizing a healthy lifestyle – eating nutritious food, getting enough sleep, and exercising regularly – provides a solid foundation for mental and physical well-being. Take breaks when needed, engage in activities you enjoy, and get help if you're struggling. A well-rested and cared-for self is better equipped to handle challenges.

Resilience in Action:

Let's see how these principles can be applied to everyday situations:

• Job Interview Rejection: You didn't get the job. Analyze why (if possible) and use it to improve your interviewing skills. Maintain a positive outlook and keep applying.
• Fight with a Friend: Practice acceptance – disagreements happen. Focus on communication and problem-solving to resolve the issue.
• Health Scare: Focus on getting the best treatment and maintain a positive outlook. Lean on your support network and take care of yourself physically and mentally.

Remember, resilience isn't built overnight. It's a continuous process. By incorporating these practices into your daily life, you'll cultivate a strength that allows you to not only bounce back from challenges but to emerge stronger and more prepared for whatever life throws your way. So, face life's curveballs with a resilient spirit, and watch yourself rise above them, ready to conquer whatever comes next.

One thing all marketers should excel at is getting more mileage from their content. You are in need of regular content across so many different platforms and for multiple purposes, so it’s wasteful if you don’t maximize the use of every piece.

There are two ways AI (artificial intelligence) can help you with this concept. First, if you’re a marketer who purchases private label rights (PLR), you can get more out of your readymade content by pairing it with AI.

For example, let’s say you bought a 400-word article about survival gardening. You can feed that into an AI tool and ask it to expand on the topic so that you have a 1,500-word pillar blog post that has potential to rank well in the SERPs (search engine results pages).

You can also ask it to change the slants or personalization for the piece of PLR so that you can use it for multiple audiences. A simple article about self defense for survival can be altered from a general audience to one for women, or one for non-lethal methods.

Repurposing content is another way AI can help you get more from your content. Whether it’s PLR that you bought or content you created (or even had AI create), this is something AI excels at.

So if you created a blog post, you can have AI repurpose it into many different formats. It can extract something for a social quote poster. It can take the main points and turn them into a listicle article.

It can take the steps in the article and create an infographic, even telling you what icons or images should accompany each one. It will take long sections and distill it into a phrase or sentence.

If you need a Pinterest image, it can create that for you – or something visually stunning for Instagram. If you want to turn your article into a podcast episode, it can do that – using your article as a transcription but adding more natural talking points to it.

It can do the same for turning it into a video, making it into a script you can use and even telling you what to put on the slides if you’re making a slideshow presentation. Now you instantly have a blog post, social media content, audio and video elements from one piece of content.

If you want to turn a 30 minute YouTube video into a 6-second short form TikTok video, it can tell you how to do that, too. You can even have it take materials and create outlines for Webinars or live streams if you want to repurpose it in that manner.

One things many marketers have trouble with is traffic generation. They spend hours research topics, using keywords and trying to gain traction, but it never happens. They envy people with deep pockets who can spend money on ad campaigns, targeting the perfect audience to showcase their ads to.

But whether you’re using free traffic strategies or paid campaigns, artificial intelligence (AI) can help you get more conversions. All of the content in the world won’t help if your content doesn’t get the clickthrough, or findability that it deserves.

High conversions require many different elements that AI can assist you with, starting with knowing what your target audience is even interested in. You wouldn’t believe how many marketers don’t bother researching what the needs of their audience are.

Part of getting the clickthroughs you want is based on the topic, but also how it’s presented. The slant matters – as does the personalization showing it’s tailored directly to their needs.

Ai can help you develop a content strategy that appeals to your audience more than generic content will. For example, a blog post titled, “Tips for Better Marketing Strategies” isn’t going to results in much traffic.

But if you target an audience and use something like, “10 Easy-to-Implement Marketing Strategies for Seniors,” it’s more likely to get their attention and make them want to see what you have to say.

In addition to audiences and slants, Ai is going to help you master search engine optimization (SEO). It can see what’s performing at the top of the SERPs (search engine results pages), and give you an action plan to bump those top ranking sites and replace them with your own link.

Every little thing that play a role in whether or not people go to your site via organic methods can be boosted by AI. Even making sure your site is user and mobile-friendly so you don’t sabotage your ability to rank in Google can be improved by AI.

For paid ads, AI can help with making sure your targeting is on point. You’ll have a precision-based campaign based on the right demographic and it can come up with split testing options to maximize the ROI (return on investment) for you.

If there is any sort of bottleneck in your funnel – from the time your audience sees your initial content to the time they abandon your link or offer, AI can help you identify and take corrective measures to prevent any obstacles in your business.