From the course: Finance Foundations for Solopreneurs
Join today to access over 22,600 courses taught by industry experts or purchase this course individually.
Membership-based revenue stream
From the course: Finance Foundations for Solopreneurs
Membership-based revenue stream
- One of the biggest challenges facing most solopreneurs is the issue of recurring revenue. Many of us have products or services that are one-off-type functions, and then we hope we get called on again when that need arises, if it arises. The issue of recurring revenue is crucial to solopreneurs. Without it, projecting predictable revenue year over year would be impossible. That's why my recommendation to every solopreneur out there is to take a cue from Amazon and Netflix and create your own membership-based revenue stream. So how does your business play like Amazon? Well one of my clients owns a small nine-person plumbing business. Due to their size, they operate in only about a 25-mile radius. Many years ago, she came up with what they call the Diamond Club. For an annual fee, members would receive certain benefits and privileges that non-members didn't have. They received an annual preventative examination and assessment of their home water pipes, and they had access to a 24/7…
Download courses and learn on the go
Watch courses on your mobile device without an internet connection. Download courses using your iOS or Android LinkedIn Learning app.