There’s often a misconception about recurring revenue that it is income made passively. Like you can go to sleep and wake up..and magically you have made money.
Unfortunately it doesn’t work this way.
Believe me, I know! I have a few streams of passive income myself.
Here’s the real deal. 👇🏼
Passive income is a real thing. It’s not very well explained online in some cases.
But…it can have a big impact on your life. If you want it to.
The caveat is that you will have to put work into the asset in the beginning.
Ready? Let’s dig in then.
What’s the difference between recurring revenue and passive income?
First of all, let’s be clear about terminology. We need to be clear.
Lisa Johnson, queen of all things passive income, points this out beautifully by calling it recurring revenue rather than passive income. It suggests you make money regularly from something you have spent time creating. Every so often, you may need to spend time updating it or adding to it.
This could be:
A course
A workshop
A membership
A group program
A digital download
A template
A piece of content like a blog post
This site contains affiliate links to products. I may receive a commission for purchases made through these links. This doesn’t affect the price you pay, or if it is free, it will remain free. Know that I only promote products that I know, use, like, and trust. If it was 💩 you wouldn’t be hearing about it from me x
Why create recurring revenue streams?
Everyone has a big why. My big why was that I wanted out of teaching. I didn’t find any joy in it, and it was damaging my health. Plus, all the draining BS admin tasks sucked all the enjoyment I felt spending time with children.
I had reached the point where I’m pretty sure I was depressed, but I had pushed myself to teach for so long that I felt like a robot.
My other big whys were I wanted to spend more quality time with my husband, and I wanted to be able to travel with him.
What is my big why in 2024?
Now I have successfully exited teaching, and we are living in Malta, my ‘why’ has shifted to something even bigger! It’s to help as many people as possible overcome website tech overwhelm.
What could your big why be? Feel free to comment, so you give yourself some accountability to start. There’s nothing quite like sharing your intentions online to give yourself a big kick of motivation.
Plus, I will be your cheerleader!
Anyway, here are other reasons to create your first recurring revenue stream:
Stop trading time for money
Recurring revenue can alleviate the need for you to be working as much as you do now. If you have set it up, it can be running in the background, bringing you money in, which all adds to your income for the month.
EXAMPLE IN CONTEXT
I have a mini course called Email Newsletters Made Easy that I have launched a couple of times, so I could ensure it is stellar quality. (Feedback from students on their experiences and content). I have set it to run in the background now via my course platform Thrivecart.
Achieve financial freedom
The more recurring revenue streams you can set up for yourself the better, as it will accelerate you to a life where you have more time freedom. Even £1000 extra a month gives you choices like whether you want to work 5 days a week or 4.
EXAMPLE IN CONTEXT
My recurring stream of revenue from a blog post allowed me to scale down my primary teaching role while I was setting up my copywriting business.
Dawn Baxter could stay in Fuerteventura with her family for three months. Hear more about her recurring revenue story here.
Charlie Day is able to spend more time with her son and take school holidays without worrying about money anymore. Hear more about her recurring revenue story here.
Reach more people with your services
Imagine this – you go from being fully booked out every week. That might look like 3 clients or 5 or whatever your number is.
You may be exhausted from expending all that energy, especially if you are a coach.
Imagine having a group of 50 or more people paying you to help them. Plus, you can guide them at the same time. Say you spend 5 hours a week helping them. Boom – that’s more time for you.
Do what brings you joy
You could decide that you set up something completely different to your business. Or maybe you concentrate on one thing that you particularly enjoy. I am such a tech geek, I enjoy helping people with their websites and teaching some of them how to build their own websites, so I am developing trainings on those things. I enjoy seeing people going from being overwhelmed to ‘I got this!’
EXAMPLE IN CONTEXT
I set up a template and training shop. Here is an example of a training many people need when they first start building their email list. Lead Magnet Set Up Tutorial
Can anyone set up a recurring revenue stream?
There’s no reason why anyone can’t do it. Look at me, for example. A primary school teacher from Lancashire. Of course you can do it.
What I would recommend would be to learn from someone who has been extremely successful doing the same thing.
My friend Lisa Johnson has made over £4m last year alone and 95% of her revenue comes from passive and semi-passive income streams. I’m partnering with her because she gets people results and has a no-nonsense, clear teaching style.
She’s running a free 4 day challenge, ‘Race to Recurring Revenue’ starting February 26th.
She’s going to explain the WHAT, the WHY, and most importantly the HOW of setting up your own recurring revenue, whether you have a business or not.
(Which many challenges skip out)
I may make a commission if you join through this link, but it won’t affect this being free for you.
I am deeply passionate about sharing this opportunity with you and want the same success for you, that this ordinary ex-primary school teacher from Darwen achieved.
Register below for one of the last spots!
Comments +