👉 The secret to consistent income as an online service provider

One of the biggest issues people come to me with when I first meet them is inconsistent monthly revenue.

​This leaves so many struggling entrepreneurs, not knowing when their next pay check is going to come, unable to make strategic business decisions because they can’t forecast the next 2 months, let alone the next 6-12 months and generally running their business from a place of dysregulation and stress.

​And I know you didn’t become a business owner so you could feel that way.

And you don’t have to. One of the first things I do when working with a new client, depending on their business model, is looking at the following things within their business:

​– Do they have a recurring revenue source?​

A recurring revenue model provides consistent and predictable income and depending on the length and price of these programs can drastically reduce consistently needing to get more and more clients through the door at all times. These could look like coaching programs, memberships, subscription models or retainers

​– Do they have a way to make quick sales if they need to?​

I recommend creating a value ladder within your business with a lower-cost offer that is either ‘always on’ or exclusive for a limited time, this allows you to a) increase your likelihood to convert into a recurring revenue source from the incredible experience they receive from this offer and b) create some extra cash flow to allow for some stability

​– What does their client retention look like?​

Something that I don’t hear a lot of people talking about, (perhaps it doesn’t sound as marketable as new clients through the door?) is client retention. Client retention is a crucial part of your business strategy for any business that provides ongoing services. First and foremost, it means you’re getting your clients results and they’re happy with your offering and retaining existing clients is generally more cost-effective than acquiring new ones. In fact, acquiring a new customer can be up to five times more expensive than retaining an existing one. I have a 90% retention rate within my own business (meaning 90% of those who work with me once, will work with me again), and of course not only does this provide a more sustainable business, is an absolute joy for me, as a coach to continue to support my incredible clients grow their businesses and I truly believe in the power of long-term coaching to achieve amazing, long-lasting results.