Welcome to another episode of Digital Marketing For Coaches and Consultants, hosted by Dr. Terri Levine. In this enlightening episode, Dr. Terri Levine breaks down the concept of recurring income, defining it as the steady earnings you receive monthly without actively selling your services.
Dr. Terri Levine also highlights the existing gap in the coaching and consulting industry and emphasizes the need to bridge this gap by developing a recurring income mindset.
Wondering why recurring income is so important? It provides stability and consistency to your earnings, alleviating the stress of constantly seeking new clients. Furthermore, it enables you to understand the lifetime value of your customers, empowering you to make informed decisions for long-term success.
Tune in for more insights!
Key Highlights From The Episode:
[00:40] Today’s focus; Recurring Income
[01:01] What is recurring income?
[02:17] The gap in the coaching & consulting industry
[03:06] Developing a recurring income mindset
[04:28] The importance of recurring income
Golden Nuggets:
- Recurring income is the income you keep getting monthly without actively selling [01:23]
- Having recurring income gives you predictability & stability and helps you understand the lifetime value of your customer [04:29]
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Full Transcript:
Hey there, welcome back to Digital Marketing for Coaches & Consultants. This is Dr. Terri Levine. And today, I want to talk to you a little bit about recurring income, and why recurring income is so important for your business. I really want you to be building your recurring income to a minimum of $10,000 a month, or more. Now, for fun, I looked up the definition of recurring income. And basically, it means, quote, “Residual or passive income that is earned by creating or acquiring an asset that continues to pay off profits regardless of the fact of any active work being done or not being done.”
So, let me make it really simple in my terms, it’s income that you keep getting on a monthly basis, without actively selling, without actively bringing in new sales, without you actually getting out there and hunting for client family members, and instead, all you’re doing is delivering on your promises. Now, let’s just say, if you were to take off for, I don’t know, three months a year, six months a year, maybe even 12 months a year, could you actually do that in your business right now? You take off, three, six,12 months, you don’t sell at all, how long could you get by? Would you have income that came in every single month even if you weren’t working, even if you weren’t actively promoting anything?
If not, then the way you’ve set up your business is you have to, literally, go chase money every single month, you have to have the next big thing, the next big program, the next big launch. And there’s a massive gap that I see in the industries of coaching and consulting right now, and that is that people are relying on their next launch, or new sales, or very focused on short-term results, and they don’t understand how to stack their monthly income. I focus — with my own business, and with the businesses of my client family members — on recurring income. So, every single month, money is continuing to come in, and it builds higher, and higher, and higher.
And today, that is my goal for you. You see, the focus that people have today is one launch. And then, the next month, they’re like, “I’m freaking out, no money is coming in because I didn’t do a launch.” That’s short-term vision, it’s not a good strategy for your business. So, what I want you to be thinking about is, “How do I make recurring income that stacks up every single month?” So you’re not on that constant hamster wheel of always chasing new clients, and coming up with the next big program. What you really need is a long-term strategy so, every single month, you’re not starting through zero, money’s coming in every month. Let me tell you, that takes away a heck of a lot of stress.
And if you don’t do it that way, it’s really not a good way to do business. Let’s just say you’re ill, or something in your life happens, or maybe you just don’t want to work. Well, if you have recurring income coming in, you’re fine. If you’re focused on closing sales every month to bring in income, literally, you’re not fine. So, I want your focus to be on recurring income so that, within a month, two, maybe three at the most, just like my client family members, you can build up to $10,000 or more in recurring income every single month. Do you have recurring income right now, be honest, do you really? No matter how big or how small it is, do you have something coming in every month?
So, I’m going to be going deeper and showing you how to create at least $10,000 a month on recurring income to take all the stress away. I want you to have predictability. I want you to have stability. I want you to really understand the lifetime value of your customer, and to really get the metrics of your business. So, I’m totally here to help you here at Digital Marketing for Coaches & Consultants. Make sure you subscribe to the show. I love when you share the show and give us your five-star reviews. Thanks for tuning in, I’ll see you next time. I’m Dr. Terri Levine. Bye for now.
