Startup Funding Espresso – How To Switch to Recurring Revenue

How To Switch to Recurring Revenue

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Businesses without a subscription model can move to recurring revenue.

Here are some ways to take your business and make it recurring.

Set Up a members-only section on your website.

Put premium content into that section and charge a recurring fee to access it.

Membership models help you build a community of like-minded people.

Once you have a base of customers with a common interest you can upsell to other products.

Move the repeat usage of your product to recurring revenue.

Set up automated charging as a first step and later move to monthly/annual contracts.

It’s not necessary to move the entire business to a subscription.

Charge an extra fee for the non-recurring services when they occur.

For physical goods, create a subscription box in which the product arrives on a recurring basis.

One can adjust the price based on the frequency of usage or how much is included in it.

Hardware services such as IT and video surveillance can be moved to recurring revenue.

The ongoing support, data storage, and analysis can be placed on a recurring revenue model.

This could also apply to IoT devices in which the device must maintain connectivity to the network.

Consider these examples when moving your business to recurring revenue.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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