I want to take you through a journey of how to grow your business in a way that is aligned to your soul and creates a bigger impact in the world, but also gets you the most consistent revenue streams (so you can run this business for longer without burnout!).
The most important revenue stream for a wellness entrepreneur is…
Monthly recurring revenue!
And why do you ask? Because it creates a consistency in the income that you earn, and also a sense of security that ignite the foundation in your first chakra.
So let’s talk about three different forms of monthly recurring revenue…
If you own a yoga studio or you are part of a gym, you know that when somebody creates or signs a membership, you’re like, “Yay, they’re committed,” right? They want to be part of your business day in, day out for months to come.
The beauty of a membership is first of all, that commitment part. Second of all, it’s also the fact that you are getting this predictable income.
Now, a membership can come in all sorts of different ways. Think of all the different memberships that you’re part of. Think Amazon, Netflix, your Yoga studio, your gym, and if you can think of more, put them down in the comments below. You can have a broad range of membership types for your different service offerings.
Two: Pre-selling Packages
You want to have your membership-based something and you might consider having a longer high-end package that has a higher price point, and that if people are doing payment plans, the payment plan is a little bit more expensive than if they were to pay in full.
Now you can sell maybe a four-month or a six-month or a year-long coaching, wellness, yoga, insert your specialty here, package. There’s a difference between a membership because in a membership, what people are getting is just auto renew, right? Versus a monthly payment plan.
Three: Passive Income
And that might be, for example, if you’re part of a network marketing. I’m part of doTERRA. You can create a steady stream of income that is based on monthly orders from customers. It’s not a membership, but you are creating a potential monthly recurring revenue based on volume of sales.
I know that network marketing is a little bit different than our traditional business models, but it’s still worthy to mention because it’s growing. It’s very attractive to a lot of us in the wellness space because we can promote products that we believe in. Don’t take it lightly that you can make a good living from it, but you do have to work your butt off like all businesses.
Now, these three monthly recurring revenue streams of income to me are like the golden nugget at the end of the rainbow or the pot of gold at the end of the rainbow. There’s different ways that you can create memberships that are product based, that are service-based, and the different price points. Connect to your strengths.
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