Hello! I’ve been in Toronto, Canada, for the last week studying recurring revenue models for business with over 400 other business owners. It was so inspiring.
If you’re not quite sure what a recurring revenue model looks like, let me explain.
A membership business like ours, where people pay a small monthly fee in exchange for a service is one example. Another is your Netflix account, your Spotify account or the monthly fee you might pay for your bookkeeping software.
Finding ways to increase the number of times someone transacts with you is a great way to build a more sustainable business and a steady cash flow.
I look forward to sharing more about this in our members’ community over the coming weeks and months.
I love diving into a new area of study. As business owners, our education is what allows us to stay ahead of the competition, to grow and pivot our business.
Over the 20-plus years in business, I’ve pivoted many times — new markets, new pricing models, new products and services. And each time, the steps I’ve taken (not always in this order) have been:
- Choose the area I want to master
- Find a mentor
- Find a community
- Find the source of knowledge and education
And then I study, study, study and implement, implement, implement until I see results.
Implementing is, of course, the key to seeing results. With that step, studying alone can be a way to procrastinate.
What would you like study and be a master of to move your business forward? I’d love to know.
Here’s to doing what you love,
Suzi Dafnis
CEO
HerBusiness
