Hi Warrior,
Here's the thing.
Every business owner will reach a particular crossroads in their career:
Will they stay where they are?
Or will they take the risk at the chance of getting a higher reward?
If you're at that point and you choose to move on to the next level
Then I've got just a tip for you:
Shift to a recurring revenue model ASAP.
Why?
Because a recurring revenue model means you'll no longer get by with just one-off transactions.
Instead of single purchases
You'll create ongoing relationships with your customers through pre-authorized payments or a monthly subscription.
With this, you'll no longer have to constantly do a complex close to generate the revenue you want.
Take H. Bloom, for example.
It's one of the world's top luxury floral brand companies.
But before all that
One of H.Bloom's co-founders first recognized a great opportunity in the floral industry:
He realized that the company could take advantage of the recurring purchase cadence among his clientele.
So, the company shifted from transaction-based relationships to year-round contracts.
They expanded their service from catering to single-purchase individuals.
To provide flowers to establishments such as hotels, restaurants, and spas.
And before you know it.
These annual contracts boosted their recurring revenue.
Plus, it allowed them to reduce inventory costs of spoiled flowers to only 2% compared to the industry average of 55%.
Adapting a subscription-based business model allowed them to predict the resources they needed.
It also lets them minimize costs, increase efficiency, and ultimately boost their bottom line.
The story of H. Bloom proves that business owners can predict future profitability.
That's if you decide to shift to a recurring revenue model.
So if you're now convinced to move a step in the right direction for your business.
Join our Facebook Group today!
With Gratitude,
- Kirk
P.S. If you are ready to start elevating your business today ... My friend, here are three ways I can help you.
Unlock exclusive sneak peek resources to help scale your business.
In The Wealthy Entrepreneur, you'll learn the Vision to Results framework and how to turn your business's vision into a roadmap for realizing financial results.
Stay within your dream. Take action to achieve greater levels of success by implementing the systems and genuine accountability you need to stay on track to realizing your Million Dollar Year.
Comments