How to Stop Playing Catch-Up: The Power of Monthly Recurring Revenue

Tired of starting at zero every single month in your business? In this episode, we dive into the power of monthly recurring revenue (MRR) and how subscriptions, retainers, and commitments can create stability, freedom, and abundance in your business! 

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Transcript

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I want to ask you, are you starting at zero every single freaking month? Are you tired of starting zero? Are you tired of starting at a low number every single month to grow your business, there's this thing that when we start at zero every single month, you always feel like you're playing catch up when you do not have month, what we call monthly recurring revenue. MRR, monthly recurring revenue, you you have to show up differently when you don't have that, you feel like you're always behind. This is why subscription programs. Memberships are so popular because businesses realized I'm literally starting at zero every single month. Why can't I be smarter about this? Take it like I'm going to age myself here, but take from like Blockbuster to Netflix. Even when Netflix first started, you paid a monthly fee. You got your little DVDs in the mail, but they re like, did the whole model right? And so where are you literally leaving money on the table where people want more of what you have to offer, where people pop in, pay you, and then they leave. Maybe they're coming back every few months. What it this depends whether you're product based business, whether you sell things all the time, whether you offer coaching services, there's so many different modalities here, right? But when you start at zero every month, it doesn't feel good, because you're always starting at zero. If you're starting at zero, and your goal is $1,000 a month, and then you gotta find $1,000 a month if your goal, if you're starting at zero, but your next goal is$5,000 a month, but you're still starting at zero every month, you're still trying to grow that$5,000 revenue every month, Right? Much less 1015, 2025, 3035, $40,000 months. I, thank goodness do not start a zero. And there are many reasons for this number one, even when I did even when I did social media services or when I ran ads for clients, I always started with a retainer, meaning that they committed to 90 days with me, six months with me, and then most of them stayed on for years, but there was a minimum commitment. And the reason that we do that in social media, in marketing, is because you can't just join for a month and expect millions of dollars in results. You really don't see results in almost anything until after a consistent 90 days. If you are a health coach, if you are a I'm going to use coaches because it's easier, but a service provider that does social media, that does marketing, that does SEO, if you are a life coach, right? There are things that the person has to do. Go through an experience, through that, 90 days, six months, whatever your minimum is, right? That you help them overcome. And we need time for that. The other thing is, is that almost every one of my programs have a commitment. Why? So just because I like having commitments? Nope, it's because having commitments changed my life. The reason I didn't join my first mastermind is because I had a really hard time. Took me six months to join. Rather, I had a really hard time imagining where I would be in a year, and I knew it was a year commitment, but I am who I am because I overcame that and I signed on for the year commitment, plain and simple, when I first started my inner circle today, 2021, four years ago, originally it was a six month commitment. It's now 12 month commitment. I. The majority of those people are still here because they made a commitment to themselves, and when it got hard, they figured it out when I joined that first mastermind quickly, I'm going to tell you this, I had my best month ever. I joined. I had a good month, and then I had my worst month ever. If I didn't have a commitment, I would have left in that worst month, because it would have been easier to leave and walk away. But how many people are business owners, and how many of you are like, there ain't nothing easy about this that made me who I am, that made me who I am, because I couldn't walk away. I had to figure it out. I'm not saying it was fun, but I'm thankful for it, having a payment like that. At the time, the first mastermind I joined was $1,000 a month. It was, it was like, Oh my gosh, this is a house payment. It was so hard to pay that when I went from having my best month to my worst month. But I figured it out. And the next month after, that wasn't any better financially in my business, but guess what? I made it work the month before, and I made it work again, and I made it work again, and then things started turning around because I persevered. So to me, commitment is the reason I'm where I'm at, because commitment keeps you from giving up. Commitment also creates monthly recurring revenue. Payment Plans create a certain time of monthly recurring revenue. Amazing customer experience creates monthly recurring revenue. We just talked about that today in the visibility impact experience, like all of the things I've done, not so people will stay, but because I care and I over freaking deliver all the time. For an example, we used to have two events, two in person events for the visible inner circle. And they love them so much. They said, Can we do this more? And I was like, Yeah, let's do it. So instead of having two a year, one every six months, we have one every quarter. And we took the 90 minute call and shortened it to an hour. I listened, I delivered, I over, delivered, and then we added one event, one two day event in Orlando, which we're going to next week. My clients love this trip. My clients love these days together. They get so much done. One of my clients two years ago told me she didn't think I could ever top it. She keeps coming back, though, because customer experience, client experience, hearing your clients, helping your clients feel seen. That creates a heck of a lot of monthly recurring revenue. People lead my programs all the time they come back. I have more repeat customers than anybody else I know, because I do the little things that matter my biz Warner circle said I just need time to do something on my I need like on my calendar. I said, Okay, well, Friday, let's have a four hour work session. Let's go no excuses. Let's do it. I It's the little things. It's not always the big things. It's the little things. Hear them over deliver the four hour work session doesn't cost me anything. Cost me my time, but I have stuff done, get done too, so I'm fine with it. Going to Orlando. Cost me something, but also I can get something out of it too. The more my clients thrive, the more they are going to stay monthly recurring revenue. I starting at zero every single month is not fun, and you get to find ways to correct whatever you've done in your business, or how you've how you've set up and structured your business to create monthly recurring revenue. So. It, because if you don't, you always feel like you're behind. Now, if you are somebody who loves to sell and loves to be on all the time, or maybe you run ads and you're like, I'm okay with it, that's okay too, but I like having the base of a monthly recurring revenue and then all the bonuses on top of that. So the one time offers, I was talking about my$7 birthday cash injection offer a lot this weekend, and people bought it again, just the bonuses on top. And it's like, how can we do more of this in our business so that we don't always feel like we're starting at zero, starting at $1,000 month recurring revenue helps you get to 5000 quicker. Starting at 5000 or having 5000 monthly recurring revenue helps you get to 10,000 quicker. You build and you build and you build and you build and you have a lot more abundance, and you have a lot more freedom, because you're not starting at zero every single month. So where can you create a membership with commitments or a minimum time commitment? Where can you create payment plans? Where can you create retainers? There's so many opportunities, subscriptions, memberships. There's so many opportunities to not start at zero every month. And if you're not prioritizing them, you're always going to feel behind, and you're always going to feel like, Oh my gosh. And I want you feeling in abundance and overflow, not lack. And the perfect way to do that, and the best way to do that is to have monthly recurring revenue, prioritizing that and making sure that you are attracting the right person who is for that and sharing the result that they're going to get from that, and then when they get in over, deliver, like, over and over and over, because you just love it and you're enjoying the process. And watch them stay, and watch them invite other people, and watch your business and your monthly recurring revenue keep growing so.