Prepare for a crisis with the power of recurring income
Will your business survive if you go through a crisis in your personal life that inhibits you from working as usual? Suddenly things can get out of your control and you have to be prepared for it! The solution to these contingencies is to have a recurring source of income.
I have spent years proclaiming that every online business should have at least one source of recurring income.
If you do not know what a recurring income is, it is money that you receive every month, all year round, even if you are not launching new products or services. They have the great advantage of stabilizing your monthly income and giving you what every woman is looking for: the assurance that there will always be money!
The best known way to receive this type of income is with a membership program, in which you deliver your information and service in exchange for monthly payments from your customers.
They can be low cost memberships, for 10 to 20 dollars a month, or high cost memberships, such as group coaching programs, where people pay several hundred dollars a month to access your products and services.
All of these programs have one factor in common: money flows into your bank account endlessly, every month, all year.
The first time I realized the power of recurring income was when I went on vacation for a month with my family, 4 years ago. During that month, there was no decrease in my income. Quite the contrary: more members enrolled in the program that I had at the time!
Now I learned about the power of recurring income from a very different angle:
My father was seriously ill and I had to drop everything to be by his side. In what little free time I had left, I tried to write my newsletters and articles that I usually send, but I was not able.
I was emotionally devastated, because I had to accept that, inevitably, she was soon going to leave us. Aside from being dedicated to spending as much time with him, my pain was so great that I could not carry out the routine duties of my business.
A totally new situation for me, since I am usually very disciplined to meet my clients and followers, whatever my circumstance.
But this time it was different: he just couldn't work!
However, my business never stagnated. Recurring income came in every day and I was able to ignore my finances, trusting that my membership system was going to function faithfully, as it has for many years now.
My father passed away, but I am calm, because he suffered little pain and is now at peace. More than anything, I am deeply grateful to God for the time I spent with her, along with my sisters, during her last days of life.
And now that I am back home, ready to resume my life and responsibilities, I see with great satisfaction that my income continued to come in during my absence.
Every day, like a clock. That is the great power of recurring money!
If you want more guidance on how I can help you monetize your mission with a solid online business that allows you to earn the money you are worth while helping many people, apply for a strategy session with me and let's talk!
