When I say the words “revenue model” what do you think of? If you haven’t been thinking in terms of building a business for very long those words may not mean much to you at all. But they are very important because the type of revenue model you choose will dictate what kind of income you receive from your business and how often you receive it.
And it could also determine significant aspects of the lifestyle you’re able to live.
On this episode, I’m going to walk you through 5 different revenue models, explain them plainly so anybody can understand how each of them is different, and tell you what I see as the advantages and disadvantages of each one. I hope you stick around.
Outline of This Episode: 5 REVENUE MODELS
- [0:44] What this podcast is all about!
- [1:16] The different revenue models will determine your lifestyle and income.
- [2:25] The one-time sale (primarily product sales) – pros and cons.
- [5:06] The repeat purchase sale (products that run out and need replenished)
- [7:05] Recurring or subscription services or products (repeating payments).
- [9:48] The Podcast Fast Track model as an example of tweaking as you go.
- [15:48] Passive income (sounds great, what is it?)
- [16:59] The Pass The Safe Exam example of passive income (sort of).
- [21:01] How significant can passive income be?
- [25:20] Presentations and speeches (one-time really, but much more income possibility).
- [27:06] Why you need to seek the LORD regarding your revenue model choice.
Why I think Netflix is ingenious – even though I once thought it was a stupid idea.
Yep. When Netflix first came out I thought it was a stupid idea. That was back when the first iteration of Netflix was DVDs you could order and have shipped to you in the mail. The company still does that but as you know, Netflix now offers online streaming of movies and TV shows AND has become its own movie studio as well. And the revenue model Netflix has chosen is what I think is so smart. Recurring income.
Let me say that again. RECURRING INCOME.
On this episode, I’m going to give you some examples of how YOU can create a recurring income business… if you take the time to think it through and figure out how to make it work. Come on, I know you can do it!
Did you realize that your revenue model will in large part dictate your lifestyle?
It’s true. If you build a business that is based on a one-time sales experience – in other words, your customer comes to you to buy one time and one time only – then you have saddled yourself with having to go out and find NEW customers over and over and over. That takes a lot of work. That takes a lot of time. That takes a lot of YOU. Your lifestyle is going to be centered around your business rather than the other way around. Find out how you can avoid this trap, on this episode.
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