Never Again

I never want this to happen again… One Thanksgiving my oldest son brought home the plague from daycare. Everyone got sick. Our infant was constantly screaming, our oldest’s temperature was breaking 103, and a sore throat made me wish I could communicate telepathically. To make matters worse, my wife “had to go to work”. Convenient excuse methinks. That was one of the darker times in our household. I’m never sending my kids to daycare again!

Disappearing Revenue As a freelancer you have seen your revenue disappear. It may have been the feast or famine cycle. Maybe a client bailed on paying. Or maybe a lead showed you his best Houdini impression in the middle of a negotiation. Then you tell yourself

I’m never letting my revenue dry up again! But when you seek consult everyone tells you that it’s a rite of passage. That this up and down cycle of freelance revenue is as inevitable as kids getting sick from daycare. Then they tell you to start a piggy bank fund and send you along your way. Well I’m here to tell you different. You can have complete control over your revenue. Saving is a great idea. It’s just not addressing the true problem: unpredictable revenue. If your kid kept gashing her head on the coffee table would you stock up on bandaids? Of course not! You’d get rid of the coffee table. (Or if you were witty like me you’d just duck tape the sharp edges)

Recurring Revenue Where your revenue is going to come from next month? Where is it going to come from six months from now? Can you answer these questions with any kind of guarantee? I can. On October 28th I’ll receive a $24,420.00 check. And I’ll receive that same check every October until I am notified otherwise. I accomplish this with a maintenance contract. This is just one of my sources for recurring revenue. I’ve built my business this way because I don’t ever want to worry about next month’s income. Next time I’m going to share with you how I landed this support contract and how you can start building the same source for your business. What about you? Do you have any sources in place for recurring revenue? What are they?