Increase Recurring Revenue
Albert Einstein is said to have said:
“Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn’t, pays it.”
Recurring revenue is a lot like compound interest. A $1,000/month contract becomes $12,000/year and $36,000 over three years. Plus, that client totally relies on your for other purchases as well.
Get fifteen of those and you’ve got $180,000 a year!
Add twenty contracts at $3,500 per month and you’ve got a million dollars.
The most beautiful thing about managed services (and cloud services) is recurring revenue. It’s built into the system. It IS the business model.
The first milestone is to get enough MRR – monthly recurring revenue – to cover expenses.
Then you get enough to cover payroll.
Then you build profit.
It’s Not Magic. It’s just really good business.
I’ve built several companies on a recurring revenue model. It’s the core of my success. And I’ve taught thousands of companies how to do this.
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