In addition to turning your core product into recurring revenue, there’s also adding additional services for recurring revenue.

Not every business can turn the core product or service into recurring revenue.

The next best thing is to add recurring revenue products into your business.

Here are some key add-ons to consider:

Support — consider moving your support process into recurring revenue.

By charging a monthly maintenance fee you build recurring revenue and maintain contact with the customer.

This gives you the opportunity to upsell the customer to new products and maintain a relationship with them.

Training — consider setting up a series of training sessions that continually train the customer.

This works well for enterprise customers who must continually bring new hires up to speed on your product.

Since this is an ongoing process, it can be set up as a recurring revenue sub-unit.

Upgrades and updates — consider selling the upgrades on a recurring revenue basis so the customer receives new updates regularly.

Since products are often upgraded, this provides an opportunity to charge on a recurring basis.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.
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Thank you for joining your host Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.
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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.