You cannot grow sustainably if you do not have the certainty that you have a minimum monthly operating budget to work with.
Establishing a strategy to manage this is the first priority for any sustainable project. How large that minimum amount should be then depends greatly on project to project. Ultimately, the height of the amount will determine your strategy.
The best strategy combines different recurring revenue streams. Thus securing that you have your monthly minimum budget to work with.
Below are 3 recurring revenue streams that could be part of any project.
1. Subscription service
The easiest way to get recurring income is to work with subscriptions. So, what product or service can you offer in the form of a subscription? An easy way to start is to sell a number of service hours on a monthly basis. You can also offer an online membership with access to digital and or physical products. Digital memberships are highly scalable so you can meet minimum operating budget relatively quickly.
2. Share and rent your office
If you have an office building, you could share it with other entrepreneurs or partners. Working together in one location promotes connection and co-creation. In addition, you then also receive a monthly rental fee.
3. Financial return
Interest on money has always been an important source of income, both for individuals and companies. Due to low interest rates on savings, this revenue stream has fallen into oblivion in recent decades. This is unjustified because you can still make cash pay off in a healthy and sustainable way. Thereby obtaining a monthly working income without spending your principal.
Join a live connection call
Would you like to know more about the strategies above? You are most welcome to join our next live connection call. This is an informal live meeting where you can connect with us and ask your questions.
Author:
Sandra De Milliano
Thank you for sharing this post to anyone who could benefit form it.
Let’s create, connect and care.
