We have all heard the saying, “sell it once and get paid forever”. People often associate this with books, write it once and sell it again and again. Make a movie / record a song and get paid each time it plays. Invent an item and claim IP which pays a royalty for its lifespan.
Although there is some truth in this saying it is not really possible to get paid forever as everything needs an upgrade at some time or becomes superseded through innovation / trend. However, most businesses can be designed to have a recurring income stream using this concept - even if it is for a limited lifespan - there is always the opportunity to ‘write a revised book and sell it again and again and again’.
Could your business develop a subscription based product/service or maintenance contract/agreement or partnership program that delivers income with little effort on a recurring basis?
Phone Companies do it ... Here are an interesting article on the value of subscription based opportunities. It’s all about your ability to take on innovation and implement new strategy or simply look at some area in your business that will enable an additional income stream to be developed – call the Rise Team for ideas on how your business can increase its revenue and ultimate value.
