Significance of Creating a Recurring Revenue Business with Wordpress
By Shira Gray
Do you think it's easy to make an adequate amount of money by using a WordPress website? Of course not but it is doable! Gone are the days when developing a website seemed to be one of the most tiring jobs as it included a team of tech-savvy geeks working round the clock in a super crowded environment, coupled with sleepless nights and investment of accounted money. If you would have asked me initially, this was the actual scenario. But the table has turned now. Creating a website that makes money for you is no longer a luxury; it has become more like a norm for any business all thanks to evolving content management systems like WordPress.
Try to imagine this situation where you can enjoy full two weeks' vacation at the seashore. All your business work can be done via a phone call where you receive a quick update on the team's accomplishments (all great), and the revenue numbers for the week (really great). Sound impossible, right? Well, this is what a recurring revenue business model is all about. And it is indeed too good to be true.
If you know the drill well, you can make the things work accordingly!
Incorporating a recurring revenue business model is neither any rocket science nor does it require one to achieve some kind of Ph.D. In fact, creating such kind of model with a WordPress website is a wise decision to make. All you require is:
- Right idea
- Right set of tools
- Right strategy
Before we proceed further, let me clarify why many other business pioneers and I consider recurring revenue the Holy Grail? Time to get acquainted with some significant advantages it brings to the table.
#1 Business becomes more stable
One of the most challenging aspects encountered by every entrepreneur using WordPress is managing the cash flow. Let's imagine a situation where you're billing on a project at regular intervals, or you need it to be done on an hourly basis. Now the problem is you need to be continually filling your sales funnel with new prospects. And as soon as you stop prospecting, it's reasonable to expect a dry spell or being smashed down the road. Another problem here is, even you are working with your clients for today, chances are there of you not getting paid until tomorrow. So the moral of the story here is accounts can become a real thorn in the side of most WordPress business owners. How a recurring business model can benefit here?
Well, without delving much into the details, I can say that recurring revenue goes a long way towards solving such crisis. However, it has nothing to do with not seeking around for new clients, or you will get paid on the due date. Instead, of recurring revenue can definitely aid by reducing some of the road bumps. Moreover, it will definitely smoothen out your revenue which eventually makes it much easier to perform accurate financial projections.
#2 Establish long term relationships
Maintaining client relationship even after the project ends can be extremely difficult at times. I mean the longer you are out of touch with a client, the more likely it is that someone else's sales pitch will tempt them.
Adding a recurring revenue component to your business means you won't just be in touch of your clients every now and then, but you will be able to provide some additional value which further cements your relationship. It's worth remembering that strong client relationships are the backbone of a successful business.
Lastly, Airbnb, Uber, Udemy, Upwork are some of the best case studies to start off your day with- going through them will definitely get you inspired. Besides, these are the best examples for different markets built using WordPress. So, you can have a great exposure!Recurring revenue business ideas using WordPress: let's dive into some viable options...
This one is quite a surprise for me as well! An online platform called Pianopp.com offers the best possible services for beginners who are passionate about learning a musical instrument in particular (especially piano). Mainly intended for French-speaking countries, a wide variety of video lessons are available on the website. Basically, the main objective was to launch a website where students can browse through free or subscription-based piano lessons existing songs any time they want. Whether the customer chooses monthly or yearly subscription, revenue can be easily gained on a recurring basis. All they have to do is access the piano songs.
Gone are the days when WordPress was merely considered as another blogging platform, these days combining WordPress with eCommerce business is regarded as a profit-spinning move. A beauty company Kopari succeeded in creating a situation where customers on a recurring basis were compelled to order one of their best products- coconut-based skincare. They came up with the new subscription program, which eventually aided the company in gaining rich insights into customer behaviors. In addition to this, they also studied hard just to figure out which product was frequently being bought by their customer. As a result, they have succeeded in fine-tuning their product recommendations.
Real estate industry:
Another interesting online platform called Ready to rent is a great example when it comes to deliver housing education, especially for those who aim to grow in the real estate field. The website provides all the relevant information about the available courses. Initially based on Event Espresso and Formidable Forms plugins, the company wasn't satisfied with the end result. Therefore, they started using the WooCommerce plugin and ended up simplifying the process and automated it significantly. As soon as the organization fills in the corresponding form, the course is automatically showcased. Speaking of the recurring revenue, the platform charges for the tickets which are also automated to attend the courses.
Other ways to make money with a WordPress Website
- Blogging & Writing
- Freelancers & Agencies
- Plugins & Themes
- Recurring Revenue Products & Services
- Memberships & Online Courses
Like I said before, it may seem a bit tricky to build a one-off sales solution, but it is a doable venture! And once you do this, there will be no turning back!
Shira Gray is working as a Business Development Executive at WordPress Development Company – eTatvaSoft. She writes about emerging technologies. Being a tech geek, she keeps a close watch over the industry focusing on the latest technology news and gadgets. Visit this to know more information about the company.