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It’s definitely not easy to set up your freelancing business. You have to do a lot to survive in the market and build your brand. To ensure that you don’t find your freelancing business struggling to stay afloat, you must strategize to maintain the cash flow. This is where recurring income plays a crucial role.
So what’s recurring income, and how can it benefit your freelancing business? To put it in simple words, recurrent revenue refers to your business income repeated from month to month. Your clients or customers pay monthly. Revenue generated via one-time purchases does not count.
You can adopt various business models for this purpose. For instance, you can ensure that your products and services are structured such that your clients have to pay a monthly subscription fee. Another option is to offer a retainer package or give your clients the opportunity to go for a more spread-out payment plan.
Importance of Recurring Income for Freelancing Business
Why should freelancers endeavor to make arrangements for recurring revenue? Let’s face it. Freelancing can be quite an unpredictable field. There are times when you will be flooded with work while you might also have to face situations wherein finding a single client becomes a challenge.
Naturally, no business can stay afloat with such unpredictability. Additionally, if you are a freelancer, you probably have lost a client at some point. This must have made you realize how crucial diversification of income is.
You can evade a lot of such financial crunches if you take measures to maintain your recurring income. By working on a strategy that enables you to earn recurring revenue, you can ensure you use … Read More
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