One of the key benefits of a 9–5 job is a steady paycheck. But many people are turning away from the corporate life for the creator economy because of the freedom it can give them. However, as a content creator your income can vary month to month depending on what brand deals you may have or how much content you’re putting out, and this can make it difficult to budget your life accordingly. How can you create consistent revenue streams just by sharing your knowledge and expertise or Turn Your Knowledge? That’s where developing products that can drive recurring revenue comes in.
First let’s start off by answering: what is recurring revenue?
Simply put, recurring revenue is income that a business can count on receiving every single month – a predictable income stream!
Recurring revenue can work in almost any industry, and that includes the creator economy.
Content creators love recurring revenue streams because it means they can reach more people, they can worry less about bringing in money and more about creating content, and they can continue to grow their business without having to work 24/7. Recurring revenue is what leads to financial freedom.
So, how can you make that happen? Keep reading to learn how to monetize content and your knowledge and create recurring revenue.
Create an Online Course or Guide
Online courses are a great way to make money as a content creator. Courses can take a lot of time and effort to develop up front, but once the product is finished it can be sold for months, or even years, afterwards without needing to add any more additional content. To ensure that revenue keeps coming in from your course or guide, making sure that it can easily be found on your website or social channels is key.
While many creators charge a one-time fee for online courses, you can also have a subscription-based model where your audience pays monthly or annually for access or pays an additional fee in order to ask you a question.
Host Live Classes Online
Many people like to learn in small group settings because it allows them to interact and learn directly from the person sharing their knowledge. And it’s more cost-friendly than a one-on-one session. Live online classes are great because they allow you to reach customers and followers no matter where they are in the world.
By creating a regular schedule for your classes, you create a steadier income that is more predictable. Offering both beginner-friendly and more advanced classes can turn one-time customers into repeat customers. And to create ongoing revenue from just one class, you can always sell the event recordings afterwards.
Create a Fan Subscription or Community
People join communities for various reasons, including wanting to gain a closer relationship with a creator, accountability, access to resources, mentoring, and mutual support. For creators, communities or fan subscriptions are great options because they allow you to deliver an elevated content experience for your audience and help them learn from firsthand experience from both you and other members of your community.
They’re a designated space for premium content for those willing to pay more for deeper engagement. By offering access in a monthly or annual subscription, you’re ensuring content monetization and income every month.
The personal coaching industry is expected to reach over a billion dollars in the U.S. alone by 2022. So offering coaching and consulting services is an avenue anyone looking to make money off their knowledge should look into. It can also be a great upsell to your core content that you make or other digital products that you’re selling.
Some people will only need one consulting session to ask for general advice or receive feedback on a particular project they’re working on. But there are many others who will want recurring sessions for check-ins on progress or for accountability.
Recurring revenue is essential to any business owner who wants predictability or stability. The same is true for any content creator. And luckily, there are many ways to ensure that you get regular income on a monthly basis. Check out Retrieve.com to kick start your recurring revenue with video monetization today!