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The barber can become a hairstylist; the masseuse can become a massage therapist; the writer can become a content developer. The trick: Repackaging, like rebranding, has to be complete.It may involve sweeping changes such as relocating or rebuilding a client list, so be sure you know what repackaging will involve before you do it.
The recurring revenue model is a business model based on predictable revenues occurring at regular intervals going forward with a relatively high degree of certainty.
The recurring revenue model is very important to businesses that are concerned with maintaining a constant and consistent stream of revenue.
Who would you rather be; the poorly paid public defender or the glamorous defense attorney that people are willing to pay huge sums?
Here’s a secret; there are many professions where you can move from one to another.
And you can only raise your hourly or project rate so much before you price yourself right out of the market.
Which means your service business has a profit ceiling — a ceiling that may not allow you to make the income you need.And don’t limit yourself to thinking only in terms of a business to consumer business model; consider changing to a business to business or even business to government model.Governments, in particular, are notorious for paying more for products and services than other potential clients.How can you break through and grow your service business’s profits? Change your revenue model so that your service business’s profits (and your income) are no longer dependent on you.There is absolutely no written rule anywhere that says a small business has to be a product-based business or a service business.Think how much more income you would have if instead of paying you to do one thing, your clients or customers just kept paying you. For example, if you are a web designer, you could offer a service of maintaining the website with monthly or annual fees, instead of just designing a website for someone.Or if your business is installing irrigation systems, you could also offer a maintenance service to your customers that would involve turning off the system for the winter and turning it on in the spring — a truly brilliant idea because it would also give you the opportunity to check the system over twice a year and spot any repairs that needed to be made.Add the right products and your profits could increase exponentially!This is another obvious way to change the revenue model that many service businesses have used successfully.Right now there’s a fuss being made about differential pricing.But differential pricing has existed since the first homo sapiens made a sale; different people have always been willing to pay different prices for the same thing, so there have always been striated markets from low-end to high-end.