Your new business will FAIL if you do not do this! Starting a new business is easy, but your business will struggle to grow without a recurring revenue model.
With 9 out of 10 new businesses failing in the first 10 years and approximately 50% of businesses failing in the first 5 years, it is vital you watch this video before starting a small business.
If you are setting up a new business you must ensure that recurring revenue is a key part of your business plan.
A lot of people often spend time researching how to start a business, however, very few resources highlight the importance of recurring revenue.
When people become self-employed and set up a Ltd company, they often focus on marketing and sales. Unfortunately, many of these sales will be one-off payments instead of recurring revenue streams.
Most businesses have the potential to generate repeat income so make sure you take some time to think about how your business could do this.
If you are looking for recurring revenue business ideas, I would recommend subscribing to the channel as I often talk about my passive income businesses.
Does your business focus on recurring income streams? Let me know in the comments below!