What It's About
A listener wants to set up a recurring revenue plan.
Notes from Chris
Episode 1428
Today’s caller is hoping to set up a service with a low service fee *and* a renewal payment every three months. Is there an easy way to do this? Let’s also talk about why you might want to do this… 1. Recurring revenue is so important 2. This approach to generating subscribers is common for a good reason: it works! Or at least, it typically increases the conversion rate compared to not having the low introductory offer."Hey Chris, this is Ken from Fresno and I’ve been following your work since the $100 Startup. I’d like to offer a service that has a low signup fee, but then every three months it renews for another payment. My thought is that the low signup fee will encourage people to join without hesitating too much. Then, since they have three whole months before a renewal comes due, they won’t manually cancel the way they would for a more limited trial offer. I’m wondering about the mechanics of how to offer this. How can I accept an initial payment and have the next charge (and all future charges) go through automatically? Thanks and I look forward to your response. "Listen to today's episode to learn more...
SEE ALSO:
- Language Teacher Becomes Fluent In Passive Income: Looking to add more time to her day, an avid language lover and teacher takes what she uses in the classroom to share it with a larger audience, earning $500/month in the process.
- Gmail Tool Generates $1 Million a Year: After looking for a way to send mass emails by Gmail, this web developer stumbles on more than a million dollars a year in recurring revenue.
- Data Scientist Turns Teaching Frustrations Into Recurring Income: An analytics manager and adjunct college teacher creates a time-saving platform to help non-technical students learn coding.
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