In this article, I am introducing a phrase or term that some of you might be hearing for the first time. That is Monthly Recurring Revenue but it somehow self-explanatory for the discerning ones. Anyways, monthly recurring revenue refers to the total amount of revenue that a business anticipates to continuously realize every month. In simple terms, if you have 100 customers who bring in US$10 each every month, then your monthly recurring revenue is US$1000. Recurring revenue here refers to money anticipated to be regularly received after a specific interval, in this case, a month. It would be good to have such a business right? Well, let us explore some of the monthly recurring revenue business ideas you can consider.
If you can build or buy some properties then you can realize money monthly effortlessly. Many people realize thousands of dollars every month from their properties that they rent out. This is a good business investment especially considering that real estate is a good investment area. Any form of rental services will bring in good monthly recurring income. It is just wise that you deal with rentals associated with services people cannot do without. That is why renting out properties for people to live in is a great business idea.
Content creating is yet another good business idea in this domain. You can set up a website and link it up with Google AdSense. Then you regularly post engaging blog posts. In time you can also sign up those seeking ad placements. You can realize monthly recurring revenue from this simple framework. The same goes for creating content in the form of YouTube videos. For as long you keep promoting your content you will get views every month which all translate into monthly revenue. These are just some common examples to give you the idea.
Wholesale And Retail Services
Groceries form an important part of all our lives. When we receive our monthly incomes groceries are some of the high priority items on our budget lists. Thus selling grocery items can be a good fit for realizing monthly recurring revenue. You can open a tuck shop, a small shop, or even a supermarket. You can set up an online store and people buy from there and you deliver. It can also be in form of offering errand services to do people’s monthly grocery shopping. The possibilities are plenty just so long you are dealing with grocery items. This is one domain but there are several more e.g. farming supplies such as livestock feeds and veterinary staff.
SaaS – Software As A Service
You just have to come up with a software app or platform that users subscribe to use or access every month. When you look at most of the commonly used software they are modelled this way i.e. as SaaS. Common examples are WordPress, Adobe, and all the other software you use daily. In Zimbabwe, I can cite one example that has huge potential to realize monthly recurring revenue. That is Workzuite which is an all in one business management platform. Check it out here in an article I recently did on it. Usually, SaaS use the freemium model.
Vending Of Daily Essentials
Here I am referring to the vending of services or products that people need literally daily. Some of the examples here are airtime, electricity, fuel, and the like. This would also branch off into other value-added or support services or products that in themselves can be business focuses. You can use your discretion to see which would be best for you to major on.
Digital Marketing Services
Digital marketing now forms a huge component of most businesses nowadays. Most businesses now know the importance of digital marketing but do not have the know-how. That is where digital marketing services can come in where you can do it for them. Some of the areas here are social media management and marketing, and content creation, amongst others. These are things any business would want regularly, literally daily. You could even think of offering virtual assistance services in general which could also include digital marketing services.
Then there is network marketing though caution must be exercised. You would not want to get involved in Ponzi schemes because that would end in tears. Anyone, proper legit network marketing businesses would be a great business idea. I have seen some booming ones in the field of wellness products. The good thing about them is that clients will regularly make purchases. Plus the reward system will be in effect for as long as you continue to sign up more people. This means you will be guaranteed to realize revenue every month.
The beauty of recurring revenue is that it is regular and predictable which makes planning easy. That is why it is wise to consider these business ideas. In some cases, you will not necessarily have to start a new business per se. You will just have to figure out how to introduce monthly recurring revenue into your existing business. You can simply do this by tweaking your current business model or by adding more business models. Remember, a business model refers to how your business makes money.