Hello current and aspiring small business owners!
You’ve probably heard about recurring revenue models and how it’s grown businesses. You probably pay for your cable tv subscription and other subscriptions. You may have savings & investment platforms that periodically deduct money from your account. You may even have loans that are deducted periodically from your account. Well, what they all have in common is that they employ the recurring revenue model – a feature available on RAVE. However, the question is: do you need a recurring revenue model for your business? Here are top 5 reasons you don’t need recurring revenue.
- You don’t like steady revenue. Nothing assures of steady revenue like a recurring revenue model. Every month or week, your coffers are refilled by your customers which means you have a strong grasp of your business. You may not like that.
- You don’t like customer loyalty. When a customer is on a recurring payment plan, they tend to stay for the long haul but you may not like that either.
- Your business sector doesn’t need it. Amara sells wigs for 80,000 naira on Instagram, does she need it? Yes, she could set up a recurring payment plan and put willing customers on a 9-month, 10,000 Naira a month plan so insufficient upfront cash doesn’t stop her from making sales. Tunde could also do same for his travel and tour business. Maybe your business isn’t anything like these.
- Recurring revenue model stops you from chasing customers when payment is due. Tamuno, a real estate manager can create a recurring payment plan for rent and service charge, and not have to follow up tenants with calls and visits all the time. Maybe you prefer spending money and time chasing tenants.
- You are not interested in making more money by adding new income streams. Take Omowunmi, a food entrepreneur who sells food on Instagram. If she adds a recurring revenue model to her business, she’d add new customers who want to subscribe to weekly/monthly packages of her food, to her already existing customer base. Maybe you don’t want that.
These are the reasons you don’t need a recurring revenue model. Either ignore the smart businesses on Rave that already enjoy the benefits of a recurring revenue model in their business or make the smart choice and start enjoying recurring revenue in your business today.
Make your choice right here: www.rave.flutterwave.com