I asked my colleague David Shriner-Cahn for a retrospective view of his experience with solo- and entrepreneurs: what he has learned interviewing so many of them (myself included).
No surprise, he provided a cogent and thoughtful guest blog piece. I especially agree with his focus on recurring revenue, essential for all consultants to stay cash flow positive and financially healthy. My thanks to David.
Want Recurring Revenue? Stop Consulting
I have interviewed over 350 experts on my podcast, Smashing the Plateau, about what it takes for entrepreneurs to get to the finish line. Most of my guests are solopreneurs – consultants, coaches, and professionals selling their expertise. Some became solopreneurs by design; others by circumstance.
Solopreneur experts have a unique story that has shaped their experiences. They are proud of their expertise and their professional accomplishments and care deeply about the people they serve. They are really good at what they do.
These same experts have expressed their fears and frustrations at the roadblocks that often appear out of nowhere and threaten their success. Over and over, I have heard about how hard it is to generate consistent, stable revenue.
How do you build recurring revenue as a solopreneur business owner?
- Know your target market. You need to really understand who your ideal client is, what their biggest pain points are that they experience repeatedly, and what recurring problems feel most urgent for them to want to solve.
- Identify your unique solution. Based on the circumstances that led to your experiences and skills, find the problem that is easiest for you to solve.
- Develop your repeatable system. Find a way to offer your one solution over and over again. Automate as much of your system as possible.
Where can you find some clues to answer these questions? Use LinkedIn to see how your connections are offering these three elements. Think about how you can adapt what you have learned to your own situation.
Solving complex problems stimulates those of us with deep expertise. Traditional consulting models favor complexity and transactional sales. Recurring revenue is built by solving one problem repeatedly and simply.
David Shriner-Cahn is a recognized authority on entrepreneurship, leadership development, and the host of the business podcast Smashing the Plateau. Featured in Forbes Magazine’s Three Podcasts To Power Up Your Ultra-Lean Business and Inc. Magazine’s 5 Entrepreneurs That Will Change The Way You Communicate, over 350 episodes of Smashing the Plateau offer a wealth of personal experiences and practical advice about achieving business breakthroughs.
The mission of Smashing the Plateau is helping solopreneur experts build more stable and consistent recurring revenue in their business.