Insights — Channel Creation & New Revenue Streams — 3 min read
How Can I Create Recurring Revenue from a Project Business?
Turning a project-heavy business into one with recurring revenue is the most powerful move for business valuation and stability.
In short
Create recurring revenue by identifying the 'maintenance' or 'ongoing support' aspects of your current project work. Package these tasks into a productised service or subscription plan that provides value to the client after the project ends. This transition requires moving from a culture of 'delivering and moving on' to a culture of 'delivering and supporting'.
If your business earns its revenue in large, irregular chunks, you live in a cycle of feast and famine. Creating a recurring revenue stream turns your company into a predictable, high-value asset.
The 'After-Project' Opportunity
Every project you deliver leaves behind a system, a product, or an asset that the customer now has to manage. You are the best person to manage it because you built it. Offer them a support contract or a managed service level agreement (SLA) to keep it performing.
Could your business support another route to revenue?
Evans Channel Creation identifies, validates and builds additional revenue channels from capabilities a business already has — B2B to D2C, D2C to B2B, product to service, recurring revenue or partners — and says so plainly when a channel should not be built. Programme from £1,995 + VAT per month over six months.
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