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Monthly revenue gone wild (my embarrassing mistakes)
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The most dangerous things in life are often the most sexy.
Since this list isn’t Animal Planet… This weeks topic is about the hidden dangers of monthly recurring revenue (MRR) that nobody talks about. If you've ever dreamed of predictable income where you work once and get paid monthly, then you NEED to understand the dark side of MRR (what I'm about to share could save you from months of financial nightmares). How do I know? Because I got MRR all wrong. And I was the neck tattooed fool covered in sweat at night worrying how I’ll make it out of this hairy situation alive… Let me explain… The biggest problem entrepreneurs face is unpredictable income. If you don’t know what your next paycheck is coming, you’ll be a walking stress ball who yells at your dog. HINT: Nobody likes dog yellers. Anyway… That’s where I found myself 18 months ago. You see, launch cycles are great. But your income only arrives when you launch a product. That’s where I was. Stuck with the panic of: 'If this launch doesn’t work, I may need to get a job.' So I launched a paid community called the Society of Storytellers. And at first it was great. I had 110 members paying $47 a month. The content was great and people stuck around. Everything was grand… …Until it wasn’t. Slowly, my workload ballooned while new memberships shrank. Content demands rose as revenue fell. Panic set in and the wrinkles on my forehead multiplied. I ran paid ads to acquire new members. Fun fact: Strangers on the internet aren’t exactly dying to join a storytelling community. Then things got awkward… Members' cards would decline due to expiration or lack of funds, forcing me into awkward outreach to request updated info—often getting ignored. Each night became a sweaty nightmare of math and dread. Sigh Which brings me to the point of all this madness…. Monthly recurring revenue isn’t an automatic golden ticket. It’s a double edged sword. If done right you’ll be rewarded. But if it’s done wrong? It sucks hockey pucks. Here are the 4 big mistakes I made with my community so you don’t do the same:
But here’s the good news. I walked through the fiery gates of recurring revenue hell so you don’t have to. This week I’m going to show you how to build and launch recurring revenue based digital products. And how to avoid my costly mistakes to start building recurring revenue the right way. Because recurring revenue should make your life easier, not harder. Tomorrow, I'll break down proven recurring revenue models that align with your unique skills and strengths. You're about to discover the roadmap I wish I'd had.
Catch ya soon, Parker |
The Story
Grab attention, monetize, and persuade with Storytelling Every Thursday you'll get one story and writing tactics in 5 minutes. This is the FREE newsletter that 50,000 follower accounts read.
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