Why Recurring Revenue Is The Future – Patrick Corsino
Patrick Corsino is a serial entrepreneur, speaker, and investor known for starting multiple successful online business as well as being an early investor in Bitcoin. His journey started in college when he realized the flaws in the education system and took his life into his own hands. Patrick worked as a waiter for some time in order to fund his first business, and the rest is history. Fast forward, Patrick has started multiple businesses and built an investment portfolio that few his age can rival.
What makes you so excited about recurring revenue?
The idea that every month there is predictable income. That allows you to plan and scale your business much better than you would’ve been able to otherwise. Marketing is great, ads are great, but when those get shut off, then the revenue stops. That is why every business is looking at how they can add recurring revenue to their business. We’ve seen big name companies all of a sudden come out with subscription services, and this is just the beginning.
Why do you think recurring revenue will help businesses?
Let’s use a coffee shop as an example (although this applies to almost every business). Every morning when people commute to work, they have several options of what coffee shop they want to go to. It’s a fresh pick every day and it can always change, there is no guarantee that customer will return. Now if one of those coffee shops offered a monthly subscription service where that person pays a lower fee upfront and they get unlimited coffee. They cut out the other coffee shops because if they go to any other coffee shop, they will be spending extra money on coffee and it will feel like a waste of money. They have essentially guaranteed that the customer will come back day after day. All this and we aren’t even counting anything else they could purchase.
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