“In the end it’s a revenue stream, and all revenue streams eventually reach the sea.” Paul Schrader

All businesses, regardless of size, need to establish recurring revenue streams to progress. Without them it is like a car with a limited tank of gas and no petrol stations on the route. When the car runs out of gas, you get stranded and need to find alternative modes to reach the desired destination. When devising a strategy for your startup business it is essential that you take into account all the petrol stations on the way to help keep you moving. Earlier in my journey, I was part of many businesses where we did not give enough thought to revenue model, this caused many problems .

Since then I have learnt to identify and adjust this aspect sooner rather than later. However, even when you have identified viable revenue streams, much thought has to go into the actual execution of developing it. The focus needs to be on recurring streams which will boost your ability to push and develop your organization further. Establishing these recurring streams,  gives you the ability to take on larger projects, lay more emphasis on promotion and marketing ,and most importantly, give you the  stability to weather storms that a startup has to face.

Over the next week I will take you through five major steps about generation of recurring revenue for your startup venture. These will include identification of possible revenue streams in the your business model, correct identification of market segments, pricing and positioning of products/service, accounting for continuous change and setting correct metrics to monitor revenue cycles effectively. These basic fundamentals will help you understand how to establish revenue streams into your business model.