#276: Shifting Your Clients From One-Time Projects To Monthly Recurring Subscriptions | With Annemie Tonken
Oct 3, 2023
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Annemie Tonken, an expert in shifting clients from one-time projects to monthly recurring subscriptions, shares her insights and experiences in building a six-figure family photography business. She discusses the concept of recurring revenue, transitioning your freelance business to a recurring income model, and maximizing monthly subscriptions. Learn how to calculate client lifetime value, ensure long-term business success, and shift clients to monthly recurring subscriptions.
Anami Tonkin, a successful photographer, shares her unique business model of earning recurring revenue through a membership program. By offering clients the opportunity to sign up for annual family sessions with monthly payments, Anami has created a stable and predictable income stream. Her membership program includes perks such as priority scheduling and additional benefits for top-tier members. With a focus on simplicity and making the process easy for busy families, Anami has streamlined her business operations and reduced the need for constant marketing and client acquisition. This model has allowed her to work only 5 to 6 hours a week while earning a six-figure income. She emphasizes the importance of consistency, sticking to the basics, and taking inspiration from other industries to create a sustainable business.
Challenges in the Photography Space
Anami Tonkin highlights the challenges that photographers often face, such as a saturated market and intense competition. Many photographers struggle to maintain a viable business model, as they underprice their services and don't focus on recurring revenue. Anami encourages photographers to think strategically about their pricing, business model, and client acquisition strategies. By creating an offering that is easy for clients to commit to and providing excellent service, photographers can build long-term relationships and increase their average annual client value.
Benefits of Recurring Revenue in Freelancing
Anami Tonkin emphasizes the benefits of recurring revenue for freelancers. By adopting a recurring revenue model, freelancers can have a steady and dependable income stream, reducing the stress and uncertainty often associated with freelancing. Recurring revenue allows freelancers to focus more on providing value to their existing clients and building long-term relationships rather than constantly seeking new clients. It also provides stability during challenging times, such as economic downturns or unexpected personal circumstances. Anami's own experience during the pandemic showcased the value of recurring revenue, as her photography business continued to generate income while many others struggled.
Simplifying Business Operations
Anami Tonkin shares the importance of simplicity in business operations. She recommends focusing on the basics, being consistent, and avoiding the temptation to complicate the business unnecessarily. By streamlining processes, implementing automation, and embracing a straightforward approach, entrepreneurs can create more efficient and manageable businesses. Anami's photography business serves as an example of how simplifying operations can lead to a successful and sustainable business model.
Lessons from Anami Tonkin's Journey
Anami Tonkin's journey as a photographer and educator offers several valuable lessons for entrepreneurs. Building a successful business takes time, and it's important to be patient and persistent. Finding inspiration from other industries and adapting proven strategies to one's own business can lead to innovative and successful results. Additionally, prioritizing recurring revenue, focusing on client satisfaction, and continuously evaluating and refining one's business model are key factors in creating a stable and reliable income. Anami's story serves as a reminder that simplicity, consistency, and a client-focused approach are essential for long-term business success.
How much is an average client worth to you? Whatever that number is, imagine how much more they'd be worth to you and your freelance business if they were paying you that amount every single year.
Now imagine how successful you'd be if every single client you've ever had was paying you the amount every year for the rest of your career.
That's the reality for those who run recurring subscription businesses, however, most freelancers only offer one-and-done packages.
Whether you call it a retainer, subscription, or simply a "monthly fee", most who follow this podcast would love the idea of acquiring a client one time and having them keep paying you every single month.
But... What if your service just "doesn't make sense" as a recurring subscription?
If that's you, I'd challenge you to listen to this episode of the 6 Figure Creative Podcast. No matter what service you offer, there's likely some way to shift your clients to a recurring income model.
Our guest this week, Annemie Tonken, has managed to build her family photography business to 6 figures per year from 6 hours of work per week.
If you want to learn how she's managed this, and how she's launched a highly successful recurring-subscription photography service in an industry where very few others are doing the same, listen to episode 223 of the 6 Figure Creative Podcast ASAP.
In this episode you’ll discover:
Transitioning your freelance business to a recurring revenue model
Becoming a more efficient business-manager
Solving your clients' ultimate needs so you can earn more on each project
The hidden benefits of a recurring revenue model
Average client value and the impact this stat has on your business
How to keep your subscribers happy, active, and paying
The key factors of adding value to your client's lives (for maximum profit)
How she earns a 6-figure income from 6 hours of work per week