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After 5 years of slow growth, we made three changes that took us from $500K to $1M in 18 months: (1) Raised prices 20% and positioned as premium, (2) Implemented a referral program that pays $50 per new customer, (3) Added a recurring service plan that now makes up 40% of our revenue. The recurring revenue was the biggest game changer — predictable cash flow changed everything.
Raising prices was the scariest thing I ever did but also the best. Lost 10% of customers but revenue went up 25%. The customers who stayed are better to work with too.
4Love the referral program idea. What's your conversion rate on referrals? We tried something similar but only got about 5% of customers to actually refer.
22The recurring revenue model is so underrated in Venues & Events. We did something similar and it completely stabilized our cash flow. No more feast-or-famine months.
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