Today, you need more than one income stream to thrive as a lawyer. Yes, you practice law but what happens if you can’t do that? Suppose you get sick or a family needs you to be their caregiver?
What’s the difference: passive and recurring income?
You need both passive income and recurring income to support you and safeguard your family. Yes, there’s a difference!
No doubt that you’ve heard the get rich quick schemes on Facebook and other places on the interwebs. There is really no such thing as passive income.
Passive income is defined as a product/service that you create once that continues to generate income for you. Don’t be fooled. You still have to work! Don’t believe me? Ask Pat Flynn
Writing a book or creating a course is a good example. There’s a lot of upfront creation effort, but once that’s over, your book will sell when you promote it. (And you can outsource book promotion easily)
Recurring income is slightly different. Yes, you create one product and sell it multiple times. The difference is that people agree to pay on an ongoing basis. Of course, Netflix is the greatest example of a recurring income product. You pay each month to access their very large and varied library of video content. (What’s your fave Netflix program? I just binged Queer Eye- tissues, please!)
Subscription model is recurring income
Subscription models have blown up in the last 5 years. Think Stitch Fix for clothes. Birchbox for makeup. Dollar Shave Club for, yep you guessed it, razors.
People like the convenience of getting a product or service delivered without the hassle of remembering. So, why can’t the legal industry jump on the bandwagon? We can!
Kimberly Bennett, is the owner of K Bennett Law LLC, a firm that provides trademark and business services based on a subscription model.
After a bump or two with non-paying clients, Kim decided to disrupt the legal services world and offer a monthly subscription for legal services. And it worked! Listen to Kim as my guest in the Innovator Series | People You Need to Know to Grow
Watch the Interview