The Problem with Service Business
Public relations consulting can be great. You set your own hours, work remotely, interact with a variety of interesting industries and clients, and can see the results of your expertise and effort through your client's success.
But as a service-based business, public relations consulting has some significant negatives:
- Billing is directly tied to work performed. If you stop working, so does your income.
- Your revenue cannot scale. You have to either take on more work yourself or hire employees who adhere to your quality standards.
- Project-based work can vary greatly from one month to another. This creates a lot of stress for finding new clients.
- The retainer model is in decline, with clients preferring one-time project-based assignments.
Decoupling Your Income
In a perfect world, we could grow our income while avoiding the need to burn the candle from both ends. If only there were a way to uncouple revenue from the services we provide.
There is! And it's common practice in many industries:
- An author writes a book once and earns royalties for years.
- A real estate investor purchases a property once then earns rents with minimal ongoing investment or effort.
- An engineer files a patent and earns a licensing fee from someone else who manufactures the part and services the end user.
Damn, I should have studied engineering...
Passive Revenue for PR
Assuming you're not ready to dedicate a year to writing a best-selling novel, there's actually a much easier option to building recurring passive revenue - partnering with an existing subscription-based business.
Subscription-based businesses already benefit from recurring passive income, and you can share in their success.
For example, my company, Milo Digital, is a web development agency in Los Angeles with over 12 years of experience. Our business model is primarily subscription-based services, and we're happy to share 10% recurring passive commissions with anyone who sends us a client!
It just so happens that PR professionals are in an excellent position to refer our target customers - B2B SMEs.
Why Partner with Milo?
Our referral program is the perfect solution for public relations professionals looking to diversify their income with passive recurring revenue:
- Our services complement those of a public relations firm. Partnering with Milo allows you to extend your client services offering without incurring the costs of building out a web development team and associated infrastructure.
- We've been around the block and do great work. We've worked in most industries and partnered with major agencies like Deutsch and Innocean, national brands like philosophy cosmetics, and numerous SME's. Click here to view our portfolio.
- We have high customer retention. Our excellent customer service and consistent quality has allowed us to grow with very minimal sales and marketing. In fact, almost all of our customers come through referral.
- Our commission structure is generous. Most cookie-cutter affiliate programs only provide one-time commissions or cut off your commissions if you quit referring new customers. We think that's absurd. If you refer a client, you will earn a commission as long as they remain our client.
- We sell high-value services. Most subscription businesses charge a very small monthly fee ($30-50/mo), leaving you with a tiny commission. You'd need to refer hundreds of clients before it amounts to much. We, on the other hand, provide custom website design and development ($10k+) and monthly maintenance retainers ($500+/mo), so you could easily accrue $20k in the first year with around 10 referrals.
- We handle the work. You get paid. There's no ongoing effort required on your part once the project is launched. Just sit back and deposit the checks.
We love our partners.
If you're interested in learning more about our referral program for Public Relations Professionals, please share your contact information.