The Problem with Service Businesses
Public relations consulting can be great. You set your own hours, work remotely, and interact with a variety of interesting industries and clients.
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 try to find employees who meet 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, PR consultants could grow their income while avoiding the need to burn the candle from both ends. After all, other careers offer sustainable wealth through passive income strategies:
- 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.
Why did we start a service business again?
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 - referring clients to subscription-based businesses.
Subscription-based businesses by definition benefit from recurring 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 hosting and development 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 best customers - small and medium B2B enterprises and real estate investment firms.
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 across many industries and have 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 minimal churn.
- 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 $16k 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.
It's Super Easy!
Connect with us today to start building your passive income stream.