Jay discusses the business model that he believes is generally the best at the moment and why. One of the main reason for having a reoccurring business model is because it makes your business more attractive to investors or people who may want to buy your business. You could introduce this model to your current model too without having to start over. Listen to this episode to find out more!
- The most lucrative models on the market are reoccurring. E.g. Netflix. This is much like a subscription based model where their revenue is monthly. These often charge less money however are generating monthly revenue.
- Having a reoccurring business model made the business a lot more attractive to buyers than having a model where our revenue came from constant of off deals.
- The other models do work and can work really well but over all in general the best model, I would say, is the reoccurring.
- Check out the 30-day business challenge that I did with Luca Gallone where we set up a reoccurring business model using a white label piece of software.
- What most people do is have a bit of both where there is a fixed cost as well as a reoccurring cost.
- In your business now is there a subscription or monthly charge that you can build in?
‘Reoccurring type of business is more appealing to an investor or someone who wants to buy your business.’
‘Always be interested in reoccurring business models’
‘Test the market itself’
‘When you have low fees people are more likely to come back’
- The Business Mentor Podcast
￼ABOUT THE HOST
Jay Dhillon is a serial entrepreneur, investor and philanthropist based in the UK with a proven track record of growing businesses from start-up to success- and helping others do the same. From humble beginnings, Jay grew his first business from 0-500 employees and three locations, racking up sales of over £30 million – all without any investment other than a small amount of savings. The business went on to acquire major clients such as Landrover, Jaguar, Toyota and New Look, to name a few.
Its huge success inevitably brought about outside interest, and at the age of 33, Jay eventually sold the company to a London investment firm in Doyen Resources. Today, Jay owns several businesses in different sectors and helps entrepreneurs achieve success.
A calling to give back and help others led to Jay being chosen for the highly-coveted role as a Prince’s Trust mentor, where his achievements were marked by a personal invitation to Buckingham Palace to meet Prince Charles.
After helping several young entrepreneurs to success as a mentor for the Trust, Jay’s burning desire to bring his wisdom and knowledge to a wider audience ultimately triggered the concept of The Business Mentor Podcast.
Jay feels that anyone can achieve success in business with the right advice and mentoring and is now sharing his knowledge with his growing audience via his podcast.
In the UK alone, 95% of business fail within the first five years, and Jay’s aim is to reduce that number.
Backed with the hard-earned knowledge and experience from his time in business, The Business Mentor Podcast will share Jay’s personal business lessons as well those of other successful entrepreneur guests who share their wisdom and secrets on the show.