The reason why a membership site is powerful is because it can add a recurring income stream to your business through monthly memberships.
This is the evolution of most service businesses, to go from trading time for money (1 hour of your time equals $100), to trading value for money (1 e-book equals $1,???,???).
Your most valuable asset is your mind, heart, spirit and experience. Christine and I have spent tens of thousands of dollars in our lives on personal and business development. In fact, I’m going to Pasadena next week for another week-long course on The Higher Laws. How many thousands have your invested? How many weekends, or weeks? All that time you could have been working at Starbucks making $10/hour, but you didn’t, you invested in yourself. Good for you.
This is what makes you and expert. It is also what we call “your real life MBA”. You take what’s in your head and heart and create Intellectual property, in the form of:
- video trainings
- audio recordings (like meditations)
- physical books
- video recordings of your workshops
THIS IS NOT FREEBIE STUFF on YouTube or your blog. This is your best content, and yes it is worth money. It needs to be put into a protected membership site, so that it can not be ripped off. If you don’t have a membership protection, one of your customers can put the link to your e-book on Facebook, and every can download it without paying.
With a Membership site you can provide this extra training online and charge a monthly membership. It’s like the CD of the month club. You paid once, then they sent you a new CD every month, and billed your card $20 every month. Until you called them and said “Stop!”. You make the sale once, then reap the rewards every month, of every year.
This income stream helps you get through the ups and downs of income during the seasonal business cycles. As a yoga teacher I experienced this clearly, September was busy with lots of cashflow, then in December, no money. Then January, tons of cash, then June, July, August nothing.
For example you may create one new yoga video per month for your members who pay $17 per month.
You can add as much content and coaching as you want and charge more, like a Bronze membership worth $17 / month, Silver membership for $47 / month, Gold membership for $97 / month, an Elite Platinum Membership with weekly coaching for $997 / month. It’s up to you. One of our clients had a coaching program that was $2,000 / month. Was it worth it? Well, would it be worth it to you if that coaching made you over $24,000 that year in extra business or investment income? The answer for his clients was, “Hell Yes!”.
What can you offer your clients each month? Just because they don’t need to see you for a one-on-one session (like a Healing session) each month, doesn’t mean they don’t want learn from you. Do a live 1-hour tele-seminar once a month (on anything, a different stone, or angel, or business model), record it and put it in your membership area. They can download it, put it on there iPod and listen to while running errands, commuting, on vacation. You are still in there life adding VALUE, without spending the TIME with them. Got it? Good. See the potential here?
You are on the beach, and they are learning from you while they commute. That is freedom of time and location. And on the first of the month, cha-ching, there card is automatically charged, you buy another margarita, and everyone is happy.
Another powerful part of a membership site is that you can now serve people around the world. People in rural communities, that don’t have yoga teachers. People in foreign countries, who wouldn’t get your teaching. When’s the last time Eckhart Tolle or Wayne Dyer went to the Ukraine, Korea, or Chile? These people need you!
The result of all this service is that you create an income stream that can grow to be thousands of dollars each month (or millions), but is not limited by your time to teach classes or provide a one-on-one service.
If you’d like more advice on business models, and the marketing strategies behind membership sites, we can certainly set up some coaching sessions with you. Or if you want to go from having a brochure website to a membership site, we can build you one. Please fill out the form on Contact Us to set up a website discover session.
What membership sites do you already belong to? How have they helped provide you with ongoing training or support.