Perhaps your online business is only paying you $1 an hour – even worse than your previous job.
Or you’re maybe you’re tired of all the stress that comes from selling online courses and products. Maybe you’ve reached your peak, you’re not sure if people are going to buy from you again, or maybe you’ve run out of ideas for what to sell.
The real power of an online business is when you can help people achieve their goals. And a better and faster way to do that while also growing your business is to master memberships.
Benefits of the Membership Model
1. You create a steady, predictable income.
The good thing about membership is you get recurring revenue. Instead of selling products every month, you sell them as membership like Netflix, Disney Plus, etc. They pay month after month, year after year. And over time, you will actually be able to predict your income. This relieves you of the stress from the uncertainty of whether people are going to buy from you again. Every single day you make money because renewals come in or new people come in through ads, social media, etc.
3. It creates so much stability and control.
Once you’re able to predict your income, it allows you to plan your vacation or whether you should hire help, or buy a new tool you can use to grow your business because you have an idea of how much you will be receiving. This allows you to have a steady workflow.
The Biggest Catalyst for Growing Your Membership
1. Get really clear on why you want it to grow.
Your why leads to passion and then passion leads to confidence. Confidence then leads to the courage to act.
2. Reevaluate what you want regularly.
A common mistake people make is they get stuck in their original want. Sometimes, your wants can change and if you don't re-evaluate what you want on a regular basis, you could just be hitting cruise control when you get to your peak moments.
3. Be clear about what the next level looks like.
Be clear about what the next level looks like because you could get stagnant. Then you’ll want to blame the market or the business. But really, you just have to be clear about what the next level looks like.
4. Go back to your fundamentals to learn what works again to get to the next level.
Consistently do the tactics that will get you to the next level. You might have to do the fundamentals more and try some new things to get there. Don’t do split testing. Just do one thing and do it every day for a long time and you're going to get in better shape.
If you want to learn more about how to master the membership model, check out 049: Membership Mastery with Shane Sams