Introducing: Membership Sites
Start-up Difficulty : Harder
Start-up Costs: $200 to $5000
Potential Returns: $99/year per subscriber to limitless $/year
What is a membership site? A membership site is the use of a website with exclusive content available only to members who are subscribed. Subscribers can log in and access exclusive content, special offers, and even be part of a community of other members. They can also interact directly with you. Your membership site can be paid or free or a mix of both. These content can be built from your own knowledge that you have gained in your life for sharing with others. Similarly like other online income strategies, you need to concentrate on a niche to start building your empire piece by piece.
A membership site requires advanced skills in building online businesses such as ebooks, webinars, online courses, and podcasts.
But if you are used to creating content and have a hand for it, it can be pretty simple.
Math to a Million:-
Let’s break it down,
Assuming $100/year/subscriber you need a 10,000 people = $1,000,000 in a year
Assuming $1000/year/subscriber you need a 1,000 people = $1,000,000 in a year
Assuming $100/month/subscriber you need a 833 people = $1,000,000 in a year
Will people pay $1,000? I am sure there will.
I have paid for $5,000 courses with further upsells. Keep improving yourself.
Build your niche, share your knowledge, get your subscribers. Build it and they will come.
First, find a niche in your industry where you’re offering something specialised enough that customers are willing to pay for your content and services. Consider what you are doing now and how you can merge both together without duplicating much work except to build another website: What do you have that you can offer? An e-course on how to carry out your profession? A webinar on starting your own profession? A membership of fellow professionals who can learn from you and each other?
Additionally, you should consider the length of the memberships you offer. Will you be able to provide premium content weekly, or monthly, or is your content going to be limited? Members will quickly leave your site if they discover they’re paying for content that’s repeated, recycled, or easily accessed by a simple web search. Plan and write scheduled content that will keep your members motivated and pursuing your content. But don’t wait too long, start it now and work out the kinks later. ALWAYS remember Ready, FIRE, Aim.
You’ll be juggling a lot of things as you launch your site, but of these three particular things be sure: show you’re an expert in the field, that you’re passionate about what you’re doing, and that you want to share it.
A surefire way to build a membership base is to offer free content on your site.
“FREE” Content bring you your initial users
Free content helps to lure in members interested in your niche and you build a solid customer and membership base in the process with those experiencing your content firsthand and who will be more open to paying for premium content in the future. Once you’ve built up a base, it’ll be easier to sell memberships to those who already want to learn from you.
Make sure you’re a trusted, credible source with plenty of information. Your content should be of value to your customers and illustrate your knowledge. The more members you draw, the greater your chance of securing buyers for your products. As always, consider your audience. Struggling students might not be able to afford your content now, but once they graduate and get those high-paying jobs, they’ll remember how your content helped them, and they’ll become members as soon as they can pay the dues. The same can be said for entrepreneurs just starting out and building their businesses.
Got a pretty good idea of how to start a membership site now? What else would you like to know?
Or are you interested in another online income strategy instead?