{"id":255,"date":"2019-09-23T13:30:54","date_gmt":"2019-09-23T13:30:54","guid":{"rendered":"http:\/\/recurringbiz.com\/?p=255"},"modified":"2019-09-23T13:49:58","modified_gmt":"2019-09-23T13:49:58","slug":"is-a-membership-site-right-for-you","status":"publish","type":"post","link":"https:\/\/businesshatch.com\/membermachine\/is-a-membership-site-right-for-you\/","title":{"rendered":"Is a Membership Site Right for You?"},"content":{"rendered":"

Is a Membership Site Right for You?<\/strong><\/span><\/h1>\n

At some point, in your freelance life, you think about additional or alternative forms of income outside your core services. Are you working long hours or do you feel like you aren\u2019t reaching your potential? <\/span><\/p>\n

The temptation to switch to a more \u201cpassive\u201d source of income is bound to tempt you to make a change, eventually.<\/span><\/p>\n

If you consistently feel there must be a better alternative for earning a living, you\u2019ll think of creating and selling courses, ebooks, or even building your own membership site; all these are great ways to increase your income and bring balance in your working life.<\/span><\/p>\n

The thought of creating a membership site can be tempting. You want recurring monthly income, right? However, membership sites aren\u2019t the best option for everyone. <\/span><\/p>\n

Yes, they may seem like the \u2018holy grail\u2019 of passive income, but they\u2019re rarely passive and building a successful membership site takes a lot of work! So, before you create a membership site, it\u2019s crucial to think about every angle of the opportunity.<\/span><\/p>\n

Things to Consider<\/span><\/h2>\n

Running a successful membership site doesn\u2019t just happen overnight! You can\u2019t set up a membership site, create content, and expect dozens of customers to join instantly. <\/span><\/p>\n

To help you determine if a membership site is right for you and your audience, you need to have solid answers to these 4 questions before getting started.<\/span><\/p>\n

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  1. Do you have the expertise people will pay for to learn?<\/strong><\/span><\/li>\n<\/ol>\n

    Do you have information, expertise, knowledge, or skills that others can learn in order to achieve a specific goal? Can you teach people to create great copy for their website? Can you teach them how to make money from their blog or home?<\/span><\/p>\n

    As a business owner, you have skills and knowledge. But what can you offer that people will pay for? Remember, you don\u2019t have to be the leading authority to teach something to others. <\/span><\/p>\n

    You just need to be more experienced or knowledgeable than the people you\u2019re teaching. If you can teach others something they want to learn how to do value and help people to achieve their goal, you\u2019re off to a great start.<\/span><\/p>\n

      \n
    1. Do you love being part of online communities?<\/strong><\/span><\/li>\n<\/ol>\n

      This is important because if you hate hanging out in Facebook groups or other online communities, a membership site might not be right for you. Membership sites have a heavy community element and they\u2019re all about online communication. <\/span><\/p>\n

      If this scares you, a passive approach such as a course or ebook might suit you better. If you\u2019ve never been part of a membership site, join one. You can\u2019t know if a membership site is right for you if you don\u2019t know how they work.<\/span><\/p>\n

      Before building a membership site, dip your toes in the membership site pool and see if you enjoy it from a member\u2019s point of view. This\u2019ll give you a glimpse of the different ways to run one, and it\u2019ll help you figure out the membership site you want to run.<\/span><\/p>\n

        \n
      1. Are you doing it for the right reasons?<\/strong><\/span><\/li>\n<\/ol>\n

        Membership sites aren\u2019t an easy ride. To be truly successful, you must put in effort, and energy. So, if the only reason you want to create a membership site is to make a lot of money quickly, then running a membership isn\u2019t for you. <\/span><\/p>\n

        However, if you want to share your knowledge and skills with a large audience who can benefit from what you\u2019re teaching them, a membership site may be perfect for you.<\/span><\/p>\n

          \n
        1. How can I make my business stand out? <\/strong><\/span><\/li>\n<\/ol>\n

          It\u2019s true that all the good ideas have already been done and anything new is just a new version of something existing. However, if you have a groundbreaking idea, but it\u2019s never been done before, there\u2019s a reason for that. <\/span><\/p>\n

          For instance, there are thousands of online courses teaching how to build an online business. But you can differentiate yourself by making your journey public, from being a clueless entrepreneur to building a successful online business.<\/span><\/p>\n

          The unique components of your site and business separate you from your competition that may lack credibility and success stories. So, if there are others doing what you want to do, focus on how you can be different.<\/span><\/p>\n

          Benefits and Drawbacks of Running a Membership Site<\/span><\/h2>\n

          There are many benefits of running a membership site. Maybe you want to create a private area for your audience, showcase your knowledge, and expertise on a certain topic, or share your passion and interests.<\/span><\/p>\n

          Deliver More Focused Value to Your Audience<\/strong><\/span><\/p>\n

          We all want to make a difference. And sharing your wealth of knowledge and expertise is fascinating. So, limiting access to your stellar content with a membership site is a good way to increase the value of your top-notch expertise.<\/span><\/p>\n

          A membership site can help you create content that enables you to go deeper into the subject matter than you would in a blog post, or a podcast. For instance, you can create introductory courses and build on that basic content to create advanced content. <\/span><\/p>\n

          So, a membership site can offer you an opportunity to deliver more focused, in-depth value to your audience without having to read several blogs.<\/span><\/p>\n

          Increase the Impact of Your Message<\/strong><\/span><\/p>\n

          Feeling like your words are falling on deaf ears? This is a bad feeling especially if you believe in the value of your message. As humans, we value things that require something from us. <\/span><\/p>\n

          When people pay a membership fee to access your content, they\u2019ll have a reason to pay attention to what you\u2019re offering them. The more they soak in, the more they\u2019ll benefit from your message.<\/span><\/p>\n

          Generate Recurring Revenue For Your Business<\/strong><\/span><\/p>\n

          The thought of recurring revenue is a strong motivating reason including a membership element in your business. Although not every membership site should have the price tag attached to it, there are many ways to monetize your members-only area.<\/span><\/p>\n

          For instance, you can set up a monthly or yearly membership fee for your site or you can require members to purchase their access to various areas of your site. You should spend your time creating the content once, and then you should continue getting recurring revenue for your efforts.<\/span><\/p>\n

          Build Credibility<\/strong><\/span><\/p>\n

          One of the primary benefits of building a membership site is that you can establish yourself as an authority in your niche. People don\u2019t just pay for access to information, they pay for expertise.<\/span><\/p>\n

          When you offer your expertise and knowledge as a service, you\u2019ll position yourself as a leader in that niche. Plus, the more valuable your offer, the more reliable and credible you become to your target market and potential customers. <\/span><\/p>\n

          By bringing new content to the table, you and members benefit. Your members get useful content, and you build trust and a reputation for yourself.<\/span><\/p>\n

          Drawbacks of Running a Membership Site<\/span><\/h2>\n

          Membership sites are a great way to earn passive income online. But, it\u2019s not all sunshine and roses, when it comes to running a membership site. There is a lot to do.<\/span><\/p>\n

          It Takes a Lot of Work Up Front<\/strong> – You must choose a niche, an audience, create valuable content, set up the payment processing, set up your marketing funnel, build a hungry audience, build an email list, and prove your authority. This takes a lot of time and effort. But don\u2019t worry; it\u2019s worth it.<\/span><\/p>\n

          You Don\u2019t Get a Break<\/strong> – You have to show up every week no matter what, you can\u2019t email and say, \u201cI\u2019m off this week, but I\u2019ll be back next week\u201d unless you want an angry mob to come for you. <\/span><\/p>\n

          However, you can hire someone who knows the ins and outs of the program. Or, you can plan ahead and do twice the work for one month so you can take the next month off.<\/span><\/p>\n

          Things to Consider Before Getting Started<\/span><\/h2>\n

          Existing Audience <\/strong>– Before starting your membership site, make sure you have an existing audience hungry for what you\u2019re offering. If you don\u2019t have an audience ready for the content, products, or services, then establish a clear and elaborate plan for building that audience.<\/span><\/p>\n

          You can do this by building a blog and proving you know what you\u2019re doing; it\u2019ll help you build a reputation, and a network to cater for. Building an audience first will make sure that once you launch your membership site, you\u2019ll do so with positive momentum.<\/span><\/p>\n

          Skills and Knowledge <\/strong>– A great idea is worthless if don\u2019t have the skills or the background to be the one to create it. It\u2019s your knowledge and expertise that\u2019ll help you be able to create a successful membership site that offers value to your audience; this\u2019ll keep them paying to get more from you.<\/span><\/p>\n

          Having a membership site will require you to dig in and know how to do things. You don\u2019t have to everything yourself, but you must take time to understand the tech stuff so you can delegate them.<\/span><\/p>\n

          If you like delegating, be ready to make a huge investment to get your site up and running. However, don\u2019t be afraid if you aren\u2019t tech-savvy; just be ready and willing to learn.<\/span><\/p>\n

          Determination and Dedication <\/strong>– Are you ready to put in a lot of work and learn from the best? Most people think membership sites require less work. However, when you\u2019re starting, this is not the case. <\/span><\/p>\n

          You put in a lot of effort during the first year doing a lot of things yourself because you won\u2019t have the money to hire and delegate yet.<\/span><\/p>\n

          For instance, you\u2019ll be creating the content, your launch calendar, and your Facebook ads and you\u2019ll be emailing members with credit issues. You might need to field questions in Facebook groups or answer members\u2019 phone calls. This happens.<\/span><\/p>\n

          But all this hard work will be worth it once you gain momentum and hit your member goals and your retention rates improve. But it won\u2019t happen overnight, you must be ready to work.<\/span><\/p>\n

          Pricing Scenarios<\/span><\/h2>\n

          As you build a membership business online, the first decision you need to make is pricing. What type of pricing option do you want to use for your membership site?<\/span><\/p>\n

          Remember that pricing should always match the value you\u2019re offering. So, before you start drooling over hundreds of members ready to pay you a recurring fee every week or month, ask yourself how your membership site delivers value to its members. <\/span><\/p>\n

          Is value delivered consistently over the lifetime of membership?<\/span><\/p>\n

          Your answer to this basic question will determine your pricing options. Think about value pricing in terms of how much you want to earn. So, how much do you want to make from your membership site?<\/span><\/p>\n

          This may seem like a silly question, whose answer is \u201cAs much as I can!\u201d But be honest with yourself and set a realistic revenue goal. This revenue goal will help you determine your membership pricing. <\/span><\/p>\n

          For example, say you set your revenue goal at $40,000 per month. You can achieve this through several pricing scenarios:<\/span><\/p>\n