We live in a hectic world where we are so used to go to work, come back home have your dinner and go to bed and the next day it all starts again. We are waiting for that weekend to come and we have so many plans and ideas for upcoming weekend.
However, we don’t realise how much it is going to cost our pocket when we go out on that weekend.
.. Recently I went to Melbourne with my wife and daughter and it was out of pocket expense for me as we had not planned for that outing and was a sudden decision I had made. So it ended up making me 1500 dollars poorer than what I was, but I was not worried as I have a business on the side to give me that extra income so those little-little expenses like that don’t make a big difference.
It helps me save more and create an extra income which won’t make me rich instantly but gives me a good cash flow which pays my bills and more.
There must be some reason why some 600,000 new businesses are founded each year, right? Well, based on an informal survey conducted by Inc.com, there are plenty of good reasons to run your own small business. Nearly 500 (462 to be exact) small business owners responded to the survey in which they were asked to name some of the reasons why they prefer to own their own small business as opposed to working as an employee for a larger company.
1. You Control Your Own Destiny
2. You Can Find Your Own Work/Life Balance
3. You Choose the People You Work With
4. You Take on the Risk – And Reap the Rewards
5. You Can Challenge Yourself
6. You Can Follow Your Passion
7. You Can Get Things Done – Faster
8. You Can Connect With Your Clients
9. You Can Give Back to Your Community
10. You Feel Pride in Building Something of Your Own
You might have seen a reason in the top ten list that made you think more about it. I understand. Then you may say – Ok, But what Business, How, What about Investment. Its very natural for people like you and me to get questions in our mind like above as soon as we hear the word Business. We all would love to do/create one if there was no risk, right?
Well, let me tell you a little secret, You cannot achieve anything in life without a risk. Even the food you eat possesses a certain amount of risk that could cause your death, So does that mean you will stop eating. No!
Then why are you worried about starting a business. Its a given that you will have to risk something, but I can assure you that there are ways where the risk factors don’t cost you an arm and a leg in terms of finances or your personal time. It is called leveraging or Making Residual Income.
There are a lot of ways to create residual income however in this post we are going to specifically talk about Membership Sites. It is one of the best ways to start your own business online and it just makes so much sense because it is one the type of ongoing income, every business owner is looking for. Check out what wikipedia says about membership sites.
You might think who would want to join membership sites but believe it or not most of us are part of a continuity program or membership system and never really even thought about being a member.
Some examples are satellite TV, a mobile phone or electricity supply, water supply, Loyalty programmes of supermarkets, etc and list goes on and on, The way membership sites look and are built have changed with technology however the real gist always remains the same.
As an aspiring internet based marketer or online business builder you really want to get a monthly membership system in place so that you can make money each month making your day to day life easier.
The hardest part is trying to figure out what you can offer and charge for each month. There have been some really cheeky people who have charged a lot to learn things that are readily available to learn for free elsewhere on the web however there a few things to remember.
Not everyone knows where to find the free information and not everyone wants to look for it. Many people are happy to pay for the ease of having it in one place where they can keep going to it. It is like having the familiar & comfortable surroundings of going to your favorite members only Golf Club.
Also people will happily pay to be taught by people who
- They believe to be an authority on the subject
- Is someone they can trust
- Gives them good value for money
- Is someone they like
The last one is really a powerful one,; if they like you they will happily spend money with you.
So what kind of membership site can you put together? I once heard of a guy who set up a site dedicated to Pilates and then charged people to have access to videos he took from YouTube. Now I am not sure if they were his that he stored there or if he cheekily used other peoples. He had not breached any copyright rules, I am sure he had scoured the internet to put together related articles & photos but it helped people by giving them access to what they are looking for at a proper place and time and the most effective factor was the authority that people could see in his website which helped him a lot.
Lets say, for example, Have you tried to search both Google and YouTube for something specific? The amount of rubbish that YouTube is filled with these days requires a lot of sifting through and Google? Well their new search algorithm delivers things they THINK you want and not what you were actually looking for.
One keen gardener created a gardening forum, where he could discuss gardening issues with other gardening lovers, gardening is as old as the hills and is basic natural practices. There is so much free gardening information available everywhere for free yet his forum, which charged $35 annually or $5 per month, went from a few people to having 75,000 members in a few years. You may want to know why, right? The members of that site wanted to ask someone questions in person and that was what the farmer capitalised on. People know that there is information out there but they will need someone to tell them that it is the right information. Read this post that will tell you why you need a mentor in your life.
Your Turn Now…
Tell me about membership sites that you are part of and how you think they have helped you or how they haven’t and how you think they can improve.