The Secrets Behind Building a 6-Figure Membership Site

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(Newswire.net — July 19, 2019) — Everyone wants to earn money online these days. And while people are always on the lookout for passive streams of income, the truth is that very few truly passive forms of income exist. If you want to make money online, you’ll have to work for it.

The key is to find an online revenue-producing business model that produces consistent income over time without requiring a full-time commitment. This will allow you to keep your day job and/or explore other ventures.

If consistent online income is your goal, we recommend launching a membership website. There are currently thousands of membership sites on the internet with people making anything from a few hundred dollars per year to a few million.

What is a Membership Site?

Much like a gym membership that requires customers to pay monthly fees in order to access equipment, facilities, and trainers, membership websites are virtual venues where members pay in order to access services like consulting, video tutorials, courses, apps, software, and other types of content.

“Generally, people join membership sites because they help simplify their lives, speed up learning curves, and/or give them greater detail on how to do something than general content offered online,” entrepreneur Leslie Truex writes. “For example, there are many online marketing membership sites that delve into specific topics, such as how to write a successful Facebook ad, how to maximize Instagram, and/or how to repurpose content across marketing platforms.”

Sometimes membership sites operate as standalone businesses, while other times they’re used as one product of a larger business. The biggest benefit is the predictable, recurring income. Billing is typically automated and members have to opt-out in order to cancel payment. These sites also tend to build camaraderie and connections, which provides a sense of community for customers. This results in greater loyalty and long-term commitment.

The Path to 6-Figure Revenues

While it’s possible to make millions of dollars with a membership site, this is a lofty goal for a beginner. It’s better to start with a more manageable goal. To most people – even those who are already earning fairly decent incomes via their primary jobs – a six-figure membership site would be life-changing. And if you’re willing to work hard and learn how to build and manage a membership site, you’ll see that there are some fairly straightforward paths to creating a site that earns at least $100,000 annually.

The pricing of your membership and the number of members you have are the two key variables in calculating monthly and annual revenue. If your goal is $100,000 annually, your equation would need to look like this: [MEMBERS x PRICE = $8,333 per month].  Here are a few different ways you could reach this goal:

  • Premium-Priced Membership: 84 members x $100 per month = $8,400
  • Moderate-Priced Membership: 167 members x $50 per month = $8,350
  • Low-Priced Membership: 596 members x $14 per month = $8,344

As you can see, the formula for building a six-figure membership site is fairly straightforward. With just a couple hundred members (or fewer), you can reach this mark. But don’t confuse the idea of “straightforward” with the notion of “easy.”

Building Your Membership Site

Building a profitable membership site that generates thousands of dollars per month requires a thoughtful plan and strategic execution. Here are some things you’ll need:

  • Education. There’s a lot to learn about membership sites. Unfortunately, there’s also a lot of misguided information online from people who have no experience building these types of businesses. Make sure you’re learning from people who have done it before. Yaro Starak is a good voice to listen to.
  • Strategy. You’ll need a very clear and tangible strategy for how you plan to find customers, create content, and monetize your website. Your strategy may change over time, but it’s helpful to have something in place before you launch.
  • Software. You’ll need membership software to help you manage your website and handle all of the day-to-day administration that’s required. MembershipWorks is one of the preferred solutions in the industry. It offers features like event calendar and registration, billing, shopping carts, membership management, and even website hosting.
  • Time. This isn’t a business that you set up and then sit back and passively watch. In order to continue earning and retaining members, you have to constantly pump out fresh, creative content. This requires time. However, if you’re smart about how you manage your resources, you’ll find that you’re able to outsource a lot of the work.

Cultivating Consistency and Patience

In addition to the aforementioned items, you’ll also need consistency and patience. Don’t expect to make $8,000 in your first month. In fact, most people will find it challenging to crack $1,000. However, with a consistent commitment to marketing, sales, and quality content creation, you’ll find that membership sites tend to grow exponentially over time. If you’re patient enough to wait for results, you’ll stand a good chance of being successful.