Memberships and subscription sites are all the rage these days with more and more people looking to incorporate one into their online business.
So should YOU add a membership to your business?
Well in 2020 tens of thousands of memberships and subscription sites were born. And many of the biggest brands added some form of membership to their offering. Including Disney with the launch of Disney+ just in time for children around the world to be locked down at home!
In this article I’ll be looking at some of the reasons you should add a membership of subscription site to your business.
#1 : The obvious reason and the one that gets talked about the most… Recurring Revenue.
This type of business requires the buyer to sign up to a recurring payment which could be anything from a few pounds a month to several hundred.
For a business owner, recurring income is a huge benefit and means you are starting each month with money in the bank to pay your team and provide an income.
This stability in revenue is one of the key benefits of a membership and of course the more members you have, the bigger the monthly income is.
#2 : You are turning away people who can’t afford to work with you.
If you’re working 1:1 or on a smaller group basis, it’s likely you’re attracting people who don’t have the budget to work with you yet.
And it can be really frustrating turning them away purely based on budget. Memberships are the perfect way to offer a lower level entry to work with you in a bigger group setting.
The client gets benefits of your knowledge and expertise for a smaller monthly income and all being well they’ll be able to boost their income to be able to work with you 1:1 in the future.
#3 : You don’t have the capacity to work with more people but you want to help more people to achieve success.
If only you could bend time or split yourself in two. At this stage, you can go two ways, hire a team and pass work for someone else or introduce a ‘one to many’ model in your business so you can use your skills and knowledge to help more people.
#4 : You’ve hit an income ceiling
When you’ve hit capacity you’ll also hit an income ceiling so adding a membership is a perfect way to increase your income without working more hours.
#5 : You are looking for stability.
Starting a membership can provide the stability and income to allow you to do more of what you love in your business and less of the things you don’t.
The recurring revenue can provide the stability to grow your team and have help with the aspects of your business you don’t enjoy or understand.
#6 : You want more freedom
The additional revenue a membership provides can also create more freedom in your business and allow you to be more choosy about the work you take on.
We’ve all had nightmare clients we’d rather not work with but sometimes finances mean we have no choice right?
This is the way to create the freedom to say no to the people who aren’t your dream clients.
#7 : You have to make more impact.
Memberships provide the opportunity to have more impact both by being able to serve more people in your and have the income to make a difference elsewhere.
#8 : Because everyone else is doing it.
Ok, this isn’t a great reason to start a membership but it is true that many others are and are having huge success. So if it’s been on your mind now might be a great time to take the plunge.
If you’re interested in how to add a membership to your business then you should definitely check out Stu McLaren’s free workshops and the Tribe course.
This is how I was able to launch a membership helping freelance social media pros to launch, grow and scale their business with my business partner, Laura Davis, and grow to over 500 members in under 6 months.
If you’re interested in how we did that we’d love you to join us for a live workshop on 21st April 2021. Find the details here.