Is a Membership-Based Business Model Right for You?

March 19, 2018  •  Platform Strategy

There’s a quiet revolution happening right now in the business world—both physical and online.

It’s unique because it benefits business-owners and customers, meeting demand with a better and ongoing supply. Especially right now, if you find yourself on the business-owner side, this is an opportunity you want to jump on.

I’m calling it The Recurring Revolution. Let me explain.

In 2012, when I met Michael Hyatt, he was the bestselling author of Platform: Get Noticed in a Noisy World. He had a strong message and people were flocking to his speaking events. His popularity was growing and he had become an authority on the topic of building a personal brand.

The downside? Michael was traveling about a third of the year. Away from his family, on the road, event after event. He loved helping people, but not the grind of constantly booking events and traveling.

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I knew who Michael was, but I had no clue the struggle he was up against. I did know one thing: we could change his entire business model with a membership-based site.

There are three criteria I look at when considering if a company or market is primed for such a model. Let’s see how your audience stacks up:

1. Do your customers have recurring problems?

I’m guessing they do, or else you’d have run out of things to blog about. If you have an online course already teaching a transformation, then this question is a no-brainer. Now how can you take that course one step further by creating a membership portal customized to help them make a transformation, tackle their problems, and change their lives?

2. Do you have a community around this subject matter?

Any time people are congregating around an issue, there’s an opportunity for a membership site to thrive. Facebook groups are a great example. They develop naturally around topics people care about. What Facebook groups are thriving around a subject matter under your umbrella?

3. Do you have an existing audience?

Since you already have a list of blog subscribers, podcast listeners, and social media following, then that’s an easy one to answer. The number of followers doesn’t matter. So don’t get caught up on that.

Michael Hyatt fit all three of these criteria. His readers had problems. They had proven this in mass by purchasing his book. And his audience was growing daily.

Perhaps you find yourself like Michael where you fit the criteria, but you don’t understand why. Why pivot to a membership model? That’s an easy question to answer.

The Recurring Revolution is a business model that has the power to totally change your platform:

  1. It provides stability (with recurring revenue).
  2. It reduces stress (because cash flow is much easier to predict).
  3. You get to create relationships on a new level.
  4. You are opening up a world of opportunity that wouldn’t be possible otherwise.
  5. You get to help people in a new and exciting way.

Are you in? Even if you’re still on the fence, you’ll want to check out my free workshop all about creating and launching your very own membership site. This workshop includes an assessment that will help you determine if a membership site is a good fit for you, specifically.

The Recurring Revolution is happening, and could completely change your business. Are you in?

Stu McLaren

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QUESTION: What’s holding you back from starting a membership site today? Let us know in the comment area below!

 

About Stu McLaren

Stu McLaren helps overworked entrepreneurs make more money and create more margin in their lives so they can have more time for the things that matter most.