If you are strapped for time but itching to kickstart a side business, then you should consider the smart way to entrepreneurship, a membership business model. In this article, we will unpack the 'why' and 'how' of launching a successful online membership business. So, hit that like button, subscribe, and let's get your side hustle off the ground!
Why an Online Membership Business
The beauty of an online business, particularly a membership model, lies in its time leverage. Imagine creating a video or a digital product once and selling it repeatedly without additional effort. That's the essence of Evergreen products—they don't expire and continue to serve your business over time. This approach is perfect for those who want to maintain a work-life balance while running a side hustle.
Setting Up Your Online Business
Starting any business requires initial effort. You'll need to brainstorm your product or service, choose a delivery platform, and set up the necessary systems. But don't be overwhelmed; tackle it step by step. The most intensive part? Creating content. If speaking to a camera isn't your forte, practice makes perfect. Remember, keep it simple—you don't need everything perfect from the start, just start.
Content Creation and Delivery
Content is king in the online world. Start by creating content that's interesting, valuable, and relevant to your target audience. Use platforms like YouTube and Facebook to distribute your content and attract potential members to your business. For instance, my Founders Circle membership offers weekly mentoring sessions, a resource library, and a community for entrepreneurs—all delivered through automated systems for efficiency.
Leveraging Time with Membership Programs
The real magic of a membership program is the ability to help many while working less. For example, I conduct an hour-long weekly mentoring session for my members. This single hour of effort serves the entire group, and the content is recorded and archived for members to access anytime. It's a stark contrast to one-on-one coaching, where your time is significantly more limited.
Revenue and Growth
Membership businesses can predictably scale. You can estimate monthly revenue based on your membership count and fee structure. However, be wary of claims promising exorbitant earnings in a short period. Focus on net income—what you keep after expenses—and remember, growing a business takes work.
A membership business model is an excellent way for aspiring entrepreneurs to start a side hustle with limited time. By leveraging your expertise and passion, you can create a sustainable income stream that grows over time. Keep it simple, focus on providing value, and you'll build a business that not only earns money but also allows you to enjoy life.
For more information on the Founders Circle, visit Maximum Change Business Mentoring. Be well, stay safe, and use your brain. Think about the possibilities and get started on your business right away. See you soon!