3 Benefits of Creating a Membership Site
There are a lot of good reasons for building a membership site – maybe you want to create a private area for your clients, demonstrate your knowledge of a certain topic, develop a new course or share your passion and interests. Or maybe you're simply looking for a new way to work online.
Whatever your reason for thinking about creating a membership site, there are 3 main benefits that stand out:
1. Leverage your knowledge and become a known expert
I'm guessing you know a lot about what you do, and I'm hoping you enjoy it too (because if you don't, you really should find something that makes your tail wag).
If you've trained for a career or spent years learning on the job, then you have a lot of knowledge you can pass onto other people.
If you run your own business or are an entrepreneur then a membership site is the perfect way to showcase your expertise and let people know that you're the bees knees.
You can pack your membership full of relevant knowledge that you already have and voila! you're now an authority on social media, accounting systems, weight loss techniques or the best food for different breeds of dogs (you'd be surprised what people are interested in).
Whilst having a membership site in and of itself is nothing to be sniffed at, the compound benefits of being seen as an ‘expert' or ‘authority' on your subject can do wonders for the rest of your business.
Perhaps you'd like to become a professional speaker or release a book? The extra credibility you gain from sharing your expertise in a membership site can really help.
Conversely, if you already are a speaker, author or other kind of expert, a membership site can provide you with a commercial element that confirms your expertise and gives you something tangible to sell.
A membership site is one of the best ways for you to leverage your skills, expertise and knowledge whilst at the same time breaking free from the ‘time for money' trap.
2. Create a loyal customer base by adding value
Let's face it, if your membership site doesn't add value to people it's not likely to do well. A successful membership site is all about value exchange.
I'm not talking monetary value here (although that's important too) but rather the value that comes from your customers or clients feeling like you have gone above and beyond the call of duty for them and provided them with something pretty darn useful.
If you create value for your members, if you treat them well and provide them with more than they expect, then you're building up a team of loyal followers who will go forth and spread the word about your site, and most likely any other services or products you offer.
That's worth an awful lot in these days of social proof and a competing business at every turn.
Not to mention that being part of someone's journey and transformation, or making a positive difference in their life or business, is one of the most rewarding things you can do.
3. Boost your income and finally get that holiday to Maui*
I'm not going to mention the words passive income here, because to be honest with you I think the myth of passive income is BS – somewhere down the line, if what you are putting out there is decent, you'll have put a lot of work into it. A membership site especially takes a lot of time to set up and get running.
However, what a membership site does give you is regular, recurring income that can give you that little (or lot) extra you need to make your life more comfortable. And depending on your membership model, you may not have to do a whole lot for that money once the site is up and running.
Most successful membership sites however do provide regular new content, or perhaps a monthly feature like a webinar or coaching call,, so I wouldn't be honest if I said you wouldn't have to work for your money. It's a good kind of work though, and it doesn't have to be totally time consuming
If you look at the maths, a monthly membership site that costs just $20 per month, with just a 100 members would give you an additional $2,000 a month – what could you do with that extra income?
If you got 500 members into your site, that would be a $10,000 month income – just from your membership site! That's pretty awesome as far as I'm concerned.
And if you went with premium pricing (popular with coaching programs), then you'd only need 10 members paying $500 each month to achieve a $5,000 monthly income, definitely not something to be sniffed at!
If you're self employed then a membership site can bring a stability to your income and help you to avoid the peaks and troughs that can come with a service based business.
And even better, your membership site should be growing every month, meaning that your stable recurring income will grow every month too. What's not to like about that?
*Maui not obligatory, other destinations are available.
So, how does creating a membership site sound now?
Whether you're thinking of adding a membership site to an existing business, or creating a whole new business solely focused on your membership site, hopefully you'll agree that there are some pretty good benefits to developing this kind of site!
In order to make sure you start off on the right track with your membership site and ensure it helps you reach your goals, try asking yourself the following questions:
- What is your main goal with your membership site? (i.e, pass on knowledge, build authority, extra income)
- What topic will your site be about – is there an existing market for this topic?
- What pricing structure will you use, and how many members do you need to achieve your desired income? Is this realistic given your chosen market?
And if you're thinking of moving from a service business to a membership site then be sure to check out this post for additional ideas.