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Musings About Money and Mindset in the Membership World

Let’s talk about money!

When it comes to this subject people tend to be at wildly opposite ends of the spectrum…

Some will happily talk about money all day long…

Whether it’s about how much they make, how little they have or their financial goals…

Others, however, completely shut down as soon as the ‘M’ word comes up.

That’s because many of us have a complicated relationship with money…

Which is possibly why I’ve waited so long to tackle this topic! 

But, the truth is, when it comes to business, it’s a subject you simply can’t shy away from…

That’s why I’ve decided to share some of my musings about money and mindset in the membership world…

Our perceptions of it, how we treat it, how we think about it…

And the impact that can have on our memberships.

So, let’s dive into some random musings about money, memberships and everything in between…

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Switching Membership Enrolment Models: Closed to Open

Are you thinking of switching your membership enrolment model from closed to open? 

Making the decision to open your doors permanently isn’t as simple as flipping a switch…

It can change a lot about your business…

And you need to make sure you’re fully prepared to manage these changes effectively…

For the good of both you and your members! 

We’ve previously talked about moving from the open door model to closed…

And now we’re doing the reverse!

Here’s what you should take into consideration before switching your membership from a closed-door model to an open one…

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Switching Membership Enrolment Models: Open to Closed

Are you thinking of switching your membership enrolment model from open to closed? 

If you’ve been following us for a while, you’ll know that I’m not usually the biggest fan of the closed-door model…

In my experience, the memberships that do best are the ones that are always open…

However, there are definitely some situations where a closed-door membership makes sense…

And I’m not here to convince you otherwise.

What I am here for is to help you prepare to make this switch…

To consider all the implications…

And prepare you for what’s next once your doors are closed.

Because managing a closed-door membership is very different in a lot of ways from an open-door one…

And many people who make the switch aren’t fully aware of what lies ahead for them…

And find the process difficult to manage…

Or regret their decision to make the change…

Let’s make sure you’re not one of them! 

Here’s what you should take into consideration before switching your membership from an open to a closed-door model…

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Tackling the 6 Biggest Challenges Every New Membership Owner Faces

Let’s be honest… running a membership business is not as easy as it seems.

Like with all good things, it does have its challenges.

And when you’re at the beginning of your membership journey these challenges can seem all the more overwhelming.

If this sounds familiar, don’t worry, we’re here to prepare you for what’s ahead!

So let’s dive in…

Here’s how to tackle the six biggest challenges every new membership site owner faces.

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Have You Hit The Revenue Ceiling For Your Membership Business?

Here’s a question which may terrify you:

Do you know what the revenue ceiling is for your membership business? 

It’s entirely possible – even likely – that this is something you’ve never contemplated…

Perhaps you had no idea until now that a revenue ceiling existed, in which case, you’re not alone…

Or maybe you’re aware of the revenue ceiling, but you’re not sure how to calculate it for your membership.

Whatever the case, it’s important to be aware of it, because whether we like it or not, the revenue ceiling exists for every membership…

Yes, even the most successful ones! 

So, how can you figure out what your ceiling is and whether or not you’ve already hit it?

We’re going to help you answer that and explain what you can do to raise that ceiling higher.

So let’s dive in…

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Are You Leaving Money On The Table in Your Membership Business?

Everything’s working well for you running your membership…

It’s growing nicely, is giving you a good income and you enjoy it so much that it hardly feels like “work”…

But the advice you’re constantly hearing from others around you is making you question whether you should be working harder at growing it faster, or exploring additional revenue opportunities alongside your membership.

They’re telling you that you MUST offer private coaching… develop other products… run live events…

And then they tell you: “If you don’t, you’re leaving money on the table”

This is a phrase we’ve heard so many times over the years…

People being told that they’re running their business the wrong way if they’re not exploiting these opportunities…

But the truth is, you’re the only one who can determine that…

So are you leaving money on the table in your membership business?

Let’s find out…

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Competing with Established Memberships in Your Market

You’re excited to launch your membership and are working through the planning process – validating your idea, researching your audience and the marketplace…

And then you see it.

A huge well-known brand already has a membership – just like yours – and is operating in your target market.

Or maybe you’ve already launched your membership, but are quickly running out of ideas on how to standout from the big names in your space.

Either scenario is a difficult one to manage.

The thought of competing against a major player can be daunting to say the least…

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Setting Goals for Your Membership Business: A Practical Process

Setting goals for your membership is an essential part of fuelling continuous growth.

But simply setting them isn’t enough…

Actually following them through and achieving your goals is a whole other challenge.

And often that’s where people fall short.

To make sure you get where you want to go, you need to have a solid process, one that not only ensures that the goals you’re setting are realistic, but also achievable.

Setting unrealistic goals without a clear plan of action pretty much guarantees failure.

If this sounds familiar, don’t worry we’ve got your back!

In this article, we’ll be sharing with you a practical goal-setting method that we’ve used to grow our business.

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Should You Increase the Price Existing Members are Paying?

When you first launch a membership it’s quite common to offer your initial members an amazing deal to entice them to join.

But a few years down the line when your membership has evolved, new content and features have been added, and your member base has grown, you might be regret being so generous.

Perhaps you’ve increased the price of your membership for new subscribers and now you’re questioning whether it’s fair your founding members continue to pay so little.

Maybe it’s time to increase the price they’re paying…

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Aligning Your Members to Your Vision with Steve Pavlina

Today’s guest on Behind The Membership is Steve Pavlina, a prolific name in the personal growth space and owner of the Conscious Growth Club. 

Steve actually has a bit of a different membership model to most you’ll hear on this podcast, offering a 12-month membership at a price point of $1997. He also only launches the membership once a year, so his membership is small and intimate by design.

Steve shares some great insights into why he picked this model and why it’s worked well for his audience and the kind of results he helps his members to achieve.

Steve has really fine-tuned who his membership is for and isn’t afraid to remove those that aren’t a good fit, realising that alignment and attracting the right members is absolutely key for the kind of community that he is creating. 

Listen in to hear how going to Disneyland every day for 30 days was what inspired Steve to first start his membership, how 30-day challenges work for his membership community, and how his low-key five-day launches bring him six figures, allowing him to focus on his members for the other 360 days of the year. Plus, of course, much more!

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