Paid membership sites are one of the leading business models online today. This is mainly due to the fact that paid membership sites offers more advantages compare to other type of business. What are these advantages you ask? Well, there are three basic advantages and one is the steady stream of income.
With paid membership site you can have the steady income of a CEO but without the tedious responsibilities that comes with it. You see, subscriptions to paid membership sites are set up for a certain amount of time usually about by month or by year. So for instance you have a hundred people subscribe to your site for $20 a month. That would give you a steady cash flow of $2,000 for months to come, so long as your members remain satisfied and subscribe to your site. In a year you could make $24,000. That is more than the annual income of some people with normal office jobs. Of course, the true amount depends on how many members you have and how much the monthly fee is. Don’t forget that some people will not stay for a full year, some may come, some may go… your mileage may vary!
Another advantage to having your own paid membership site is that the start-up cost is considerably low. Compare to other business, paid membership sites only requires a low capital. All you need to start up your site is a website design or template, a website host, a content management software or membership software (this includes all that you will need with the exception of the content itself) and of course the content. Most of which, you can do yourself to eliminate cost. As for the cost associated with website hosting services, they are very affordable with some as low a $5 a month.
The third advantage is actually the combination of the first and second advantage — a potential high profit margin. The profit potential gained from paid membership site is unlimited. The actual amount of profit you gain would depend on how much time and effort you devote to your site. So if you are looking for a business that could provide you with steady income at a low start up cost then paid membership site is the one for you.
What’s great about starting your own paid membership site is that you are in control. You choose what kind of site you want to start up and how much to charge for it. It can either provide mentoring or coaching, or contain articles or information about various subjects. You can even offer some sort of specialized service like social networks. It’s all up to you! Just remember that your main goal is charge people before giving them access to your website.
A membership site can easily be added to any WordPress website through various plugins. Once installed it is a matter of configuring the plugin and off you go! Naturally, it is easier said than done, unless you know how to do it. After all, it is ALWAYS easier when you know how to do something.
If you are interested in creating your own membership site, check out Create Membership Sites. This is a new course that I am teaching along with Geoff Hoff. It starts this Wednesday! Come join us!
Read More on Membership Sites in the next post.