Exploring the potential of generating income through memberships, the chapter showcases how a small number of members can fund significant expenses. It discusses the adaptability of this model across different businesses and industries, emphasizing financial freedom and practicality over get-rich-quick schemes.
Who else wants to reduce your financial stress and create a stable source of income from your business? This is the way: shift to a membership-based business model.
I know what you might be thinking: “Geez, Uncle Ray… that sounds complicated, and anyways… ain’t everybody sick of all the subscriptions?”
My answers are: it doesn't have to be complicated, and I can prove it to you. And yes, we are all tired of subscriptions… except for the ones we love. The ones you will only cancel when someone pries them from your cold, dead fingers. Like my Chewy.com subscription (my pugs LOVE their Chewy.com treats)... or my Paramount+ (because.. Star Trek: Strange New Worlds).
You and I need to wise up, and start building recurring revenue streams NOW - cause the coming year is gonna get all kinds of crazy.
My guest this week is the world’s #1 expert in creating recurring revenue for virtually ANY business, Stu McLaren. Key Insights
- Why recurring revenue should be the goal of any business or entrepreneur (duh!)
- The "death" of TicToc in the US? What would happen to the nearly 7,000,000 businesses that depend on it?
- Every business has vulnerabilities - a membership with stable, recurring revenue gives you the ultimate insurance policy
- The 4 types of memberships - Product based (e.g. Dollar Shave Club). Service based (e.g. car washes, massage therapy) Knowledge based (helping people solve an ongoing problem, or master a skill. e.g. guitar training) Community based (uniting people with common interests)
- Two things that make your members stay: Consumption and Results
- If you think your business doesn't fit this model, it's time to shift your mindset. Ask yourself, "How can I continue to serve my customers?"
- Stu's live, once-a-year membership training starts April 4th. (Link below)
Video And Transcript
https://www.rayedwards.com/653
Links
- The Membership Experience: This is Stu McLaren's live, once-a-year training and it's absolutely free to attend. If recurring revenue is what you're after, but have no idea where to start - This is where to start!
How You Can Help
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