313 - Musings About Money and Mindset in the Membership World

Are you comfortable talking about money?

Many aren’t and avoid the topic altogether. Others are on the opposite end of the spectrum and will flaunt it all day on social media.

As money isn’t something that we talk a lot about, either here on The Membership Guys or in real life, this episode is a bit of a different one.

In this episode, I explore some financial food for thought about memberships and money in general. I cover things like mental money blocks, the influence of social media, putting money to good use, and scaling your business.

This episode’s a bit of a different one than usual, so tune in for a talk on all things money-related.

Essential Learning Points:

• Why our marketing isn’t money focused
• The common money blocks that hold us back
• Why we shouldn’t compare ourselves to people on social media
• How the membership model is about slow and steady growth
• How to put money to good use in your business
• Working out your effective hourly rate
• How scaling your business is all about mindset

Important Links & Mentions:

• The Membership Guys
• Membership Academy
• The Untold Origin Story of The Membership Guys (Episode 300 Special)
• Superfastbusiness
• Work Less Make More by James Schramko  

Key Quotes:

“The money side of memberships is relatively boring. It's not an exciting roller coaster ride. And so, we need to make sure that we don't get complacent and take it for granted.”

“When you buy cheap, you end up buying twice. And so, you start to recognize the value of investing money.”

“Instead of paying yourself more and taking more per month, pay yourself the same but for doing less work.”

“I love memberships because the output is usually substantially more than the input. I can spend an hour creating a piece of content. And that can help hundreds of people who then refer dozens of people, which makes me X amount of extra money for one hour of my time.”