The Rise and Fall of My $50,000 per Month Membership Business
Jul 19, 2024
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Explore the rise and fall of a $50,000 per month membership business, detailing the challenges, transitions, and key takeaways on customer-centricity, business drivers, and more.
Transitioning from one-to-one to one-to-many coaching models requires a cautious approach and understanding of scaling challenges.
Fostering a positive community environment, celebrating member successes, and ensuring transparency are essential for membership business success.
Deep dives
Creating a Membership Model for Coaching Support
The podcast explores the idea of establishing a membership-based practice space for coaching support, reflecting on past experiences with a membership that reached 1500-1700 members. The speaker discusses the intricacies of scaling a business and the challenges faced in transitioning from one-to-one to one-to-many offers, highlighting the cautious approach needed to navigate such transitions.
Evolution from Course to Membership Model
The speaker recalls transitioning a $600 home study course into a membership format with a 30-day trial at $1, leading to $30 monthly subscriptions. The decision to focus on community support, including forums and webinars, alongside core lessons, played a crucial role in attracting and retaining members seeking guidance on generating online income.
Success and Pitfalls of Community Engagement
The podcast delves into fostering a positive community environment within the membership forum, emphasizing the importance of celebrating member successes and providing tools for automation. However, challenges emerged when the speaker's ego interfered with decision-making, leading to conflicts, the discontinuation of successful programs like service providers, and ultimately impacting member retention.
Lessons Learned and Future Resolutions
The episode concludes with reflections on the podcast host's self-awareness and humility regarding past business failures and successes. Key takeaways include valuing customer contributions, recognizing core drivers of business success, and embracing a more transparent, service-oriented approach in future entrepreneurial endeavors.
1.
The Journey of Building a $50,000 per Month Membership Business
I've been wondering whether a membership model would be the best way to set up a practice space for coaches (discussed a few episodes back). You may not know that between 2009 and 2012 I ran a membership with a partner that had as many as 1,700 members. About seven years ago I recorded a retrospective of the whole experience. Today I listened to it and, although I don't agree with everything I said in 2017, there's a lot of gold in it. Today I thought I'd share it with you.
Announcement: On May 1 I'm holding my first "Office Hours with Mark". Office Hours creates space and time for my fellow coaches to connect with me and get support. Go to https://mrkbtlr.com/office-hours to opt in for details.
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