In this series we will look at 7 compelling reasons to Start A Membership Website Beginning with: Reason #1 RESIDUAL INCOME!
What is Residual Income? And How Does it Work?
A residual income stream will earn you money even when you’re not on the clock. Owning rental units, collecting royalties or owning a membership website are examples of such passive income.
5 Benefits of Residual Income and Why You Should Start a Membership Website
- You can experience true financial independence if your residual income produces enough money.
- Time Freedom. Having residual income allows you to do more important things with your time. Such as enjoying a favorite hobby, supporting a charity or cause close to your heart or spending more quality time with your family and friends.
- Peace of Mind. Because no matter what, you will have a constant flow of income (however large or small it may be). This is critical if you get injured or sick, can’t work because of another emergency, or if you just want to take an extended vacation.
- Live Anywhere in the World. You will make money no matter where you live unlike a linear income which ties you down to your geographical position.
- Much Less Stress. Knowing that every month you will see enough money to come in to pay the bills.
Residual Income and Membership Websites
In the last 15 years online I have sold hundreds if thousands of dollars on courses and one-off products [eBooks, Videos and Audios]
Especially in my first few years online, selling various manuals and courses in .pdf format was a huge part of my business.
But in hindsight, there is a serious flaw with this business model.
Because even if you have an utterly fantastic month and sell hundreds of copies of your eBook or course, the next month the slate is wiped clean and you have to start all over again.
This is where Membership Websites really shine – they hand you the power to create residual income.
Lets Look at the Math:
Imagine you have a membership site and you charge people $97 a Month
- 10 Members = $970 a Month
- 25 Members = $2425 a Month
- 50 Members = $4850
- 100 Members = $9,970 a Month
- 150 Members = $14,550 a Month
- 200 Members = $19,400 a Month
- 250 Members = $24,250 a Month
Stop and think about that for a moment… just 250 member @ $97 a month gives you a residual income of $291,000 a year!
All you need to do is provide MORE than $97 a month in genuine value for money.
One of the most important things you will need to start a successful membership website is the right software to create, manage and promote it. I strongly suggest that you check out the wonderful solution here
[In Part 2 we will look at another benefit of starting your own membership website]