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Today’s Top Pick Topics 👇
☑️ Brainstorming Your Next $$$ Making Opportunity
☑️ A Deep-Dive Into How To Stop Overthinking and Take Action
5 Creative Ways To Make More $$: Unlocking Untapped Revenue Streams
The goal with this guide is to help you create predictable recurring revenue for your business, to free up your time and energy to focus on the thing you do best ... which is helping your clients!
You may have heard of these program types, but, keep reading - because this article is intended to spark your ideas and help you think of new and exciting ways to serve more people.
We've seen hundreds of service-based businesses skyrocket their recurring revenue by implementing one or more of these options... so, check it out, take notes, and let your ideas and imagination run wild. The biggest leaps for people only happen when they dream really BIG.
1 The Do-It-Yourself Membership:
This is a self-paced model that allows clients to implement your solutions on their own terms, costing you very little time, but generating a recurring revenue stream which creates a win-win.
These memberships are generally delivered at a low price point, which also creates a low entry point for people to buy into what you are doing and become part of your world.
RW (real world) Examples:
Paid Newsletters, Paid Blogs, Patreon Communities
Note: People will pay for your content if you make it valuable enough... Substack (a paid subscription newsletter platform) rakes in $22m / year in paid newsletter subscriptions. There are so many tremendous success stories from folks who have built massive revenue generating businesses from a simple newsletter. The key is all about the value. In order to make it as valuable as possible you have to deeply understand your audience.
Steps: Now, think about this membership type through the lens of your business! Here's some steps you can take now to start developing your Do-It-Yourself Membership Program:
Step 1: Really think about your core client and their core problem. Make a list of all the ways you could help them solve their core problem.
Step 2: Take your list of solutions and turn it into a list of listicles. For example, our core client is coaches and consultants and their core problem is a lack of predictable recurring revenue.
So, we created a list of ways we could solve that problem.
Then, we created lists based on our solution... just like the one you are reading.
Step 3: Let your creativity, expertise, and knowledge shine. In the beginning you'll be providing people with value. Just free, unhindered value. So give all you possible can in an effort to outline a simple, easy solution for your core client to follow through your content.
Step 4: Get your expanded lists in front of your core client. Here's some free avenues to get in front of them:
Social Media, Social Media Groups, Email Lists, Partner Businesses Pages / Lists
Step 5: Build your own list. Make sure that the free value content you are putting out has a means to capture email addresses. As you build your list and refine the content you are putting out you can offer an expanded version of your content where you go deeper, and deeper, which drives your core client to want to learn more and gain more from you. If you're content is on point and your getting it in front of the right audience - introducing a $10-$20 / month subscription for more of your juicy content becomes a no-brainer!
Step 6: Implementation! Use a solid email marketing platform. Some suggestions: Substack, Beehiiv, or thehammer.ai. If you hate tech and don't want any part of this look to hire or partner with someone who can help you set up and automate the whole process, so that it requires as little of your time each week as possible!
Pro-Tip: Follow a streamlined system for content creation to save yourself massive amounts of time. Start with 1 core topic (related to your core client's core problem) and go into depth on it each week. Have your newsletter be your, "seed content" that drives the rest of your content across all platforms. Use AI tools like ChatGPT, CastMagic, and Vidyo.ai to save time on ideation and splicing your seed content into bits to spread over the course of the week.
2 The Done-With-You Membership:
In this model, you work closely with your clients to guide and support them through their challenges, providing a higher level of involvement compared to the Do-It-Yourself Membership, yet, a less time consuming approach than working with people in a one-on- one container.
This collaborative approach allows you to serve a select group of clients simultaneously, leveraging your expertise and time more efficiently. We've seen this be a BIG TIME business move that frees people up to double down on other efforts while creating some predictable cash flow!
We love this model, probably the most of all, for it's infinitely scalable nature and ease of implementation.
RW Examples:
Group Coaching Programs, Mastermind Communities, Paid Membership Forums
Note: The average cost for group coaching programs ranges from $50 - $50,000 per month. People will pay for these groups if you make the community the backbone and provide an insane amount of value while solving their core problem.
At a previous company that ran a mastermind program nearly all of the original founding members had stuck around for 3 years. When asked why they stayed beyond their 1 year commitment, the resounding consensus was that they stayed for the community!
So, yes acquiring new clients is important with this, and any model, but, with this model in particular recurring revenue becomes much more predictable and churn rates tend to hold an average. Thus, you are better able to calculate your number of clients needed to reach your target revenue and target growth percentages.
Steps: Now, think about this membership type through the lens of your business! Here's some steps you can take now to start developing your Done-With-You Membership Program:
Step 1: Think about your core client, their core problem, and how you are currently solving that. Identify places where there is crossover among all of your clients. Things you teach, see, or do with nearly every client you work with. This can also be a specific skill or process that you teach or take people through.
Step 2: Develop a model for a program that you can develop to solve this problem in a group. Think about ways you can foster engagement and a sense of community with everyone working together to see everyone succeed.
Step 3: Get out there in the communities that your core clients are a part of and share your idea for a group-done-with-you coaching program. Share your idea with all of your current and former clients, emphasizing the outcome and the community.
Step 4: Use the feedback from step 3 to inform your design of the program. Keep in mind, you don't have to have the whole thing defined. You can sell it, fill it, get started, and build as you go.
Step 5: Implementation! All you really need is Zoom, GoogleMeet, or a FB group you can stream into, a SalesFunnel, and some email automation. Again, if this is something you HATE or don't have time for - partner with people who can make it great with little to no effort on your part. Great companies that do this stuff are out there... we know because we are one of them 😉.
3 The Done-For-You Membership:
In this membership model, you offer a comprehensive service to your clients, taking care of the work on their behalf. By solving their core problem and delivering tangible results, you can charge premium prices and provide an all-inclusive solution. This could be considered your one-on-one coaching program where you give a high-level of support and attention.
The best part of adding other membership programs (like those mentioned above) is that it can increase the value proposition of your one-on-one coaching services and allow you to charge a higher ticket price.
RW Examples:
Ongoing Executive Leadership Programs, Executive Coaching Programs, Other Service Agencies
Note: The price you can charge is based on the value you create, the perceived value and the demand of the market. Generally, as you take people through this high-ticket membership you can gather enough social proof to increase the cost overtime.
Steps: Think about this membership option through the lens of your own business. Follow these steps to start working toward a higher-ticket Done-For-You Membership Program:
Step 1: Think about your core client's core problem and how you have been solving that problem.
Step 2: Think about services you currently provide and how you could elevate them to an even higher level eliciting a higher ticket price. What could you add that your current client's struggle to get done or be accountable to?
Step 3: Develop a membership program that offers a turnkey solution to your clients, relieving them of the burden and allowing them to focus on other aspects of their business or life. Keep in mind done-for-you doesn't have to mean one-on-one. There are creative ways to still offer this level of service in a one-to-many model. The most important part is the deliverables and the results.
Step 4: Implementation! This is basically the same as the DWY membership. All you really need is Zoom, GoogleMeet, or a FB group you can stream into, a SalesFunnel, and some email automation. Again, if this is something you HATE or don't have time for - partner with people who can make it great with little to no effort on your part.
Pro-Tip: if there is something else tactical that your client needs - how can you leverage VA’s or a team to create a solution based product to sell as a high-ticket membership? #foodforthought
4 Monetizing Your Audience:
If you have an audience, you can leverage your influence and expertise to create additional revenue streams. By partnering with sponsors, offering advertising opportunities, or becoming a micro-influencer, you can tap into the value of your audience and generate consistent income.
RW Examples:
Sponsored Content, Brand Partnerships, Influencer Marketing
Note: Keep in mind - there are definitely companies out there trying to get the attention of YOUR audience. Think outside of the box to find businesses that align with your values and the needs of your audience to create another win-win situation. For example, does your core client also have struggles with financial planning? Could you leverage a relationship with another coach in the financial space to monetize your audience by advertising for their services.
Now, you'll absolutely want to vet the companies you work with to ensure quality and value alignment, but this is an ideas exercise to get you thinking!
Steps: Think about monetizing your audience through the lens of your business model and current audience size and follow the steps to monetize your audience.
Step 1: Conduct an analysis of your audience for size, engagement, and niche. You can use a few different tools to help you identify this information. We use Metricool!
Step 2: Determine what other businesses might be looking for your core client, or the people that make up the bulk of your audience. For us a strong adjacent service provider is financial coaches.
Step 3: Establish mutually beneficial partnerships that provide value to your audience and generate revenue for your business. You can manually create a list of 10-20 businesses that might want to leverage your audience through sponsorship and reach out to them directly. There is great value in this because even if an influencer relationship doesn't happen - any relationship building opportunity has major power in your business!
Step 4: Implementation! You can follow the step above, repeat as needed until you find the right partnerships who will pay you to share their content. Or, if you hate that sort of thing and don't have time for it - you can leverage agencies or platforms that help pair you as an influencer or micro-influencer to aligned businesses like InfluencerMarketingHub.
5 Participating in Affiliate Programs:
By identifying the core problem your clients face and exploring related niches, you can form strategic partnerships with experts who offer complementary solutions. Through affiliate programs, you can refer your clients to these trusted partners and earn a percentage of the revenue generated from those referrals. This is a great compliment and / or extension to the audience monetizing option above. Thus, there is some crossover on the steps!
RW Examples:
Online Courses, Software Tools, Other Coaches, Other Service Providers
Note: Connecting with people from adjacent niches will only create opportunities. You never know where a new relationship can lead! Some of the best lead sources can be found in a random conversation with someone who's clients need the solution you provide.
Steps: Think about affiliate partnerships through the lens of your business model and current audience size and follow the steps to create fruitful affiliate partnerships!
Step 1: Conduct an analysis of your audience for size, engagement, and niche. You can use a few different tools to help you identify this information. We use Metricool!
Step 2: Determine what other businesses might be looking for your core client, or the people that make up the bulk of your audience. For us, as another example a strong adjacent service provider that we partner with is audience growth specialists.
Step 3: The same step 3 as above! Establish mutually beneficial partnerships that provide value to your audience and generate revenue for your business. You can manually create a list of 10-20 businesses that might want to leverage your audience through sponsorship and reach out to them directly. There is great value in this because even if an influencer relationship doesn't happen - any relationship building opportunity has major power in your business!
Step 4: Implementation! You can follow the step above, repeat as needed until you find the right partnerships who will pay you to share their content. Or, if you hate that sort of thing and don't have time for it - you can leverage agencies or people that specialize in B2B marketing, or hire a VA and give them a roadmap to create these powerful referral partnerships!
Pro-Tip: Use networking groups to connect with people! There are some great groups out there that you can find on Facebook or LinkedIn.
Conclusion:
You can't solve an old problem with the same old approach. Sometimes it is time to introduce something NEW.
By adding a membership program you can tap into new revenue streams. Best of all, the recurring revenue from your memberships will create a better predictability for you to understand how many new members you need to add each month to hit your minimum viability goals!
Remember, each type of membership provides unique benefits and caters to different client needs. Choose the model that aligns with your expertise, resources, and the desires of your core client.
On paper we know this seems like a lot. But, the best thing with these models is that they actually go together. One can often lead to another. We hope this thought exercise was a great way to open your mind to the possibilities and get inspired by new ways to generate revenue that will get you more predictability and thus, more freedom!
Feeling lost, overwhelmed or unsure?
Or, wanting to launch a membership program but don't know where to start?
CLICK HERE FOR AN OPPORTUNITY TO GO WAY DEEPER ON MEMBERSHIP PROGRAMS AND RECURRING REVENUE STREAMS!
How To Stop Overthinking And Take Action
We’ve all been there.
Overcome by thoughts about specific things that seem to bubble up all the time, spin around in your mind, and constantly beg for your attention.
As business owners, this is a very common experience.
Largely because you care deeply about your mission and the success of your business - which, is NOT a bad thing.
But, constant overthinking can lead to analysis paralysis, detachment, and poor decision making.
So, how do you know when your thinking goes too far?
We complied some stats on this topic. The goal: to help you notice places where you might be spending too much time thinking and not enough time DOING.
Research suggests that 73% of 25-35 year-olds chronically overthink, alongside 52% of people ages 45-55.
In another recent study, 85% of business owners reported suffering from decision-distress. Thus, if you have experienced this phenomenon - you are NOT ALONE.
One dilemma many business owners face, is that overthinking and problem-solving can feel similar. So, it’s hard to differentiate.
Here’s a list of symptoms of overthinking to help you identify when you might need a shift:
Constantly ruminating on past events or situations
Doubting and second-guessing your own decisions
Playing and replaying your mistakes in your mind
Overanalyzing challenging or uncomfortable conversations
Obsessing over things that are beyond your control or ability to change
Endlessly envisioning the worst-case scenarios or outcomes
Being unable to quiet your mind and racing thoughts when trying to fall asleep
Getting trapped in a cycle of questioning without ever taking action or making decisions
Now, here’s how can you escape this in 4 simple steps:
Plan but don't worry: It's essential to have a solid plan in place, but it's equally important not to let worry consume you. Instead of fixating on the potential negative outcomes, focus on developing a well-thought-out strategy. Identify your goals, outline the necessary steps, and create a roadmap to guide you. Trust in your ability to handle challenges and adapt as needed.
Evaluate the data: When faced with a decision or problem, gather relevant information and data to inform your choices. Take the time to analyze the facts and consider different perspectives. Look for patterns and trends that can help you make an informed decision. By relying on data and evidence, you can reduce the tendency to overthink and rely more on logical reasoning.
Take a break and switch your focus: Overthinking can be mentally exhausting and counterproductive. Give yourself permission to take breaks and step away from the situation. Engage in activities that bring you joy, help you relax, or provide a fresh perspective. By shifting your focus to other aspects of your life, you allow your mind to rest and recharge. This break can foster clarity and creativity when you return.
Fail fast - choose a path and know you'll win either way because it will work or you will learn: Embrace the mindset that failure is an opportunity for growth and learning. Recognize that not every decision will lead to the desired outcome, but that's okay. Instead of fearing failure, view it as a stepping stone towards success. Make a conscious choice, commit to a path, and take action. Embrace the belief that regardless of the outcome, you will gain valuable insights and knowledge that will contribute to your overall progress. This mindset shift allows you to approach decisions with more confidence and resilience.
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