Which One Of These Four Membership Types Suits You?
Have you ever wondered what would become possible for you if you were to have reliable revenue in your business every month? What would that do for your business? What would that be able to do for your household? That’s what a membership can bring to the table.
Memberships can do just that – provide you with a regular income. You may have seen that memberships and subscriptions are popping up everywhere at the moment. That’s because they are an incredible way to serve people online. We live in a digital era. That means everyone’s attention is going to continue to move into the online space.
People are constantly looking for better ways to do things in their life. Whether it’s a new skill to learn, ways to automate and streamline… Even the basic everyday needs and wants that they have in their lives without having to leave their homes.
During this episode, you will gain clarity about what a membership could look like for you and for your business.
I’ve seen so many women in my community build thriving memberships from scratch, whether they came from a course, a mentor, or just figuring it out as they went. Jessica Donovan is one of them. She’s one of my Freedom Filled® Mastermind ladies, and she has a thriving membership with hundreds of women who are there to learn natural ways to improve their child’s gut health. If you haven’t listened to her episode, she shared a bunch of tips that you’ll want to scoop up when it comes to launching your membership.
Liv Morgan is another one. Liv is a member inside of my Freedom Filled® Mastermind. Liv sells physical products, earrings that she designs and makes, and she started her earring box subscription last year in 2019.
There’s massive potential out there for you to incorporate recurring revenue into your business. It’s not only for those with online businesses either, so please stay open to the idea of having a membership or subscription.
So onto today’s episode, I’ll be walking you through the four different types of memberships and by the end of this episode you’ll be able to identify which one is best suited to you!
WHAT ARE THE FOUR TYPES OF MEMBERSHIPS?
1. Service Membership
Service-based memberships can range from business-to-business in which you provide a service like accountant, bookkeeper or virtual assistant. There are also other services such as a hair blow-dry bar or car wash that have brand loyal customers and allow business owners to predict the overall revenue that is coming in every month.
Jen Bowers, a member of my Freedom Filled® Mastermind, has a service-based membership for her online business called Pink Pom Pom Social. She’s a graphic designer and branding specialist who has an incredible membership that she runs with a partner. They provide social graphics to small business owners and entrepreneurs with a gallery of over 5,000 images in exchange for a monthly membership fee.
Jen has taken one element of what she does and one pinpoint of her customer base of her clients and created a membership around that.
2. Product Membership
Shoutout again to Liv of By Liv who sells her earrings on her online store and has a membership for women who want new earrings every single month. Wine clubs, flower clubs, fresh produce which delivers weekly also fall under this category.
Sarah Williams of Framed! By Sarah, a friend of mine, has a monogrammed gift box membership. She currently has about 2,000 women subscribed. Every month, she sends these women a box of monogrammed fashion and lifestyle items with their initials like t-shirts, coin purses, sunglasses cases, coffee cups, make-up bags, etc.
3. Community Memberships
People will pay to be in a community of like-minded people. I know that there are book clubs out there, online communities for people who love to do art or online communities for people who have a particular interest or slight obsession with video games. There are literally community groups for everything.
There are also amazing paid membership for mother’s groups, mother’s circles, mothers who have a particular philosophy or belief system when it comes to mothering. Massive shoutout to Amberely Harris, another one of our Freedom Filled® Mastermind’s members. She has just very recently launched her membership, Maternal Instincts by Ameberly, where she supports breastfeeding mothers, whether you are new to breastfeeding, new to motherhood, all the way through mothers who are breastfeeding toddlers. She helps them overcome the physical and mental challenges that can come along with choosing to breastfeed.
Another example of a community-based membership is Christine Li, a TRIBE graduate as well. She has a membership called “Freedom from Procrastination” and her members are from all the walks of life and all types of professions who are supporting each other in overcoming procrastination. They’ve got this beautiful spirit of community that exists in all their members.
4. Knowledge Memberships
Knowledge-based memberships are where you teach your members a skill or you want members to be able to master something specific.
Top of mind example is my friend Levi Kujala, he has a membership for guitarists. He’s teaching people how to play guitar. His membership is booming at the moment with people on lockdown and they are turning into creative spaces of art, music, language and things like that. He has around 7,000 members, that didn’t join overnight. He’s been growing his membership for awhile.
Patty Palmer, who I met through the Mastermind with Stu McLaren, teaches art lessons that primary teachers can implement in the classroom.
Likewise Jessica Donovan, who was on the podcast last week, is a naturopath and she created a knowledge-based membership where she helps her audience of mums to improve the gut health of their children.
There’s Angela Sanchez who is in our Freedom Filled® Mastermind and owns a beauty business. She’s a beautician, a coach and mentor to other beauty-based business owners. Within her membership, she’s teaching them the tools to be able to grow their businesses, as well.
Casey Patch is one of the Founding Members of our membership the Social Method Society. She also did TRIBE with us last year. Casey launched her play-based learning membership and after only a year with it she’s got around 500 members. It’s currently bringing her around $6,000 in recurring revenue every single month. It enabled her to bring her husband into the business with her and they were able to buy their first home.
Also, massive love to Jazze Jervis who did the TRIBE Experience with us as her mentors last year. She launched her membership “The Calm Society” and she’s got about 200 members at the moment where she teaches mindset, manifestation, meditation and spirituality. She helps women to develop a strong sense of self and to be in touch with their highest self.
Of course, what I do at the Social Method Society is a form of a knowledge-based membership blended with community. So you can always do a blend as well!
WRAP UP
So there you have it… The four types of memberships – SERVICE, PRODUCT, COMMUNITY or KNOWLEDGE based.
Which one suits you? Which membership is calling out to you?
There are so many ways for you to incorporate recurring revenue into your business. Sometimes people can get fixated and think, “I don’t want to teach something” or “I don’t want a membership where I keep putting out content,” then those types of memberships may not be the right membership for you, girlfriend!
There may be something else that you can do and other ways you can satisfy your customers. I have not come across a niche in the TRIBE community that could not succeed without a recurring revenue stream in play.
Ladies, memberships do not have to be this big, scary, complicated things!
They don’t have to be this hamster wheel of content that you can’t get off of. It’s not adding another thing into your business that just adds more stress. If anything, it simplifies things. It’s a beautiful business model to consider and one that definitely changes lives, not just yours, but the lives of people that you get to serve.
Do yourself a favour and spend some time considering what recurring revenue can do for you in your business and what that money makes possible for you.
I know, for me, I’ve been able to help hundreds of women up-skill their marketing and grow their businesses. That has a further ripple effect on what becomes possible for their household, their families and our economies. I also love that I get to hire other women (and men) and help them feel fulfilled in their work and bring money into their households, too.
Feel free to share this episode with your own audience, friends or anyone with a business.
Until next week my loves, stay happy in your hustle.
Work with Tracy