Including a membership program into one of your online projects is a great way to create “passive” income.
You’ll notice passive is in quotations because although the monetary method does allow you to earn through subscriptions you’ll still need to include a lot of time and effort.
Memberships, on one hand, can be one of the best ways to earn from your projects because it creates a list of buyers that will frequently invest in your offers. On the other hand you may alienate a good section of your community because there is a pay wall.
In the following you’ll learn of the ups and downs of using memberships with your website and ultimately find out whether to say yea or nay to the whole ordeal.
Yea to Memberships
There are a few benefits that immediately stand out to why you’d want to do memberships:
- Having regular income from those that are subscribing on your schedule; having regular income not only is a great boost to your bottom line but it also allows you to work on larger projects (such as scaling) because you know the income will be coming through.
- Developing a membership is in line with developing a customer list; once you have this list you now have a segment of people that have “voted” they are willing to purchase your offers so most (if not all) offers afterward will be generally well received with the group.
- After it’s all said and done you will have those members even if the main site begins to tank; you develop a passionate community that will stick with you through the tough times which is very important in affiliate marketing since it can be so volatile.
Nay to Memberships
There are also a few drawbacks that may want you to shy away from it:
- The biggest being the drawback in which you have to consider the sheer amount of time you’ll need to put into a membership program; you’ll be spending, essentially, double the time (on most occasions) because you’ll want to provide the paid crowd as much content as the free crowd.
- Memberships may make you short sighted in the sense that you’ll only work on their behalf than the front-end which is what drives in the additional subscribers; you become too wrapped up on the paid side of thing and so you begin to cut out the free end of things thus limiting your flow of new individuals subscribing.
- Though the programs/services to create a membership have become streamlined they may still be a technical problem for many; adding a membership on top of a project may be that breaking point (technically) since it’s yet another item to add to your list of things to learn (and manage).
With memberships there is a huge commitment that isn’t something you’ll really want to undertake unless you’re 100% committed. The monetary method is certainly very lucrative but you may find yourself adding almost double the amount of time toward the thing.
My suggestion would be that if you decide to go this route that you should create content and other various items for the members well in advanced. You should always stay at least a month or more ahead of the normal schedule so that if you do hit a snag there doesn’t seem like there’s a disruption.
Overall you should just make sure that you look at the long-term potential and problems involved with undertaking membership programs on your site. There are tons of great benefits while tons of drawbacks. What works best is what your community demands so keep an ear out for what they want and you’ll reach the right conclusion.