#199: 4 things to consider before you launch a membership - Tash Corbin, Heart-Centred Business Podcast

Today we're going to be talking about the four big considerations you need to think about before creating and launching a membership. So if you've been thinking about putting a membership out there, this is going to be a really juicy episode for you. What is a membership? It is where you have people in a group program and they need to make a recurring payment in order to stay in the program. For example, you might have a course where people make a payment and then they’re in the course until it's finished, and then they're done, or they’re in the course evergreen so they can stay in the course for as long as it exists. A membership requires that people pay a membership fee in order to stay inside that program. So in my business, the Heart-Centred Business Academy is a membership. It has a monthly fee people can pay by the year or pay by the month. But when they stop paying and their membership expires, they then leave that membership. Creating a membership can be a really sexy way to get into leverage and add more leverage in your business. It's a way where you can be paid on a recurring payment, and you don't have to re-market to the existing members in order for them to decide they want to stay in. Now, that isn't always 100% true, because you do want to ensure that you are encouraging people to stay in the membership as much as possible. But you don't have to go out and sell membership spots every month to be making money every month from your business, because if there's a value proposition for people to stay and keep paying membership, they will. So it can be a really juicy model, and it can sound very appealing to create and launch a membership program. But as with any business strategy and model, you know that I like you to go in with your eyes open, knowing exactly what you're getting yourself in for. I think memberships are sexy, I have one. I'm not saying don't create a membership. But I do want to give you four things to consider before you just jump straight in, so that you can keep your eyes open and know that you're making the right decision for your business, for you, and for your clients. It’s the right fit. First and foremost, make sure that it is the right business fit for you. And don't assume that because it has recurring income that it's going to fix all recurring income problems that you have in your business. It's not the only solution to good baseline income in your business. I have a number of clients who thought the only way they would be able to fix their recurring income issues and their cash flow issue issues in their business was to create a membership, when instead what we've done is put their existing course or program on evergreen and created evergreen sales funnels. For example, with the Heart-Centred Business Academy, the current rate is $196 a month. But the current price of the TakeOff program is $2,000, or thereabouts. So if I want to create $2,000 in recurring monthly income in my business, I can sell one spot of the TakeOff program every month, or I can sell 10 spaces in the Heart-Centred Business Academy and have those 10 members stay in. And that's where the sexy part is for a lot of people.  They think, “Well, once I get someone in, they're definitely going to keep paying me and so therefore that's going to be way better for the long term baseline income of my business.” But I tell you, it is easier for me to sell one spoLet me know your thoughts via our Text FanMail!Join us in Noosa at the Heart-Centred Business Conference in September!Find out more and secure your ticket at: tashcorbin.com/conference