Your Game Plan
If you want to start an online business in 2024, this quick post is for you. We mapped out the process for building an online membership business using social media that will set you up to make 6 figures in 2024. Let’s dive in.
Become An Expert
One fundamental truth in the digital space is the people spend money on two things- transformation and acceleration. People seek experts for this. We hire fitness trainers to get a fitness transformation, and we hire guitar teachers to accelerate our progress in learning the guitar. This is where defining your niche becomes critical. By focusing on a particular area, you position yourself as the go-to expert, drawing in an audience hungry for your unique insights.
Start With Your Niche
To help you start, here’s a list of potential niches you might consider:
- Health and Fitness
- Personal Finance
- Cooking and Nutrition
- Technology and Gadgets
- Travel and Adventure
- Fashion and Beauty
- DIY Crafts and Home Improvement
- Personal Development and Mindfulness
- Gaming and Entertainment
- Business and Entrepreneurship
Developing Your Membership Offer
1. Free Incentive Product
The first step in monetizing your content is to create a free product that offers valuable insights. This could be in the form of a webinar, an eBook, or even a simple PDF. The goal here is to use this as a tool that gives free value to followers and sets them up as warm leads for when you promote your paid membership offer.
2. Paid Membership
The second step is to develop a paid membership, that is focused on the topic or niche you have selected. A paid membership is one of the best business models because it produces recurring revenue, and you can scale it using your social media.
Achieving Financial Goals
To put this into perspective, imagine you sell your product for about $50 per month. You would only need 167 members to earn $100,200 annually. Thatโs the power of a membership business. Here is a chart to give you some idea of how much you could make.
167 members x $50/mo = $100,200/year
300 members x $50/mo = $180,000/year
1000 members x $50/mo = $600,000/year
5000 members x $50/mo = $3,000,000/year
Conclusion
Starting an online membership requires dedication, insight, and the right strategy. By focusing on a niche, creating valuable products, and understanding the needs of your audience, you can achieve remarkable success with an online membership. If you want to learn more, we have created an entire free course in MemberUp University that walks through the step by step process to pick your niche, build your membership, and use social media to get members. You can access it here
Ready to build an extraordinary community?
MemberUp is a customizable platform where you can host and monetize your courses, content, and community, all in one beautiful place, without the tech headache.
We offer the flexibility to create a membership experience that’s truly yours. Ideal for subscription, memberships + gated exclusive content. If you’re ready to embark on the journey of creating your very own membership site, start today at MemberUp.com.
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