On the last episode, we talked about monetizing your skills that you’re educating your audience about.

In fact, that episode was so popular that we actually opened a free Facebook group around this subject.

We’d love to have you join, it’s called Let’s Monetize Your Skills… For Recurring Revenue.

We’re going to be talking a lot about how a subscription or membership side to your business can add a lot of revenue so you can have more freedom and make a bigger impact.

Did you know that Forbes has rated the membership/subscription model as the #2 best business strategies, both for the business owner and for the consumer.

I mean, Forbes itself has a membership and subscription model.

One of the biggest blocks I hear from people who are considering monetizing their skills online, is… “why would someone pay to get this information from me, if it’s free on the internet, YouTube, Google, etc.?”

We subscribe to a LOT of services.

How about Netflix.

Could I go to YouTube and also be entertained and educated for free? Sure!

Do I go there sometimes? Also sure!

Do I also subscribe to Netflix? Yep. And Hulu, and Disney Plus, and Paramount….

How about Amazon Prime? 

Could I use Amazon for free? Sure!

Do I find value in getting what I want with no minimums or faster? Also sure again!

I’m paying for convenience and speed.

I’m also in several membership groups.

I’m in coaching groups where I haven’t even consumed a lot of the content, but the community and the feeling of security that I get from having access to the content when I need it is more than worth the small price I’m paying for it.

Also when I’m paying for it, I become more invested in that part of myself, in ways that I wouldn’t be if I were to go searching for it for free on the internet.

Plus I know the quality of content and support that I’m going to get through the paid program is far more valuable than anything that is put out there for free.

Another coaching membership I’m in does education and also templates.

Let’s take my mastermind program.

The monthly rate is a tiny fraction of what just one hour of one to one coaching is with me.

Why or how can I do this? Because I’m doing GROUP coaching/educating.

I’ll break it down for you with a little membership math.

If the average member is $47/month, and you have 100 members, that’s $4700/month.

I’m teaching for one hour per week.

My membership/mastermind is very high value and really gets my members moving forward faster and with less overhead than I was able to, because I’ve gone before them and am willing to help them with whatever they need, plus give them all kinds of insider info.

It’s saving my members time and money, so it’s a total no brainer for them.

I touched on this a little, but you know what else all of these have in common that something your audience can “google for free”? Community.

My friend Stu McLaren, who is the expert on memberships and subscriptions says, “people join for the content and stay for the support and community”.

Hot tip: Think about what services you subscribe to and what level of value you get from them.

It’s more things than you might think.

I mean, I’m also a member of a car wash here locally. I pay the same per month as what I would pay for one car wash, and I could go every day if I wanted to. 

Another absolute no brainer. I’m always searching for a membership or subscription option to what I’m considering purchasing, and I hope you do a little brainstorming and consider the same.