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Simple Six Figures – Are Membership Sites Profitable?
Many online businesses are in the form of membership sites. They can be very profitable and can easily generate a six figure income. They can also be interesting to run if you have a passion for a particular niche and fairly easy to manage.
However, a large number of membership sites fail within six months. So, this leads me to conclude that there is a right and a wrong way to build your membership site empire.
Let’s briefly consider some of the factors that need to be carefully considered.
To begin with, your niche is vitally important. In depth research will need to be done so that you can determine if there will be a healthy demand for your site. Also, you must take account of competition. Will you be able to match any service already provided by any competing sites? Some considerable time needs to be spent on this initial stage. But once this work has been done and if you have chosen a niche that interests you then your new venture should be more of a pleasure than a pain.
Another vital element is that what you offer your members must be of the highest quality.
They must be able to get what they want at your site only. If they can find the same information, product or service for free or at a lower cost somewhere else then you will quickly lose members. And then your site will die. So content or whatever you provide is vitally important. And this may also determine the choice of your niche. But, as long as you feel that you can offer something fresh, unique, useful and different then success should follow.
Discovering a USP (unique selling point) for your site will be a major factor that determines success. Originality will attract new subscribers and in this business model ‘nothing succeeds like success.’ A popular membership site will attract ever increasing new members.
One type of membership site that does particularly well is that which acts as a sort of ‘resource’ centre. If you can offer advice, software, strategies etc that will save your subscribers time, money or both then they will usually remain loyal and be prepared to pay for the privilege. Aim to give your valuable members a good return on their investment.’
So why do so many membership sites fail?
The main factor is lack of originality.
You have to carefully research your market and try to discover a unique aspect that can be monetised. If you can manage to create a unique site, with a strong market, with little competition, and you give great value for money, then you have the foundation for success and a high income.
The emphasis then is doing the ground work at the very beginning – research, research and more research! Like the foundations of a building, your new site will stand or fall depending upon the quality of your research.