Back to PodcastMaking a Quick Buck Brief Overview Recently, a gentleman made a post in one of my Facebook groups. He asked, “Does anyone else feel a little hesitant to start a membership site because you know it’s a several year commitment? Courses can be created, launched and automated in just a few months and a membership requires an ongoing commitment for many years if you really want it to be successful. I think you really need to have a deep passion for the project if you’re going to make it work long-term. What do you think?” When I hear someone talk about “making a quick buck” I get fired up. And it just happened. So beware… here comes a rant 🙂 Download as an MP3 by right clicking here and choosing “save as.” RSS feed for Marketing Your Business Big Ideas Commitment as a Key to Success [2:00] Whatever business you are trying to get off the ground, whether it’s a membership site, whether it’s bricks and mortar, whether you’re selling a physical product or providing a service. You have to have two types of commitments in order for you to be successful – number one, is a commitment to the idea itself, and number two, is to play the long game. Commit to Your Idea [2:28] We can’t get an idea off the ground if we just dibble dabble in it and beat around the bush. If you are going to commit to an idea, then roll up your sleeves and commit. Sometimes that means you’re going to need to put in a few extra hours, wake up a little bit early or ask for help. Whatever it may be, you have to make a commitment, otherwise it’s never going to get off the ground. One of the best ways to make a commitment to the idea is to set a date that you’re going to launch and announce it to the public. It creates urgency for you to do the things you need to do to get it off the ground. There’s no magic pill in this world, especially in business, so a commitment to the idea is a critical component to being successful as an entrepreneur. Play the Long Game [3:42] There are many opportunities to make an extra buck, but if you’re always chasing the quick buck, you are going to have a sporadic business. You’re going to be in one market selling services one day and another market selling product the next. Sometimes you’re going to have to make decisions in your business that will mean you’re going to forgo the quick buck. But because you’re playing the long game, you’re going to reap the benefits, 5, 10 or even 20 years from now. With membership sites, it’s like a snowball that gets bigger and bigger as the time goes on. Or like investing – when you invest $100 a month, over time that begins to compound. When somebody asks, “What’s the best investment to make?” The best investment would have been 20 years ago. The second best investment is today. A membership site is exactly the same way because it starts small, but when you play the cards right, it starts to compound and grow over time. Do These Commitments Bring Immediate Success? [5:15] My response to that gentleman was pretty straightforward. I asked him a question back, “Does this mean you don’t want to commit to your business beyond a few months? Because if that’s the case, then membership site is definitely not the right business model. Membership sites are absolutely a long-term investment. But does that mean you can’t experience success right away?” Ask Tara Walsh about the financial impact her membership site has done for her income and the time she now has with her three daughters. Or Rhonda Nelson about how her first launch welcomed over 252 members and generated over $200,000 in annual income. Success means different things to different people, and for some, it’s an extra $5,000 which jump starts the beginning of something truly magical. Like for Anna DiGilio, who in the last two years has grown her membership site into a multi-million-dollar membership. There are hundreds and hundreds of examples from within our TRIBE community that showcase that the success one can have with a membership site can be dramatic, and it can happen right away. But no matter what success means, there is something to be said about going deeper with your clients and customers, building a real relationship that goes well beyond a single transaction. A membership gives you that connection, and that becomes the most valuable asset in your business. Membership Is the Future [6:59] You can always make a quick buck doing other things, but when you’re playing the long game, you realize that a growing membership site is one of the best investments any entrepreneur can make in their business. So many big companies like Amazon, Apple, Adobe, Netflix, Spotify and even Walmart are incorporating membership and subscription into everything they do. Even Burger King is rolling out a subscription model, $5 a month for their coffee. The future in business is membership and subscription, and it’s the most stable, most profitable business model that you can get into long-term. Memorable Quotes “There’s no magic pill in this world, especially in business, so a commitment to the idea is a critical component to being successful as an entrepreneur.” – Stu McLaren “No matter what success means, there is something to be said about going deeper with your customers and building a real relationship that goes well beyond a single transaction.” – Stu McLaren Rate & Review the Podcast Reviews for the podcast on iTunes and greatly appreciated! They help us build awareness for the show, which in turn allows us to bring value to more listeners like you. Not only that, but they help us better understand what matters the most to you so that we can constantly improve. If you received value from this episode, it would mean the world if you could take a moment and leave your honest rating and review. You can do that by clicking here.