155: Building Another Recurring Revenue Stream with Stu McLaren
Episode description
One of the biggest benefits of a subscription box business is recurring revenue. You can build ANOTHER recurring revenue stream in your business by adding a membership to your subscription box business.
In episode 145 of this podcast, I interviewed three of my Mastermind students, all of whom hit $1 million in revenue last year! They have different businesses and followed different paths to where they are now, but one thing they have in common - they all have both a physical subscription and a digital membership.
When I knew I wanted to talk to you about memberships, there was one person who had to be part of the conversation - my long-time mentor and membership guru, Stu McLaren.
Stu and I talked about 4 categories of memberships:
- Product-based memberships
- Ie., a subscription box
- Service-based memberships
- I.e., a massage therapist, blow-out bar, car wash
- Knowledge or information-based membership
- Solving an ongoing problem - i.e., dog training, relationship coach
- Learning a skill - i.e., Launch Your Box
- Convenience - i.e., teacher lesson plans, templates, social media scripts, checklists
- Community-based memberships
- A gathering place for people with shared interests
- Can be a standalone or an add-on
There are so many examples inside Launch Your Box of members who added memberships to fill a need their audience has.
Ask yourself how you can use your expertise to create a membership.
- What questions are people asking you?
- What problems can you solve for your audience?
Stu and I talked about membership ideas for some popular industries:
- Pet industry
- Training
- Dog spa business owner coaching
- Equestrian riding
- Fashion and beauty
- Styling tips & tricks
- Crafting
- Lettering, sewing, crafting, etc.
If you worry that your business doesn’t lend itself to a membership, Stu shares a story that might convince you otherwise. One of his students has a membership of thousands of people - all there to learn how to make balloon animals! Yes, you can create a membership!
So… how can YOU use your expertise to serve your ideal customer with a membership?
Stu is hosting a FREE 3-part workshop in April.
Learn more about Stu McLaren’s FREE workshop HERE!
Join me and Stu McLaren, my long-time mentor and membership expert, as we talk about why you should consider building a membership alongside your subscription box business.
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