We are all familiar with recurring billing. Every month we pay our electric bill, telephone bill, cable bill, mortgage or rent and other types of bills we pay every month. What you may not know is in the past 3 to 4 years, the number of online businesses moving to a recurring billing, or more adeptly, a subscription based business model has increased dramatically. It has never been easier to have your own membership website.
Last January I was with some long time Internet marketers when when the conversation turned to the biggest regret some of the most successful Internet marketers who have been online for a number of years. Their biggest regret was their early businesses did not include membership sites. The reason for this seemly glaring oversight was not mentioned. However, I know that in the not too distant past, membership websites required a huge investment in software and they were difficult to setup and maintain. There was no alternatives.
Fast forward to today and there is high quality and affordable software that integrates with WordPress so you can setup your very own membership site. More and more Internet business owners are able to successfully integrate membership sites into their business because there is a corresponding increase in the number of people willing to pay for quality information. The alternative is, of course, searching for the information yourself, often a time consuming, hit and miss, tedious proposition if you can find what you are looking for at all.
What advantage does a membership site have over other business models? A membership site has an income compounding effect offered by no other passive business model. Online businesses earn passive income by making an initial investment in both time and money and then a minimal effort after that. Other passive income models include affiliate programs, information products, software products, resellers of other people’s products and services, advertising on a high traffic websites and membership websites.
If you are considering earning money using a passive income model, a membership site is the most lucrative. It is easy to see why. If you create a membership site and charge a monthly subscription fee of $20 and you have an average of 500 subscribers, your monthly income will be $10,000. Over time, you have the potential to add hundreds or thousands of subscribers to your membership website. There are people who earn millions of dollars a year doing nothing but operating membership websites.
The most successful people online and offline succeed because they are willing to step outside of their comfort zone. They find a way to make it work. You can take action and set up your membership site today.