Is launching a Membership worth it?
🤦♂️ Thinking of launching a membership? Think again! ☠️
We keep seeing people wanting to launch a membership, thinking it's a holy grail of recurring income and it's not. Let us explain...
If you don't have a few thousand subscribers on your email list (Like minimum 2,000 engaged email subscribers), then it ain't going to work out, we've seen it happen hundreds of times, here's why...
You launch and get around 10-100 members... then you realise that this amount of members won't get you the income you need or want.
You sell again to your audience, but they already didn't buy on the joining offer so now you need to simultaneously keep growing your audience, serving an unprofitable membership AND do SOMETHING ELSE to actually make money. That's a fast pass to overwhelm.
We see it happen countless times and we hate it.
Here's the test to see if you're ready to launch one... Can you get at least 100 people on a waitlist to join?
Actually, ideally... see how many members you need to make your monthly desired income. Then double that number... that's how many you need on your waitlist.
e.g. if you want £3,000/month income, thats 81 members at £37. So your waitlist needs to be 162.
And yes there is ways to launch better and it depends on how engaged your audience is but don't be fooled by this simple validation test. If you don't hit at least 100 - don't just do it anyway regardless... just don't do it! Simple
In fact, there are far more scalable, profitable, enjoyable and recurring ways to make more money with a smaller audience. Let us know in the comments if you want them.