All small business owners want their businesses to be a success, but sometimes it can be hard to figure out whether or not your membership website is actually successful. There are many ways to figure out whether or not you have a successful business or subscription-based site, and in this article, we will give you a few signs of a successful business so you can decide whether your membership site business or subscription site can truly be defined as a success.
1. You Can See Growth/Positive Changes
It's easy to look at other membership-based businesses and think, “Their business exploded overnight! Their membership model is so far ahead of everyone else!” This can make you feel like your business isn't progressing as well as you think it should. But, we want to challenge you to look at things from a different perspective: what position was your membership business three years ago? Two years ago? One year ago? If you notice a significant change then you can successfully say that your online business is successful! As long as you and your membership business are better than they were before than you are progressing.
2. Your Network Is Growing
Another great way to tell if your membership site is successful is by accessing your network. Since starting a membership business, have you noticed that you've met a ton of excellent business owners that want to be around you and get advice from you about your membership business? Do you find yourself being approached by businesses and individuals that want to partner with you or ask you to cosign/sponsor their products, events, or promotions? This is a sign of power and strength! You know that your business is a success if people approach you for a hand up!
3. You Have Satisfied Customers
What spells success more than a business that has happy customers? Selling memberships is a huge deal, but when your existing members are happy, they tend to refer your business to others, leave amazing reviews, and more, which means more customers and positive advertising for your business! Remember, happy customers mean a growing and thriving business for you in the long term!
4. Your Profits Exceed Your Losses
As you are working to build a membership site to success, it is a good idea to check out your business' cash flow. Every business can have high and low points – that's natural, but if your annual reports are stable or gradually going upward, then you can easily label that as a successful membership business! It's not always about the amount of money, either. Yes, we all want to make lots of money off our membership sites, but even if your profits are increasing by the smallest dollar amount, you are still growing!
5. You Are Happy
Last, but definitely not least, you know that you have a successful small business when you are happy! No, you may have as strong of a membership business model as another individual or make as much money as them, but you have to remember that your happiness is not the other business owners' happiness and your success is not their success. Analyze how you feel about your business, and if you are satisfied, it doesn't matter what other people think.
There are many ways to determine a membership business' success, but here are a few of the most significant. Remember, each person has their own perception of success, so never compare yourself and your membership site's journey to anyone else's'.
How did you define success when first creating a membership site? Has that definition changed as your business has grown?
If you'd like to read more, check out our post, 7 Traits That Make Membership Business Owners Successful.