Having a membership site is a great way to earn passive income and achieve the freedom to do what you want while still managing a business. However, as your membership business grows, it is wise to start thinking about different ways to diversify your business' income and increase revenue.
In this post, we are going to highlight a few different ways that you can diversify your membership business' streams of income and make more money.
One of the first additional ways your membership site can start making money is by taking advantage of affiliate marketing, which is where you are rewarded for leading your customers to products or services provided by another company or group.
Using your blog, emails, and social media platforms, you can share about the businesses and brands that you love while also making some easy money in the process!
If your membership site begins to have a more massive and/or significantly loyal following, then it is a good idea for your membership to start pursuing the idea of selling branded merch on your website.
Make T-shirts using your company's slogan or branded hashtag, sell mugs using popular phrases or quotes in your company, or sell hats and notebooks using your company's logo. With the right audience, your merchandise will fly off the shelves, making your bank account very happy!
Another great way to earn some extra cash in your membership site is to sell services or products that compliment your membership business.
For instance, if your membership business caters to business owners, perhaps consider offering consulting sessions or web design services to help business owners get started. Or maybe your membership is for plant enthusiasts – sell custom flower pots or a beginner botany class. As long as the product or service goes along with what your customers need or want, you'll be sure to make some sells!
The world of learning has rapidly changed in the past few years, and now business owners can sell online courses for their members to earn additional cash!
The beauty of this new way of learning is that you can teach a course on virtually anything. Think about your customers and what they are seeking. Do they want to learn how to be a better marketer? How to navigate Twitter? Or do they just want to brush up on their knowledge of the Civil War? Consider what attracted people to your membership in the first place and then develop your courses off of that information!
If you haven't noticed, a lot of organizations have websites and blogs, but a lot of companies have also moved into podcasts and videos. Did you know that it is possible to earn money with this content?
Think about topics and issues that are most important to your members and start creating content from it! If your membership is for people who collect baseball cards, consider starting a sports podcast. If your membership business is for lifelong learners, create a YouTube channel where you share tidbits of information about set topics every week. The possibilities are endless!
Having multiple streams of income is always great, but that doesn't mean that you have to have numerous streams from various businesses! The beauty of having a membership site is that you can expand and grow it into many different things that will serve your members!
We hope that this post will help you to expand your thinking and find a way that works for you to increase your membership site's revenue!