« Side Hustle School

#1633 - Q&A: “How to start a membership community around self-growth?”

2021-06-21

Today’s listener wants to start a membership community centered around self-growth. So far, so good—but what’s the best way to introduce it? 

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This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
Shallow today to our sponsor the zebra, not just a horse like animal. The one with stripes also. Nations, leading insurance comparison site. You can use this for car and home insurance, both kinds of insurance, maybe some more too but current home for sure. After a few quick questions, the zebra, Paris people with the right insurance company for them, everyone save time and money by online or over the phone with one of their licence insurance agents make it your smartest purchase yet just visit the zebra dot com, slash hustle, that's the zebra t z be are a dot com. Slash H, you ask tee o ye There was no way to start a membership community centred around self growth. So far so good, but what's the best way to introduce it.
we are talking about today, welcome decider, so school? My name is critical about your host. I would like to look at this question using cool from one of our other stories recently called a statement of future intent. Ok, so you can use activity for any idea you have, or even just for thinking about you overall life. Ok, but let's focus it a bit more tightly, and when going look at it. In the context of the answer to this question, how to start a membership community around self growth comes to us from our listener chase, so quick shot out to our sponsor and then we're here from chase and my answer. Stay tuned. Camera programmes will timesaving tools that simplify and speed up creative process, including a collection of over seventy five million premium, photos, videos, audio and graphics, weather have zero design experience or your professional designer you get all of this in more in just one single can, but pro subscription. I first discovered candor
couple years ago, when some of my team members were using it to make all kinds of cool stuff, and I was like how did you guys do this? I thought we were going to pay an expensive designer for it. They like. No, we just use Canada and I was like cool I'm a fan. Let's do it so listeners design like a pro with canva pro right now, you can get a free forty, five day, extended trial when you use our promo code just go to Canada, nice shhh hustle to get that free forty five day, extended trial, that's see a envy, a dot, Emmy, Slash, Hustle, Canada, DOT me slash, hustle,.
I created chased from Miami, and I started listening to the show of girlfriend recommended it last year. I would like to start a membership community focused on self growth. My plan is to charge ten dollars a month for basic access and twenty five dollars a month for premium access was the best way to introduce this community. Also, do I essentially mean three levels where one is free for potential members to check out before signing up? That seems to be the common model, but it would be a lot more work, so I'm wondering if it's really necessary. Any tips for guidance would be appreciated the extras, okay, so I'll get to the practical point of this question. But let's start with that statement of intent, so wants to begin a membership community he's got an idea to create this site or this platform around the concept of self growth. You also, as a general idea pricing ten dollars a month for basic access. Twenty five dollars a month premium access so
just roughly here. Let us imagine that he has fifty people in this community we're looking ahead and projecting and saying. Ok, he's got fifty people in this community. Ten of them are paying for premium access. So forty four basic access, ten per premium access. If my math is right that six hundred and fifty dollars a month in recurring revenue, so how is it gonna get to this point? Ok, how does he has he said? Introduce this community? Does he need three levels while to get fifty people, who are paying least heeds to start with a pool of many more people, so that's where the free tier comes and that's where the free content that were familiar with whenever a company or intervene was offering some sort of service or access to a community is often like a teaser, or you can watch this many videos for free, but you have to pay. If you want more or here's how
forum works. You know for premium members and so on. You ve got pre content. You got pay content, so if he has five hundred people say accessing the free content, maybe he can hope to convert. Ten percent of them should join as members just how we gonna get to the fifty ok. Five hundred bore with free content. Fifty who are paying that's actually a pretty high number you that the five hundred people accessing the free content would have to be pretty engaged to get to a ten percent conversion rate. But let's go with it, for the sake of the example, You can see that the first question isn't how to convert the ten percent, but rather how does he attract interest at all because we need the five hundred people are, or whatever the number is, and this is important question, because increasing you're conversion, is largely a scientific process. There are some things can do to improve it, make it easier and so on, but without the interest in the first place you could never succeed does
how good the conversion rate is doesn't matter how amazing the content is without that audience. That's why all these situations, you know, building a platform building relationships with followers reader subscribers listeners, if you are Whatever the term is for whatever medium you're using, that is paramount. Okay. So if some of these details seem a little bit, of a well meaning or a kind of in the weeds. Their couple things you can do you know to simplify. You could leave the premium access version for later in just developed the two versions, like the what you offer for free and what people pay for You might also not want to start with a membership model if you don't have followers in the first place, so I've chase doesn't have that basis, five hundred people, or even a hundred people or whatever maybe may be start with attracting followers and perhaps introducing a paid product that doesn't requires much ongoing support from you,
that's important, since you don't want to be locked into supporting something on a monthly or regular basis. When you only have a few paying members are. I think I ran through this whole scenario that chases facing with his membership unity, good luck, Chase, let us know how it goes. I dont know that all three levels are essential, but it's pretty tough to just have a paid product with no free content whatsoever in this situation, because then you have the question of how our people persuaded to be interested in the first place. But of course let us know what happens and listeners if you ve got a question come to satisfy. dot, com, slashed questions we will be facing them throughout the year along with updates mother, As they launch their projects, I am honoured to be able to make the chef every single day. I'm so glad you listening. My name is critical about this is side also school.
From the onward projects.
Transcript generated on 2021-08-08.