Building Another Recurring Revenue Stream | EP 155

interviews podcast Mar 27, 2024

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One of the biggest benefits of a subscription box business is recurring revenue. You can build ANOTHER recurring revenue stream in your business by adding a membership to your subscription box business. 

In episode 145 of this podcast, I interviewed three of my Mastermind students, all of whom hit $1 million in revenue last year! They have different businesses and followed different paths to where they are now, but one thing they have in common - they all have both a physical subscription and a digital membership.

When I knew I wanted to talk to you about memberships, there was one person who had to be part of the conversation - my long-time mentor and membership guru, Stu McLaren. 

Stu and I talked about 4 categories of memberships: 

  1. Product-based memberships 
    • Ie., a subscription box
  2. Service-based memberships
    • I.e., a massage therapist, blow-out bar, car wash
  3. Knowledge or information-based membership
    • Solving an ongoing problem - i.e., dog training, relationship coach
    • Learning a skill - i.e., Launch Your Box
    • Convenience - i.e., teacher lesson plans, templates, social media scripts, checklists
  4. Community-based memberships
    • A gathering place for people with shared interests
    • Can be a standalone or an add-on 

There are so many examples inside Launch Your Box of members who added memberships to fill a need their audience has. 

Ask yourself how you can use your expertise to create a membership. 

  • What questions are people asking you? 
  • What problems can you solve for your audience? 

Stu and I talked about membership ideas for some popular industries: 

  • Pet industry
    • Training
    • Dog spa business owner coaching 
    • Equestrian riding
  • Fashion and beauty
    • Styling tips & tricks
  • Crafting
    • Lettering, sewing, crafting, etc. 

If you worry that your business doesn’t lend itself to a membership, Stu shares a story that might convince you otherwise. One of his students has a membership of thousands of people - all there to learn how to make balloon animals! Yes, you can create a membership! 

So… how can YOU use your expertise to serve your ideal customer with a membership? 

Stu is hosting a FREE 3-part workshop in April. 

Learn more about Stu McLaren’s FREE workshop HERE

Join me and Stu McLaren, my long-time mentor and membership expert, as we talk about why you should consider building a membership alongside your subscription box business.

 

Find and follow Stu: 

Learn from me:

  • Subscription Box Blueprint eBook: This $10 ebook covers logistics from product selection to packaging to shipping. Plus a 90-day launch plan and bonus ‘Instant Scripts’ for your social media.
  • Launch Your Box: My complete training program that walks you step by step through how to start, launch, and grow your subscription box business.
  • Launch Your Box Podcast: I share tons of practical tips and strategies to help you start, launch, and grow your subscription box business. You’ll also hear from industry experts and current Launch Your Box members who are crushing it - get ready to get inspired!
  • One Box at a Time: Inside my book One Box at a Time, I show you the steps you need to follow to start and launch your subscription box. To turn your dream into reality. This book is filled with proven teachings, valuable resources, best practices, and action steps for you to take.

 

Find me on social:

 

Are you ready for Launch Your Box? Our complete training program walks you step by step through how to start, launch, and grow your subscription box business. Join our waitlist and we will notify you when the group reopens.

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