Creating a paid membership site is perhaps the best move an online business can make in these tumultuous economic times. Paid membership sites offer a constant flow of income that can grow overnight in some instances.
When setting up a paid membership site you are doing the work once, and then
reap the monetary rewards over and over again for as long as you offer information to your members. The site can be set to be accessed monthly or by a yearly subscription. No matter what, money will be coming in all the time. Passive income possibly at it’s best.
Knowing how much to charge for your paid membership site is something that is as individual as your company is to the whole of the Internet. Only you can decide what the price should be. Since the start up of a site like this is relatively low, it’s safe to assume you can expect to make your initial outlay back rather quickly.
Although you may have ongoing expenses, for the most part, once you repay yourself for the start up costs, the remainder of what you make afterwards is profit.
The potential profits are unlimited once you set your price. Let’s say you want to start out by charging $19.99 a month to let people have access to your membership site. You have 100 people who have signed up. This will give you a guaranteed $1,999.00 a month. Now imagine if you charged more?
You are in control of how much your site makes. You control the cost of the membership as well as the content inside. Speaking of the content, you need to make sure the content is actually worth the money you expect to charge to have access to it. This is a common mistake most newcomers make, they charge way too much for way too little content.
People want to be sure they are getting more than their money’s worth for anything they purchase or subscribe too. If you do not offer content that is informative, updated and current, you have made a crucial mistake and subscribers will catch on fast. A great site will include quality content more than worth the price you charge for it. In turn you lead yourself to people spreading the word and business growing over and over again.