Updated: Mar 26
If you're like most entrepreneurs, you want to get to profitability as soon as possible. We've put together a 5 step guide to launching a membership with a focus on getting to profitability.
Here is an overview of our guide, Nearly Instant Profit: A 5-Step Guide to Making Money WhileBuilding Your First Membership Site.
Step 1 - Create Your Customer Portal
Setting up a portal for your customers to access their profile will lead to a more satisfying experience for your customers and make it easier for them to become paying members.
"If you want your membership site to be a success, a solid customer portal is table stakes. It will make your customers happy, it will make your life easier, and most importantly it will provide an immediate boost in time savings and cashflow you can use to help you build out the rest of your membership site." - From Nearly Instant Profits
Step 2 - Define Your MVP
Don't make the mistakes most entrepreneurs make when launching their first membership business. Instead, start with a basic membership site that your customers can purchase for the purposes of testing your model and content.
"The biggest mistake most business owners make when creating their first membership site is that they get waaayy ahead of themselves. They have grand visions for what they ultimately want to build. So they jump in with both feet and start creating content...
...before they know if their content will really appeal to their target market.
...before they know how much content is actually required.
...before they know whether anyone will even pay for the content.
And that’s where the nightmare begins." - From Nearly Instant Profit
Step 3 - Build Your MVP
Don't try to build the perfect membership site right away, start with something that delivers value but isn't necessarily the whole solution.
"Entrepreneurs love to build stuff. While an admirable trait, this is also a place where multitudes of small business owners fail—especially when trying to build membership sites.
Why? Because they worry too much about getting all the details perfect. They want all the bells and whistles. They want it to look beautiful too...like a Tony Robbins project or something. So they go for it. And they waste boatloads of time and money trying to do it right. In other words, they fall into the trap of trying to build the Land Rover. And that is not a path to success." - From Nearly Instant Profits
Step 4 - Test Your MVP
Once you've built your skateboard, it's time to test it. And test it again and again...
"As content creators, we often struggle to move past our own experience.
We’re naturally inclined to offer:
- Content our members want versus content they need
- Content too advanced for our members’ knowledge base
- More content than what’s necessary to help them reach their goal
And I know what you’re thinking, “I’m not going to make those mistakes.”Well...how do you know that? You haven’t been part of your target market for years (if ever). You are subject matter expert - or you wouldn’t be creating a membership site. And that automatically disqualifies you from making judgment calls about your product." - From Nearly Instant Profit
Step 5 - Iterate & Scale
Once your membership business is set up, it's time to iterate and adjust...
"When building out your membership site, nothing is set in stone. What you think you know may not prove to be effective. On the other hand, your gut instincts might lead you to some incredible content. But you won’t know which is which until you get to this step - Iteration." - From Nearly Instant Profit
Get the full access to Nearly Instant Profit: A 5-Step Guide to Making Money While Building Your First Membership Site here.