If you only learn one thing from this article, it’s this: Only do things on the Online that can grow on their own. It doesn’t mean that your offers have to go viral the minute 3km they are posted, but it does mean that no matter what you do, you expect it to grow over the years.
Think of it this way, would you rather own 1,000 navel orange or an orange grove? The orange grove is self-perpetuating and will produce income as the years go by. The 1,000 oranges will rot in about a few weeks if you don’t sell them right away. So, whatever you do on the Online always add some element to it that ensures that it will continue to grow over time.
There are a couple of ways to do that. First, you can set up membership sites to help you have a monthly income from membership dues. Secondly, you can sign up residual advertising income. Third, you can set up some sort of multilevel marketing scheme online to help you build your business through other people’s time and effort. Lastly, you can try to make a product go viral so that its influence is felt on the Online for quite some time. There are probably a great number of ways to generate residual income on the Online, but these are the ones we will be discussing here.
When you charge a minimal fee for membership, you can expect that some people will want to join and others not. It depends on the additional benefits they are deriving for paying a fee. Even if you only charge $5/month, that’s $60/year for each individual that signs up. One individual can easily pay for the maintenance of your site and the rest are pure profit. Not only that, but they are a residual profit that keeps on coming in month after month – sometimes even when the member no longer even visits the site.
Why is that?
Most people are too lazy to look at small bills and try to figure out how to stop something they consider a tiny leak in their budget. They may not actually count the yearly cost, and instead shrug their shoulders over a $5/month membership fee. To these types of people, it’s not worth it to them to spend time trying to figure out how to cancel their account. And, they may be ambivalent about doing so if they think they might just use it again sometime in the future. This is especially true if you have a setup fee for the account. If they cancel, they may have to pay a setup fee again. Or, if you have early termination fees too, that can also be a deterrent. The thing is, if they don’t cancel, you keep making money, month after month, for basically doing nothing.
How To Set Up Membership Sites
Setting up membership sites can be as easy or as complicated as you make it. There are many organizations, especially non-returns on investment, that started their business models with direct mailing and generating memberships for use of their resources. They never bothered to add membership logins to their site because it tends to be more complex that just a simple site. You have to manage user names and passwords and set up secured areas. So, instead, they basically keep a mailing list of people who have signed up either by phone, email, or snail mail, and then send those people additional notifications and discounts through the same avenues. They don’t use secured areas on their websites. This saves them money in the short-run, but can be more time-intensive on the back end processes because of extra mailings and phone calls. It’s up to you to figure out what you want to do.