Are you interested in having guaranteed money in the bank every month? Then this week's podcast is for you!
I'm talking with my friend Stu McLaren, the founder of TribeWorkshop.com.
Stu has become famous by helping entrepreneurs build low stress, high-profit businesses using recurring revenue. How does that sound? How would it feel to start every month with money in the bank and never wonder where your next client is going to come from?
Click here to download or listen to this episode now.
Feature Presentation:
In our discussion about what Stu calls the "recurring revolution," you'll discover…
- (0:55) The under-the-radar "subscription economy" movement being used by big companies, like Amazon, Apple, and Netflix. And it's not just internet companies, even Walmart and Burger King are doing this.
- (2:15) The multi-hundred-billion dollar industry that when coupled with the subscription consumer stores is making a perfect storm for everyday businesses. Any type of business can benefit from this perfect storm if they see the line in the sand and have the courage to forge ahead in this new and exciting way of doing business.
- (3:25) The simple secret to why people stay in a membership or subscription service. As long as you're doing this one thing, they'll stay for years and years.
- (5:20) How a massage therapist went from constantly worrying about her sporadic income to being totally confident in her stable recurring-revenue business. All it took was 17 members at her initial launch to give her the peace of mind she craved.
- (7:10) The simple genius of how a shopping mall fast-food chain turned their uncertain cashflow model into solid, predictable, member-pleasing profits. The customers are thrilled to get more for less and the owner knows exactly how much money is coming in before the month even gets started. Everybody wins!
- (9:45) Why memberships and subscription services are the future of business as we know it. Every business owner needs to think about implementing a membership element because people are more primed and trusting of these models than ever before.
- (12:20) Why the glut of free information on the internet is making it harder for people to succeed in online learning. It sounds counterintuitive, but this is the reason why now is the perfect time to start a membership site.
- (14:30) How recurring revenue helps business owners create better products. Rather than being one more "me-too" product, when you create a membership site, you'll have more time to make your product stand out ahead of all the rest in your category.
- (17:05) The incredible story of how one of Stu's students turned an "eyelash" business into a $30,000 per month revenue stream. If something as simple as eyelashes can make that kind of money, what can it do for you?
- (20:00) How running a membership is not about the money, but what the money can allow you and your family do that fulfills you in a way you've never been fulfilled before. Whether it's fixing your health or adopting a child, recurring revenue truly brings freedom in a way most other business models can never achieve.
- (22:35) A counter-intuitive way to launch your membership quickly and in a way that will set you up for success in the long term. It goes against the grain of most content creators, but it's one of the most important keys to membership site success.
- (25:00) How a coffee shop (like, maybe Revel77), or other brick and mortar operation, can implement a membership model successfully. Stu rattles off several excellent ideas that really got our wheels and apply not only to coffee shops, but to car washes, breweries, and other local businesses that want to build loyalty. We're gonna do this!
- (31:35) The "founding member script" one of Stu's students used to quick-launch her fertility membership site to her list of 326 people. It made $5,024 in the first 24 hours. And over the past year, it's exploded!
- (34:05) How simple it is to set up the technology for your membership site. It's never been easier than today to do this with many different kinds of solutions. And Stu gives a key insight into why the technology should never hold you back.
- (40:42) The difference between front-end and back-end membership site positioning and how much you can charge for each of these. It depends on the kind of market you're in and the degree of transformation you can offer.
- (43:20) How to decide if you have an idea that will work as a membership site. It's one of the 3 parts of Stu's free Tribe Workshop that gives you clarity and an actual score regarding the quality of your idea and whether or not you're set up to succeed in a recurring revenue business. The workshop starts on April 25, 2019!
- (47:10) How a 1st and 2nd-grade teacher turned her "teachers aid" membership into a million dollar a year business. Her story proves you don't have to be a rocket scientist to make this work.
- (48:50) The most important business asset in any niche or industry and why Stu goes all in to maximize its power. He believes in it so much that he started a 2nd podcast all about this one thing.
- (53:15) Why making money is one of the best ways to make an impact in the world. Find out what Stu and his wife do with their money to make a huge difference in the lives of thousands of underprivileged children.
Resources:
Join Stu for his FREE Tribe Workshop starting April 25, 2019! Go to RayEdwards.com/Tribe to sign up.
Subscribe to the show through Apple Podcasts and give us a rating and review. Make sure you put your real name and website in the text of the review itself. We will mention you on this show.
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