Goal: 6 figures by age 50- and I'm 48

25 replies
Well guys I'm about to have another birthday in June and I'll be 48. A goal I put out therelast year is really breathing down my neck now. Most of you guys know I'm interested in continuity membership sites.
If I get on this thing, get it going, get a couple of courses up, can I realistically hit this goal in you guys' opinion?

I'd be interested in hearing from
Those of you who are having success with the same business model.
#age #continuity #figures #goal #membership sites
  • Profile picture of the author Jeff Baxter
    Originally Posted by MusicMinCoach View Post

    Well guys I'm about to have another birthday in June and I'll be 48. A goal I put out therelast year is really breathing down my neck now. Most of you guys know I'm interested in continuity membership sites.
    If I get on this thing, get it going, get a couple of courses up, can I realistically hit this goal in you guys' opinion?

    I'd be interested in hearing from
    Those of you who are having success with the same business model.
    The answer is YES you can realistically hit your goal. If you're going to try to with continuity though, just make sure you have a solid membership site. Most people are in the "membership site" craze now, but don't truly understand that it takes value for people to keep paying you monthly, especially going the information membership site route.

    Good luck to you and you're right down the road from me by the way lol

    Jeffery
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  • I think the answer to your question is not whether we think it will work (I'm sure there will be many different views). It is much more important from the research you have done, do you think it will work.

    As the saying goes if you think some thing can be done or can't be done, you are probably right.

    I don't want the above to be sound flippant, it is not supposed to, I just feel belief in any adventure is the prime consideration to the outcome.

    I wish you all the best with your plans

    Andy
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  • Profile picture of the author zentess
    Originally Posted by MusicMinCoach View Post

    Well guys I'm about to have another birthday in June and I'll be 48. A goal I put out therelast year is really breathing down my neck now. Most of you guys know I'm interested in continuity membership sites.
    If I get on this thing, get it going, get a couple of courses up, can I realistically hit this goal in you guys' opinion?

    I'd be interested in hearing from
    Those of you who are having success with the same business model.
    What is the membership site about - you have some great idea?
    Tell us and maybe we help.
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  • Profile picture of the author MusicMinCoach
    Andy, I didn't tske it that way at all. I believe it can work, absolutely. The question is more related to how realistic it is to expect to get there in a couple of years Jeffry, then we should hook up! But yes, that's why I want to go the continuity route- short term, 3 -6 month membership sites.
    Akure, this is an entirely new business model for me. I'm trying to move from a "one-to-one business model (live, one-one-one coaching where I have to be there to make money, thereby severely limiting how much I can make) to a "one-to-many" business model where I have digital coaching products out there selling and being used all the time, on a national and international level.

    I have a free mini-course out there now that gets great feedback and is being accessed nationally and internationally. So based on that feedback I think the model will work well for me.
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    • Profile picture of the author Suzzithe1
      Originally Posted by MusicMinCoach View Post

      Andy, I didn't tske it that way at all. I believe it can work, absolutely. The question is more related to how realistic it is to expect to get there in a couple of years Jeffry, then we should hook up! But yes, that's why I want to go the continuity route- short term, 3 -6 month membership sites.
      You need to make a detailed plan and split estimated revenue on monthly or weekly basis. The you will see how much money you need to make each month for that to happen and will be also in better position to keep control of the overall process. In any case it pays to start small and gradually scale up, maybe outsource some of your jobs when it starts paying well.
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  • Profile picture of the author michaeljcheney
    Yes you can definitely do this. Setting clear time-marked goals was key to me achieving my personal target of becoming a millionaire. Sure - it took some time to get there but now I've done it, it feels great.

    1. Focus on the reason WHY you are doing this, it will drive you forward
    2. Get photos and dates written on of things you want to have, become, see, achieve
    3. Breakdown your target into smaller milestones and celebrate them when passed

    Good luck!
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  • Profile picture of the author Thomas Michal
    If you want my opinion make the membership site a plan B. most studies show that most memberships last about three months.

    If you want to make 100K in the next 6 months I'll give you a plan.

    Here's how it works.

    Start a new media agency, where you create a "package" of new media solutions like social media management, seo/sem and media buys/ppc.

    sell is for $1299 per month with 6 to 12 month contracts plus 10% on the media buys (industry average is 15%).

    Hire ten 100% commission sales reps and pay them 35% commission so they will make $2,727.90 on a six month contract and $5455.80 on a twelve month contract

    Be sure to go sell yourself too...

    But if just your sales people alone sold only 2 one year contracts each you'll clear $202,590.00 after paying them their commissions. Not including media buys.

    Focus on high cost and competitive services like dentist, chiropractors, cosmetic surgeons ect...

    If you ended up with some heavy hitter sales people you could do this in 3 months.

    If you can't handle all the work outsource to the Philippines or India.
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    • Profile picture of the author chanc0182
      Originally Posted by Thomas Michal View Post

      If you want my opinion make the membership site a plan B. most studies show that most memberships last about three months.

      If you want to make 100K in the next 6 months I'll give you a plan.

      Here's how it works.

      Start a new media agency, where you create a "package" of new media solutions like social media management, seo/sem and media buys/ppc.

      sell is for $1299 per month with 6 to 12 month contracts plus 10% on the media buys (industry average is 15%).

      Hire ten 100% commission sales reps and pay them 35% commission so they will make $2,727.90 on a six month contract and $5455.80 on a twelve month contract

      Be sure to go sell yourself too...

      But if just your sales people alone sold only 2 one year contracts each you'll clear $202,590.00 after paying them their commissions. Not including media buys.

      Focus on high cost and competitive services like dentist, chiropractors, cosmetic surgeons ect...

      If you ended up with some heavy hitter sales people you could do this in 3 months.

      If you can't handle all the work outsource to the Philippines or India.
      What are your thoughts on creating an online marketing agency that simply specializes in sales, sales, and sales. You could then find a few SEO/SEM's to do the tech work... If you're willing to pay your sales reps 35%, you would surely take business from an agency for 65% of the original sale price correct? I feel like every SEO/SEM is looking for sales. Why can't a firm specialize in sales, and be the point of contact with the clients and outsource the tech work to these firms? Generally speaking the average guy that can do SEO work is not going to be a 'sales guy' who can convert at the level of somebody w sales experience. In this business the SEO/SEM wins because they have zero risk by removing the risk of a hire (I understand in a full commission hire the financial impact would be different but it still takes time, training, etc to hire somebody) and it gets profitable businesses handed to them on a platter. Your sales company wins by making deal after deal, and maintaining client relationships for a full price renewal.

      My questions would be, how many SEOs would be interested in buying these deals? If I can get a client to committ/pay for a package at $20K a year, will an SEO do that job for me for $10-13K?

      Second question is how many sales can a good sales rep expect to close a month?
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  • Profile picture of the author MusicMinCoach
    Thomas,

    Thanks for the detailed plan! Call it up to being green here, but to me it would make more sense for me to concentrate on something I already have some level of expertise in rather than start a completely new business I know nothing about.

    In vocal coaching and music ministry I know the material. I'm trained as a vocal coach. 30 years in the music ministry. I know my audience, where they are on-line, where they are in the real world, how to speak their language.

    This is all stuff is have to learn if I went down a completely different path where I don't have that experience, isn't it?

    One thing I love about this forum is that so many members here are indeed already successful. So I do take everyone's input and opinions seriously.
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    • Profile picture of the author Thomas Michal
      Originally Posted by MusicMinCoach View Post

      Thomas,

      Thanks for the detailed plan! Call it up to being green here, but to me it would make more sense for me to concentrate on something I already have some level of expertise in rather than start a completely new business I know nothing about.

      In vocal coaching and music ministry I know the material. I'm trained as a vocal coach. 30 years in the music ministry. I know my audience, where they are on-line, where they are in the real world, how to speak their language.

      This is all stuff is have to learn if I went down a completely different path where I don't have that experience, isn't it?

      One thing I love about this forum is that so many members here are indeed already successful. So I do take everyone's input and opinions seriously.
      Well here is the main question:

      Do you want to make six figures or do you want to be a vocal coach?

      You could just close deals and outsource all the work. All you would have to do it read a short book on the concepts and vocabulary. Just by being able to talk about it you know more that 8 out of 10 business owners.

      And as to where they are... look in the yellow pages. There are businesses everywhere.

      Whatever you choose I wish you the best of luck.

      I just think attacking and closing 20 deals is easier than waiting and getting 1000 people to buy.
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  • Profile picture of the author Kal Sallam
    There are already successful membership sites out there that pay 70% commission,
    With a very good "stick rate" Why not promote those?
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    • Profile picture of the author MusicMinCoach
      Originally Posted by Kal Sallam View Post

      There are already successful membership sites out there that pay 70% commission,
      With a very good "stick rate" Why not promote those?
      Kal,
      I'm not ruling that out, but I've always read that the real key to significant income is to promote your own product(s). Since I have the knowledge to create at least 3 continuity memberships ranging anywhere from 3 to 6 months plus ideas for at least that many OTO products all in my own niche, it just makes more sense to pursue my own niche and my own products.

      Don't get me wrong guys, I'm not looking for ways to do it. I have a defined niche that I have a lot of experience and knowledge in. I'm just Trying to determine how long is reasonable to expect to reach my goal.
      With a solid plan I feel like I can get to 6 figures with 3- 4 marginally successful short-term continuity sites based in the average incomes I've read other members achieving with them.

      But I've never done one before, so that's kinda where the question comes from. I think it's important to set goals that challenge you, but I think it's also important to be realistic. I'm simply trying to determine if 2 years is realistic with good solid high content short-term e-courses delivered via continuity memberships.

      The thread was really started in hopes of hearing from a few membership site owners who have reached that goal and getting feedback on how long it took.
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      • Profile picture of the author TNTROCKS
        Great to see your progress. You can become very successful you just have to first BUILD YOUR COMMUNITY, then start marketing low cost products and services.

        I highly recommend building a CALL CENTER to sell people. You are only one person, your info is probably incredible, but your biggest competition is....

        PEOPLE DO NOT KNOW ABOUT YOU!
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        • Profile picture of the author MusicMinCoach
          Originally Posted by TNTROCKS View Post

          Great to see your progress. You can become very successful you just have to first BUILD YOUR COMMUNITY, then start marketing low cost products and services.

          I highly recommend building a CALL CENTER to sell people. You are only one person, your info is probably incredible, but your biggest competition is....

          PEOPLE DO NOT KNOW ABOUT YOU!
          I believe so too Tod. Could you share a little more about "building a call center"?

          This is a great thread guys, great input. I learn every time I log on here. in the free course I've run into people in other countries who are having trouble viewing the videos because they don't have the same access to high speed internet access (the things we tske for granted!). I'll post a seoersted thread for that, but when I hear from people in London, Germany, Africa, etc all trying to view the free videos it tells me I'm moving in the right direction. All I've done so far to reach these people is blog twice a week.
          Other than a brief campaign in Fb I haven't really worked on traffic. With what I'm learning here I really think this could be my ticket guys. I appreciate the feedback. I'll keep everybody posted.
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  • Profile picture of the author jakecoop79
    You can definitely do it in two years. It took me four years, but I didn't start out with the same focus that you seem to have. I wandered around to long trying everything before I started to focus.

    You have a goal, and seem determined and focused, so I think you are half way there already!
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  • Profile picture of the author fitnessmaster
    This should be an easy goal as long as you are passionate about your subject matter. I've created continuity sites in the past in niches I thought I was interested in but found out that I wasn't interested enough to provide valuable content each month.

    You probably already know that people are only going to pay monthly for something they feel they are getting value out of so just keep this in mind.

    If you are passionate about what you're doing and can provide great content, you should be able to do well. I wish you the best.

    Hope this helps.
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  • Profile picture of the author travlinguy
    In my opinion a membership site should come as the logical addition to a really robust community you've created. In other words, consistently provide excellent content of all types while pampering your visitors in every possible way. As you do, offer a gift for subscribing to your list and continue offering great value while also tossing in a paid offer too.

    Keep at it relentlessly until you have tens of thousands of visits each day. Then, go with the membership site because by then people will actually want it. Putting up a membership site first and then trying to get people excited about a virtual ghost town really sucks. Good luck.
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  • Profile picture of the author CDarklock
    Originally Posted by MusicMinCoach View Post

    Most of you guys know I'm interested in continuity membership sites.
    You have 24 months to obtain members.


    Average retention rate of a membership site is 4 months.

    So for 21 of those months, you'll get 4 months of membership from each member. That's 84 months. Then you'll get only 3, 2, and 1 respectively before your deadline. That's six more months for a total of 90.

    Now, each month, you have to average a little over $2,000 in membership fees (two years, $200k, 200 / 90 = 2.22) to make your goal.

    And since that number's split evenly among people in their first through fourth months of membership, you need to land a little over $500 in new memberships each month. Call it $600 just for convenience.

    That is an average of one member a day on a $20 membership site.

    Now, don't get me wrong: this is not trivial. One member a day doesn't just happen. What you should be doing is using that to pace your promotions: you bring in 20 members from a campaign, now you have no more than 20 days of breathing room before you have to run another campaign for new users.

    And this is to help you status check your progress, not to reduce your level of involvement. Don't go "hey, I only need one person a day" and skip off into the sunset - go "I am on target to make my goal by X date," then bust your hump to beat it. You will have setbacks. Get ahead of the curve so they don't kill your dream.

    But YES, this is possible. That's what it takes. Go make it happen.
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    "The Golden Town is the Golden Town no longer. They have sold their pillars for brass and their temples for money, they have made coins out of their golden doors. It is become a dark town full of trouble, there is no ease in its streets, beauty has left it and the old songs are gone." - Lord Dunsany, The Messengers
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    • Profile picture of the author MusicMinCoach
      Originally Posted by CDarklock View Post

      You have 24 months to obtain members.


      Average retention rate of a membership site is 4 months.

      So for 21 of those months, you'll get 4 months of membership from each member. That's 84 months. Then you'll get only 3, 2, and 1 respectively before your deadline. That's six more months for a total of 90.

      Now, each month, you have to average a little over $2,000 in membership fees (two years, $200k, 200 / 90 = 2.22) to make your goal.

      And since that number's split evenly among people in their first through fourth months of membership, you need to land a little over $500 in new memberships each month. Call it $600 just for convenience.

      That is an average of one member a day on a $20 membership site.

      Now, don't get me wrong: this is not trivial. One member a day doesn't just happen. What you should be doing is using that to pace your promotions: you bring in 20 members from a campaign, now you have no more than 20 days of breathing room before you have to run another campaign for new users.

      And this is to help you status check your progress, not to reduce your level of involvement. Don't go "hey, I only need one person a day" and skip off into the sunset - go "I am on target to make my goal by X date," then bust your hump to beat it. You will have setbacks. Get ahead of the curve so they don't kill your dream.

      But YES, this is possible. That's what it takes. Go make it happen.
      CD that was excellent man. Real numbers. I'm going to print this out. Thanks a lot.
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      • Profile picture of the author CDarklock
        Originally Posted by MusicMinCoach View Post

        CD that was excellent man. Real numbers.
        Just one caveat: numbers aren't real unless there are real things behind them. When you actually have 60 members after 60 days, "one member a day" is a real number. But right now, it's just a number, until you go out and make it real.

        Numbers in the past are real. Numbers in the future are just numbers. Chickens. Hatching. You know.
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        "The Golden Town is the Golden Town no longer. They have sold their pillars for brass and their temples for money, they have made coins out of their golden doors. It is become a dark town full of trouble, there is no ease in its streets, beauty has left it and the old songs are gone." - Lord Dunsany, The Messengers
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  • Profile picture of the author Shaun Tango
    Well, continuity programs are definitely the way to go. Are you simply targeting the music industry with them all? If so, it'll probably be pretty difficult to achieve that goal. It may be possible, but knowing people in the music industry niche, it's not a 'big money' niche. You'll get some spenders, but it's not as lucrative as some other niches.

    If you put your head down and do the right things, it is possible. But it's really down to your work ethic, and some luck along the way. All the best.
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  • Profile picture of the author TMercT
    Yes you can definitely possible, 2 years is plenty of time, as long as you work hard and never waver from your goal it is definitely possible. All I can say is, good luck!
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  • Profile picture of the author imgeek2727
    It's possible, it usually takes a couple of years to build up the kind of traffic you need to make good money from AM but if you have a course and it is quite popular and can be accessed through your site on a continual membership scheme then that sounds very promising.
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  • Profile picture of the author Morrigan
    How funny that I found this thread. I'm going to be 48 in June too, and I am also looking at setting up a membership site - which is how I found this thread. I do have my community already.

    Thanks everybody for the info/advice too, which I found very useful.
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