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

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

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

if i may ask, how much do you currently make?

What is the membership site about - you have some great idea?
Tell us and maybe we help.

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.

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!

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.

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.

There are already successful membership sites out there that pay 70% commission,
With a very good "stick rate" Why not promote those?

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!

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.

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.

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.

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.

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!

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.

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.