How to create a dependable $2,000 in monthly recurring revenue
The Freedom of a Recurring Revenue
According to the Texas State Society of the Descendants of the Mayflower…I….am a “writer”. (I feel like I should do a dramatic bow after that statement.) Truth is, though…that simple statement makes my heart absolutely swell.
My aunt has been fleshing out our Chandler family tree for almost a decade now, and all of her research FINALLY came together in one of the COOLEST stories possible. Turns out, I am the great great great great great (maybe another great) granddaughter of Myles Standish…one of the original protectors of the Plymouth Colony and the founder of Duxbury, Massachusetts. (Don’t worry…I’ve never heard of it either.) He sailed over on the Mayflower…did some amazing and terrible things…and helped cement our branch of the Chandler family in American history.
When I sent in my signed acceptance to the society, they asked what my profession was. I put “Blogger/Business Owner” and remember thinking “What would Myles Standish think of being related to a “Blogger”.” It made me giggle.
When I received my confirmation letter last week…it simply said “Writer” next to my name. I’ve wanted to be a “writer” since I was a kid. (My first fantasy novel was DEAR LORD GOD AWFUL and I forbid any of my friends or family from mentioning it!) But seeing the title “writer” next to my name made me feel like that’s what I finally was.
I write 1,500-3,000 words every. single. day…whether it’s for emails, courses, challenges or blog posts. If that’s not a writer…I don’t know WHAT is.
I’ve been writing an extra LARGE amount lately while I spit shine and launch The Blogger’s Guide to Traffic…a collection of every challenge I’ve ever offered PLUS a new challenge every single month. And THIS, my friends, is where the title of this post comes into play.
I’m going to let you in on a little secret. I’ve been LYING to you for the last 6 months.
0_0 I KNOW!!!! Don’t hate me!
Almost four months ago (December of 2016), I launched my Challenge to Profit course (now inside of the membership)…which I loved and which WAS a huge success!!! (Still is…actually.) It was a $400 course that showed business owners how to launch a successful AND PROFITABLE challenge!! When I launched, I FINALLY had my first $6,000 month.
I thought “I’ve done it. My business has FINALLY become profitable!”
I continued generating profit from other products throughout the next month…all while I planned my next huge launch of the course scheduled for two months later. The day of the webinar came…it was a HUGE success! I received WONDERFUL reviews from everyone on the webinar. Lots of questions. TONS of enthusiasm.
What else did I get? NO sales. Zero. Zilch. Nada.
What the ever loving HELL??????
Turns out…for some reason I can ONLY attribute to human error on my end…the sales buttons on my sales pages weren’t working. I had incorrectly coded the clickable images…so in the end, they were JUST images.
I learned a harsh lesson that day!! Courses are magnificent. Courses CAN change the success of your business. But…courses are NOT a reliable source of income.
In order for this business to work…I needed to create a consistent income. An income that I KNEW would be there every single month.
SO, the Wham! Bam! Business Plan! Membership was born. Although it’s now hosted in a GORGEOUS WordPress platform…this huge collection of knowledge bombs started off inside of the Teachable platform! For ease of use…this platform is amazing! BUT, let’s go over all the pros and cons before you dive right in…shall we?
PROS OF TEACHABLE AS A MEMBERSHIP PLATFORM:
- Creating courses, lessons, and a membership style payment system is INCREDIBLY easy…and perfect for anyone who is just looking to host their content behind a monthly paywall, without the communities, and fancy WordPress plugins.
- You can be up and running with your membership by the end of the weekend.
- Payments are automatically taken and deposited on a schedule.
- Teachable will handle all of your technical issues (unless you are customizing CSS). No IT team needed!
- Sign in is SUPER easy for most people!! Your membership is stored in a “school” and will be seen whenever they login in to access any other courses they’ve purchased.
- You PROBABLY already know the Teachable platform!
CONS OF TEACHABLE AS A MEMBERSHIP PLATFORM:
- If you want to add in advanced functionality like gamification, a built-in forum, or a content map…this is NOT the platform to go with!! There is NO way to move your students and their payments over…so you’ll lose many of them during the move. #learnmyfromexperience.
- Teachable’s platform is only minimally customizable. Your membership will look like everyone else’s course.
- There ARE fees that you will either pay monthly or yearly on.
- You don’t have control of options and payment types.
- One of the BEST ways to reduce churn in your business (churn is the frequency at which your members unsubscribe or pause) is to constantly work on improving your membership. This helps to avoid boredom! You’ll need to find ways to improve the experience outside of Teachable, for the most part.
My verdict? I LOVED Teachable while I was on it…but when I was ready to grow and create a more unique experience for my members…switching from the Teachable platform proved to be a HUGE issue. We lost over 50% of our members, simply because they didn’t read an email, hadn’t been using the membership, or decided they would sign up later…after the new version was more established.
If this is a path you are thinking about going down…I HIGHLY recommend joining a few memberships in your niche to check out their functionality. Take notes of any possible features you’ll want down the road…and do some preliminary research to determine if you achieve those functionalities in Teachable.
IF you know that you simply want to put your best content behind a Paywall with no real community or weekly improvements…then Teachable might be your bag, baby.
Want to take the entire course on Recurring Revenue and Teachable? Join us inside of the Membership!
Ready to launch your OWN subscription product? I’d love to help!! Check out this free 6 day subscription creation challenge!