063. Shane And Jocelyn Sams On How To Set Up A Recurring Income Business Using Membership Sites

Books Mentioned

• Start with Why: How Great Leaders Inspire Everyone to Take Action – Simon Sinek
• The Pumpkin Plan: A Simple Strategy to Grow a Remarkable Business in Any Field – Mike Michalowicz
• The Membership Economy: Find Your Super Users, Master the Forever Transaction, and Build Recurring Revenue – Robbie Kellman Baxter
• Virtual Freedom: How to Work with Virtual Staff to Buy More Time, Become More Productive, and Build Your Dream Business – Chris Ducker
• Profit First A Simple System to Transform Your Business from a Cash-Eating Monster to a Money-Making Machine – Mike Michalowicz

 

Key Points (Timestamps)

00:49 — Intro and overview
02:02 — Shane and Jocelyn Sams’ take on the importance of recurring income
03:09 — Hunting vs. Farming, an analogy for the Launch Model vs the Retention Model
04:00 — The incredible insight of Shane & Jocelyn Sams from @flippedls in year 2 of their online business
04:49 — Lumpy income makes your business less saleable.
05:30 — Why @flippedls likes the future Income Report – Infusionsoft
06:28 — Growth rate comparison – Launch Model vs. Recurring Income Model
07:38 — Why your mindset has to change with the recurring revenue mindset
09:09 — How to set up a recurring income business and lessons @flipppedls learned
10:50 — How much content do you need to start a membership site?
11:52 — The surprising truth about @flippedls when they started their membership site
13:10 — A good case study on creating a membership business with @flippedls
14:51 — How many members must you have before you decide to launch your membership forum?
15:23 — How much time do you need to spend in membership forums?
16:58 — How do you grow your #membership forum just after launch?
17:30 — Your #membership forum is only ghost town if you let it be
19:21 — @flipppedls have systems in place to ensure they’re driving content back to forums
20:22 — Be careful not to mislead your audience. Are you a personal brand or a #business brand?
23:23 — Are Facebook groups a good place to test #membership forum ideas?

25:17 — Why Shane Sams from @flippedls doesn’t focus too much on #socialmedia
27:56 — You pay with money or time but either way you pay #business.
28:33 — What’s your effective hourly rate and are you ripping yourself off? @flippedls #business
29:31 — How to use your effective hourly rate as a yardstick for deciding on your tasks and #business
30:06 — Most common challenges people face with creating #membership business
32:00 — How do you decide how much to charge for #membership business?
34:31 — What actions can you take to get your #membership site set up with @flippedls?
35:40 — The goal of the #membership model is to create forever customers.
36:36 — The books that have impacted Shane and Jocelyn Sams from @flippedls
40:36 — How to get in touch with Shane and Jocelyn from @flippedls
41:46 — Final thoughts on #membership models and #recurring income