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Shane And Jocelyn Sams On How To Set Up A Recurring Income Business Using Membership Sites
Shane and Jocelyn Sam’s from flippedlifestyle.com is a couple that I consider good friends of mine because I’ve been listening to their podcast for so long. Shane and Jocelyn were teachers. Shane was a history teacher and a football coach and Jocelyn, a librarian before they discovered online business and gave it a short. What followed was a lot of action taking, hard work and incredible success online. Shane and Jocelyn built a successful six-figure online business by creating digital information products to help teachers, football coaches, and librarians. Now, once they figured out how to make money online, they started the flippedlifestyle.com site to teach other families to do the same thing, and after incredible success with this, they discovered our common friend, James Schramko, who introduced them to the idea of recurring income. So Shane and Jocelyn have built a successful recurring income business and are here to talk about the power of recurring income.
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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