One of the things I love about my business (and clients) is that it has become a clearinghouse of sorts for great ideas. I have been graced with being a conduit of information between my family of clients, passing along information and experience that is helpful to us all. People helping people to succeed. How wonderful is that!?!
Last week I wrote a piece entitled The Next Anything wherein I tried to inspire the inner entrepreneur in us all. Within hours one of my fine clients, Joe H., commented that there were “tons of ways to create online businesses [and] passive revenue streams.” I asked him to elaborate and here is what I learned.
Joe is a physical therapist in Michigan. He is also the owner and content editor of a premier information website known as SportsRehabExpert.com. SportsRehabExpert is a membership site that charges a monthly (or annual) subscription to get access to quality informational and educational content.
Joe explains: “A membership site is one business model that allows you to share your expertise with others and get paid for doing it. As long as you supply valuable content and [the subscriber] stays on as a member, then you continue to collect membership fees month after month. Content can include articles, how-to videos, audio interviews with experts, webinars, product or book reviews and so on. These sites also allow you to sell products, physical or digital, as well as set up affiliate programs where you promote the products of others and make a commission off of their sales.”
Sound hard? It’s not, says Joe. On the technical side, there are ready-made software platforms to help start your online business. Joe says, “I use the MemberGate software platform which is probably the gold standard. The site template is already set up so [all I had to do was] come up with a design for my site.” Regarding the content or product side of the equation, he continues, “There is definitely some work involved setting up all these systems, but once they are in place, it can be a powerful revenue generator. I spend 10-12 hours per week on average running the site, posting new content, answering emails, etc.” On the other hand, he said, “I’m not real computer literate either, so if I can figure it out….”
Is it worth it? Well, first let’s recall why we are doing this, which is to create a second (or multiple) income stream to help strengthen our financial plan and to alleviate the stress of our income limitations. So, from that perspective, wouldn’t any value gained be worth it? But even better, if you hit a good market and have valuable content, it can be very lucrative indeed. Joe says, “It took me about 8 months to hit $1,000/month but I went live very quickly and with very little content.” From there his revenue doubled multiple times over! (I am not going to tease you with the total!)
Joe concludes: “I would guess my results have been fairly average based on others I’ve spoken with but then again this is my secondary business and usually lacks the attention it deserves.” [Emphasis added]
What a great example of what some knowledge and hard work can do! Joe, thanks for sharing and good luck with the business venture going forward.