In this article I'll share with you one of the best ways to make money online fast that I have found - subscription membership sites. If this strategy is for you then it can be the best way to make money online in my view. It involves setting up an online membership site for like-minded people who pay to be members.
In my last article I talked about the five proven strategies for making money working online and how to work out which one you should chose to pursue, bearing in mind your resources and personal strengths.
I promised I would share with you how I did it via my own successes and failures in trialling each of the five strategies.
Before we begin, I would like to just mention that these are just my personal experiences based on what has worked for me and the good thing is that there are usually more than one pathway that leads to success in life - you just need to find a strategy that suits you best for making money online.
Strategy 4 - Subscription
If this strategy is for you then it can be the best way to make money online in my view. This strategy involves getting together like-minded people who wish to be part of an online membership and are willing to pay to be members. You need to identify a niche market of people with a similar interest, attract them and then provide valuable content and an engaging community environment.
Having done this already, it can be extremely hard work to administer the site, set up a forum, and keep it active. Payment issue and member queries alone can take up a number of hours a day. But it can also be a great way to make money online and make a regular income from it. The cost of hosting a forum is minimal in that the commonly used PHP software is free and you just need a hosting account to upload the software to which costs only around $9 per month.
Setting up the IT side of things can be technically challenging. I'm what you would probably call a 'Super User' i.e. an advanced user with a little technical knowledge and understanding but no real IT background. I got most of the set up done on my own and then got stuck on two or three issues and ended up paying someone else a couple of hundred dollars to finish the job properly for me and do some configuring to make it look, feel and behave how I wanted it.
However once you have set it up and a vibrant community has evolved, it can be a great way to make money online with minimal effort if you can find good people to administer the forum for you.
A couple of issues to look out for are the need to reinvest some of the subscription charges in adding value to the forum with content, documents, offers, prizes and competitions etc to keep the community interested and engaged. You may also need a budget to do some form of marketing to keep attracting new members to sustain or grow the community.
Finally, whichever method you choose to accept payments, there are likely to be transaction charges. The simplest way is to use PayPal, which has a recurring subscription facility that is easy for people to sign up to. However the charges are approximately 3-4% of the transaction fee depending on your transaction volume, so don't forget to build this into your financial calculations.
Whilst this is a strategy that is quite involved, if you have a passion and enjoy meeting and helping people online then this is a fantastic way to make money online and brings people further into your marketing funnel - ready for the higher paying participation strategies that we will talk about in the final part of this series.
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