Recurring Income Your Ticket To Intelligent Wealth Creation
Every single human being on this planet has the potential
to be wealthy. Bar none!
That's a pretty bold statement, but it's true. You can
create your own financially independent lifestyle in a
multitude of ways. Today, we'll look at recurring income
as your wealth creation vehicle.
Recurring income is money that flows into your bank
account on a regular basis. Some of the common business
models that take advantage of recurring income include
subscriptions and membership fees.
The most common recurring online plans, pay out on a
monthly basis. Some pay out on an annual or bi-annual
schedule, depending on the payment plan. Many
independently wealthy people have developed their empires
using these business models.
Subscriptions and Membership Fees
Subscriptions and membership fees work in a similar
fashion. The subscriber or member is granted access to a
product or service in exchange for a re! gular recurring
payment.
This business model guarantees the subscriber/member
continued service and guarantees the provider a locked
in, guaranteed income.
But there are pitfalls. If you're thinking about creating
a recurring billing product, you could be in for a wild
ride. The following case study is the real life journey
that I took, while creating The Business Professional
Private Members' Site.
CASE STUDY: The Business Professional Private Membership
Website
President and CEO: Terry Telford
Vice President: Edwin Ryan
Development Start Date: December 15, 2003
Website Launch Date : May, 1, 2004
In the research phase, I decided to keep everything
in-house except for the payment processing. This gave me
greater control over the entire process, but created a
lot more work in the beginning.
The basic modules that needed to snap together and make
the membership area run, were:
1. Membership software to create logins and passwords
2. Affiliate software to track affiliate sales and
commissions
3. Autoresponder
4. Payment Processor
Discovering what software to use was a matter of trial
and error, but I finally ended up choosing:
1. Membership Manager from GroundBreak
2. Ultimate Affiliate Manager to handle the
affiliate and autoresponder functions
3. PayPal / 2CheckOut to process recurring payments
The next step was to have a programmer connect the dots
and make all three programs play nicely together. This
was the step where I realized I'd done everything
backwards.
Instead of finding the software and then the programmer,
I should have found the programmer and let him decide
how to create the system. I was now at a fork in the
road. Do I scrap the software that I already purchased
and start from ground zero, or do I invest in a
programmer to attempt to make all the software play
together.
To ma! ke a long story short, I decided on option two and
paid a programmer a small fortune to attempt the
impossible. In the end, The Business Professional works
90% on autopilot and 10% on manual.
It was a long and costly process, but a fantastic
learning experience. And the adventure was far from over.
Now I had a cool Private Membership site, with a $5,762
price tag. Next, I had to fill it with content. It took
another two months to top up the content and get things
rolling.
Fast forward to today.
CHALLENGE:
Both Edwin and I are spending 80% of our time marketing
The Business Professional and don't have enough time to
build solid content into the member's area.
SOLUTION:
Outsource the marketing to a handful of skilled
entrepreneurs, so we can focus on upgrading the member's
area.
The marketers collect and keep 100% of the membership
fees, and we get a continual stream of n! ew members who
order our products and services. This coope! rative < br>business model builds a stronger, more profitable
business for everyone.
SUMMARY:
Generating a monthly recurring income by building a
membership website is a great concept. In practical terms,
it's a costly way to learn the ropes.
My recommendation to anyone who is considering a
recurring monthly income is, start out promoting an
existing product or service. You'll save a lot of time
and energy and can start generating a profit, your first
month in business.
Without expenses, it's all profit :)
About the authorTerry Telford is a business developer with experience on and offline. Telford's training system for helping other entrepreneurs build and develop their own businesses can befound athttp://www.MonstersOfCash.com Terry Telford is a business developer with experience on and offline. Telford's training system for helping other ! entrepreneurs build and develop their own businesses can befound athttp://www.MonstersOfCash.com
Source: http://www.articlebin.com/view-Recurring_Income__Your_Ticket_To_Intelligent_Wealth_Creation-78126.html
Free Business Articles Blog
to be wealthy. Bar none!
That's a pretty bold statement, but it's true. You can
create your own financially independent lifestyle in a
multitude of ways. Today, we'll look at recurring income
as your wealth creation vehicle.
Recurring income is money that flows into your bank
account on a regular basis. Some of the common business
models that take advantage of recurring income include
subscriptions and membership fees.
The most common recurring online plans, pay out on a
monthly basis. Some pay out on an annual or bi-annual
schedule, depending on the payment plan. Many
independently wealthy people have developed their empires
using these business models.
Subscriptions and Membership Fees
Subscriptions and membership fees work in a similar
fashion. The subscriber or member is granted access to a
product or service in exchange for a re! gular recurring
payment.
This business model guarantees the subscriber/member
continued service and guarantees the provider a locked
in, guaranteed income.
But there are pitfalls. If you're thinking about creating
a recurring billing product, you could be in for a wild
ride. The following case study is the real life journey
that I took, while creating The Business Professional
Private Members' Site.
CASE STUDY: The Business Professional Private Membership
Website
President and CEO: Terry Telford
Vice President: Edwin Ryan
Development Start Date: December 15, 2003
Website Launch Date : May, 1, 2004
In the research phase, I decided to keep everything
in-house except for the payment processing. This gave me
greater control over the entire process, but created a
lot more work in the beginning.
The basic modules that needed to snap together and make
the membership area run, were:
1. Membership software to create logins and passwords
2. Affiliate software to track affiliate sales and
commissions
3. Autoresponder
4. Payment Processor
Discovering what software to use was a matter of trial
and error, but I finally ended up choosing:
1. Membership Manager from GroundBreak
2. Ultimate Affiliate Manager to handle the
affiliate and autoresponder functions
3. PayPal / 2CheckOut to process recurring payments
The next step was to have a programmer connect the dots
and make all three programs play nicely together. This
was the step where I realized I'd done everything
backwards.
Instead of finding the software and then the programmer,
I should have found the programmer and let him decide
how to create the system. I was now at a fork in the
road. Do I scrap the software that I already purchased
and start from ground zero, or do I invest in a
programmer to attempt to make all the software play
together.
To ma! ke a long story short, I decided on option two and
paid a programmer a small fortune to attempt the
impossible. In the end, The Business Professional works
90% on autopilot and 10% on manual.
It was a long and costly process, but a fantastic
learning experience. And the adventure was far from over.
Now I had a cool Private Membership site, with a $5,762
price tag. Next, I had to fill it with content. It took
another two months to top up the content and get things
rolling.
Fast forward to today.
CHALLENGE:
Both Edwin and I are spending 80% of our time marketing
The Business Professional and don't have enough time to
build solid content into the member's area.
SOLUTION:
Outsource the marketing to a handful of skilled
entrepreneurs, so we can focus on upgrading the member's
area.
The marketers collect and keep 100% of the membership
fees, and we get a continual stream of n! ew members who
order our products and services. This coope! rative < br>business model builds a stronger, more profitable
business for everyone.
SUMMARY:
Generating a monthly recurring income by building a
membership website is a great concept. In practical terms,
it's a costly way to learn the ropes.
My recommendation to anyone who is considering a
recurring monthly income is, start out promoting an
existing product or service. You'll save a lot of time
and energy and can start generating a profit, your first
month in business.
Without expenses, it's all profit :)
About the authorTerry Telford is a business developer with experience on and offline. Telford's training system for helping other entrepreneurs build and develop their own businesses can befound athttp://www.MonstersOfCash.com
Source: http://www.articlebin.com/view-Recurring_Income__Your_Ticket_To_Intelligent_Wealth_Creation-78126.html
Free Business Articles Blog
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