ADD MEMBERSHIP TO YOUR BUSINESS
In the past I have stressed the importance of adding a membership component to your business. The subscription model is exploding worldwide. Most businesses, large and small, are not set up to add this important income stream to their business.
I don’t need to remind you of the giants using the subscription model as their income source; Netflix, Amazon and Costco are three of my favorite examples.
Any business, regardless of the product or service it offers, can become a subscription business. It will provide recurring revenue and an ability to deliver ongoing value to your customers.
The digital age is in the forefront of the major changes we are seeing and which are yet to come. The subscription model allows a business to focus on their customer instead of their products or services.
Your challenge for today is to review the recurring income session found under finance in the education section of your BizQuack dashboard. Take the time to develop a short action plan to implement a subscription model for your business. The last step is to e-mail me your ideas and then set up an appointment with me to discuss how to turn this idea into a reality.
As always, as a BizQuack member you should lead your industry, and this is one avenue that can put you ahead of your competition.
The choice to change and to grow your business is yours; I hope to hear from all of you.
Tips & Advice by Nick Petra, CFP – Founder of BizQuack and StrategicDuck
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