Everyday more and more entrepreneurs are turning to monthly membership models as a form of recurring income. While the guaranteed income is nice, monthly membership models are also beneficial for clients.
Clients that pay monthly memberships for your services have full access to your offerings. This improves client-provider relationships and increases the likelihood that that client will give you their business the next time around.
For example, if you have an IV hydration business that offers special discounts for members, 9 out of 10 times that member will come to you for their IV hydration needs.
Not only can memberships increase sales, but they can guarantee that you’re getting paid for your valuable time. That was the case for Syrina Rostash, CEO/Owner of LilKai Concierge Nursing LLC.
As a concierge nursing business, clients were constantly giving Syrina calls and asking for her expertise. While these calls only lasted a few minutes, Syrina’s time was building up in unbilled hours, so she started implementing a monthly, cancel at any time membership. Now Syrina gets paid for her expertise in guaranteed monthly fees.
So are monthly membership models a good idea?
You bet they are!
Here are some reasons why a monthly membership model is a great choice for your business or startup:
- Community– Monthly memberships can build community amongst your clientele. This also contributes to the overall value of your company.
- Appeal– Monthly membership options are extremely appealing for businesses offering health and wellness services. You get paid for your time, and your clients receive tangible benefits.
- Growth– Not only can you grow your client base, but monthly memberships inspire you to keep innovating and creating new ideas to keep those clients interested.
If you’re a nurse entrepreneur and you find that you are constantly giving away your time and energy for free, then it may be time to implement a monthly membership.