Changing Course Newsletter: Issue 165

A Little Knowledge Can Go a Long Way:
How to Generate a Steady Cash Flow Using What You Already Know

Back in the early nineties, The Wall Street Journal featured a story about sports-lover Don Schoenewald. After thirteen paid team mascot jobs and four mascot character creations (including ones for the New Jersey Devils and the San Jose Sharks), Don went on to start the first professional training school for mascots in the world. Since then several other schools have popped up and Schoenewald has moved on to other things. Still, it is a great example of an entrepreneur tapping into the best capital there is - his own intellectual capital!

Training others to do what you do is a great way to “monetize” your knowledge and experience. But it’s not the only way. There are lots of different ways to “package” and sell what you know − teaching on- or off-line classes, getting your own syndicated radio show, writing a book and so on. But there is another lesser-known way to turn your interests into income. And, it’s the only way I know that is actually designed to generate a steady and relatively predictable flow of income on a monthly basis.

If You Want a Continuous Stream of Income, Create a “Continuity” Program

From the book of the month club of my youth to the Netflix automatic DVD rental model of today, member clubs have always been popular with consumers, often referred to as “continuity” or “subscription” programs. It’s easy to see the appeal. Members like the idea that for a flat monthly fee they’re guaranteed exclusive access to a continuous flow of information, resources, entertainment, support, or products of interest.

Continuity programs also provide two other things consumers want – convenience and affordability. Traditionally, if you wanted to join a professional association or subscribe to a magazine, you paid your annual dues or subscription upfront. However, thanks to the Internet, organizations like Consumer Reports Magazine will automatically bill your credit card in smaller monthly installments. In exchange, subscribers get exclusive online access to product reports not available to non-members.

If you’re tuned into the Internet marketing world, then it will come as no surprise that continuity programs are all the rage. It may surprise you to learn that some of the most successful member programs have nothing whatsoever to do with Internet marketing. People are running member programs in such diverse niches as embroidery, jazz guitar...even sky diving!

What about the benefits to you as an entrepreneur? By far the biggest benefit of operating a member program is money. Or, more specifically, the consistency of cash flow. As long as you make good on your promise to consistently deliver quality content, as a member program owner, you’ll receive a steady flow of revenue in the form of member fees. We’ll talk more about income potential in a minute.

Anyone Can Start a Member Program

What I want you to understand is that anyone can start a member program. Even you! Not too long ago Ryan Lee was struggling to get by as a physical education teacher in the Bronx. Today he runs 48 different membership sites − all in the health, fitness, and sports training field − and by all accounts Ryan is a millionaire.

I learned about Ryan through Tim Kerber, the co-creator of a membership software company called Member Gate. Over the past eight years, Tim’s company has helped over 400 clients start member sites. A little over a year ago, Tim wisely decided to build on his own expertise, and that of people like Ryan and other subject matter experts, to start (are you ready?) a membership site for membership site owners. MembershipSiteOwner.com is a great place for new member site owners like me to continue to grow and learn.

Then, last spring, Ryan and Tim pooled their knowledge at a two-day Membership Site Bootcamp in West Palm Beach, Florida. Despite the $2,500 price tag, the event sold out quickly. Unfortunately, I couldn’t make the bootcamp. But I was excited to hear that they are busy packaging up all of the course content (and more) into some sort of step-by-step self-study program.

In the meantime, Ryan and Tim have produced a series of short (and free) videos based on the live workshop. The videos are a way to raise awareness about the revenue potential of member sites, to share some meaty content from their live event, and to generate excitement prior to the launch of the self-study program later this summer. Of course, when you hear some of the numbers, it's hard not to be excited!

When you watch the first video, you’ll see some monthly revenue stats from actual member sites. Some are making $5,000 a month while others are making significantly more. Although making upwards of $208,000 a month may seem like a lot of hype, I’ve met enough people in this business to know that these kinds of numbers - while at the top of the income curve − are entirely plausible.

Numbers make my head hurt (just ask Lisa). So I particularly appreciate the part in the video where Tim uses the analogy of compound interest to explain how adding just one new member a day can pretty rapidly grow a relatively small member list into a very robust program. But what really got my attention was when he points out how having a member site increases the future re-sell value of your business!

For people who enjoy feeling a part of a larger community as I do, running a member program also provides a less tangible, but nonetheless important, benefit. Depending on how you structure your member program, you will feel a certain kinship between yourself and others who share your particular interest or passion. While I certainly don’t “know” all 250+ members of the Fast Track Your Dream Community, I feel like I do!

Information Will Set You Free

If you have a tendency to stay stuck because of fear, then repeat after me: “I don’t have enough information right now to be afraid or excited.” When it comes to changing course, information will set you free. That’s because the greater your knowledge, the greater your options and the less risky change becomes.

So get informed. To learn more about how to start a member site and to make it profitable, sign up to watch these short videos now:

ChangingCourse.com/recommends/membershipbootcamp

I have another self-learning opportunity for you. Tim and I both happened to be in Denver last weekend at Jeff Walker’s big Product Launch Formula workshop, and I have to tell you, he couldn’t be a nicer guy. And, with more people waking up to the benefits of member programs, Tim was also a very popular guy! It took a little creative “calendarizing” but in a few short weeks you’ll have the opportunity to pick Tim's brain - and Ryan’s too!

Please join Tim and Ryan in a live Teleclass happening on Tuesday, July 10th from 8:00-9:00pm Eastern Time where they will be answering frequently asked questions about how to start and grow a member program.

If the crowds around Tim at the Denver seminar are any indication, I know interest in this free Teleclass is going to be extremely high so be sure to register today:

ChangingCourse.com/courses.htm

Like I said, information is what will set you free. So, as you watch the video series, I’d like you to do two things. One, jot down any questions and/or ideas you have about member programs. Two, pay attention to any inner dialogue that is self-enabling or self-defeating. Then fill in these blanks…

The biggest question I have about starting and running a member program is….
The first idea that springs to mind is….
I know I can do this because…
The reason I know I could never do this is…

In the next newsletter I’m going to talk about the “bad thinking” that may be keeping you from profiting from your experience. I’m also going to show you how a few different continuity programs work. And, I’ll tell you the one step you absolutely must take prior to launching ANY product or service – including a member program.

Whether your passion is salsa, gardening, art, or wrestling, there are a myriad of ways to turn what you already know into your livelihood. If you are drawn to the idea of a more regular, predictable income stream that has the potential to be extremely profitable, then running your own member site may be something worth exploring.

About the Author

"Turning Interests Into Income" expert, Valerie Young, abandoned her corporate cubicle to become the Dreamer in Residence at ChangingCourse.com offering resources to help you discover your life mission and live it. Her career change tips have been cited in Kiplinger's, The Wall Street Journal, USA Today Weekend, Woman's Day, and elsewhere and on-line at MSN, CareerBuilder, and iVillage.com. An expert on the Impostor Syndrome, Valerie has spoken on the topic of How to Feel as Bright and Capable as Everyone Seems to Think You Are to such diverse organizations as Daimler Chrysler, Bristol-Meyers Squibb, Harvard, and American Women in Radio and Television.

To read more articles about how to work at what you love without a job go to ChangingCourse.com/articles.htm

Back in April, Lisa (a.k.a. the Vision Implementation Manager here at Changing Course) sent out an email asking past workshop participants to update us on their progress. Within 24 hours we’d received dozens of fascinating stories from people who planted seeds and are very actively tending to their growth. Of all the stories we received, this next story really wowed me!

Here, in her own words, is the delightful story of how one woman realized a lifelong dream.

Dear Lisa,

When I read your email, I just had to respond. When I signed up for the Work at What You Love workshop that was held in August of 2005, I was leaping into the void, so to speak. I knew I wanted to do something on my own and, although I had some rough ideas, I really did not have a clear vision of what the next step would be.

And then the night after attending the workshop I had one of those "Aha!" moments when everything crystallized and I knew what I wanted to do. I think it was actually the universe responding to my making the commitment to take this workshop.

To be perfectly honest, when I came across the Changing Course website, I was suspicious at first. But after reading through the workshop description carefully, I put my hesitation aside and decided to go for it. It was one of the best decisions I've made in a long time! I had a family wedding to go to that weekend, so I could only attend the first day of the workshop (which you generously allowed me to do, only charging me half the usual fee). But that one day was phenomenally helpful and inspiring and life-altering, and I am so grateful that I was able to be there.

I believe that the most critical piece that has helped me to succeed was the post-conference success group. Having the support, ideas and feedback of a diverse, yet likeminded, group of people was invaluable in my march towards my goals. We would end each phone session with individual homework assignments and, we all agreed that having to be held accountable to the group every week certainly helped to keep each of us motivated! Our success group even maintains periodic contact via email to this day.

To give you some background, many moons ago I had my own business as a silversmith, selling my jewelry at galleries and craft shows along the Eastern seaboard. Then I returned to school (at 32!) to get my BS in Animal Science and to pursue a lifelong dream of working with dolphins and other marine animals. After internships working with dolphins and penguins respectively, I graduated and accepted a position at Boston's New England Aquarium as a Penguin Aquarist.

I loved working with the penguins, raising penguin chicks, educating our visitors and traveling around the world to work in the field. The job was very exciting and fulfilling, but after nursing my mother through an illness that she lost her battle with, I was too exhausted to continue and took an extended break. During this time, I realized that I wanted to be my own boss again. And that's when I stumbled across the Changing Course website and signed up for the workshop in Northampton.

So, on to the success part of the story…

I knew I wanted to create a business combining my love of animals with my love of teaching people about them. After nearly 10 years working closely with penguins, I was considered a penguin expert, so it seemed like a natural subject to focus on. My vision was to start an educational company where I would travel to schools, libraries, science centers and assisted living facilities providing educational programs about penguins. The business name came to me instantly − THE PENGUIN LADY − as it was what everyone called me when I worked at the aquarium.

With the support and input of my success group, I drafted a plan and created marketing materials to start my venture off on the right foot. From that point forward, things just started flowing in my direction. I joined several networking groups, which have been wonderfully helpful, and I recently had articles written about my business in three local newspapers. One of these articles was picked up online and I've seen links to it on websites in England, New Zealand and even Japan! I've received emails from around the country (and from across the pond) from students and adults seeking information about penguins. I've been invited to speak at Sea Rovers (a big dive show in Boston), the National Marine Educators Conference and several other conferences.

And the most exciting and unexpected thing that has resulted from putting myself out there is that I've been approached by two publishing houses to write about penguins. In fact, just yesterday afternoon I submitted a piece about penguins that will be published next year by the New Book of Knowledge encyclopedia. I'm also working on a book chronicling my experiences rescuing 20,000 penguins from an oil spill in South Africa. I've always wanted to write a book, but thought about it as something I would do "later." However, when I was approached by a publisher, I realized that it made perfect sense to write this book in conjunction with my educational company.

So, as you can see, my decision to attend the Work at What You Love workshop has truly made a difference and has had a positive impact on my life. It gave me some of the necessary tools to move forward without fear or hesitation and to fully commit myself to this process. It also provided me with a network of supportive friends to consult and commiserate with, and it helped to lay a strong foundation for building my new business.

I am eternally grateful to Barbara and Valerie for sharing their knowledge, passion, support, expertise and enthusiasm - and for providing the access to a network of people who I can share this exciting journey with. I would strongly encourage anyone who is thinking about striking out on their own to attend this workshop NOW - it was an incredibly worthwhile investment and I have NO regrets. (Well - the only regret is that I missed the second day of the workshop!)

My apologies for being so long winded, but I just had to share my story and my gratitude. I've also attached a photo of me with one of my penguin friends.

Many thanks and best wishes for the future, Dyan.

Dyan deNapoli
THE PENGUIN LADY
Georgetown, Massachusetts
ThePenguinLady.com

Learn more about the Work at What You Love workshop that Dyan attended.

Ask the Expert Teleclass Series

Create a Steady Stream of Income By Running a “Member Program”

Work at What You Love:
The Life Changing Workshop for People Who Want to
Quit Their Job and Work at What They Love

Ask the Expert Teleclass Series

Create a Steady Stream of Income By Running a “Member Program”

Work at What You Love: The Life Changing Workshop for People Who Want to Quit Their Job and Work at What They Love

Work at What You Love:
The Life Changing Workshop for People Who Want to
Quit Their Job and Work at What They Love