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"Of course, you want more revenue, but what good is it if it isn’t predictable?"

-Aaron Ross

LESSON

Think big. Learn fast.

PODCAST

Building A Storybrand- Three Keys to Making Passive Revenue

KNOW THIS:

1. A membership creates predictable cash flow and also allows you to understand your customers better (like counseling).
2. Memberships justify a higher valuation if you ever sell your biz or take on investors.
3. If your company relies on customers you can create a membership. It works for online or IRL businesses. 
4. If they don’t stay, you lose money. 
5. It can take a while to actually make money since memberships are typically cheaper than a one-off sale. Keep tweaking until you get the right combination.

DO THIS:

1. Figure out how you can solve their problems on an ongoing basis. (Ex: dollar shave club)
2. Create a biz strategy around your idea.
3. Make a forever promise aka how your product is going to help them.
4. Know who is the best possible customer and how can you recognize them. 
5. Map out risk and opportunity.
6. Figure out the next right step to make progress.
7. Start with your big vision, test the first step, see how it’s working.
Ask yourself: Can you create community around it?
8. Create something people want to stay with for a long ass time. 
9. Try a freemium model. 
10. Make a club, start a subscription box.
11. Create a sense of belonging and status for members in the community. Allow members a way to give back in the group. Hint: it’s not always about more information.

FULL EPISODE >>  

Resources & Refs

Our fave recurring revenue calculator for Inso (tool)
The Forever Transaction by Robbie Kellman Baxter (book)

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