You may have heard people talk about the power of monthly recurring income.
For those who don’t know what monthly recurring income is, it is a payment that you receive each and every month from customers so they can continue to receive or access a product, program, or service that you provide.
The power of a monthly recurring income is that when you have a large number of customers, you know that you have a decent amount of money coming each and every month similar to a wage… but with more freedom.
When you have several thousand dollars coming in each month, it allows you to focus on the work at hand and not worry about trying to make new sales to generate income.
The power of monthly recurring income comes when you have a decent number of customers all paying you to receive the same product… and that product does not need to be a lot.
For example; if you were to sell a monthly newsletter… you only need to create that one newsletter each month.
Imagine charging $97 for that one newsletter.
Both Mike Shreeve and Ben Settle publish a ‘printed’ newsletter each month and they both charge $97 for their newsletters. As does Russell Brunson and Dan Kennedy… and many others.
I don’t know how many people they have subscribing to their newsletters, but just 100 subscribers paying $97 each month gives them a rather respectful $9,700 per month, which is $116,400 per year.
Obviously, that won’t all be profit due to the fact that the newsletters have to be printed and shipped to the customers.
Printed newsletters are great, but in this day and age you do not need to go through the hassle of printed newsletters, you can deliver them online as PDFs or as specific webpages on your website.
When you deliver a digital product, you can charge whatever you want … and it is all mostly profit – depending on what platform you decide to use.
Some platforms such as Substack and Patreon will take a small fee from each monthly subscription they process on your behalf. There will also be PayPal or Stripe processing fees to pay too.
You can do it all yourself by hosting the newsletter (or whatever content you use) on your own website, (this is what we do).
There will be payment processer fees and hosting fees to pay, but they can be a lot lower than using a third-party platform like Substack and Patreon.
Also, when you deliver a product digitally, you can charge less and have a larger customer base.
It was recently reported that Noah Smith earns over $1 million each year publishing his Noahpinion newsletter on Substack.
Noah publishes articles (quite in-depth articles) around five times a week – at least one of those is for paying subscribers only – and he charges around $10 per month or $100 for the whole year.
The popular journalist and professor of economics has somewhere around 8,000 and 10,000 readers paying him $10 to access the articles he publishes for paying subscribers only.
I don’t know if there is a limit to what you can charge with Substack, but Noah is happy to charge just $10 because he has a lot of people willing to pay it to read his content.
He writes about economics and politics which are subjects many people are interested in… but they are not life-changing subjects. You don’t learn anything that is going to help you in your life directly.
As interesting as his articles may be, understanding why the fate of Europe is in the hands of Germany right now or how America can be stabilized isn’t really going to help you in the here and now.
$10 is a bliss price that many people are willing to pay, so if you want to publish information that is interesting, thought-provoking, but not necessarily life-changing you can charge a cheap price each month and still make a decent amount of money as Noah’s success will testify.
However…
You do not need ten thousand subscribers to make a decent monthly recurring income.
I cannot say whether Mike Shreeve or Ben Settle makes $1 million from their newsletters, but at $97 per month, they would need only 860 monthly subscribers.
I very much doubt they will have that amount of subscribers, but what do I know?
200 people paying $97 each month would give you a very decent $19,400 a month which is a rather nice $232,800 for the year.
Not bad for publishing just 12 newsletters.
The reason they charge $97 as opposed to the $10 Noah Smith charges is that both Mike and Ben publish information that help people to make more money with their online businesses.
Mike publishes the Peaceful Millionaire Newsletter while Ben Settle publishes the Email Playerz Newsletter.
Both newsletters are created specifically to help their readers in the here and now by sharing information and methods that they can implement in their businesses, today.
People are paying $97 per month so that they can earn thousands of dollars more.
12 monthly payments of $97 is $1,164.
If a reader takes any of the information that they have read in any of the 12 newsletters over the year and makes $1,164 they have covered their cost. They haven’t lost anything.
If they make thousands of dollars more, then it has definitely been worth it to them.
The price you charge is determined by what you provide or what you are happy with, but you shouldn’t fear charging what your content is worth.
Do not undercharge for your content.
There is more than enough people who are willing to pay what your content is worth.
You should never charge a low fee just to attract more people because it can often do more harm than good.
Not only will you have more people to communicate with and deal with more support tickets, but some people may take a look at your cheap price and think that your content is ‘cheap’ and not what they need.
A cheap price can ‘cheapen’ your product, and you do not need that.
It is better to have 200 people paying you $97 than 500 people paying you $37.
Another example of a successful newsletter is Amanda Yates Garcia’s Mystery Cult.
It was reported that Amanda was making over $10,000 per month with her Substack hosted newsletter, a newsletter about… wait for it… all things witchcraft.
Amanda has 16,000 free subscribers and somewhere around 300 and 400 paying subscribers paying $30 a month to access additional members-only content.
The reason why I am sharing Amanda’s newsletter with you is that I want you to see that you can make a decent amount of money sharing information on topics that are not in the make money niche and are in fact quite ‘specialist’ in their nature.
Who would have thought that a newsletter about witchcraft could be so popular… but it is.
You have to remember…
We can now sell our online digital newsletters to people all across the world.
This is no longer a case of selling the local newspaper to the townsfolk, the digital market is global.
You can have subscribers from all over the world.
If people can understand English (or whatever language you use) and they need the information that you are providing, it really doesn’t matter where they are from.
And it all can be done from the comfort of your own home using nothing more than a laptop. An online membership business can be run from anywhere in the world.
Does setting up your own recurring revenue stream in the same way as these guys sound good to you?
If it does then you may well want to register for a special webinar that I’ve just scheduled for the 22nd November, where not only will you discover How To Attract 1,000 Paying Customers To Your Membership Site, but you’ll also discover some extra information where you could even Start A Membership Site (And Be Ready To Accept Your First Paying Member) In Just 90 Minutes If You Don’t Already Have One!
>> Click Here To Register For The Free Planning & Implementation Masterclass <<
Here’s to your continued success!
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