1:1 Traffic Exchange
 Great anti-cheating protection
 1000 hits to your site from $5.95
 5 levels referral program
60 000 Members
Home
You're Here You're Here You're Here You're Here You're Here You're Here
 
Log In
 Username or Email:

Password:

Forgot Password
Register Now
Daily Statistics
 90,531 members
 200 members joined yesterday
 344 members surfing
 171,537 pages viewed today
Home > Articles

Recurring Income — Your Ticket To Intelligent Wealth Creation

by Marc-Philipp Schildmann Author


Every single human being on this planet has the potential to be wealthy. Bar none!

That's a pretty bold statement, but it's true. You can create your own financially independent lifestyle in a multitude of ways. Today, we'll look at recurring income as your wealth creation vehicle.

Recurring income is money that flows into your bank account on a regular basis. Some of the common business models that take advantage of recurring income include subscriptions and membership fees.

The most common recurring online plans, pay out on a monthly basis. Some pay out on an annual or bi-annual schedule, depending on the payment plan. Many independently wealthy people have developed their empires using these business models.


Subscriptions and Membership Fees

Subscriptions and membership fees work in a similar fashion. The subscriber or member is granted access to a product or service in exchange for a regular recurring payment.

This business model guarantees the subscriber/member continued service and guarantees the provider a locked in, guaranteed income.

But there are pitfalls. If you're thinking about creating a recurring billing product, you could be in for a wild ride. The following case study is the real life journey that I took, while creating The Business Professional Private Members' Site.


CASE STUDY: The Business Professional Private Membership Website

President and CEO: Terry Telford
Vice President: Edwin Ryan
Development Start Date: December 15, 2003
Website Launch Date : May, 1, 2004

In the research phase, I decided to keep everything in-house except for the payment processing. This gave me greater control over the entire process, but created a lot more work in the beginning.

The basic modules that needed to snap together and make the membership area run, were:
  1. Membership software to create logins and passwords
  2. Affiliate software to track affiliate sales and commissions
  3. Autoresponder
  4. Payment Processor
Discovering what software to use was a matter of trial and error, but I finally ended up choosing:
  1. Membership Manager from GroundBreak
  2. Ultimate Affiliate Manager to handle the affiliate and autoresponder functions
  3. PayPal / 2CheckOut to process recurring payments
The next step was to have a programmer connect the dots and make all three programs play nicely together. This was the step where I realized I'd done everything backwards.

Instead of finding the software and then the programmer, I should have found the programmer and let him decide how to create the system. I was now at a fork in the road. Do I scrap the software that I already purchased and start from ground zero, or do I invest in a programmer to attempt to make all the software play together.

To make a long story short, I decided on option two and paid a programmer a small fortune to attempt the impossible. In the end, The Business Professional works 90% on autopilot and 10% on manual.

It was a long and costly process, but a fantastic learning experience. And the adventure was far from over.

Now I had a cool Private Membership site, with a $5,762 price tag. Next, I had to fill it with content. It took another two months to top up the content and get things rolling.

Fast forward to today.

CHALLENGE:
Both Edwin and I are spending 80% of our time marketing The Business Professional and don't have enough time to build solid content into the member's area.

SOLUTION:
Outsource the marketing to a handful of skilled entrepreneurs, so we can focus on upgrading the member's area.

The marketers collect and keep 100% of the membership fees, and we get a continual stream of new members who order our products and services. This cooperative business model builds a stronger, more profitable business for everyone.

SUMMARY:
Generating a monthly recurring income by building a membership website is a great concept. In practical terms, it's a costly way to learn the ropes.

My recommendation to anyone who is considering a recurring monthly income is, start out promoting an existing product or service. You'll save a lot of time and energy and can start generating a profit, your first month in business.

Without expenses, it's all profit :)

© Marc-Philipp Schildmann, All rights reserved.
Marc-Philipp Schildmann
Skype: schildmann

Terry Telford is a business developer with experience on and offline. Telford's training system for helping other entrepreneurs build and develop their own businesses can be found at http://www.MonstersOfCash.com

Submitted on 05/06/2008

 

Testimonials
I am so happy I joined this site I could BURST! My Referral tree is at almost 50, 22 of which are 1st level. Just wanted to thank EASYHITS for all the support and incentives to do well! (Steve)

Did you know that...
...you can add your feedback about our system here. It will appear in Testimonials
Relmax Web Development Inc.Design by Relmax, Inc.
 |    |  
 |  
 |  
 |  
© 2003-2008 EasyHits4U.com. All Rights Reserved. Privacy Policy