The New Path to $10,000/mo in 2024: Become a Communiteer

Summary

The speaker reveals a lucrative business model involving paid communities, which can generate substantial monthly income with minimal competition. They explain how creating a community for a specific niche, like real estate agents, and charging a monthly fee can lead to significant earnings. The script outlines the benefits of predictable revenue, network effects, and leveraging existing knowledge to build recurring income streams. It also discusses strategies for scaling the business, including structuring deals and incorporating affiliate marketing. The speaker emphasizes the importance of social proof and case studies to attract clients and the potential for high earnings without caps.

Takeaways

• 💼 The script discusses a business model involving paid communities, which can generate significant revenue with little competition.
• 🚀 The speaker shares their personal experience of making over $100,000 in a month through this business model and encourages others to get started.
• 📈 The potential earnings from a paid community are illustrated with a simple math example, showing how charging members a monthly fee can lead to substantial income.
• 🤝 The 'community here' concept is introduced as a way to partner with business owners and help them create a new revenue stream through paid communities.
• 🔑 The importance of leveraging existing knowledge and skills to create value in a paid community is highlighted, emphasizing that one does not need to be an expert to start.
• 💰 The script explains how reoccurring revenue from paid communities can cover fixed expenses and provide a steady cash flow, which is attractive to business owners.
• 🎯 The 'flywheel effect' is described as a powerful concept in paid communities, where good actions lead to more good outcomes, creating a self-sustaining growth loop.
• 📊 The 'network effect' is used to illustrate how the value of a community increases as more people join, attracting even higher-status members and raising the community's overall worth.
• 🛠️ The speaker advises against starting a paid community from scratch, instead suggesting to work with established business owners who have the credibility and audience to succeed.
• 🌟 Examples are given of different types of professionals, such as accountants and math tutors, who could start their own niche paid communities to share their expertise.
• 📈 The potential for scaling the business is mentioned, with the speaker outlining multiple ways to structure deals and the possibility of earning significant reoccurring revenue and affiliate commissions.

Q & A

What is the main idea of the business model discussed in the script?

The script discusses a business model centered around creating paid communities for niche markets, which can generate predictable recurring revenue and scale with network effects.

How much revenue can be generated from a paid community with 700 members charging $97 per month?

A paid community with 700 members charging $97 per month can generate approximately $67,900 per month.

What is the 'Network effect' as mentioned in the script?

The 'Network effect' refers to the phenomenon where the value of a service increases as more people use it, similar to how a university's value increases with high-status individuals joining.

What is the 'Flywheel effect' in the context of paid communities?

The 'Flywheel effect' in paid communities is when positive actions lead to more positive outcomes, such as increased engagement and word-of-mouth, which in turn attracts more members.

Why is it not advisable to start a paid community without being an expert in the field?

Starting a paid community without being an expert can lead to a lack of credibility and trust, making it difficult to attract and retain members who are looking for valuable insights and guidance.

What is the significance of reoccurring revenue in the business model?

Reoccurring revenue is significant because it provides a steady and predictable cash flow, allowing for better financial planning and stability.

How can someone without a large following or proven expertise start making money with this business model?

One can start by partnering with established business owners and offering to help them create a paid community, leveraging their existing knowledge and customer base to generate reoccurring revenue.

What is the 'done with you' format mentioned in the script?

The 'done with you' format refers to a collaborative approach where the community here (consultant) works with the client to build and manage the paid community, sharing the workload and responsibilities.

How does the script suggest scaling the business?

The script suggests scaling the business by developing case studies, testimonials, and social proof to attract high-value clients, and by creating multiple revenue streams, such as affiliate marketing commissions.

What are 'shotgun deals' in the context of this business model?

'Shotgun deals' refer to occasional large sales or high-ticket coaching programs that inject significant cash into the business, supplementing the regular recurring revenue.

How can affiliate marketing commissions be integrated into this business model?

As a community here, one can recommend tools and software with good affiliate programs to clients, earning recurring commissions from these referrals, adding another layer of income.