039. How to Build a Successful Business With a Community Membership

Feb 27, 2023

Have you ever wanted to start your own business or grow an existing one, but felt overwhelmed with where to start? In this episode,Teri and Jen reveal the six M's of success in business: mindset, messaging, market, media, money, and mission. They provide practical advice on creating an engaging membership group and building a supportive community for female entrepreneurs. Learn how the six M's can help solve common business problems and generate sustainable income.

  

[00:01 - 10:24] How to Build a Successful Membership and Community 

• Teri and Jen founded Keeping It Personal, a Christian faith-based organization that supports women entrepreneurs, business owners, and sales professionals
• The success path of the company is the six M's, which stands for the refined method, and is used across all their offerings
• The six M's include six foundational tools that helped them build a successful business, including Mindset, Mission, Message, Market, Media, and Metrics
• The refined community is a product of Keeping It Personal that offers one-on-one masterminding, weekly business partner programs, accountability coaching, and support

 

[10:25 - 20:33] Building Your Business Foundation with the Six M's

• The six M's of a successful business foundation are mindset, message, market, monetize, map, and monitor
• These six M's should be incorporated into all products and services offered to clients, including accountability and community support
• Continuously evaluating and improving the six M's is necessary to ensure alignment with core values and to identify areas for growth
• Identifying weak links and developing a strategy for improvement, including seeking support, is crucial for moving forward and strengthening the foundation of the business

 

[20: 34 - 30:51] Building a Successful Membership Model 

• Building a successful membership model requires a significant commitment and takes time to generate revenue
• Creating a success path for clients is crucial, with a curriculum that outlines their progress, addressing their problems and providing a solution to achieve their desired results
• Community engagement is also critical to success, with members initially attracted by content and staying for the community. A "sticky piece" that keeps members engaged is vital
• To create a successful membership model, businesses must strive to create value for their members, inspiring and engaging them in unique ways 

 

[30:52 - 39:40] Creating and Scaling Membership Models for Business Owners

• Membership models can help support a business and are beneficial for communities
• Businesses should think of memberships as a product line with unique features
• Reverse-engineer a membership model by considering where you want to be as a business owner and how much revenue you want to generate
• Repurpose content to refresh it, and build a library of content to recycle as membership models can experience turnover

 

Quotes:  

“We love what we get to do and how we serve. But we also hire people to help us too, because sometimes, we're just so close to the situation that we need help looking around and seeing other possibilities or different ideas or ways of doing it.” - Teri Johnson  

 

If you’re looking to invite accountability and want to explore this option with us, we would love to connect with you! Book a power call at www.KeepingItPersonal.com/PowerCall to explore your next steps!