The best place to invest During a Recession

I always thought I was intelligent.

I was listening to my colleague of mine on the other day. We're all on the same team and there was a conversation being asked to all: "If you were handed $100 million What would you do?" It was just an easy exercise of thinking free of any constraints.

Well, I was thinking I was pretty slick.

I said, "I'd invest it and make a life from the yield". A pretty good answer, I thought. My mentor followed me and as soon as the answer was given I realized that he was correct. This was one of those "duh" moment. However, he drew a line after my reply and said:

"Yeah I'd like to invest in it in my business, but I'd put it into my business."

Forehead slap. "Duh!"

I'm sure of it. The best place to invest whether in recession or not, is in the area of your personal investment. Something YOU have control over and can input into. Instead of passively dumping it into a mutual fund or other stock that you won't watch all that close and don't have any control over.

Your returns will almost always increase.

You're "invested".

It's not that mutual funds aren't a good way to diversify however when you're an online company owner and wondering what to do as we potentially head towards another downturn... the advice of my mentor's advice is as apt as ever.

Make a commitment to yourself.

Naturally, how you perform that is equally important.

That's one of the reasons we got into the membership game over 13 years in the past. This is why we operate the technology business based around memberships. This is why we urge online business owners to add the membership option to their income mix.

It's a game changer.

It alleviates so much of the anxiety that comes managing an online company. With most business models that are new, you're beginning from scratch every month. If you sell online classes, for example, you start back with a bare 0 course sold every month. And, if you want to achieve your objectives that means you need to offer all of those units yet again, to customers who are new.

However, when you join it doesn't mean you start from the beginning with nothing.

Yes, people have to renew... and some will not, but even if you have $100 in recurring revenue from your membership, it's still better than nothing. Plus, you're not only selling new clients. You'll want to add new members and increase the value of your business however, the majority of your earnings come through renewals.

Existing members are simply maintaining their subscription.

We've all heard about the statistics, right? It's 7 times harder to acquire to a brand new client than it is to sell the same one. Membership can take that concept to the max. With time, you can grow your "floor" of earning between $100 and $500 as well as $1000, $5,000 and more.

However, I'm painfully biased because I'm in a position at a business that sells membership software, but it's like I said... There's a reason we created our software. There's a reason we're working in the field we're in. We all genuinely believe in the value of membership, as we've seen it transform people's lives time and again.

However, it is up to you.

It is important to remember this when you are navigating future turbulence.

With membership especially, the sooner you get started the more benefit you will get.

To your success!

John Morris

Director of Sales
          Member

There is also...

Recent Posts

"We've looked at a few other tools for membership that came as part of the packages we'd purchased. But none of them can compete with Membership. There's certainly a lot of cool products that folks have built throughout the years. But when it comes to personalization, if your use WordPress it's impossible to do this. Naturally, I'm bias, but we've made millions through this software."

Tristan Truscott                              Satori Method                                                                                                                                                                                              I've added Member] to the top of my list of choices for anyone. The new Member packs a punch! And the price for Member offers a wonderful offer.

Chris Lema                              LiquidWeb                                                                                                                                                                                              Members integrates with all the tools I'm using today. They're also eager to work with new tools that are coming out. It's incredible how they accomplish it. If I was going to be buying a membership plugin, this day... for me, I would opt for Member.

Adam Preiser                              WPCrafter