The Best Place to Invest in a downturn

I thought I was so intelligent.

I was listening to a mentor of mine the other day. We're all on the same group and there was an interesting question that was being circulated to everyone: "If you were handed $100 million dollars today What would you do?" It was just a simple exercise in thinking without constraints.

Well, I was thinking I was pretty slick.

I replied, "I'd invest it and make a life from the yield". An acceptable response, I thought. However, my teacher was up right after me. As soon as he gave his answer I was sure he was right. It was one of those "duh" moment. Anyway, he followed on from my answer and said:

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

Forehead slap. "Duh!"

I am aware of this. The most effective place to invest regardless of whether you are in a recession is inside yourself. You control the investment 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 aren't in control of.

Your returns will almost always be better.

Since you're "invested".

It's not that mutual funds aren't a good method of diversification however for those who are an online business proprietor wondering what you can do as we potentially head towards another downturn... my mentor's advice is as apt as ever.

Invest in yourself.

Of course, how you accomplish this is also important.

This is one reason why we entered the membership game over 13 years ago. That's the reason we have a technology company built around memberships. We encourage online business owners to add an element of membership to their business's revenue.

It's a game changer.

It takes away a lot of the pressure that goes managing an online company. With most business models that are new, you're beginning from scratch each month. If you're selling online classes, for example it starts with zero courses sold each month. If you wish to hit your goals, you have offer all of those units again, to new customers.

However, when you join it doesn't mean you start from zero.

It's true that people must renew... and some will not, but even if you have $100 in recurring earnings from your membership it's still better than nothing. Additionally, you'ren't just selling new clients. Of course, you want to attract new customers and increase the value of your business However, most of your revenue comes from renewals.

Existing members are simply maintaining their current subscription.

It's been said you've heard it before, haven't you? It's about 6-7 times more difficult to convince a new customer than it is to sell the same one. Membership is a way to take this idea up to the limit. As time passes you'll be able to raise the "floor" of income between $100 and $500 as well as $1000, $5,000 and beyond.

In any case, I'm painfully biased because I work at a company that sells membership software, yet, like I mentioned... There's reasons behind our software. It's the reason why we're in the business we're in. We're all in agreement about the benefits of membership since we've watched it change individuals' lives repeatedly.

It's it's up to you.

Something to keep in mind as you navigate some potential future turbulent times.

For membership specifically The earlier you can begin, the better.

To your success!

John Morris

Director of Sales
          Member

It is also possible to like...

Recent Posts

"We've tested a few other tools for membership that included in packages we'd invested in. But nothing can compare to Member. I'm sure there's plenty of amazing products that folks have built over many years. When it comes down to customizing, if you use WordPress there's no way to alter this. Of course, I'm biased, however we've earned millions of dollars because of this software."

Tristan Truscott                              Satori Method                                                                                                                                                                                              I have moved [ Member] to the top of my list of choices for anyone. The new Member is a mighty package! And the price for Member is a great deal.

Chris Lema                              LiquidWeb                                                                                                                                                                                              Member is integrated with tools I use TODAY. They're also eager to work with new products that are being released. It's pretty amazing how they manage it actually. If I were to be buying the membership plugin of this day... for me, I'd opt for the Member.

Adam Preiser                              WPCrafter