The Ambition Show Podcast

SAVE TIME + SANITY ALWAYS MAKE A PROCESS | THE AMBITION SHOW PODCAST | EPISODE 34

A process will save your time and your mind. You are giving yourself a nice safety blanket to test within and help you create your best work. 
What are Processes and Workflow, and the Benefits
How to create a Process and Workflow that work for you
Book of the Episode 
Alston Kleon
“The Steal Like an Artist Journal”How to purchase the bookhttps://austinkleon.com/journal/
Audio Trilogy - https://austinkleon.com/steal-audiobook-trilogy/
Austin’s newsletter https://austinkleon.substack.com/?r=2ers61&utm_campaign=subscribe-page-share-screen&utm_medium=web
TAKE-A-WAYS - TAKE ACTION
Sign up for Miro https://miro.com/signup/
Sign up for Canva https://www.canva.com/free/
Cover image photo credit
Name of the photographer: Julia M Cameron
Pexels link: https://www.pexels.com/photo/top-view-photo-of-boy-drawing-on-white-paper-4144097/
 
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LEAVE THE OLD 9-5 BEHIND interview with Edgar Tejada | Episode 33

This is the podcast for creative entrepreneurs, the best for entrepreneurs of all ages, and the best for urban entrepreneurs, with the advice we all need to achieve our goals. For those who want to build their brands, the Ambition Show Podcast is a platform to help you grow your small business.
 
Taking the first step can be the hardest, and leaving that steady paycheck, aka 9-to-5, can be extremely difficult.
Now, the entrepreneur's lifestyle isn’t easy, and it's not for everyone, especially at the same time. 
 
But once you have that itch and find your passion, it's up to you to invest in yourself and pursue what makes you happy.
 
Today, we discuss what it takes to transition from a day job to turning your passion into your new career. Edgar Tejada, who successfully made that transition and owns Panama Tours Company, joins us.
 
TOPIC POINT 1: Find your passion and pursue it
Find your passion and pursue it
There is a simple 3-step process  
1. Discovering and Defining Your Passion:
Self-Exploration: Identify what truly excites and motivates you. This can be hobbies, interests, or activities you lose track of time doing. Use tools like journaling or taking personality assessments to gain deeper insights.
Research and Validation: Once pinpointed your passion, research potential career paths. Look for examples of people who have successfully turned similar passions into professions and understand the market demand and opportunities.
2. Skill Development and Mastery:
Education and Training: Invest time in learning and mastering the skills required to excel in your chosen field. This can include formal education, online courses, workshops, or self-directed learning.
Practical Experience: Gain hands-on experience through internships, volunteering, freelancing, or starting small personal projects. Real-world practice helps you refine your skills and build a portfolio that showcases your abilities.
3. Building a Personal Brand and Network:
Personal Branding: Establish a solid brand that reflects your passion and expertise. Use social media, a personal website, and other platforms to share your journey, showcase your work, and connect with like-minded individuals.
Networking:** Actively build a network within your chosen industry. Attend industry events, join professional organizations, and connect with mentors who can provide guidance and support. Networking opens doors to opportunities and helps you stay inspired and informed.
By focusing on these areas, you can effectively transition from having a passion to building a fulfilling and sustainable career around it.
 
TOPIC POINT 2: The transition from 9-to-5 to a startup interview with Edgar Tejada
We are joined by Edgar Tejada, who successfully made that transition and owns Panama Tours Company. 
LEARNING FROM EXPERIENCE. INTERVIEW with Edgar Tejada
Welcome Edgar Tejada
With over 15 years of experience and a proven track record of driving growth, identifying opportunities, establishing partnerships, and promoting brand expansion, Edgar is the ideal guest to speak to all of us. 
Holding strategy leadership roles with tech giants such as Dell and Samsung
Edgar has taken his vast leadership experience and passion for innovation to start multiple businesses. 
Edgar took time from his busy schedule to share his journey from tech leadership to starting a boutique touring business
What they are knowledgeable about travel industry startup
Notable accomplishments
1 - At Samsung, he led strategy and planning teams that supported 32+ countries, including all Central American and Caribbean nations. 
3 - He’s Vice President of Dealhappi, a worthy challenger of the crowned leader of deal sites like Groupon
And the man knows Panama like nobody else…this is my conversation with Edgar Tejada.
 
INTERVIEW QUESTIONS
What is the Panama Tours Company?
What did you do before Panama Tours?
What inspired you to start Panama Tours Company?
What sets your company apart from other tours in Panama?
How do you promote and market your business?
How do you ensure your tour guides provide travelers with an authentic, immersive experience rather than just reciting scripted information?
With the rise of technology and online booking platforms, how do you maintain a personal touch and connection with your customers throughout their journey with your company?
Do you have any plans for your business that you want to share with our listeners? Remember, these are fellow entrepreneurs who love to travel.
 
WHAT TO READ “Be a Free Range Human” 
About the author: Marianne Cantwell
How it relates to our topic
Work and live the life that you want,  not the life that others want you to live or you are told to.
Positive and realistic stimulant to help you think outside of the box that others have put you and themselves in. 
Three (3) key takeaways from the book and how it helps the listeners
Take away 1
Unleashing your Passion for your career 
Take away 2
Escaping career cage
Take away 3
Embrace your authentic voice
How to purchase the book
https://www.amazon.com/Be-Free-Range-Human-Escape/dp/B0C9MVC3DD/ref=mp_s_a_1_1?crid=2QOV4R7L13BQW&dib=eyJ2IjoiMSJ9.P9yDtdndPxsJTelX1wTI_w.tiDGHoBy9hgksqXzAke-M5rF7dYInM8O6_D0JOEjr4Q&dib_tag=se&keywords=Be+a+Free+Range+Human+Marianne&qid=1714934024&s=audible&sprefix=be+a+free+range+human+marianne+%2Caps%2C354&sr=1-1
 
TAKE-A-WAYS = FREE OFFER(S)Business plan - https://www.bplans.com/sample-business-plans/
 
Links to Research:https://www.worldbank.org/en/country/panama/overview
https://www.worldatlas.com/articles/the-biggest-industries-in-panama.html
https://www.statista.com/topics/2847/panama/#topicOverview
 
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Season 2 Trailer | The Ambition Show Podcast| Season 2 Trailer

Welcome to season 2 of the Ambition Show Podcast! The business podcast created for entrepreneurs, providing advice from real-world experience for aspiring entrepreneurs and small business owners. This podcast is all-inclusive. Created with creative entrepreneurs, urban-based entrepreneurs, and entrepreneurs of color in mind. Hosted by the Brand Builder himself, Ehren Muhammad. Join us for another exciting season of The Ambition Show Podcast.

The Pillars of Successful Business: Sales. Marketing. Money Management. Culture | The Ambition Show | Episode 32

Understanding the Four Essential Pillars of Business Success
Get ready to unlock the secrets to business success with a breakdown of the Four Essential Pillars that form the foundation for growth and prosperity. By understanding these key elements, you'll be equipped to steer your business towards new heights and confidently navigate challenges.
These core pillars are theoretical concepts and actionable strategies that can drive your business forward. Let's delve into each one to discover how they work together to create a solid framework for sustained growth and success.
 
Cultivating a Strong Company Culture to Foster Innovation and Success, Fostering a Positive Work Environment and Employee Engagement
Cultivating a Strong Company Culture to Foster Innovation and Success, Fostering a Positive Work Environment and Employee Engagement
Creating a strong company culture is the foundation for fostering innovation and achieving success. Organizations can unlock their full potential by nurturing a positive work environment and prioritizing employee engagement.
The importance of corporate culture cannot be overstated. It sets the tone for how employees interact, collaborate, and innovate. When a positive work environment is cultivated, employees feel valued and motivated to contribute their best work.
Implementing effective employee engagement strategies is critical to fostering a culture of innovation. By empowering employees to share ideas, collaborate freely, and take ownership of their work, companies can drive creativity and productivity to new heights.
Your leadership style will greatly influence the culture of your brand and business.
The Power of Marketing: Elevating Your Brand and Connecting with Customers
Marketing is not just about selling a product or service; it's about creating a connection with your audience. You can elevate your brand to new heights and forge strong customer relationships by leveraging effective marketing strategies.
To elevate your brand, you must employ innovative marketing techniques that set you apart. By understanding the needs and preferences of your target audience, you can tailor your messaging and branding to resonate with them on a deeper level.
Effective marketing campaigns are crucial to capturing consumers' attention and driving engagement. Through compelling storytelling, eye-catching visuals, and strategic messaging, you can create campaigns that promote your products and foster a sense of community and belonging among your customer base.
By prioritizing customer connection through marketing efforts, you can build trust, loyalty, and long-lasting relationships that will benefit your brand for years. Marketing has the power to not only drive sales but also create meaningful connections that turn customers into brand advocates.
 
How to create a Marketing Plan around Customer Experience
Customer experience marketing is a crucial aspect of growing your customer base. Customers who have a positive experience with your company are likelier to become advocates and promote your brand. This can result in reaching new customers through word-of-mouth advertising. Ultimately, it can increase revenues, retention rates, and brand loyalty.
How to create a customer experience marketing strategy
Create a clear customer experience vision.
Understand your target audience.
Establish an emotional connection.
Monitor and respond to reviews.
Implement changes in response to reviews and testimonials.
Build a brand personality (be authentic, honest, and
Identify your churn rate.
Per Salesforce: The Churn rate is when customers stop doing business with a company over a period. Churn may also apply to the number of subscribers who cancel or don't renew a subscription. The ideal churn rate for mature and established companies is 5% to 7% annually and less than 1% monthly churn.
The Power of Sales Strategies in Driving Revenue and Growth
Sales strategies are the backbone of any successful business, driving revenue and fueling growth. Companies can boost their sales performance and achieve remarkable results by implementing effective sales tactics and revenue generation techniques.
From innovative approaches to time-tested methods, the power of sales strategies lies in their ability to connect with customers, understand their needs, and provide solutions that drive value. By mastering the art of sales tactics for success, businesses can create a sustainable path toward increased revenue and accelerated growth.
Developing a Sales Process then the Team.
Design your sales funnel.
Prospecting
Use your customer avatar to identify who you are looking for and how to find them.
Research at a high, general level of knowing your audience, not fans and customers just yet
This is the quantity stage.
Connect and qualify leads.
Make your presence known to the audience.
Create content they will value and respond to qualify those you will take to the next step.
This is where you will identify those who are interested in your services, products, and the value you bring
Tailor your proposals and pitches.
Quality over quantity at this point
Handle objections.
You will hear NO more than you hear YES. How will you handle that?
Learn from every presentation and meeting
Focus on value less than
Close the deal.
Now the real work begins - don’t wait until the customer signs the deal
Nurture and continue to sell.
Communication is the key - listen more than you speak
Under promise - over deliver - deliver on time, keep the channels open and regular
Leverage the deliverables as materials to promote your work
Hubspot has a great Sales Plan Template to leverage in this article: https://blog.hubspot.com/sales/sales-process-
Sales Platforms and Tools
About Hubspot
HubSpot CRM Platform — Generate leads, close deals, and create remarkable customer experiences. Learn how to grow your business with a demo of HubSpot's software. Works With Any Website. All-on-One Software. Global Support. No-Hassle Integrations.
Hubspot Pros and Cons
About Salesforce
Although Salesforce started as a Software as a Service (SaaS) company, it has grown into a Platform as a Service (PaaS) company.It means that their customers can buy not only a ready-to-use Salesforce CRM system but also build their framework components (Lightning components) and custom apps on top of the Salesforce Lightning platform (Force.com), become Salesforce partners and then market these software products on its app marketplace – AppExchange.Also, Salesforce encourages users and companies to know their platform capabilities and features better and join their online training hub, Trailhead, where they can get educational resources from learning modules like “Salesforce Platform Basics” or expert support from the Trailblazer Community. To date, Salesforce has had over 150,000 customers worldwide. It is behind the scenes of business behemoths such as American Express, Sony, the Coca-Cola Enterprise, the Charles Schwab Corporation, TD Ameritrade, and others.Now, Salesforce dominates the CRM market with over 20% market share, and its share prices will only increase.The company is also famous for its company and product acquisitions. Among the latest and most significant ones are ClickSoftware, Mulesoft, and Tableau. Why do so many businesses, from start-ups to Fortune 500, jump on the Salesforce train?
Salesforce Pros and Cons
About Honeybook
HoneyBook is the centralized clientflow management platform that empowers independent businesses to deliver remarkable client experiences and confidently operate. Use one platform to see what’s happening with all projects. Manage each stage, from inquiry to payment—and everything in between. Keep invoices, contracts, and all other vital files organized in one space. HoneyBook's client flow management software is easily accessible to you and your clients from anywhere. HoneyBook integrates with tools such as QuickBooks, Calendly, Zapier, Gmail, and Google Calendar.
Honeybook Pros and Cons
About Zoho CRM
Zoho CRM is an award-winning CRM trusted by a global network of over 250,000 businesses in 180 countries to convert more leads, engage with customers, and grow their revenue. Zoho CRM is a single repository that combines your sales, marketing, and customer support activities and streamlines your process, policy, and people in one platform.
Zoho CRM Pros and Cons
About Adobe Marketo
Adobe Marketo Engage: an all-in-one marketing solution. Attract, segment, and nurture customers with precision. Track every touchpoint to measure success. Say goodbye to generic campaigns and unqualified leads. Embrace effective engagement!
Pros and Cons
Not a traditional CRM
Test and Refine
Create scripts and templates
Do A/B testing
Test on other sales professionals and mentors
Capture feedback
 
Mastering Money Management: Financial Practices for Sustainable Growth
Mastering money management is critical to achieving sustainable growth in both personal and business finances. By implementing intelligent financial management tips and best practices, individuals and companies can pave the way for long-term success.
From creating effective financial plans to adopting sustainable growth strategies, mastering money management is essential for securing a stable financial future. Individuals and businesses can confidently navigate economic challenges and achieve their long-term goals by focusing on sound financial practices.
Keep your accounts separate.
Create a target financial goal and align goals to the sales process and marketing plan.
Record every transaction in one place - make a schedule to
Go slow, focus on steady growth for long-term success
Take on little to no debt when you start
Work with an experienced professional to start and learn how to monitor your money, do taxes and payroll, and measure success.
Conclusion: Integrating These Pillars to Create a Resilient and Successful Business Model
In conclusion, integrating these pillars is the key to building a resilient and successful business model. By leveraging technology, focusing on customer experience, and fostering innovation, businesses can adapt to changing market conditions and thrive in the long run.
Remember, it's not just about implementing these strategies individually but about weaving them together seamlessly to create a strong foundation for growth and sustainability. Embrace change, stay customer-centric, and never stop innovating - this is the recipe for success in today's dynamic business landscape!
WHAT TO READ “Good to Great: Why Some Companies Make the Leap...And Others Don't ” 
About the author: Jim Collins 
How to purchase the book
https://amzn.to/49N2Q2u
TAKE-A-WAYS = FREE OFFER(S)
Bplans templates: https://bit.ly/3o5ozQU
LivePlan; Bplans for Startup: https://bit.ly/49seiRv
Use Rtyr to help write your ideas and whit research https://rytr.me/?via=ehren
 
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Business Models: Outsourcing | The Ambition Show | Episode 31

What was once a misunderstood and looked down upon business practice has quickly become the standard. Outsourcing could be the operating model you need to start or grow your business. 
 
Outsourcing describes when a business obtains a product or service from an outside provider, rather than handling it in-house. As a small business, outsourcing allows you to get more done and trust important tasks and processes to professionals, without having to actually grow your full-time team in a significant way.
The Pros and Cons of Outsourcing
PROS
Keep Payroll low
Easier Tax process
Reduces operating expenses
Cost effective
SBA article: https://www.sba.gov/blog/10-small-business-functions-can-be-easily-outsourced#:~:text=Outsourcing%20describes%20when%20a%20business,team%20in%20a%20significant%20way.
CONS
Brain Drain
Increase Unemployment Rate
Investopedia article: https://www.investopedia.com/financial-edge/0312/4-ways-outsourcing-damages-industry.aspx
How Outsourcing generates revenue
Free up time for FTEs 
Outsourcing as a businessRecruiting and Subcontracting
ReferralsBring value to your network
Earn income from affiliations
I grew my team into an agencyOutsourced SEO and Graphic Design services
WHAT TO READ “Idea to Execution: How to Optimize, Automate, and Outsource Everything in Your Business” by Ari Meisel and Nick Sonnenberg 
How to purchase the book: https://www.amazon.com/Idea-Execution-Optimize-Outsource-Everything/dp/1619615053/ref=asc_df_1619615053/?tag=hyprod-20&linkCode=df0&hvadid=266029226073&hvpos=&hvnetw=g&hvrand=7768083813816042855&hvpone=&hvptwo=&hvqmt=&hvdev=c&hvdvcmdl=&hvlocint=&hvlocphy=9021734&hvtargid=pla-439805368311&psc=1&mcid=1c643f157f1c3a70b5f0169a75d800d9&gclid=Cj0KCQjwiMmwBhDmARIsABeQ7xQrHZ_-wGpA7kgVVg5lpuO-i9WC-fRad_LYMjUf7ptaWLJMD1HG6xEaAoAyEALw_wcB
 
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Business Models: MLM | The Ambition Show Podcast | Episode 30

We all have that friend - “Man, I just started a businessman, and I’m looking for people like you to be a part of something bigger.”
 
Whether it's insurance, finance, beauty, or fashion, we have all had a run-in with someone selling something. Still, instead of selling products, they are more focused on growing the number of members, distributors, direct sellers, or whatever their organization calls them. In this episode, we examine the business model of Multi Level Marketing.
 
WHAT IS MULTI-LEVEL MARKETING
Multi-level marketing (MLM) companies are involved in selling products and services by using a non-salaried workforce in a pyramid-structured commission system.
These companies are also referred to as referral or network marketing companies. According to a 2021 report issued by Grand View Research, the size of the MLM industry stood at $189.71 billion by the end of 2021.
The industry is projected to experience an annual growth rate of 6. 1% from 2022 to 2028, reaching a substantial size of $286. 7 billion. As of 2021, the Asia Pacific region holds the largest market share at 45%. MLM companies are gaining market share in key economies such as China, India, and Indonesia. 
Many MLM models are legal, but there are also illegal operations run as pyramid schemes, and this has cast some negative light on legitimate MLM businesses.
Multilevel marketing is a legitimate business strategy that certain direct sales companies employ to market and sell their products and services.
Existing members are strongly encouraged to promote and sell their offerings to others and recruit new individuals.
Participants are paid a percentage of their recruits' sales.
Members receive some form of commission at all levels, meaning the more layers there are, the more money people can earn.
The FTC investigates MLM programs to ensure they do not operate as illegal pyramid schemes.
 
IS THE MLM MODEL A SUCCESSFUL MODEL, AND ARE THE BUSINESSES SUCCESSFUL
According to the Yahoo Finance MLM market analysis report by Amia Aheer, he identified these are the top MLM companies in the world are
Herbalife
https://www.herbalife.com/en-us
Natura & Co
https://www.naturabrasil.com/
Amway
https://www.amway.com/
References: https://www.insidermonkey.com/blog/5-biggest-mlm-companies-in-the-world-1116272/
https://finance.yahoo.com/news/17-biggest-mlm-companies-world-144157353.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAALUQQwrOz7DRxaxj-F2ZEnK3SyRmlLb6ZuksZG_RBXNJXwv4IOFY2fYmR8LegX2tDydu4cWeRvqGJ5MdTrxvdS1mbbIxJnpv64pX0nQXieaxvaKn_wafN0cGS0Qv0T984eQfHkSQIjor4r2sIjXfT7_GgiUXAZglbBWJqXewVGH7
MLM participants
Direct sellers, distributors, agents, members, consultants
MLM companies
Tupperware, Amway, Primerica, Herbalife, Mary Key, Avon, Zumba
Real numbers and reality of MLM
Article on Fundera https://www.fundera.com/resources/mlm-statistics
They cited these top 10 stats:
About one in 13 adults have participated in multilevel marketing (MLM).
There are about 6.2 million Americans actively involved in “direct selling.”
The MLM industry grossed $35.4 billion in 2018.
As of 2009, 94.2% of Direct Sellers Association (DSA) members use MLM.
Wellness and cosmetics/personal care are the top direct-selling categories.
52% of MLM participants say the company’s representation of making a profit is “not too accurate” or “not at all accurate.”
At least 50% of MLM participants drop out after one year.
It costs an estimated $25,000 to launch an MLM business.
66% of MLM participants invest less than $1,000.
Only 25% of MLM participants turn a profit.
 
ELEMENTS OF AN MLM
https://www.investopedia.com/terms/m/multi-level-marketing.asp
References
Product/Services
Growth opportunities
Emphasis on Independence/Working Independently
System in place
Compensation Structure
WHAT TO READ “Ponzinomics: The Untold Story of Multi-Level Marketing” by Robert L. FitzPatrick 
About the author
Robert L. FitzPatrick
Reference: https://www.amazon.com/stores/author/B08PY935QG/about
How it relates to our topic
Ponzinomics by Robert L. FitzPatrick, author of False Profits, is the first comprehensive account of how "multi-level marketing" was created in America, escaped criminal and civil prosecution, and spread worldwide. It is the first book to investigate the multi-level marketing phenomenon profoundly and to fully explain how the legitimate business of "direct selling" was turned into deceptive pyramid recruiting. Ponzinomics dissects the elements that distinguish "multi-level marketing" from legitimate sales and reveals how a "business" could become a delusional belief and a pyramid scheme, a pseudo-business model. Ponzinomics reveals how multi-level marketing helped to lay a foundation on Main Street for the presidency of Donald Trump with a program of pervasive deception, financial self-destruction, authoritarian leader-worship, and economic make-believe. Ponzinomics is a discomforting look at the threads of American culture, business, and politics that were woven into what has become the largest scam on Main Street.
How to purchase the book
On Amazon: https://www.amazon.com/Ponzinomics-Untold-Story-Multi-Level-Marketing/dp/0578443511
WHAT TO WATCH “Betting on Zero” Written and Directed by TED BRAUN 
About the author
Ted Braun
Reference: https://www.imdb.com/name/nm0105862/bio/?ref_=nm_ov_bio_sm
How it relates to our topic
A critical review of the growth and impact of Herbalife Inc. It investigates the allegation that Herbalife is a pyramid scheme. It follows Bill Ackman's short investment in Herbalife, which is ostensibly a billion-dollar bet that the company will soon collapse. The documentary follows billionaire hedge fund titan Bill Ackman and several former Herbalife distributors after Ackman takes a billion-dollar short position in Herbalife, alleging it is a pyramid scheme destined to collapse. The film also chronicles Ackman's feuds with Herbalife CEO Michael O. Johnson and investor Carl Icahn and the resulting controversy over both the short and Herbalife's business practices.
How to purchase the book
Free on Tubi: https://tubitv.com/movies/100004596/betting-on-zero?start=true&tracking=google-feed&utm_source=google-feed
 
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Business Models: Membership Model | The Ambition Show | Episode 29

Nothing is more powerful than belonging to something greater than yourself. Being a part of a community is a powerful feeling, and people are willing to invest all that they have to be a part of something bigger than themselves This is why the membership business model is so powerful, and if done correctly, you can grow your business from a small operation into something that makes a real impact on people’s lives.
Today, we go over the essentials of building a membership business.
Let’s get it!
 
WHAT IS THE MEMBERSHIP BUSINESS MODEL
HOW TO APPLY THE MEMBERSHIP MODEL TO YOUR BUSINESS
EXAMPLES OF SUCCESSFUL MEMBERSHIP MODELS
 
We have all heard the term, "Membership has its privileges." This was American Express company's classic slogan. All because, back in 1954, the American Express credit card was first issued, and it was an early pioneer in promoting the benefits of paid memberships. The membership model not only provides advantages and perks for its members, but it also offers several significant benefits for brands:
 
WHAT IS THE MEMBERSHIP BUSINESS 
Benefits of the membership model for consumers
Benefits of the membership model for businesses
Lower ongoing business costs by amortizing original content development costs when scaled across thousands of members.
Predictable recurring revenue streams through membership fees and related purchases.
Enhance customer loyalty and retention through a heightened sense of community and connectedness to the brand.
Leverage community influencers to build trust and shape a better consumer experience.
Direct feedback from members who are more likely to share their opinions because they experience an intimate connection with the brand and feel they have privileged access.
Access better data by evaluating member behavior and fine-tuning the membership model through personalization and content refinement to gain more members, reduce costs, and increase retention.
Additional revenue opportunities by offering for-sale merchandise, often through in-app purchases.
 
HOW TO APPLY THE MEMBERSHIP MODEL TO YOUR BUSINESS
Type of membership models
Here are the 10 steps you need to take into account when building your membership model or program:
Step 1: Identify your audience
Step 2: Pick a membership model
Step 3: Choose your membership software
Step 4: Reuse content
Step 5: Create premium content
Step 6: Build the website and your brand
Step 7: Create a member onboarding strategy
Step 8: Decide on a pricing model
Step 9: Promote your membership site
Step 10: Monitor results
 
EXAMPLES OF SUCCESSFUL MEMBERSHIP MODELS
Examples outline in Melissa Diaz's article: Membership Marketing
https://www.linkedin.com/pulse/membership-marketing-5-powerful-case-studies-brands-nailed-diaz/
Amazon Prime
American Express
 
WHAT TO READ “THE MEMBERSHIP ECONOMY” by ROBBIE KELLMAN BAXTER
Robbie Kellman Baxter assists companies in leveraging subscription pricing, digital communities, and freemium models to cultivate stronger customer relationships.
Over the past 21 years, she has worked with over 100 organizations in 20 industries, such as the National Basketball Association, Hagerty, The Wall Street Journal, and Microsoft.
This was her first book, “The Membership Economy: Find Your Superusers, Master the Forever Transaction & Build Recurring Revenue,” she knocked it out of the park because this has defined the massive transformation from ownership to membership and the rise of subscription pricing. It was named one of the top 10 marketing books of all time by BookAuthority.
She hosts the podcast “Subscription Stories,” where she sits down with business leaders to discuss how they use subscription pricing and membership models to redefine the most prominent industries and generate predictable recurring revenue. She also developed and taught nine video courses for LinkedIn Learning on business topics ranging from innovation to customer success and membership.
Before launching her agency, Peninsula Strategies, Robbie was a strategy consultant at Booz-Allen & Hamilton, a New York City Urban Fellow, and a Silicon Valley product marketer. She received her MBA from the Stanford Graduate School of Business and graduated with honors from Harvard College.
How it relates to our topic
This is the non-guide book, guidebook.
Not speaking over your head. Get all the ins and outs of building a membership model into your business from a person who has worked with some of the most successful businesses with membership models.
Learn from their success and their mistakes
 
Three (3) key takeaways from the book and how it helps the listeners
Build an online community your customers will love
Transform freemium users into superusers
Create a self-generating revenue stream
 
How to purchase the book
https://bit.ly/3SlHTWR
 
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How to Make Passive and Residual Income as an Entrepreneur | The Ambition Show | Episode 28

Being a freelancer or contractor can be unpredictable. The same goes for being a full-time employee. You can live from paycheck to paycheck just as quickly as from gig to gig. There isn’t a fundamental difference between the two. Today, we will go through a few of the opportunities you have to leverage technology to generate residual income and get the most from your time. Right here on the Ambition Show.
 
What is Passive and Residual Income exactly
Why is it easier to generate passive income as a full-time employee than as a business owner
Methods to create passive income and residual income as an Entrepreneur 
 
What is Passive and Residual Income exactly
Passive Income defined by the IRS
Passive income is obtained with little or no work and is frequently produced by individuals and businesses, such as through investments or peer-to-peer (P2P) lending. It is distinguished from earned income by the Internal Revenue Service (IRS) as money generated from an entity with which you have no direct involvement.
Residual Income Defined
Residual income refers to the money you have after you've taken care of ongoing expenses like your mortgage, credit card bills, utilities, groceries, and car payments. This extra money can go toward investments, debt payoffs, savings, or a vacation fund.
Examples of each form of income
Passive Income:
Income earned from affiliate marketing on websites that you own
Create a course that requires people to purchase it after you produce it and post it for sale
Residual income:
For example, assume that a worker earns a salary of $5,000 but faces monthly rent payments and car payments that add up to $1000  and $500, respectively. Their Residual Income is $3,500 ($5,000 – ($1000 + $500)). They did nothing additional to earn this income; it is only what is left over after their expenses have been paid.
This is why most people confuse residual income with passive income. They are not the same at all.
Passive income is really what most people work for, which is more challenging for business owners (entrepreneurs, freelancers, and small business owners alike) because they spend more money to start making money.
 
Why is it easier to create Passive Income when you’re an employee:
Easier to prove income
Easier to use residual income to fund passive income sources
Passive income examples
Dividends from stocks
Real Estate investments (easier to acquire funding due to more accessibility to show proof of income)
 
Methods to Create Passive Income as an Entrepreneur
Create a course or tutorials
Create a blog with affiliate marketing, advertising, and sponsors
Income from e-commerce is a form of residual income, NOT passive
Cost for materials
Cost to create, manufacture, and/or produce products (Cost of Goods Sold)
Dropshipping or Print-on-demand is more aligned with Passive Income
 
WHAT TO READ “Entrepreneurs Playbook to Passive Income” by Ehren Muhammad
About the author
I have been an entrepreneur my entire life. And since I was young, my focus has always been earning from my passion and creativity.
How it relates to our topic
I created these processes to help generate income for my team and me between gigs, pay bills, and bring in more revenue to reinvest into the business. These plays are designed for the ambitious working in any industry. 
Three (3) key takeaways from the book and how it helps the listeners
How to create passive income processes
Understanding all the tools available to you no matter how much money you have
Leverage your current skills and knowledge to profit from
 
TAKE-A-WAYS = FREE OFFER(S)
Best websites to learn about the basics of stocks and investing
Bankrate - https://www.bankrate.com/
Investopedia - https://www.investopedia.com/
Stash - https://www.stash.com/
 
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