Paid member subscriptions are a great way to earn recurring revenue, and it has the bonus of also providing an incentive for your users to participate - people are more likely to engage in something if they're paying for it.
Especially if you're providing value that they can't find anywhere else - events, support, content... You deserve to earn an income through your community, and a small fee is an acceptable access for it.
You can read about how you can set up your community membership to Paid here.
If you're unsure about whether you should be paid or free, you're able to change your status later in your Manager portal.
Many communities start out free and switch to paid later once they gather enough members and have more content.
If you do want to create a paid subscription but don't know how much to charge, there are a couple of things you can do to make your decision easier.
See what other communities like yours are doing
Paid communities similar to yours will give you an idea of how much you can expect to charge. Take into account:
The content you provide
Events you organize and host
Workshops and education you provide
The support you offer members
Where in the world does your audience live?
This is important because a $20 per month subscription means something very different for someone living in India versus someone living in the USA.
If your community already exists, look at the countries your current members live. You can do this by going to the Analytics tab of your Manager portal.
What are your income goals?
How much do you want to earn from your community? Is it a side hustle or your primary source of income? The answers to these questions will make it easier to set your price.
If you have any questions or run into any problems, let us know in the chat and we'll get back to you in no time at all!
And if this article helped you understand paid subscriptions, please hit a reaction below 👇