When we look forward to 2023, things are looking a little uncertain! The pandemic is still wreaking havoc on our personal lives, workforce, and healthcare. If you’re considering starting a business next year, you might feel apprehensive, but here are four reasons why you should go for it and start your membership management business!
Supply Chain Issues
Computer parts are in demand. The price of gas has gone up. Groceries are more expensive. Even lumber for new housing construction skyrocketed! These are symptoms of a bigger problem: supply chain issues.
COVID-19 has been a big part of the issue: A sick employee can’t work. Because fewer people are working, the output of products has declined. Because fewer products are available, retailers mark up the prices, so consumers pay more for the same product.
So, what does this have to do with your membership business?
Running an online club or association is the way to go to insulate your business from some supply chain problems. You’re not providing a physical product, so you won’t be impacted if your manufacturer suddenly increases prices or decreases the number of products available.
If COVID-19 has done anything for us, it’s shown that many previously in-person experiences can be successfully transitioned to online spaces. Meetings, conferences, and even weddings have been live-streamed to accommodate social distancing measures for COVID-19.
This transition to online spaces has worked wonders for people in the disability community who are frequently kept from large events because of compromised immune systems, mobility limitations, or sensory limitations.
It’s also been beneficial for people on lower and fixed incomes. Online-only events are usually cheaper than in-person events because there’s less overhead: no event space, food, or permits required. Even if it’s a hybrid event, tickets for online-only access are cheaper than in-person tickets.
Finally, it’s also helpful for parents of small children, single parents, or anyone without reliable childcare or transportation!
Running a business that functions mostly– if not entirely– online saves you overhead and allows you to include more people in your association or club.
Increase Your Income
Take it from professional investors and diversify, diversify, diversify. The economic outlook for 2023 is generally a little tumultuous. We’re not sure what the next year could bring and might look like for businesses, but one way to give yourself a cushion from unexpected events is to diversify your income. Assuming you have another full- or part-time job, adding membership management to it means you can have extra income to cover expenses.
Community And Connection
In a time of general uncertainty, remember that humans are social creatures. We crave connection and companionship, and your local hiking club, art association, or nonprofit organization can be a valuable resource for people who are feeling the strain of uncertain times.
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