by Masterall Team

6 Business Models to Use On My Luck Here Today

05/01/2021
If you’ve looked at what other creators are doing on My Luck Here, it can be daunting to see how many different ways they leverage their resources to run a successful business. Every creator has a unique take on My Luck Here that works. So where does your business fit in?

This article dives into what types of businesses are on My Luck Here. This information will help you categorize your own efforts and brainstorm ideas to succeed on the platform. By the way, you don’t have to stick to just one business model: most creators use a mix of two or three models to achieve a hybrid that works best for them!

1. Community Model
Defined as: Access to a community curated and moderated by the creator.

While many communities are built around an authority figure or teacher, you don’t have to be a subject matter expert to start building a community. The primary value of a community is access to a group of people interested in and/or learning about the same subject you are. Creators provide that value by setting up a centralized, structured place conducive to positive interactions.

It’s worth noting that, even if you don’t feel like an expert right now, community members will come to view you as such simply for being the person in charge of your community. Plus, as you and your community members exchange information over time, you’ll become more of an expert than most people who join.

If you are knowledgeable enough to guide others in your field, that’s great: the expertise you bring to your community serves to enrich interactions and further incentivize membership.

Access to the fitness community is extremely popular as a reward.
If you’re not into teaching, can you still benefit from hosting a community? Absolutely! Many creators on My Luck Here set up private channels on Facebook, Discord, website forums, subreddits, and more. Doing so adds value to what you offer, while often taking work off your shoulders as fans will jump in to answer each other’s questions.

2. Educational Model
Defined as: A business model created around education and teaching.

Training, tutorials, online courses, and other ongoing educational content all fall under the educational business model. Maybe you offer basic art lessons for free, then charge for “premium” lessons — deep dives into more advanced concepts. Or, perhaps you put together tutorials every time you write a new song.
Even if your core model isn’t education, you can create educational resources by documenting how you make what you’re creating. On the more time-intensive end of the spectrum, some creators make patron-only tutorial videos that show step by step how they make their art. On the less intense end of the spectrum, you might post checklists, scripts, and other miscellaneous elements that go into making your creative work a reality. Some artists even release Photoshop layers and brush packs so that their followers can recreate their work.

3. Gated Content Model

Content Library
Defined as: A collection of your past material that fans pay to access.

If you produce a lot of ‘evergreen’ content (i.e., content that will be useful in the long term, not just for a month or two), then a content library makes sense. Some creators make their current content free, then lock access to it by adding it to a library (or “vault”) that patrons can pay to unlock.

If your content is most valuable immediately upon release, then a content library wouldn’t be a great strategy. (Better in that case would be providing early releases for patrons only.)
Bonus Content
Defined as: Extra content of the same type/style as you usually produce, but gated.

It’s not premium. It’s not “better” than what you already do. But it’s extra, and it’s not free. A good example of this is, a podcaster offering an extra episode that is for their €5 patrons only. It doesn't matter what you create. Whether you make videos or write articles, just make more of them to use in your pitch for membership. If your audience already likes your free content, they’ll probably want — and be willing to pay — for anything extra you make, as well.

Premium Content
Defined as: content that’s higher quality or more advanced than your free content.

If you’ve ever heard of a ‘freemium’ model, this is it. It’s all about providing premium content that’s better than your free offerings in some way. Perhaps it’s longer. Maybe it’s a deep dive into a related topic. It could even have bonus materials accompanying the main offering that make it more valuable.

4. Fan Relationship Model
Defined as: increased interaction with, access to, or recognition by the creator.

The fan relationship business model is ideal for creators who can’t commit to more complicated rewards, but whose fans would love to get to know the person behind the performance.
5. Pay-what-you-can model
Defined as: offering material for whatever patrons are willing or able to pay.

The ‘pay-what-you-can’ (or PWYC) business model is often used like traditional crowdfunding (although it doesn’t have to be). Just because you’re letting fans pay whatever they want doesn’t mean you can’t offer something of value. But to be a true PWYC model, it means that everyone gets the same rewards regardless of the support amount.

Sometimes, that means a single tier for which patrons are encouraged to donate whatever they can. 
Other times, suggested tiers are posted along6. Service/Product Model
Defined as: a specific service or product offered in exchange for monthly pledges.

This category is closer to many ‘normal’ businesses: think software in exchange for monthly subscriptions, recurring consulting appointments, or commissions. It’s an exchange of time or physical goods for money. with colorful descriptions to encourage patrons to choose certain levels. All the benefits at each tier are the same, however, so it’s simply a clever variation on ‘pay what you want.’

6. Service/Product Model
Defined as: a specific service or product offered in exchange for monthly pledges.

This category is closer to many ‘normal’ businesses: think software in exchange for monthly subscriptions, recurring consulting appointments, or commissions. It’s an exchange of time or physical goods for money.

Got It? Now, Mix & Match
Very few creators use just one membership business model for their My Luck Here pages. Popular combinations include…

Community + Education
Education + Gated Content
Fan Relationship + Gated Content
Fan Relationship + Community
Pay-what-you-can + Community




 
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