Why I Closed My Membership Group

TL;DR

Latasha James explains why she closed her membership group.

Transcript

Hello. Hello. Welcome back to the freelance Friday podcast. I'm going to go ahead and give you a warning at the top of the episode that today's episode is going to be largely unedited, hopefully, uh, for a couple of reasons, number one, I think it just works best for what we're going to talk about today, which is a pretty vulnerable topic about my ... Read More

Key Insights

• Latasha started the Freelance Friday Club in 2019 to build a community for freelancers and found it challenging to scale financially.
• She realized she wasn't charging enough to make the membership sustainable, preferring to support freelancers a few steps behind her.
• Latasha observed better student outcomes in her other offerings, like the Social Media Management Accelerator and one-on-one coaching.
• Personal health and well-being have become a priority, prompting her to reassess her commitments and focus on self-care.
• The online business landscape has evolved significantly since 2019, affecting the demand and structure of her membership.
• Latasha values in-person interactions and is considering new ways to build community beyond virtual platforms.
• She encourages business owners to listen to their intuition and prioritize personal needs over professional obligations.
• The membership space has become crowded, and Latasha believes there are now more voices to fulfill the need for community.

Questions & Answers

Q: Why did Latasha James close her membership group?

Latasha James closed her membership group, the Freelance Friday Club, because it wasn't financially sustainable. She realized she wasn't charging enough to make it work, and she wanted to focus on offerings that provided better outcomes for her students, like her Social Media Management Accelerator and one-on-one coaching.

Q: What were the main challenges Latasha faced with her membership?

Latasha faced challenges in scaling her membership financially and ensuring it provided significant value to members. She struggled with pricing and felt that the outcomes for members weren't as impactful as her other offerings. Additionally, personal health and well-being became a priority, leading her to reassess her commitments.

Q: How has the online business landscape changed since 2019, according to Latasha?

Since 2019, the online business landscape has become more crowded, with many more voices entering the space. This has made it harder to stand out and sell memberships like the Freelance Friday Club. The demand for online communities has shifted, and Latasha believes there are now more people to fulfill that need.

Q: What are Latasha's future plans for community building?

Latasha is considering exploring new ways to build community beyond virtual platforms. She has tossed around ideas like opening a studio, hosting events at co-working spaces, or even organizing a conference. She values in-person interactions and wants to find ways to create community that align with her current priorities.

Q: How did personal health influence Latasha's decision to close the membership?

Latasha's personal health became a significant priority, influencing her decision to close the membership. She realized the importance of prioritizing her well-being, especially as she dealt with health issues for the first time. This led her to focus on self-care and reassess her professional commitments to ensure she could maintain her health.

Q: What role did intuition play in Latasha's decision-making process?

Intuition played a crucial role in Latasha's decision-making process. She followed her intuition when starting the Freelance Friday Club, which proved timely as the pandemic increased the need for online communities. Similarly, her intuition guided her to close the membership when it no longer felt right and to focus on other areas of her business.

Q: How does Latasha view the role of pricing in the success of her membership?

Latasha views pricing as a critical factor in the success of her membership. She acknowledges that she never charged enough to make the membership financially sustainable. While she could have positioned it for high-ticket clients, her heart was always set on supporting freelancers who were a few steps behind her, which influenced her pricing decisions.

Q: What advice does Latasha offer to other business owners experiencing similar challenges?

Latasha advises other business owners to listen to their intuition and prioritize personal needs over professional obligations. She emphasizes the importance of self-care and not pushing through just for clients when you're not feeling it. Business owners should focus on what feels right for them and their well-being.

Summary & Key Takeaways

• Latasha James discusses her decision to close the Freelance Friday Club after five years due to financial sustainability and personal priorities.

• She found better outcomes for students in her other business offerings and is focusing on her health and personal life.

• Latasha reflects on the changing landscape of online business and her desire to explore new ways of building community.