Starting your own Subscription Business is not as hard as some people think. It is a super fast growing market with a loads of benefits. By now you’ve probably heard about successful curated subscription box-based startups like Birchbox. BroBox. BarkBox. Dollar Shave Club, Ipsy etc. The product sampling and subscription business model they’re built on is arguably the hottest trend in ecommerce right now, delivering recurring revenues to entrepreneurs. Even, if you don’t know about how online subscription business works, you don’t have to worry an inch. In this article I am going to give you the guidelines and Tips On How To Start A Subscription Business.
Ideas for A Subscription Business:
The first and basic step to start a subscription business is to know about which product or service are you going to use for your business. Sometimes people already know that which business they should start with. However, if you don’t have ideas in mind right now you need to do some research to select a plan which best suits you. When choosing what product/service to use you need to think carefully about cost of sourcing the product, the size and weight as well as shipping costs. You should always consider pursuing a business venture you are 100% passionate about. I have already written an article on 3 Best Ideas for Subscription Business which can help you in choosing a right business plan.
Plan and Prototype:
At this moment, you are going to look deeper into your own idea and evaluate its credibility and behavior once it is launched. A good research from your side is required in this phase. Think from the users point of view. Your product or service should be something which either fulfill their current needs or it should be solving their current problem.
It is the time when you need to set the price for your product now. What will be the free features/products and what will be paid. It will be a best option for you if you can carry out a research on their needs and requirements as a research purpose (Make sure you don’t tell your complete start up idea to them so no body can steal your idea).
You need to research about your competitors in market also. You should also think beforehand about possible threats that your business can face when it is launched. It is the phase when you also estimate the number of subscribers you will have, so you can manage your resources accordingly and get yourself prepared to scale up or scale down your business any time in future.
Build a Website:
Well of course, a website is most important aspect of your subscription business because this is the where your users will subscribe to your service or product. Building a fully functional website with enough features takes about just a week. There are multiple platforms and tools available for building a website like php, joomla, drupal etc. If you have not built a website ever than I will suggest you to use WordPress. It is the best tool for beginners to build a website and it does not require you to be a good programmer or so. Most of the website is built by WordPress itself and you just have to use its drag and drop features. Anyhow, even if you don’t want to build your website yourself, you can hire a freelancer to build a website for you and you can pay him.
Setup Billing Method:
Now, you are all setup and you’ll be looking to integrate a payment system to your website. Fortunately, there are dozens of payment and billing plugins available for WordPress blogs. Some of them help in selling your content. While others simply integrate a payment gateway anywhere on the blog. There are a number of ways you can implement a billing method but here are 5 Best Recurring Billing plugins for WordPress that I have discovered. Must have a look at them.
So now you have made a website and all setup and now your task should be to bring traffic to your website. After all that’s how you will make more sales and increase your customer base. There are multiple ways you can market your website but I will discuss the most important ones.
SEO: Search Engine Optimization is very important for your website. This makes search engines like Google, Bing etc knows about your website and rank it. Think about it: when you search for something in Google, do you typically go beyond the first couple pages of results? Probably not, and neither will your potential customers. SEO can be a time-consuming process initially, but it’s an important step towards getting more traffic for your main keyword phrases.
Google Local Business Listing: Claim, verify, and update your Google Local Business listing. Be sure to check out this great resource over at Blumenthals.com to keep up to date on how to manage your Google Local Listing.
Social Media Marketing: Another one of the most effective marketing strategies nowadays are social media marketing tactics. Millions of people use Facebook every day (they had 483 million daily active users in December 2011). And people of all age groups daily spend time on social media. Hence, Facebook ads (or just a Facebook page) can do the job for you.