1. Come up with a subscription idea that you feel passionate about.
This could be a subscription business based around fitness, food, clothing, books—you name it! It’s important that you’re truly passionate about your idea so that you’ll want to continuously think of new ideas for your subscription’s topic.
- For example, you might decide to start a yard maintenance subscription business where people choose how often they’d like their lawn mowed or their gardens tended.
- You might create an art subscription business where you find a few great pieces of art each season and send them to your subscribers.
2. Decide what you’ll offer customers to make you stand out.
For your subscription business to be successful and become popular, think of what you’ll be able to give customers that they can’t get anywhere else. This could be a customized set of items, expert advice, or an item or experience that only works through the subscription method.
- For instance, maybe you offer a curated selection of online articles from writers around the world on specific topics.
3. Research your market and competitors to give yourself an edge.
Once you’ve figured out who you want to market your business to, start researching and talking to them. Find out what type of trends there are and if there’s anyone else out there who has a business similar to yours so you can learn from their platform. Create an image of who your target customer will be with the information you've gathered so you can better market to them.
- If you’re starting a magazine subscription business, you might look up other magazine subscription businesses to see how their website looks or what they offer.
- Research and learn from potential customers by talking to friends or coworkers or sending out surveys or polls.
- For example, your target customer might be a woman between the ages of 20 and 30 with an interest in gardening or sustainable living.
4. Offer 2 or 3 different subscription packages to appeal to more customers.
Instead of just having one option that customers have to pick, offer several so they feel like they have more of a choice. You might create different subscriptions that range in price or offer different things so the customer can choose the one that is right for them.
- For example, you might have a mini subscription box for $25 that has 6 things in it and a regular subscription box for $50 that has 14 things in it.
- You might give an option where the customer can select their own items at a higher price.
5. Decide on a price that makes a profit while also giving the customer a discount.
Figure out a good price point by calculating what your subscription offerings would cost if they were purchased individually. Tally up how much money you’ll spend on each subscription yourself, and this will help you choose a price that gives you a profit while also making sure the customer is always getting a discount.
- It’s likely that you might change your pricing a little as your business grows or you figure things out, so don’t worry too much about keeping it set in stone.
- Make sure your price reflects the quality of your subscription offerings.
6. Use an ecommerce platform to keep track of your subscription orders.
While you may be able to do this through your email or your website, using an ecommerce platform online can be a helpful way of organizing all of your orders. There are lots of different platforms to choose from, such as BigCommerce or Shopify, if you do decide to use one. See information like who has ordered something, how much money they owe, or what their order entails all on a platform that's easy to use.
7. Find a supplier for your subscription products, if applicable.
In many cases, you’ll likely need to choose a vendor or supplier who will make the products you’re offering, if you’re not doing it yourself. There are lots of great options to choose from, like Etsy, eBay, or even local stores in your town. Look for a supplier who can provide you with bulk items at a lower price, or hand pick your items from lots of different suppliers. Start a good relationship with them so that you can depend on each other.
- You might reach out to several people on Etsy who make hand-made boat items for a nautical-themed subscription box.
- If you're making the items yourself but still need the materials to make them, see if there's a local store that will give you a discount for bulk purchases.
- Make sure the products you’re offering to your customers are great quality and not cheaply made.