💰How to start a subscription business – A complete guide
Have you noticed that there are a lot of subscriptions out there? Anything from dog food, groceries, light bulbs, etc. In this video, I’m going to show you how you can start a subscription service and be wildly profitable. I’ve done it and made money on subscription services so I think I have a right to talk about them.
Subscriptions have happened. People are signing up for subscriptions and as a matter of fact, 15 of all Americans now say they’ve signed up for subscriptions. Why? Because it’s convenient and we don’t have to worry. We have a printer in the office and it is hooked to Amazon. When the ink cartridge gets low, it sends a signal and that signal sends an order to Amazon and they ship out a new ink cartridge for me. I don’t even have to check it because they check it for me.
✅02:24 – REASONS TO START A SUBSCRIPTION BUSINESS
✅02:27 – PREDICTABLE INCOME
✅02:48 – IT GIVES YOU MORE LIQUIDITY
✅03:04 – ALLOWS YOU TO SPEND LESS ON GETTING NEW CUSTOMERS
✅03:30 – LOYAL CUSTOMERS
✅03:49 – SUBSCRIPTION BUSINESS MODELS
✅03:53 – CURATION MODEL
✅04:36 – REPLENISHMENT MODEL
✅05:26 – ACCESS BUSINESS MODEL
✅05:48 – HOW TO DEAL WITH A HIGH CHURN RATE
✅06:05 – RESEARCH YOUR PRODUCTS
✅06:24 – BE CLEAR ON YOUR BUSINESS GOALS
✅06:40 – BE CONSERVATIVE ABOUT YOUR PRICING UPFRONT
✅07:01 – SPEND SOME TIME ON PERSONALIZATION
✅07:17 – PRIORITIZE CUSTOMER EXPERIENCE
✅07:38 – DIVERSIFY YOUR MARKETING CHANNELS
✅08:17 – INVOLUNTARY CHURN
If you have additional questions or any questions about selling online, don’t hesitate to leave them in the comments section below and I’d be happy to help you out.
