Subscription boxes are hot businesses, and for understandable reasons. Everyone loves to receive a package, and monthly subscription box companies are able to take advantage of this fundamental fact by providing a new set of useful items every month that fit the interests of their customers. If you are looking to get in on a great business concept, and you have a good idea for an interesting, creative and somewhat specific style of items, you could also take advantage of this hot industry.
A Unique Win-Win
Whether it is the surprise involved in the monthly boxes, the usefulness of the items included or the value provided by receiving a number of items with one monthly fee, subscribers love these services when they find one that fits, and they generally remain loyal. For entrepreneurs, these services provide a unique opportunity to maintain a recurring stream of income and the flexibility to fit any niche while choosing the items you will provide each month. All of these benefits combines to create a unique style of business that is generally a win-win for both businesses and their customers.
Another element that has led to the explosion of these businesses is the ease with which they can be built. In fact, just about anyone can create a subscription box service for just about any niche with relative ease.
Finding Your Niche
If you have considered building a subscription box service, you probably already have a good idea of the type of products you plan to include in your boxes. But just because you have a good idea out of which you could build one or two great boxes, you will need to delve much deeper into this concept before you can go forward. Assuming your service is monthly, you will need 12 boxes every year, containing at least three items each time.
The key is to find a niche in which you your company can fit and provide a collection of items to a specific audience. It should not be too broad (i.e., cooking items) or too general (i.e., items to cook biscuits and gravy); you want to find the sweet spot in the middle (i.e., country cooking or breakfast cooking).
Getting the Word Out
Once you have your idea locked down, you will need to do some research about your target audience. Find out what sites they usually visit, their shopping habits, social media tendencies and any other useful data that can help you locate potential subscribers. Email campaigns are generally the most useful technique here, but you will need to obtain an email list to even begin that.
A great launch page can be the most critical tool for a subscription startup. This is essentially a one-page website that provides potential subscribers with general information about your service, including your exact launch date, and asks them to enter their email to be updated on the service. You will need to provide an incentive for consumers to give your email, such as a free drawing and giveaway or a special discounted rate for pre-subscription.
Pre-subscriptions will also be important since these can provide the necessary capital for your launch. In this way, anyone with a good idea and some simple marketing can build their own business without even making a personal financial investment.
