Month: November 2020

As of the last couple of years, subscription box services have been taking the internet by storm. You may have heard of booming businesses such as Barkbox, Dollar Shave Club, and Birchbox. This highly profitable online business model has a great potential for success. Customers absolutely love to have a package full of surprise goodies to look forward to each month – it’s like a monthly birthday present – so it’s an easy premise to sell.

Advantages of Starting A Subscription Box Company

There is the obvious advantage of selling subscription boxes; most of your customers will receive and pay for an order every month. It’s especially prone to creating repeat customers, so you will have to worry less about customer acquisition and retention than you would with other business types. You’ll still need to market your service, but every sign-up will be much more valuable and your revenue will be relatively predictable.

Disadvantages Of Starting A Subscription Box Company

Since your customers will expect new and exciting items every month, you’ll need to be especially savvy at connecting with vendors and finding innovative products to offer. You’ll always have to be on the lookout for the latest and greatest products in your niche, or your subscribers will get bored with your selections and cancel. In some situations, this won’t be the case. A subscription service that sells diapers to busy parents, for example, will deliver the same product each month, making supplying a no-brainer.

Some Subscription Box Business Ideas To Get You Started

• Cosmetics
• Snacks
• Coffee
• Socks
• Fitness supplements
• Children’s toys
• Pet supplies
• Romance kits
• Art supplies

How To Start A Subscription Box Website

If you’re not familiar with web design, or don’t have a huge budget for creating a highly functional e-commerce website, don’t worry. Platforms such as Subbly and Cratejoy make it easy. For a monthly fee, these platforms help you set up and maintain a website with all of the functionalities you’ll need to sign up and manage customers. You can begin collecting pre-orders for subscriptions before moving on if you’re not sure if your idea will flourish.

To make the monthly fee as inexpensive as possible, you’ll need to purchase products at wholesale prices from vendors. Look for small brands to partner up with that do not sell their products in major stores. Small vendors will often be happy to offer you a bulk discount and get their products into the hands of brand-new customers.

Your customers will be thrilled to receive interesting new products, rather than the same old items they can easily find at Wal-Mart. Opt for premium, high-end or gourmet, even if it means offering higher subscription fees.

The optimal way to price your service is to offer three levels: a basic, cheap option, a mid-level option, and a premium option. This allows you to serve a range of customers without overwhelming them with choices.

This subscription box fad does not seem to be going away anytime soon. It’s nothing new, either; fruit/cheese/wine-of-the-month clubs have always been popular, and now it’s easier than ever before to create a fun, recurring delivery service. If you love discovering new products or serving up convenience this could be the perfect entrepreneurial venture for you.

If you need help with your business taxes for your subscription box services, contact us for a free quote.

As an entrepreneur, you’ve made the bold choice to lead your own career. You’ll develop professionally and adapt and grow as you run your business. But you also need to make a point to learn as much as you can. The lifestyle of an entrepreneur demands constant professional development as you seek out new opportunities for growth, overcome challenges and chase trends in the ever-changing business world.

Why Entrepreneurs Need Side Projects

Your startup will need your constant attention in the beginning; you won’t have time for side projects. As it grows and becomes more successful, you will hopefully find that the work begins to plateau, and it’s easier to delegate responsibilities to your team.

Meanwhile, you’ll have enough time and energy to work on a something new. It doesn’t need to be highly profitable, and you don’t even need to lead. It can be as simple as publishing a own book or creating an online course. Side projects give you the opportunity to stretch creative muscles that you do not normally use in your startup. If your primary source of income should dry up, a profitable side project could take its place.

Going Back To School

An entrepreneur never stops learning. Taking classes is an excellent way to keep your skills up-to-date. Online courses are becoming increasingly more advanced and more useful for entrepreneurs. Many are run by accredited instructors who are always available to answer questions and clarify concepts. Look for online courses that allow you to network with other students and participate in group discussions and projects.

While it’s more time consuming, taking classes at your local community college is highly valuable. Many of the world’s greatest entrepreneurs meet their trusted business partners in college. If your college days have passed, you are still at liberty to take classes, network and benefit from the clubs and services available on campus.

The classes you select do not have to have anything to do with your industry. A painting class might be the perfect way to relax at the end of the week – and getting creative will help you think outside the box. There’s no need to take a difficult class for which you will not have time to study; you’re busy running your business, after all. Take a fun class and look forward to it all week while you’re working hard at your business.

Meeting New People For Professional Development

If you have not already, get to know your local Chamber of Commerce, and get involved with any business associations and industry groups in your area. You’ll meet more experienced entrepreneurs from whom you can learn, as well as fresh new talent to add to your team.

Wherever you go, be receptive to meeting new people, even if they may not have an obvious impact on your career. Sometimes, being around others in your industry and those with whom you work can give you tunnel vision. Meeting new people enriches your life in general, but it also exposes you to new perspectives – an asset for exploring undiscovered markets and understanding customers from all walks of life.

Skills become outdated, markets dry up, but a well-learned entrepreneur always adapts. Nurture your professional development, and you’ll always find ways to turn a profit.