5 Reasons Why You Should Start A Subscription Box
Dec 15, 2023Discover five reasons why YOU should start and launch a subscription box in 2024, including the difference recurring revenue can make to your business and personal life.
Did you know the subscription box industry reached more than 30 Billion dollars in revenue in 2023? And some sources project it will reach more than 65 Billion dollars by 2027. That’s Billion with a B!
Why am I telling you this?
Inside Launch Your Box, one of the biggest worries brand new subscription box owners struggle with is, “Is there room out there for my subscription box?” In a multi-billion dollar industry that continues to grow and grow? The answer is yes!
There IS room for you and your subscription box.
Studies have shown that the biggest segment of this HUGE subscription box market is replenishment subscriptions followed by curation subscriptions.
Replenishment subscriptions are just what they sound like. Subscribers consume or use up an item or items and those items are replenished when they receive their next box. Many Launch Your Box members have replenishment subscriptions, most of which are one-thing-of-the-month subscriptions. Things like a candle of the month, soap of the month, or coffee or tea of the month.
Check out this blog post for more about the benefits of a one-thing-of-the-month subscription.
Curation subscription boxes are those like my Monogram Box. These subscription boxes are carefully curated to provide an experience for the subscriber.
Yes - there is room for you and your subscription box. So, if you’ve had your subscription box idea for a while, dreaming but not yet doing, make 2024 the year you get started.
It’s time to stop sitting on the sidelines and start taking action. You CAN start and launch your subscription box this year.
1. With a subscription box, you don’t have to constantly sell.
When I had a physical store, I didn’t make any income if I didn’t open my shop and sell things. No sales meant no revenue coming into my business.
The ups and downs of daily sales were stressful. Some days I would be busy and sell lots of products. Other days, crickets.
The unpredictability of retail sales caused stress. I worried about making enough each month to pay the rent, pay for the products I needed to stock my shelves, and pay my one employee.
With a subscription box, the sales have already happened. Whether I opened my shop or not, whether I made a lot of sales one day or just a few, the money from my subscription box was something I could count on. And that took away SO MUCH stress and pressure to sell.
2. With a subscription box, you can create loyal, raving fans.
Subscribers aren’t just customers.
They’re different from a customer who decides to buy something from you one time.
A subscriber is making a commitment to you and your business. They’re saying they believe in you and what you’re offering enough to pay you every month.
You have the opportunity to build connections and community with your subscribers. And when you do, they’ll become your biggest fans! Not only will they buy almost anything you sell, they’ll tell their friends and family to do the same!
3. With a subscription box, the product you’re investing in is already sold.
Buying product for a retail or eCommerce store is stressful. I mean, yes, it’s fun - picking out things you just know your customers are going to love and come running to buy.
If you’re like me and every other small business owner I know, sometimes you get it wrong. And your customers don’t love it as much as you thought they would. So it sits. Taking up room on your shelves.
It can start to feel like all that inventory is just stacks of cash sitting on your shelves.
Managing inventory can put a major strain on your business’s cash flow. You have to sell the inventory you already have before you can afford to buy more. And that might mean marking some inventory WAY down in order to move it.
With a subscription box, the products you buy are already sold. Your subscribers have already committed to you and their payments will cover the cost of the products you’ve chosen.
So much less stress!
4. With a subscription box, you get to curate a subscriber experience you’re passionate about.
Subscription box owners LOVE what they do! They’re not just selling “stuff,” they’re treating their subscribers to a carefully curated experience.
Imagine curating a box every month filled with items you know your subscribers will love. Done right, a subscription box is never just a box full of stuff. Successful subscription box owners curate a true experience around a theme or color palette or something else that brings it all together. They take time and effort to make everything about opening and exploring the box special.
Check out episode 64 of the Launch Your Box podcast to hear how Launch Your Box member Katie Eney creates an incredible experience for her subscribers.
Being passionate about your business makes it easier to continue to show up for your subscribers - and those people in your audience who aren’t yet subscribers.
5. With a subscription box, you get consistent revenue in your bank account.
I started a subscription box to provide a VIP experience for my most loyal customers AND to bring regular recurring revenue into my business. My goal was to reach 100 subscribers by the end of the year. I ended up reaching my goal in only three months.
Regular recurring revenue means not worrying about selling every day. Whether my shop was open or closed, whether I had a busy sales day or a slow one, my subscription box meant I didn’t have to worry. I knew the money from my subscription box would hit my bank account every month. And that felt - and still feels - so good!
There are so many reasons to consider starting a subscription box. It’s hard work and success doesn't happen overnight. But oh, is it worth it!
Being able to count on revenue coming in every month makes a difference in your business and in your life. It did for me and I want the same for you.
Stop sitting on the sidelines and take action to get your subscription box up and running this year. Need help and encouragement? My amazing community inside Launch Your Box is just waiting to welcome you! Make 2024 the year you make your subscription box dreams come true.
If you haven’t grabbed a copy of my book, One Box at a Time, you can get one- and a FREE Beginner Bundle Bonus - here!
Learn from me:
Subscription Box Blueprint eBook: This $10 ebook covers logistics from product selection to packaging to shipping. Plus a 90-day launch plan and bonus ‘Instant Scripts’ for your social media.
Launch Your Box: My complete training program that walks you step by step through how to start, launch, and grow your subscription box business.
Launch Your Box Podcast: I share tons of practical tips and strategies to help you start, launch, and grow your subscription box business. You’ll also hear from industry experts and current Launch Your Box members who are crushing it - get ready to get inspired!
One Box at a Time: Inside my book One Box at a Time, I show you the steps you need to follow to start and launch your subscription box. To turn your dream into reality. This book is filled with proven teachings, valuable resources, best practices, and action steps for you to take.
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