5 Reasons Why You Should Start A Subscription BoxJun 23, 2020
Subscription boxes have soared in popularity over the last few years, and it's no surprise why. They create convenience, save you time, and can be an excellent value for your money. These are just a few reasons why you should start a subscription box! They are perfect for almost every industry, and even some of the most exclusive niches.
1. Subscriptions Are Trendy
How many boxes do you subscribe to? On average, consumers have at least 3 monthly or quarterly subscriptions. This is not just a trend, it's a fact.
People are recognizing the need to do something special for themselves. Often, they don't even know what they are about to get in their boxes. The mystery is part of the appeal.
2. Grow Your Niche
Some of the best and most popular boxes are for one specific item or niche. Have you heard of the billion-dollar box company, The Dollar Shave Club? It contains, literally, just razors. They've become known for ONE thing and have created value and convenience to their customers. You don't have to do all the things, as a matter of fact, being too broad can hurt your growth.
3. Easy Start-up
You don't need an investor or go into debt to start a subscription box. You can literally fund your first box from pre-sales. All you need to do is create one box, show your customer what they could or would get, and start taking orders. Once you get going, you will be able to fund the next month easily.
4. Recurring Revenue
Having a subscription box builds stability into your business. It's revenue you can count on every single month. If you knew you had XX amount of money hit your bank account on the 1st of each month, could you hire that extra person? Could you invest in more equipment? What would recurring revenue do for your business?
It has completely changed the game for me. I went from a solo entrepreneur to employing 7 in-store employees and 3 remote team members in a short amount of time.
5. Your Product Is Already Sold
One of the biggest stressors for product-based businesses is the investment we have in our products. There are times I've asked myself, "How many should I buy?" "What if it doesn't sell?" "Will I have to mark it down?"
When you are purchasing products for your boxes, you know this product is already sold. You don't have to guess how many you will need, you know. You don't have to wonder if people will like it enough to buy it. it is going in your box.
Starting a subscription box was a huge game-changer for my business, and it has really opened my eyes to new possibilities! If you have ever toyed with the idea of curating a subscription box, check out my Subscription Box Blueprint ebook! It is full of all those details to help you start a subscription box!
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