In a world where we are buying more things online than in store, subscription boxes are the new craze. You have probably heard or seen them by now as there are so many varieties, whether you want some healthy snacks delivered to your door or even a craft set filled with little art tools for your children, every whim can be catered for with a subscription box.
A subscription box company guarantees you income every month from your loyal customers whilst only being of a low cost to you. It is an e-commerce concept that can deliver (quite literally), and enables a start-up entrepreneur to get their products to their customers in a relatively easy and very trendy sort of way.
But how to get started?
1. Decide your niche
What would you like to be selling? That’s the key question when any entrepreneur begins to build their own business, and that doesn’t change here. In order to truly succeed, you will need to choose something that you genuinely have a passion about, as well as something that you think meets a unique need for people. Of course, when deciding to start a subscription box company, you also need to factor in the size of your items – nobody wants to receive a ridiculously large box every single month. Most subscription box companies have sensible, rectangular shaped boxes, so bear that in mind when deciding what you are going to put in them.
2. Decide who your customers are
Who are you selling to and why? Remember what you have decided to sell and then figure out who will actually want to buy it. Build a picture of who this person is. Are they single, married, living at home, living in a city, working? Imagine their lives and imagine how your subscription box will help them live their lives better.
3. Decide where you will get your products from
Depending on what you have decided to sell, you need to establish where you are going to get your items from. Make sure that whatever you want to put in your box will actually fit in the box. You can do this by making several prototype boxes, so that you can measure how easy it is to fit the products in and how heavy the box feels. You can actually achieve getting free products from suppliers as many subscription boxes don’t pay, but instead the supplier gets publicity for their product. Of course, this depends on the content, so do your research.
4. Decide on pricing
Figure out how much you are going to sell your subscription for per month, and whether or not you can afford to give out free sample boxes as a marketing tool. Also decide on how much you are going to have to pay for shipping and handling of your boxes. Research whether or not it would be more effective for you to personally fill and ship the boxes or if it is worth hiring a third party to do so.
Once you have these basic decisions made, you are well on your way to a successful subscription box business.