How to Start a Subscription Business and Make Recurring Income
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- เผยแพร่เมื่อ 2 มิ.ย. 2024
- If you’ve been looking for a way to have recurring income in your business or in your life, a subscription product might be right for you. And today I'm going to show you how to start a successful subscription business or product. This can either be as an add on to your existing business or as a blueprint for starting your new business.
I’ve been running my handmade jewelry business for 14 years now. And a strong component of my business is a subscription based model. 50% of my sales comes from my subscription product. I sell handmade polymer, clay, food, scented jewelry. And I also sell these as a subscription called my Necklace of the Month Club.
So, what is a subscription or a club or a membership?
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Thanks Mei - I've been wondering about this for my business and this is a great insight on the pros and cons. Very inspiring!!
I'm so glad it was helpful to you!
Wow, so much value in your content!
Aww, thank you so much, Marisa! That means so much to me! 💖
You rock. Thanks for creating this!
You rock too, Karen! Thank you so much for watching!
Love how you broke everything down! Lots of wisdom behind all of your advice and the graphics help too!
Thank you so much Jade! I really appreciate it! ❤️
Great information to consider as I'm trying to grow my business :) Thanks!
Glad it was helpful! Thank you so much for watching!
Your videos are very helpful and educational. Thank you for sharing.
I'm so glad to hear that, Araceli! Thank you so much for watching!
Thanks for the vid :) Liked and subscribed.
Thanks for the sub, Kyle! I appreciate that so much!
Good work, Thank u.
Thank you for watching, Amanuel!
Hi Mei! Great video btw! I've learned a ton about the subscription box business and was thinking of starting one myself. The thing is that I like these two ideas and I wanted to determine, which of these ideas people will like. I was going to do a soft launch of both boxes at different times. Any thoughts about this?
You can poll your target audience beforehand to see which they prefer - social media is a great spot for crowdsourcing information!
@@CreativeHiveCo thanks Mei for your feedback. I'll ask people on social media in different groups
Oh my gosh, thank you so much. I’ve been wondering about how to do a sequential subscription based business model for my product. Can you please tell me which technology you use for this or point me to the video that you did on it?
Hi there! Some popular options include Stripe, PayPal, and Recurly for handling subscription billing and management. Additionally, platforms like Shopify, WooCommerce, and Magento offer plugins and integrations for setting up subscription services within your online store.😊
Thank you. Where can I find that program that you mention at 17:20? The jewelry I sell is made from recycled metal and turns out differently every single time (hammered and formed with pliers). How would I apply this subscription based sale to my products?
You can find out more about A Sale A Day here: www.creativehiveco.com/a-sale-a-day-business/
As far as a subscription service for you, you would be sending out the same style of necklace, bracelet, ring, etc. each month. The small differences won't matter because each customer is getting one of that style. You can say that due to the handmade nature it may vary slightly from the photo, if you have a photo. But you can just do "Necklace of the Month" without having to show off what it is beforehand so it's a surprise to customers.
Hi Mei
Do you suggest a subscription platform in particular as my website host doesn't offer subscription services so I need to find third party. This would be helpful 😃
If you are planning your subscription to be a big part of your business, you'll need to weigh the pros and cons of moving to a platform that does support subscriptions, like Shopify. There are too many moving parts to a subscription that you want to be sure it's not just a band aid solution and use something with proper foundations.
If it's just a few subscriptions here and there then check out CrateJoy.
I am re-looking at this to add to my store. Can you talk a bit about pricing?
I found a number of videos about subscription boxes that include products obviously purchased wholesale. They have pricing that is half -quarter of the retail price. How does pricing work with handmade items?
You would have to work something out with the makers where you are able to meet their wholesale criteria (i.e. minimum purchase by dollar amount number of pieces).
@@CreativeHiveCo I dont follow, by the makers you mean me?
I am looking into options to purchase materials wholesale. Do you have any videos or tips on that?
Great info! Can u do a video on Patreon? I know a lot of artist that do small business use Patreon as monthly subscriptions, what are your thoughts on that?? Thanks!
Done! 😊 th-cam.com/video/l3vLhEFbOjQ/w-d-xo.html
Mei I am making the jump to a novel subscription website BUT I need your help. I have more shoe charm designs releasing than there are months in the year. What shopify app allows customers to choose which upcoming releases they want for their monthly subscription through the year ? I sure hope you see this. Thank you Ron
You may want to see if Bold Subscriptions will work for you. apps.shopify.com/bold-subscriptions
shipping is awful now. How are things going with successful existing (pre-covid) box businesses ??
I suppose it depends on the product and how suppliers are handling getting their own packages on the way to places. Hopefully the shipping situation will settle down now.
Who do we share a subscription?
You can share on social media to your followers, or add it to your website, or email your email subscribers list.