There’s a good reason why the idea of offering subscription-based services appeals to a growing number of entrepreneurs. It’s a business model that can turn out to be a real money-spinner.
It’s not hard to see why subscription models are so popular. You can enjoy predictable revenue streams, recurring revenue, and the opportunity to upsell to your customer base. With the right idea, and once you have a continuity billing credit card processing facility sorted out, the sky really could be the limit for your business.
Here’s a look at some great business models that can be started straight away.
Software services is a proven winner
Commonly referred to as Saas, software as a subscription model is a proven path to financial success. Many customers are happy to pay a monthly fee for access to software they need. The regular upgrades and debugging options also help persuade your customers to keep paying their subscription.
Customers love an auto-shipping option
If someone loves a product so much and uses it regularly, like buying coffee, for instance, the idea of having your order shipped each month without needing to do anything, has obvious appeal.
You can amend the frequency of deliveries, which also encourages your customers to stay on board.
Membership subscriptions attract a loyal following
If you tap into a niche or popular hobby, for example, that often means there’s a committed client base happy to pay a regular membership subscription for access to all the latest news and special offers.
PAYG is a great strategy
Every customer tends to have different consumption needs. That’s where the Pay-As-You-Go (PAYG) works well. You can collect payments at different intervals based on their own consumption habits. It’s a win-win as customers like the flexibility and you build up a happy and loyal client base.
Go premium to attract high-paying customers
Exclusivity tends to appeal to consumers with deeper pockets. That makes a premium subscription service a great business model.
When you can find customers who are willing to pay top dollar, that’s often good news for your bottom line.
Go unlimited for a reliable income stream
Another great option to consider is the unlimited subscription model. The concept is simple enough. Charge a fixed fee each month and give unlimited access to your product or service in return.
Tap into the DIY market
There are so many enthusiastic DIY’ers who love to tackle a new project. You can give them what they want with a DIY subscription that gives them everything they need to complete a task that enhances their skills and knowledge.
Merchandise subscriptions attract a loyal customer base
There are so many merchandising opportunities it’s hard to know where to start. If you find something that has a loyal following that also means there will be an army of enthusiastic customers who will be happy to pay a monthly fee for exclusive merchandise and news.
Educational products can deliver a reliable income stream
There’s consistent demand for a whole host of educational resources. Parents love the idea of boosting their child’s knowledge and skills. An educational products subscription can fulfil their ambitions and give you a reliable source of revenue.
Starting a subscription-based business could turn out to be the best decision you make. What sort of product or service do you think you could start earning regular money from?
