Earlier this week, I talked about five common mistakes for starting a subscription service. Today, let’s talk about the advantages of your creative subscription service!
Advantage #1: More time.
As a small business owner, time is one of your most valuable assets. With a subscription service, you don’t have to go out looking for new buyers in order to get paid again. You release a new product each month and enjoy the profits. You’ll save time that you can use to grow other branches of your business or to spend with loved ones.
Advantage #2: Keep costs down.
Depending on what you are selling, you may be able to purchase large quantities of product in bulk to help keep your costs down. Of course, if you are that embroidery designer I mentioned in Starting A Creative Subscription Service and you’re sending out PDF files, your costs will be minimal over the long term. You simply create the product one time, and sell the subscription! This is great because you do the work one time and continue to sell subscriptions.
You may have to pay for a few technical tools in the beginning, but the long-term cost of running a subscription service is low if you are offering embroidery patterns or other files delivered online. This is not a business model that you’ll have to sink hundreds or thousands of dollars into every year. You pay the initial costs then just up-keep or maintenance costs for things like hosting and domain names.
Advantage #3: Subscriber loyalty.
This is a big one. I am very loyal to my favorite fabric shops and when one announces a fabric club or block of the month, it is easy for me to say yes. I know I am going to consistently receive excellent customer service and I love the product.
When you consistently provide good content to your subscribers, they will become loyal. This is important to growing your business because happy, loyal customers are often willing to tell their friends or co-workers about your product. This can put even more money into your pocket each month.
Advantage #4: Subscribers spend more.
Once you’ve converted a subscriber into a loyal customer, then he is likely to look at your other products and services. A customer that feels like he’s receiving a lot of value for his $10 subscription will be more willing to pay for your $100 coaching session than a cold prospect would. This means that you shouldn’t be shy about sharing your other products and services with your current subscribers.
Starting a subscription service is a big task. But that’s where a course like Little Monthly Payments can help you. You’ll find that the process of launching a subscription service is broken down into easy to follow steps that you can start taking today.
Creating a subscription service is fun and exciting, but it also takes a lot of work and preparation. These four points show you that there are many advantages to having a subscription service offered as a part of your creative business, keep them in mind as you work to launch your own subscription site successfully. For the month of February, you can save $30 on the course by using the code SAVE30BUCKS! Let me know what your idea is, I’d love to support you!