Read This Checklist Before Starting a Subscription Box Business
Who doesn’t love receiving a subscription box? Subscription box businesses are very popular and can include almost anything from toys to tech to fashion and food.
If you’re thinking of starting a subscription box business, make sure to read this checklist before you get started to find out what you need to know.
Find Your Market
Opinions vary between “everything is a market” to “there are no new markets left” – do some research and find a market that you can sell your subscriptions to. Analyze competitors and plan to do what they do, but better.
Know Your Market
You might already be moving on to subscription software but stop! When you’ve analyzed your competitors, analyze your customers too. Build an idea of who your perfect customer might be.
You might be sending out boxes of movie memorabilia, but there’s a difference between comedy fans and horror fans, so make sure you target the right people.
Try It Out
Buy a box. Put items in it. See how it looks, see if it works. You can take photos of it for later use and adapt the contents as necessary. Without physically trying it, you can’t be certain of the size, weight, or shipping cost.
Price It Right
Speaking of cost, now is the time to work out the price for your box. Don’t forget to include the cost of the empty box, any packing materials you need, the cost of the items inside, and the price of shipping. The price you ask your customers for should be higher than this, or you’re going to instantly be losing money.
Roll Out the Prelaunch
Using photos of your test box and its contents, you can start a mini-marketing campaign. Build interest in your box, collect email address, advertise through social media. Let people know when they can subscribe and see how many people express interest.
Take Orders and Start Subscriptions
Assuming all goes well, your launch day will result in people placing orders and starting their subscriptions. The easiest way to manage this is by using subscription management software from Xion Global.
Subscriptions are easily managed, and all aspects of payment collection are automized, meaning there’s one less thing for you to worry about.
Build Up Your Business
Keep advertising, keep marketing, and change up your next box as necessary. Xion will ensure your subscription payments are collected, and all you need to do is find the items for the next box, and make sure it is shipped out on time.