Subscription boxes are all the rage right now. These boxes are unique in that they cater to all kinds of interests and there are over 2,000 brands already on the market. Fortunately, there’s also still plenty of room for growth in this booming industry, but you’ve got to know what you’re doing.
No matter how good of an idea you have or how well you think your box will sell, you’ve got to have more than just an idea to make it in this business. Subscription boxes are all about the packaging – sometimes just as much as what’s inside. This guide will help you learn everything you need to know about what these boxes are, why you should consider them as a business opportunity, and how to get started if you do.
Why Should You Start A Subscription Box Business?
There are plenty of reasons to consider starting a subscription box business. It’s a fun way to connect with customers and give them more than just a product to purchase. Plus, it allows your brand to be more creative and stand out from the crowd.
What Exactly Is A Subscription Box?
A subscription box is a product that is compiled and delivered on a monthly or semi-monthly basis. It can provide useful items like razors and toiletries or it could be a fun box like games that the whole family can enjoy. As long as it’s a box of curated items that are delivered on a regular schedule, it qualifies.
Different Types Of Subscription Boxes
There are tons of different types of subscription boxes on the market today. Beauty, self-care and “treat yo self” type boxes are among the most popular boxes. The market for dog and cat subscription boxes is also growing. There’s really a subscription available for just about everything these days: fun, function, and everything in between.
Benefits Of Offering Subscription Boxes
There are several benefits to subscription boxes. As a business tool, they provide a steady stream of monthly revenue that is guaranteed. It also makes it easier to see where your business is going and to predict the needs and wants of your customers more easily. Another great benefit is access to upfront profits since a lot of subscriptions promote a discount for paying upfront. Thus, if you allow people to pay for a year’s subscription in advance, you’ll help them save money and give yourself access to the capital immediately.
9 Steps To Get Started
If you’re ready to dive in, here are the nine steps you need to get started with your subscription box business.
Step 1: Perform Your Research
The first thing you’ll need to do is research the existing market, potential suppliers, and where and how to find your target audience. Focus on the areas discussed below.
- Competitor Research: What are the current brands doing right? Where can they make improvements? Is there an oversaturation of a specific type of box on the market to consider?
- Supplier Research: Where will you source your products from? Do you already have an inventory of products from which you’ll create these boxes or are you starting a business from scratch?
- Customer Research: Who will your target audience be? What types of people would be interested in your box, and how can you reach them best?
- Packaging Research: Packaging is a huge part of the subscription box success. When the packaging is fun and matches the excitement of the items that are packed inside, it gives people an entire experience and strengthens your brand image.
Step 2: Identify Your Niche Market
What is your product idea? Is there room in the market or is it already saturated? You’ll need to make sure there’s room for your box. If there are already 10 of the same exact style on the market, for example, you’ll want to reconsider your approach to ensure you actually have a box worth buying.
Step 3: Establish Your Brand
Branding your subscription box is a critical step. You’ll need to choose a name, logo, package design, and other elements to create a complete, cohesive image. Often, this is best done with the help of professional designers.
Contact Print Bind Ship to walk you through the package design process, packaging materials.
Step 4: Create Your Website
If people are going to subscribe to your box, they need somewhere to do so. A Facebook or other social media page isn’t enough. You need a fully-functional website where people can create an account, manage their subscriptions, see what’s coming up, and more. Without this tool, people won’t want to sign up because they’ll feel like they have no control over what they’re getting. Plus, it’s essential for marketing your brand online to have a proper business website.
Step 5: Create Your Business Plan
How much money do you have to work with for your new business venture? What are you going to have to spend on suppliers, marketing, shipping, and other costs? How much can you afford to spend on these things? A solid business plan is a must to get your business off the ground effectively.
Step 6: Subscription Box Marketing Plan
Marketing is critical in the world of subscription boxes. People are inundated with these ads, and while they are popular, it can be easy to gloss over something new because it looks like more of the same. Make sure that you have a dynamic marketing plan in place to ensure that your box is a success.
Step 7: Build Custom Packages
Since packaging is the core of this business, you’ll want to make sure that you choose a professional, experienced supplier to help you create custom packaging and shipping solutions. When you choose the right fulfillment partner, they can even help with marketing and more.
Step 8: Find A Fulfillment Partner
Speaking of the right fulfillment partner, working with Print Bind Ship allows you to get a full-service fulfillment solution for your new subscription box. From packaging creation, product sourcing to distribution and everything in between, we’re here to help your subscription box business succeed.
Step 9: Become Proficient In Customer Service
As the owner of a subscription box service, the absolute best thing that you can do is to become an expert in customer service. People are going to have questions and they’re going to want to know a lot of different details. You might answer the same question 20 times in a day, even if you’ve got it on your social media AND your website FAQ. While Print Bind Ship is handling your fulfillment needs, you can focus on honing your customer service skills. That combination will practically guarantee success.
Make Subscription Boxes Seamless with Print Bind Ship
If you think a subscription box is your next best business move, contact the team at Print Bind Ship today. We can help you explore all of your options, choose the right products, create the perfect packaging, and even handle distribution for you. Whether you’ve already got your million-dollar idea or you just have a good feeling about this business, we’re here to help. Contact us now to learn more and get started.