Subscription boxes are all the rage these days. From food prepping to pet supplies to beauty equipment, no matter what you’re in the market for there’s probably a subscription box just for you.
If you found a niche that you can’t find a subscription box for, or if you’re simply looking to create a fun business, then starting a subscription box business might be for you. It may seem daunting, but it’s actually really easy!
If you’re wondering how to start a subscription box business, you’re at the right place. Read on, and we’ll give you simple steps to get your business off the ground and on people’s doorsteps.
How to Start a Subscription Box Business in Four Steps
1. Start With a Great Idea
The subscription box industry is booming. This is a good and bad thing. It’s good because it means the demand is there. It’s bad because there’s already a subscription box for almost everything.
If you want to be successful, you need to have a great, unique idea. You don’t have to be the only person offering the service, but the less competition the better.
Identify your niche. For example, if you’re passionate about food, narrow it down to a specific kind of food. If you’re going the beauty route, make sure you have a specific style or type of beauty product.
Research your competitors and your customers. Look at who else is in your niche, and how you can distinguish yourself from them. Identify your customers, and how you can cater to their needs.
2. Create a Prototype Box
Once you have your million dollar idea, it’s time to start crafting your box. Get a wide array of potential products as well as potential boxes, and see what looks best!
This is also a great time to come up with a concept for the design of your box. With a great design and a good variety of products, you can mix and match potential boxes, take photos, and have a library of images to start building interest before you even start shipping.
3. Decide On Pricing
Once you have a general idea of the products going in every month, you can start developing pricing. In addition to the obvious costs of the products and shipping there are several other things to consider.
Packing costs, advertising, and transaction fees (including chargebacks) all play a huge role in your pricing as well. You want to stay affordable while still maintaining a profit margin. If you’re wondering what are chargebacks, you need to be familiar before you launch.
4. Launch Social Media and Take Early Subscriptions
Once you have your idea, your products, and your price point it’s time to launch your social media. This is also when you can start taking early subscriptions, possibly at a discount, to build customers before you start shipping.
Take Your Business to the Next Level
Now that you know how to start a subscription box business, it’s time to live the dream. For more business advice, keep reading the MySA blog and keep dreaming!