Can your business offer a subscription?
More and more, subscriptions are becoming a common way to pay for products and services. Generally tech enabled; streaming service subscriptions, subscription services for basic goods like razors and toothbrushes, free shipping subscription clubs, newsletter and podcast subscriptions, monthly clothing subscriptions, gaming and e-sports subscriptions, creator subscriptions, food of the month subscriptions, coffee of the month subscriptions, wine of the month subscriptions, Amazon Web Services, reoccurring donations, subscriptions, subscriptions, subscriptions. There’s a lot of subscriptions, and there’s a reason for it! Subscriptions are a fantastic way to keep customers engaged with your business and offer them the flexibility of being able to cancel their membership at any time.
It may be hard to remember, but the primary way of making money on Apple’s App Store, a $64 billion business, used to be selling access to an app as a one time purchase. It was only in 2011, when Apple started offering subscriptions for apps on the App Store, four years after the iPhone was announced. Back in the early days of the App Store, developers would usually sell their apps for 99 cents, or more if the app was a professional grade app or premium service. This was great at the time, as it was a new way for software developers to monetize their work, and a brand new way for consumers to find and buy apps for their cellphones. As smartphone adoption became the mainstream, app stores became common and subscriptions became standard, Apple’s App Store and others like it became platforms that enabled whole new industries that created billion and trillion dollar companies.
If you sell an expensive product or service, can you turn that price tag into smaller monthly payments? Photoshop used to be an extremely cost prohibitive software for people to use, or let alone buy to see if they like graphic design. Because of this, graphic design was much more expensive and difficult to find people with experience. As more people started using computers, and Adobe introduced a new monthly subscription plan, more people are now able to download creative software, and figure out if that’s a skill that they’d like to learn.
Software isn’t the only business that is going to a subscription model. Panera Bread, known for bread bowls, bagels and baked goods is now offering customers a coffee subscription plan. For the cost of a couple cups of coffee a month, subscribers can get unlimited coffee. This keeps those customers coming back for their coffee in the morning, where they now may now buy a breakfast sandwich. That customer may now go to Panera for lunch now too, because of the free coffee refill. Subscriptions can be any part of your business that keeps your customers engaged with your business.
Most website platforms that offer commerce tools also offer a subscription plan for businesses to create. You can get creative with what you offer, like a surprise of the month club, or use a subscription to collaborate with a local nonprofit, like a book of the month club for a local coffee shop. If you’re a yoga studio, can you offer a subscription to unlimited classes, or virtual classes? If your business has an expertise, then maybe you can create a paid newsletter for information and advice on your domain. What will your subscription be?
Instagram Shops brings your retail store online
If you’re a retail storefront and don’t sell online yet, Instagram Shops might be a good first step into ecommerce. Instagram Shops helps you utilize the effort and design you have already put into merchandising your storefront by making Instagram posts shoppable. If you’ve never sold anything online before, you can list a batch of initial products that you sell in your store, and sell them through your Instagram profile. You don’t have to list your entire inventory and can list your products with Facebook, if you don’t have a website. As you get comfortable operating an ecommerce channel, you can add more products and advertise your listings.
Instagram Shops give your business profile the ability to create “product tags,” which operate the same as when you tag another account in a a post, except linking to a product listing instead. These tags make your posts shoppable. This means that you can take a photograph of your retail store, featuring a product, then tag that product in your post, and Instagram users can make a purchase within the Instagram app.
Instagram Shops help you get started with ecommerce. If you already post on Instagram, you effectively are doing the same as you have been, just adding on the ability for people to purchase what you post. You can use product tags on image posts, Reels, and in captions. When someone clicks on the tag, they are brought to a listing page for the product, and they can make a purchase right on the Instagram app. Instagram even offers users the ability to save payment methods, so frequent shoppers can make one-click purchases.
The ability to make your Instagram posts shoppable makes your retail offering that much more robust. If you have a physical retail storefront, you get to be meticulous in merchandising. With Instagram, you get to showcase your work, your products, and use the medium to tell the story of your business in a way that lets customers engage beyond the walls of your store.
You can advertise shoppable posts as well, which amplifies your product listing’s reach to a relevant audience. If you’re an outdoors store selling a water bottle as your first product, you can boost that shoppable post into the newsfeeds of people who are near your retail store, who are interested in hiking. If you are a clothing boutique, you can target to people in your retail storefront’s area who follow the brands you sell on social media.
Shoppable posts and Instagram Shops merges the in depth merchandising of a retail storefront with the efficiency of a digital sales channel, enabling your business to potentially reach new customers by doing what you’re already doing. All you have to do is post about your business, and showcase the products that you sell. Tell a story about your business and inform customers about the intricacies of your wares. Once approved, you can set up Instagram Shops within a day, and scale as you become familiar with selling online.
Is your business on social media yet?
Social media is the easiest way to reach your existing customers, while finding business at the same time. According to Forbes, “driven in no small part by the pandemic, Americans spent more than an average 1,300 hours on social media,” last year. Continuing, “Facebook led the way, where Americans spent an average 58 minutes a day on the app – or 325 hours a year.” Social media is how people communicate, pass time, and get information. If your business isn’t yet on social media, or if you aren’t posting regularly, then you are missing out on the ability to communicate directly to your clientele, and passing up an opportunity to promote your business efficiently.
1) Communicate directly to your customers
Social media gives you the ability to communicate directly to your customers. You can describe your business as you wish, and showcase your work the way that you want. Since posting doesn’t cost you anything, you can speak directly to your clientele whenever you want. Promote sales, use Stories to show how your business works. Go live to give a walkthrough in your retail store, or write a long post on Facebook thanking your customers for their business on a holiday. Social media gives you the flexibility to keep in communication with your audience, which helps keep your business in mind during purchase decisions.
2) Promote specific campaigns
Do you run sales seasonally, or do you need to promote an in-store event with a live musical performance? Do you have a book launch coming up, or throwing a customer appreciation night? You can use social media to promote time specific campaigns, like events or sales and keep customers up to date with special offerings from your business. Use Facebook Events to inform and remind customers of an event or date, and use Instagram to promote and inform potential attendees of the event as well. Social media helps you reach your customers to promote whatever you’re planning.
3) Reach a local audience
Social media is global, but you can also use it to reach a local audience. Use hashtags of your town, surrounding area, local publications, local businesses, your state, county, etc. and you’ll start to reach a local community of businesses, organizations and potential customers. Comment on content within these hashtags that you like or are in a similar industry as yours, or even begin to collaborate with other local businesses. Once you start to get more engaged with your local social media, you will begin to algorithmically surface in the feeds of other media users local to your business.
4) Automate ads
You can also automate your marketing with social media advertising. Find a targeted local audience of potential customers, or promote an online store to a much wider audience. Social media ads help you reach new and existing customers directly in their newsfeeds. You can target your ads by interest, location, or behavior, and the available tools are very effective and cost efficient.
5) Gain credibility in your field
The more you post about your field, if customers and other people on social media respond positively to the content, you’ll gain credibility in your field, as your posting will show that you know what you’re doing and are good at what you do. If you’re an artist and you post daily about your work and process, you’ll showcase that you’re an experienced artist. If you have a specialty retail store and post credible information about your wares, people who visit your profile will pick up on that.
Social media is the best way to reach your customers and find new business, as it’s free to post, and most people are on at least one social media platform. If your business isn’t on social media yet, you really should be, as it will likely only become more a part of how people engage with commerce. You don’t need to get on every platform immediately, and create new profiles on every new platform, but finding one or two platforms that you’re comfortable posting on will go a long way towards establishing an identity for your business online.
It has never been easier to start a business online
Have a business idea or a hobby that you want to start earning additional income with? Do you have a craft, or a product in mind that you want to bring to life? It has never been easier to start a business, and it is even easier to start a business online. You don’t even have to quit your job, and can start own your own business to earn supplemental income. If it becomes successful enough to become your sole source of income, then you can work for yourself. You get to set your own hours and your own pace.
Start today
1) All you need is a website
A simple website landing page for your new business can be made in as little as an hour. Modern website creation platforms like Squarespace and Wix make basic website creation simple, and are very cheap to continue using. You can purchase a custom .com domain for your business for around $20, and the platforms handle web hosting. Platforms like Shopify and Etsy have extremely robust, easy to use, commerce tools that you can use to create web stores, complete with shipping and automated marketing. Now that you have a website, you can turn a hobby into a small business, or start selling products and services to customers that may have never found you.
2) Social media helps you reach new customers
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Now that you have a website, you can turn a hobby into a small business, or start selling products and services to customers that may have never found you. Add your website domain into your social media bio, and start posting to promote your new business. Post things that are relevant to your work, or start blogging from your website, and post those articles to your social media. Communicating on social media helps you share information about your business and what you do, while also engaging new and existing customers. You don’t have to over exert yourself either, just start with one or two channels that feel comfortable.
3) You can automate scheduling
If you’re monetizing a service that you can offer as a small business, like catering or dog walking, there are simple digital tools available that can help you automate customer scheduling. Square offers a service that can be connected to your social media accounts, where you can set your availability, then a potential customer pays for and schedules, never leaving your Instagram. Squarespace also offers a feature for this to happen on your .com domain. All you have to do is figure out how much time you have, set your availability, then let the digital tools do the rest. Once a customer schedules an appointment, you’ll be notified via push notification or email.
4) Bookkeeping tools are digital
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If you use your website to sell products or services, you’ll get insights on how your store performs over time. Squarespace offers detail rich data, like per-product conversion rates (or the percentage of people who buy a product after visiting a product page), and will visualize a click funnel that leads to purchase (or which pages lead to which purchases). This helps you figure out what is performing best, and what needs improvement. These platforms let you export this data, which you can import into something like QuickBooks to handle bookkeeping and taxes, automatically.
5) Incorporate online
You don’t have to incorporate right away when you start your business online. You can just start slowly, selling a few items here and there, while you learn how to operate an online business, and then incorporate when you plan to dedicate more time. Incorporating online has never been easier, and services like LegalZoom will handle the entire process for you. All you have to do is pay their fee, and tell them a little bit about yourself and your business. You’ll get an EIN number right away, and they’ll mail you your business’ paperwork when it is available.
It has never been easier to start a business online. You can work at your own pace, and accept as much business as you decide. You can start by selling very few things, and then grow to become an independent business owner. Digital tools make this a simple process, because you can scale from zero at the rate you decide. An online business can either be a hobby for your time off, or something that you create to begin a new career. What would your business be?