What It's About
Today's caller is considering a subscription model for their business. What should they know?
Notes from Chris
Episode 1652
You probably know already that being able to count on money coming in next month is better than the possibility of money coming in—that’s why subscription services are so powerful. Recurring revenue is the goal! Today’s listener is running the numbers on an idea. How does this look in a specific scenario where she’s figuring out her pricing, how many people might sign up, and then what that all looks like in terms of the bottom line."Hey Chris, this is Lisa from Denver and I’ve been listening to the show for a couple of years now. I'm getting ready to launch my app, which will help people track the correlation between nutrition and productivity. Naturally, I'm using a subscription model, since I like the idea of recurring revenue. If I price at $5/month, that will be something close to $3/month in profit after Apple takes its cut and I pay for hosting expenses. I don't know whether it will be really easy or incredibly difficult to build this to a sustainable level—what do you think? On the one hand, I could see myself struggling with just a handful of customers (each bringing in net three dollars a month) ... but if it took off and I had 2,000 customers at $3 net per month, that would be amazing!"Listen to today's episode to learn more...
SEE ALSO:
- Cigar Subscription Box Delivers Smoking Returns: A software engineer starts a premium subscription box service for savvy cigar smokers.
- Meal Prep Company Cooks up Profits with Customized Orders: Three partners create a healthy meal prep and delivery service, turning $2,000 into $2 million in less than five years.
- Book Lover Creates LGBTQ+ Subscription Service: When this book lover exhausts her network’s recommendations for LGBTQ+ books, she creates her own subscription box service.
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Resources
CREATE YOUR ONLINE STORE
Create your online store with Shopify using an exclusive discount for Side Hustle School listeners. For a limited time, get a free 21-day trial and a 10% discount for a whole year.
Many Side Hustle School listeners are building sites using Shopify's easy-to-learn platform. Try it free today!
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GET YOUR FIRST 1,000 EMAIL SUBSCRIBERS
Social media is nice, but building an email list is still the single best way to get customers and clients for your hustle. It's not hard to get started—sign up for a 30-day trial and join the list-building challenge! You’ll be up and running in no time.
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Don't Do Business Without It
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No matter what you do in business, from working nine-to-five to working five-to-nine, it’s easier when you don’t go it alone. Get the powerful backing of American Express—don't do business without it! 💳
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