The pandemic caused demand and supply shock, change in customer behaviour, and modes of doing business. Situations that emerged after the outbreak of coronavirus gave a sudden uplift to the subscription business. So, you would probably be noticing many enterprises shifting to the recurring business model. Not only the existing enterprises but entrepreneurs are also showing keen interest in this business model. However, it is not easy to enter an already competitive market with a subscription business idea that brings profit.
You need in-depth study and research to come up with an amazing recurring billing business idea, but it will benefit you in the long run.
Following are some of the money-making subscription business ideas in 2021 that will help you brainstorm and explore options as an entrepreneur:
Software As A Service (SaaS) Subscriptions
There was a time when subscriptions considered to be successful for only SaaS products and services but not any more. There are many enterprises offering subscriptions that you will be amazed to know. Nonetheless, you cannot deny that subscriptions for SaaS businesses are still a sure way of earning a predictable recurring revenue. If you are a tech entrepreneur and looking for a business idea, then consider the usage-based recurring billing model for your SaaS. There are the following reasons behind the popularity of subscriptions for SaaS companies:
- Recurring revenue stream
- Predictable revenue
- Comparatively less investment
- Efficient customer data analysis
The SaaS subscription management software is your ultimate resort to manage all the recurring invoicing, billing, payments, reporting, and all the subscription handling tasks.
Subscriptions for Non-Digital Products
As has been mentioned, the concept of the subscription business model has moved beyond SaaS. Companies other than SaaS businesses e.g. e-mart offer their subscription boxes and cater to the needs of their customers. So, even if you are not a tech entrepreneur and have a business plan involving physical products, you can opt for subscription billing. Get the best subscription management software and formulate lucrative subscription boxes for your customers. Subscription boxes for the following products always bring profit:
- Specific medicines
- Shaving products
- Baby products
- Herbal products
- Cleaning product
You can start your business of physical products and offer subscriptions for these products. People are using the subscription business model as per their business idea and plans.
Subscription Business Plan for Your Services
One of the primary limitation or constraint that many entrepreneurs face is the budget. Even if they have the skills to develop their own SaaS products, they sometimes lack the budget to buy the sophisticated hardware required to set up their workplace. If you are one of such people, then stop thinking to develop one-off software rather offer your skills on recurring business.
For example, if you are a graphic designer, SEO expert, or developer you can target clients on social media portals and offer them your services for a few months on a recurring basis. Though freelancing is also a considerable option, a subscription for a project will help you earn more. You can charge money per project and once the project is over, you can move to the next one. With the increase in your exposure and experience, you can target bigger clients and bigger projects.
Subscriptions for Courses
Subscription is not a novel concept in the business world. For a very long time, schools and universities are operating on this model. They require their students to pay per month charges (in most cases). If you are skilled, you can offer subscriptions for online courses. At the start, the money that you will earn will probably not be sufficient but the revenue stream will become consistent after some time.
You can also market your online courses on social media. Take a step forward and start thinking about the subscription box of online courses. These days, people are confined in homes because of lockdowns all around the world. They look for online courses and classes. As an entrepreneur, you do not need a place, furniture, books, or anything else. You can start offering online courses subscriptions now without a huge investment.
There is no end to innovation and you can also come up with your innovative subscription business plan. If you have any questions to ask regarding your subscription business, then SubscriptionFlow is the platform where you will find the right people with the right set of skills to help you.