There is so much opportunity out there at the moment.
The internet has made it really easy to set up our own business with very little barriers to entry. You can literally set up a business from your house and reach customers all over the world.
The Subscription Box business model is a great business model and it can change your life (like it has changed mine).
In this episode, I am going over some key points which will help you understand if a subscription box should be your business vehicle.
I personally believe anybody can set up a successful subscription box and this episode will help you understand if it is right for you.
If you have a question you want answered on the podcast, head over to www.SubscriptionBoxResources.com and join the free Facebook group and post your question there.
There is so much opportunity out there at the moment.
The internet has made it really easy to set up our own business with very little barriers to entry. You can literally set up a business from your house and reach customers all over the world.
The Subscription Box business model is a great business model and it can change your life (like it has changed mine).
In this episode, I am going over some key points which will help you understand if a subscription box should be your business vehicle.
I personally believe anybody can set up a successful subscription box and this episode will help you understand if it is right for you.
If you have a question you want answered on the podcast, head over to www.SubscriptionBoxResources.com and join the free Facebook group and post your question there.
Welcome to Subscription Box Answers with your host, liam Brennan. You're no rubbish, no crap. Straight to the point podcast with real, actionable tips, real strategies and insights from the industry which will help you start and grow your own successful subscription box business. You ask the questions, you ask the questions, you ask the questions. Liam gives the answers. It's as simple as that.
Speaker 2:
Welcome back to a brand new episode of Subscription Box Answers. I hope you're having a great day. On today's episode, we are discussing if a subscription box business is the right business for you. How do you know it's the right business? My book, the Subscription Box Blueprint, came out a few months ago and since that book came out, I have had so many different people reaching out to me with their subscription box idea and they've asked me what do I think and should they proceed with it? So in today's episode, let's just go over it. Let me explain to you how you will know if a subscription box is the right business for you. So, in very broad terms, I personally think anybody can launch a successful subscription box business, and the reason why I think this is the barriers to entry and I've said this so many times, but the barriers to entry are very low with this. But the opportunity is very big if you get it right.
Speaker 2:
The brilliant thing about this business model is everybody has the opportunity to create something that can change your life. This isn't like a software company where you need to be able to code or you need to have a lot of money to hire developers and code the platform for you. It's nothing like that at all and you can also start a subscription box company with a pretty limited investment. When we started buster box, I put in about three grand over 12 months. That that was literally it. Now, if you're working a full-time job, that's not a lot of money compared to what some other businesses cost upfront to set up. Say, if you're setting up a restaurant, that's going to cost you a lot more money upfront. Now, just because the barriers of entry are low and it doesn't cost a lot of money to get started, that doesn't mean it's going to be a walk in the park, far from it. Okay, the money in this business model is in the execution.
Speaker 2:
I've said it so many different times, so many different times it's not in the idea, it's what you do with the idea. But if you execute the idea well, you can do really, really well with a subscription box business. You can literally build a business from your house that will change your life. How do I know this? Because I've done it myself and I've helped and worked and know so many other subscription box owners who have done it in different countries in different niches. It can be done. So my advice would be if you're thinking of setting up a subscription box business, just go for it. Honestly, what is the worst thing that can happen? There is a great chance that it will become really successful if you do things right, and it will change your life, and the worst thing to happen would be it would fail. But who cares? You will end up in the exact same spot you're in now, just with a lot more knowledge and experience you can take into your next venture. So let's break it down right.
Speaker 2:
I personally think if you're willing to do the following I'm going to cover a few points here you have a great chance of building a very successful business. Number one this goes without saying you have to be hard working. This is the most important thing by far. If you're looking for some imaginary business model where you get paid for sitting on the beach doing nothing at all, you can just sit there and money flies into your bank account, you've come to the wrong place. That does not exist.
Speaker 2:
A subscription box business is hard work, but that's like anything worthwhile in life. If it was so easy, everybody would be doing it and there would be no value in it. What you lack in knowledge at the start can be made up through hard work and persistence. Trust me, I know. Number two it goes without saying, but you must be willing to learn. If you come into this with an open mind and you're willing to learn and pay attention to what is proven to work, you will go far.
Speaker 2:
One of the biggest things I see which holds people back is they don't have an open mind and they're not willing to learn. They may have a great box idea but they spend years going round and round in circles with a handful of subscribers because they don't learn how to actually market their box and acquire enough customers. Don't be one of these people. There is a lot of opportunity out there with this business model, but you can end up missing it when you bury your head in the sand and not open your eyes. Number three have the correct expectations. I don't care what anybody says.
Speaker 2:
Business can be difficult, especially at the start. It doesn't matter if you're setting up a subscription box, a sass company, a coaching company, a restaurant, a shop, a gym. Whatever you get involved in will be difficult at certain points, but that's good, because if you keep your head down and you're willing to learn and you're willing to put in the work, you can overcome those difficulties and build something that will absolutely change your life. There's always going to be setbacks, but it's all part of the game and when you experience one, you need to put it down as a lesson learned, move on and try again.
Speaker 2:
I'm going to give you a general example here. Imagine you launched a Facebook ad for your subscription box. You spent a few days working with some graphic designer to come up with your perfect ad. You wrote some copy, you learned how the facebook ads manager worked and you launched your ad, and then it completely flopped. What would you do? Would you take what you learned and go again, or would you sit around feeling sorry for yourself for six months and do nothing to progress your business? You should obviously go again and launch more ads as quickly as possible, using the information you learned from the first one that flopped, and then come back and launch winning ads that will help you acquire customers. That's the correct thing to do.
Speaker 2:
The next point, number four and this kind of falls into a previous point you're willing to repeatedly take action. Progress comes from taking action, not sitting around thinking and debating about things over and over. You will be surprised by how indecisive some subscription box owners can be. They literally spend months debating the simplest things where it will be much more beneficial to take action and test. If it works, great. If it doesn't, who cares? You've learned something new and move on to the next team.
Speaker 2:
I honestly believe anybody can be successful with a subscription box business. Seriously, this is one of the best business models you can set up, especially if you're new to business. This is brilliant. There's so much opportunity, mainly because it has recurring revenue built into it, and you can change your life by capturing a tiny, tiny piece of a market a tiny, tiny piece usually way less than one percent, like literally a tiny piece of a market. Sometimes all it takes is a few hundred subscribers to completely change somebody's life. So the opportunity is definitely out there now.
Speaker 2:
I'm obviously one of the founders of buster box. When we launched our business many years ago, none of us had any clue about anything and we never had any connections or anybody we could ask. We knew nothing about the subscription box model and we knew nothing about the subscription model. To be perfectly honest with you, we came into this with zero experience and very little money, and we still managed to sell millions of dollars worth of boxes, and that came from applying ourselves and following the points I just mentioned previously. So here's my advice If you're on the fence about setting up a subscription box, just go for it, do it.
Speaker 2:
I have seen people in so many different niches become successful Fitness, different pet boxes, beauty, cupcakes, self-care, sewing, kids games, games in general, boxes on specific countries, coffee boxes, tea boxes you name it some of the craziest things you could possibly think of have changed somebody's life, like literally crazy niches that you will just never think could possibly work, manage to work, and the founder has completely changed their life. They're working from home, essentially running a subscription box business, not working in nine to five anymore and paying themselves a great income while also giving themselves freedom that they just wouldn't get from a normal job, and this is happening all the time, honestly, in so many different niches. The opportunity is there. If you want it, bad enough, you should do your research and if you honestly believe there is a market for your product, then go for it. Make it happen. I recorded a episode a while back and it was called how to validate your subscription box idea without wasting loads of time and money. I highly recommend listening to that, especially if you're at the start of your subscription box journey. I'll link to it in the show notes and, yeah, check it out because it will help you a lot. Now. I hope you found value in this podcast. I know there are so many people at the start of their journey and they don't know if they should proceed or not. I honestly say go for it.
Speaker 2:
Starting a subscription box business, starting BusterBox all those years ago, completely changed my life seriously. I used to work a nine-to-five job which I wasn't happy in and it was always my ambition to have my own business and work from home, and BusterBox allowed me to achieve that. Over the years I have had many different ventures, to be honest with you. Many different things I tried and some of them done better than others, but I can honestly say BusterBox, a subscription box, had the biggest upside. Like I mentioned, the barriers to entry are low. It doesn't take a lot of money to set up, but when you get it right, it can seriously change your life. It's all that recurring revenue. That recurring revenue can grow really, really quickly and in a lot of cases you don't need a lot of cases, you don't need a lot of people signed up to create something which can really really give you and your family an absolutely fantastic life. So yeah, if you're on the fence, just go for it. It's highly unlikely you're going to regret it and the risk the relatively low risk is definitely worth the potential reward.
Speaker 2:
Now can I ask you a big favor? If you got value from this episode and you enjoyed it, or you've been listening for a while and you've learned a lot from this podcast, would you mind giving me a review on apple or spotify or whatever you listen to the podcast on? It really doesn't matter, it just helps me get the show out to more people. Now we'll be back next week at the exact same time and, as always, if you have a question you want answered on the show, head over to wwwsubscriptionboxresourcescom, join the free facebook group and post your question there. Chat to you next week. Have a great day. Bye.