With so many different online business ideas to choose, from marketing services, to amazon resale, and everything else, it can be hard to decide on what model is right for you.
In this quick overview I will help you understand what makes the subscription business model unique and whether it is the right business model for you!
A good place to start is to consider what your goals are with an online business?
- Do you want to make your income online?
- Do you want to have a consistent recurring income which can support your lifestyle?
- What is your income goal with 3 Months, 6 Months, 1 year?
If you answered yes to the first two questions and are ready to decide on your expected goals for the first year of your membership business then you are already a good candidate for building an online course subscription business
For comparison, here is how the subscription business benefits relates to those goals
Some of the main Benefits of Subscription Businesses
- Recurring Income businesses on average make 4 times more per customer than regular businesses.
- 68.42% of subscription businesses make over 50k/ year.
- Subscription businesses provide long-term reliable income
- You can teach and help other people with the knowledge you already have
As you can see the Subscription business model is well suited to create a sustainable long-term income generating business. You will find that longevity is one off the main characteristics of this business model and something that is oftentimes overlooked by many online entrepreneurs. Your goal should not be to make 100k in one year, your goal should be more like this: “to create
A Subscription Business Model is right for you if:
- You are a blogger, youtuber, or content creator of any kind.
- Have an existing audience on any platform.
- Are a coach, consultant, or expert who is looking to scale online and move away from 1 on 1 work.
- You have an established business but are looking to increase your revenue and make your business more predictable and sustainable
- You have knowledge or expertise in a topic and are looking monetize your existing skills
In a subscription business model, your clients will pay on a continuous monthly basis for access to video training, members discussion groups, continued updates and support from you and the group.
If you already have some sort of following you will be able to allow these people to support you with monthly donations or you can create a course or group where you can give paying members exclusive access to training, webinars, or access to ask you questions directly.
Even without an existing audience or following, if you create a course that will solve other people’s problems and provide them with useful guidance, you will be able to reach and convert potential customers!