There are many different business models available for entrepreneurs who want to earn money by selling a service or product. The subscription business model is one of those models. Most subscription business models work by the business taking a regular payment from the customer and then giving them access to resources or a computer program for a set period of time.
However, these aren’t the only subscription business models that are available. There are numerous other subscription models that entrepreneurs can use to deliver their services and products. Here are four of the most innovative subscriptions available and what makes them unique.
Today everyone leads busy lives and time for shopping and self-styling is getting harder to find. For some this can be an excuse for not going shopping too often and this is why the personal stylist has gone online.
Stitch Fix combines e-commerce with the in-store experience of retail shopping and personal styling. They send the customer five items they’ve handpicked for them based on their answers to a lifestyle and fashion questionnaire at the beginning of the subscription.
The customer can then try on the clothes sent and keep only what fits and what they like. Feedback is also passed back to the stylist, so the next box can be tailored to be more in tune with what the customer likes.
One of the most popular and recognised subscription services, which is slightly unorthodox, is the Dollar Shave Club. The service promises to deliver blades to the customer’s door for just one dollar a month. There are other options available; but, the service is pretty much the same.
In addition to the blades, each customer gets a free handle and has the option to purchase add-ons such as shaving cream and moisturiser.
The brand entered the market with an incredible advert that broke with tradition and went viral online. Since then, the subscription service has gone from strength to strength and has started new lines and improved customer options.
Box of OMG is probably one of the more unusual subscriptions services available online. Not only do customers not have to pay a subscription to receive anything, but their contents are not guaranteed.
The service works like this: a customer subscribes to the site via email or a social media account and every quarter, the company sends out a limited number of boxes randomly to those on the list (you aren’t guaranteed a box each quarter). Subscribers can increase the chance that they will receive a box by signing up friends, advertising the brand on social media and competing in other activities on the site.
The boxes are full of toys, comics, snacks and other items to keep your children happy.
Netjets is probably the most unique business models on this list. For a hefty subscription fee, customers can choose how many hours they wish to fly per month and then reserve that time as a share of the private fleet maintained by the company.
This can be an effective way to reduce travel costs for businesses that travel regularly. The same can be said for public figures.
There are also similar options for cars.
There are a number of options for those looking to start a subscription business. The only barriers to entry are legality and your imagination. Consider how you can convert your business into a subscription business or what new business you would like to start. As recent years have shown, there is a growing demand by customers for this model.