Subscription business models have emerged as a successful path to recurring revenue. Rather than making a one-time purchase, customers pay weekly, monthly, or annual fees in exchange for digital or physical products.
If you're considering launching a business with a subscription model (or adding one to your existing business), here are five unique subscription ideas that are driving small business growth. We've included ideas for starting an original subscription business and integrating your existing small business products or services into broader subscription-based services.
[Read more: 4 Subscription Pricing Models for Small Businesses]
Digital product libraries
Digital product libraries provide specialized knowledge and resources to a variety of audiences, including niche industry markets. Small businesses with valuable knowledge to share offer access to digital assets they've created to expand their business and grow their audience.
One business embracing this model is Super Duper Publications, which boasts a digital library featuring more than 57,000 games, worksheets, and other learning and therapy resources for kids. The service provides monthly and annual subscribers instant access to their printed materials and additional content, helping the business modernize its services and remain competitive. The company continues to expand its offerings, adding new daily resources like books and card decks for subscribers to enjoy.
Curated goods
As the name suggests, subscription boxes containing curated goods provide a unique selection of wares to customers regularly. This model poses a great opportunity for small businesses that sell physical products, as being featured in a curated box can help put your brand in front of new customers who might not have otherwise found you.
The Explore Local Box is a great example of a curated goods subscription. It provides consumers with a monthly gift box filled with locally produced goods and foods originating from a different city. The box celebrates small businesses across the United States, connecting them with consumers who may otherwise have never tried their products. Subscribers can receive boxes monthly or every other month, with options to pay month to month or prepay for three, six, and 12 months upfront.
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Whether you manage course subscriptions through your website or offer your classes on a major learning platform, this is a great way to generate a recurring (and often passive) income stream.
Community memberships
For businesses centered around bringing people together, a community membership is a great way to grow. Many people are looking for their "third space" away from their home and office to congregate and socialize with new people. Small businesses can leverage this need by building an online or in-person environment where customers can meet to share common interests and network.
One small business focused on bringing the community together is Our House, a Queens, New York-based coworking space that offers workshops and classes in collaboration with other local businesses. Our House opens its space to the local community, providing by-day and monthly subscriptions that grant access to amenities, games, entertainment, and more. Community members are encouraged to create in the space and use it however they see fit, supporting community engagement while promoting small businesses.
Personal and professional development classes
Technology has expanded opportunities for personal and professional development through online learning platforms. If you are particularly knowledgeable in a certain subject area and feel confident in your ability to communicate that knowledge to others, you can create digital learning materials and sell subscriptions to access your courses.
Whether you manage course subscriptions through your website or offer your classes on a major learning platform, this is a great way to generate a recurring (and often passive) income stream: Once you create your course videos and materials, you can continually distribute them to those who sign up without having to redo them for each new group of students.
Coursera is an example of a professional development subscription that leverages knowledge from experts spanning more than 275 institutions to offer instruction through lectures, guided projects, and more. Subscribers can complete courses at their own pace, earning accredited certifications and developing skills and specializations applicable to their real-world needs.
Online coaching
If you're a professional coach, offering your services through an online coaching subscription service can help you gain access to a wide network of clientele while streamlining administrative duties. This option allows you to focus more on coaching and less on scheduling and logistics. You could even host group coaching sessions to maximize your revenue while offering recurring value to your subscribers.
One such service is CoachHub, which works with over 3,500 certified coaches from varying industries and countries, offering options in over 80 languages at an affordable price. Sessions can be facilitated from anywhere, and coaches help create growth plans that aid in team development.
[Read more: How to Get the Most From Business Coaching]
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
CO—is committed to helping you start, run and grow your small business. Learn more about the benefits of small business membership in the U.S. Chamber of Commerce, here.
