The subscription business model has grown rapidly in recent years with e-commerce (Birchbox), entertainment (Spotify and Netflix) and media industries all adopting it as an alternative to one-off purchases. Here are guidelines for small business owners on running a successful subscription business. From Netflix to Dollar Shave Club, monthly and annual subscription services are all the rage right now in the industry. Consumers get convenient access to unique products and services where they don’t have to pay upfront, and businesses get a recurring source of revenue and potential to serve long-term customers. The subscription business model itself has been around for decades – paying weekly rent is a good example – but many traditional product-centric industries are moving to subscription […]
