Running a service business can be a hustle. With endless variables to juggle (finding clients, keeping clients, invoicing and scheduling, marketing, did we say scheduling?), even the most determined service provider can find themselves unable to plan ahead, struggling to grow their customer base and, to put it bluntly, burnt the %!*# out. But what if we told you there was another way? Turning your service into a subscription is the best and most impactful way you can stabilize your time and your revenue, all while growing your business and avoiding that pesky burnout. Here's four major reasons why it works—and works for you.
Subscriptions mean reliable, recurring revenue
With one-off sales, it can be hard to know what you're going to make from month-to-month. Could it be $100? Could it be $20,000? It's hard to gauge, and things can change on a dime. With subscriptions, though, you know what you'll be making. That can help you plan for the future, and it can also help you feel secure in your revenue and make your business sustainable for you, over time.
Subscriptions are more affordable for more people
Not everybody can afford a big buy in, but almost anybody can afford a little something each month. By packaging your service into monthly doses, you'll be expanding the market of people who can have access to your service.
Subscriptions create community
Think of community as your super power. As a solo service provider, you may feel pressured to compete with the mega-corps and big businesses on price point, but price doesn't compare to authentic connection and community. When customers sign up with a subscription, they're engaging with you (and other subscribers) on a regular basis. They'll be able to get to know you, and each other, directly. This elevates your business from just a transaction to a meaningful interaction, which is more rewarding for customers than just any ol' cheap deal.
Subscriptions equal less churn, and more commitment from customers
Think about all the work it can take to generate a single sale, just for somebody to drop off and never return, or for them to work with you sporadically as they sample from your competitors. Once somebody is subscribed to you, on the other hand, they are committed to you (and you to them!). They are less likely to be persuaded by competitors or drop off, will be receptive to and enthusiastic about upsells and add-ons, and are likely to become full-on advocates for your business, convincing their friends to join and helping to grow your audience. You'll also be able to build deeper, and more meaningful, relationships with subscribers versus a parade of one-off customers. That means you'll be able to serve them better, which will make them stay longer, and build your community even more. It's a positive feedback loop for everyone involved.
Feel inspired to start, run or grow your own subscription? Check out subkit.com and learn how you can turn "one day" into day one.