Today we’re focusing on creating a recurring revenue plan. Last week we sat down with the power couple behind the brand CurlKit and they gave us the tea on how to establish a booming subscription business. This is something that will work for both product and service-based businesses. Keep reading to discover how you can implement subscriptions in your business plan.
Here’s what you should know about today’s experts:
Heather and Dino Cummings are speakers, entrepreneurs, community builders and subscription box coaches that have been in the subscription box business for almost a decade.
They founded Curlkit in 2012 and have grown into a worldwide force to be reckoned with, shipping to over 50 countries. They have partnered with 400+ beauty brands, serving over 12,000 active subscribers & generating over 15 million dollars in revenue.
Curlkit is one of the top subscription box services for women with naturally textured hair serving over 100k women worldwide.
They have been featured in numerous publications like Essence, Ebony, Huffington Post and most recently the 2019 INC 5000 for being one of America’s fastest-growing small businesses.
They now take their 15+ years of business experience and pay it forward by teaching others how they can launch their own subscription box service.
How to create the perfect recurring revenue plan:
- The revolution of recurring revenue.
- The Benefits of recurring revenue.
- What to do before starting a subscription business.
The revolution of recurring revenue
Companies big or small are focusing on the recurring revolution. The value in the recurring revenue business model is that it aids in sustaining your business as a whole. As you can see from companies like Hello Fresh and now Nike, you can package up items from your business that have the most popularity and bundle them to create convenience for your customers. This, in turn, adds value to your business.
The Benefits of recurring revenue
The main benefit of having a recurring revenue business is having an idea of total sales for the month. With this plan, you will have 80 to 90% of your revenue in for the month. This eliminates the stress of not making sales for the month. Also, there is no major fluctuation in your revenue number.
What to do before starting a subscription business
Prior to creating a subscription plan, you should identify a problem or solution for your current and future customers. Create a list of items that are trending in your industry and make sure that it’s something that isn’t a fad but will last a long time on the market. Build a solid community or join an existing one. Take a look at things you are already selling and create packages with existing items. For service-based businesses consider packing your services in a box.
For more information about CurlKit visit: https://www.curlkitshop.com
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