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Why Now Is The Perfect Time To Create Subscriptions For Your Small Business

You’re Missing Out On Recurring Revenue!

Today’s business world moves fast and is more competitive than ever before. This means that every business – yours included – needs to be on their toes to ensure that they’re positioning themselves for success in a highly saturated marketplace. Be sure that you differentiate your business from the competition – but how can you do it when you sell similar products and services, you market to similar target audiences, and you advertise based on similar value points? There’s one model that we bet your competition hasn’t explored yet.

In our last article, we talked at length about the business benefits of a subscription model and how this type of model helps to drive recurring revenue for your business. In this article, we’re going to talk about why now is the right time for you to create subscriptions for your small business. Remember, creating a subscription service doesn’t have to be challenging, confusing, or overwhelming. It can be quite simple when you’ve got the right tools in place to help you get started.

And you can even earn quite a bit of additional income, along with your revenue streams.

Why Now Is The Right Time

#1 Adapting To Survive 2020 And Beyond

Let’s face it, the world that we know today is very different from the world that we knew just a few months ago. The COVID-19 pandemic has changed virtually every aspect of our lives, and with no end in sight, it’s difficult to say with clarity if things will ever really get back to normal. After all, we might simply be in a new normal at this point – and if that’s the case, then you need to strategically position your business to survive 2020 and beyond.

One of the best ways to position your business for success is to create recurring revenue built around a subscription service that your customers can access even if they’re unable to physically travel to your location. It’s said that a second wave of COVID-19 cases could potentially be stronger than the first, and it will devastate some businesses. By ensuring that you have predictable revenue that you can count on every month, you should be able to weather the storm.

Subscriptions are the best way to pivot because they help to guarantee revenue. With each month, you can still count on revenue, even if you have to close your physical location.

#2 Customers Want To Support Businesses

Due to the COVID-19 pandemic, customers have seen some of their favorite businesses go under – and that’s just not sitting well with them. You can search the internet to find a number of customer-driven initiatives designed to provide local businesses with the support they need to survive and come back in the wake of the pandemic.

Your current customers want to support you, and if your physical location can’t remain open, you can give them the opportunity to support you by offering a subscription service. Making it easy for them to sign up will only help you capitalize on this sentiment. Remember, you can even offer a discount on your subscription in exchange for longer commitments, ultimately ensuring that you have dependable revenue during these trying times.

#3 It Improves Your Standing With Banks

Times are tough for everyone right now – banks included. This means that businesses with less revenue to show are likely to be denied financial support from a bank. However, a business with recurring revenue can make itself much more appealing to a bank looking for stability and less risk. Remember, no business can survive without meeting its cash flow and growth needs, and if your business requires a loan to do that, so be it. But if you can’t market yourself to a lender, then it’ll be hard to meet your goals.

Show banks that you’ve got your own recurring revenue model with dependable revenue that you can count on each month through subscriptions. This will help to reassure a nervous lender in uncertain that they’re making the right choice to work with you.

Making It All Happen

Now that you’ve seen why now is the right time to launch your own subscription service for your business, it’s time to put it all together. How can you go about launching your own subscription service? After all, you’re going to have to market and promote your subscriptions, manage them, process payments, trouble shoot, and much more.

Upscribbr is your answer. Upscribbr is a unique application specifically designed to provide businesses with a simple, seamless, and rewarding experience for subscriptions. Businesses can use Upscribbr to market their subscription services to local customers and local target audiences. From there, payment processing, management, and other exciting features make it easy to generate recurring revenue all at the same time. In addition to added value for businesses, Upscribbr provides added value for customers and users who are looking to support local businesses through rewarding subscriptions. Customers can search for local businesses, find subscription services they like, and discover new experiences along the way.

Upscribbr gives businesses the opportunity to manage and market their subscriptions to their current customers in a single, easy to use app. And from there, it gives you the chance to grow by marketing your brand to new audiences as well. Upscribbr links businesses with local customers who are looking for local businesses to support during these trying times, and yours can be on that list.

Want to try Upscribbr for yourself? Download the app!

Click here to download the Upscribbr app.

Jessica

Jessica Palmer

Marketing specialist @ Upscribbr

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The One Shift You Can Make In Your Business To Get More Revenue During And After COVID-19

The COVID-19 pandemic has changed virtually every aspect of the world that we once knew. Nearly every industry, every market, and every economy in the world has been disrupted, and our day to day lives have been changed for months on end. Businesses are struggling – even those who are attempting to recover. With loss of wages, loss of income, loss of revenue, and less support from customers who are still a bit wary of breaking quarantine or spending money, businesses have certainly felt the financial impact of this pandemic.

According to Johns Hopkins, more than 19 million people have fallen ill with COVID-19 since the onset of the pandemic back in January, and with that, economies around the world have shrunk dramatically. In the US, for instance, second-quarter GDP plunged 32.9%, which was the worst percentage ever recorded. In fact, it’s even worse than both the Great Depression and the Great Recession.

No one can argue that COVID hurt businesses, but it’s also true that businesses struggled with inconsistent revenue long before the pandemic.

The good news is you can overcome the challenges presented by COVID-19. There’s a proven strategy any business can use to prepare for future events just like this, where an unforeseen change or catastrophe affects markets worldwide. It all comes down to recurring revenue.

What’s recurring revenue?

Recurring revenue is revenue that you receive on a recurring basis – weekly, monthly or annually. In other words, it’s revenue that you can depend on and project. This isn’t necessarily a new concept, but it’s something that not enough businesses truly take advantage of. And in a post-COVID world, it might be the one fail-safe that you can use to ensure that when – and if – that second wave hits, your business is already prepared to weather the storm – and the aftermath.

Recurring revenue “is the backbone of SaaS and subscription-based companies. At these companies, customers purchase a service on a consistent basis, giving the company the ability to project future revenue more accurately. Recurring revenue can be calculated with metrics like churn rate and user growth rate for a realistic view of the company’s future income. This type of predictability is very valuable in business.”

This definition from Baremetrics.com truly hits the nail on the head because it’s that level of predictability that makes the recurring revenue concept so important for businesses – especially in a post-COVID marketplace.

Many of the businesses that flourished during quarantine were businesses who have adopted the recurring revenue concept – and this wasn’t by accident. They knew exactly what they were doing.

Recurring Revenue Examples

Many familiar subscription-based businesses like Netflix, Amazon Prime, Spotify, Hulu, Adobe, Microsoft 365, other Cloud storage providers like iCloud or Dropbox, are great examples of recurring revenue done right.

Most of these companies saw their user base either increase or at least stay the same during COVID because they’ve become essential to their users. And while all of these businesses sell a different service – they are all using the subscription model to create recurring revenue.

Adding subscriptions to your business is the single key shift that you need to make in order to ensure that you survive, thrive, and endure, no matter what the future may bring.

The challenges of creating Recurring
Revenue in your business

As with any new business strategy, adding recurring revenue to your business has its challenges. You need to figure out how to package your services into subscriptions and what to charge, as well as how to manage payments, redemptions and refunds.

Technology Can Help

The best way to get your new subscriptions up and running is to use technology to sell the services, collect payments and allow customers to manage their subscription. There are a number of software platforms that can help you set up a subscription service for your company, but most of them are limited in what they allow you to do – or only work for a single industry.

Enter Upscribbr!

Upscribbr is an app that enables you to create and advertise subscription plans to local customers. Discover new customers, get predictable revenue and get more time to serve customers better by cutting down on-site transactions.

Upscribbr brings together all the tools you need to market, manage and track your subscription business in one convenient package. What’s even better is Upscribbr is super easy to use and it’s free to list your business on the Upscribbr Marketplace!

Ready to create a pandemic-proof business?

Build a strong, thriving business in any economy! Use Upscribbr to create recurring revenue.

Jessica

Jessica Palmer

Marketing specialist @ Upscribbr