Digitally Solve a Problem
In this Pandemic, many of us are staying in our homes working remotely (digitally). Others, who are facing challenges with their own micro business, now need help more than ever. A good place to start (if you are a micro business) is to digitize as many of the aspects of your business possible. To digitally transform your entrepreneurial venture is essential. Look at it in terms of the PROBLEM that you SOLVE for your customers. Take this insight and create digital services and products that also solve the same problem.
The Subscription-Based Model
It is no secret that most businesses that partially or completely rely on digital, are thriving. Take for example Netflix, they were able to transform their DVD business into an online streaming one and have done quite well. The crisis that we currently face is making it imperative to go digital. And most important is to come up with a business model that recognizes the effective model of starting a subscription-based undertaking.
Study Your Competitors
But that does not mean that starting a digital subscription base venture is going to be without its challenges. Like most businesses, there needs to be a tight relationship between the product or service provider and the web client. You also need to come up with an idea that disrupts the industry, doing something that is different than the competition. And of course, this works best if there is a proprietary component to it. You want to think about what other companies have a similar offering as you do. What features do they have and what is missing?
Find Your Audience
It is also good to look at what they do to promote and position themselves. Who is their audience? Will you be competing for the same customers? Putting in a bit of research can make things easier. Who are you trying to reach? Where can you find them online? And how will you get there when they are searching the internet for a solution like yours? When creating a demographic snapshot think in terms of age, income, and other qualities. You also want to make certain that the group you will be going after will benefit from as well as will want what your online subscription service makes available.