Russell William Fry

3 Subscription-Based Services Trending Among Small Businesses Where ever you look these days, technology has really changed how businesses of all sizes operate. Technology has also allowed countless people to operate small to medium-sized businesses with little to no overhead, which is a big concern for any organization. Today, from the auto industry to health and wellness, a growing number of enterprises are either incorporating subscriptions as their primary model at least a part of its core. Those companies that have embraced this trend experienced tremendous growth. What Exactly Is a Subscription-Based Service? In a nutshell, subscription-based services are business models where customers pay service providers a recurring fee for access to a service or product. Many people of adult age have at one time or another subscribed to something, whether it be satellite television, a book of the month club, regular lawn care, among other things. Though subscription-based services as a business model have been around for quite some time, advances in technology have made it easier and cheaper to offer a wide range of services and products. For example, big-name brands such as Autodesk and Adobe have since migrated from a perpetual licensing model to a Software-as-a-Service model (also known as SaaS). Generally, paying for a subscription is substantially more cost-effective to consumers and businesses alike compared to purchasing a product license or, in some cases, hiring a full-time employee. Below are three examples of subscription-based services trending among SMBs. 1. Invoice and Accounting With the average annual income of nearly $80,000, hiring an accountant with a CPA even part-time is out of the question for a majority of SMBs. On the low end, bookkeepers and financial auditors average around $44,000 annually, while on the higher end financial managers expect a salary of almost $150,000 a year. (money.usnews.com) In recent years, innovative accountants recognized a great market potential in offering online accounting services to SMBs who otherwise couldn't afford to higher a full or part-time in-house accountant. FreshBooks is one example. It was designed for creative professionals and other entrepreneurs who needed various financial data processed, analyzed and stored. FreshBooks offers a basic monthly plan starting at $15 a month and a premium plan for $50 a month. 2. Subscription-Based Penetration Testing Services It's nearly impossible to find an SMB operating without computers and other connected devices. And in many cases, advances in technology paved the way for sole proprietors and countless other small enterprises. However, much like employing an accountant, staffing a full time IT technician or cybersecurity specialist is out of the question. Fortunately, there exist many IT and cybersecurity people out there who have recognized that, though small in size, small businesses make up an astounding 99 percent of all businesses in the United States. (fundera.com) There are countless subscription-based cybersecurity services out there. The hardest part is choosing the right one for your business. A perfect example of a SaaS-based cybersecurity startup is CrowdStrike which boasts "cloud-delivered" next-generation antivirus (NGAV) protection, IT Hygiene, device control, malware research, and more. CrowdStrike is also powered by Machine Learning and Artificial Intelligence. The company offers four packages starting with a "pro" service and ending with its highest, "Falcon Complete." 3. Equipment Rentals When a new, small business is just getting started, it's best to keep as debt-free as possible. This means finding alternative ways of acquiring equipment on the cheap or through a rental service. Adding to that, when you purchase equipment such as full-size copiers, multi-function printers, 3D printers, and other computer-related equipment, you're responsible for getting it serviced and repaired. However, companies like ours understand well that having to deal with such matters while running a business can become a big headache. In a way, subscription-based equipment rental companies offer their customers peace of mind by removing the time-consuming responsibility of looking after the equipment. When you trust us at the Copier Rental Store with your document management needs, it's one thing less for you to worry about. If you end up having an issue with a printer, we do our best to respond to your location in four hours or less. If for some reason the equipment issue is more serious, it won't take longer than 24 hours to replace the faulty printer. If your small business needs the use of a printer but you're not ready to purchase one, contact us today so we can get you squared away.