schmidi
New Contributor
I quit my job a few weeks ago, thanks to the books. Since reading them I value my time more than money. Good job MJ!
Currently I am building an app, and there are already paying users. Its not enough to make a living, but at least proves, that users value the concept.
If possible at all, I would like to go without venture capital.
Now I am pondering between two different strategies. For both, I have got approx. a year of runway in savings from now on.
A) Continue charging my premium users (there is also a freemium plan) and bootstrap the app to grow bigger.
B) Start giving away the app for free and earn money in the long run by collecting fees / revenue share from partners for forwarding retail customers / leads to them and/or get sponsoring.
As far as I can see, pros and cons are:
A) Will be less risky in the short and is more predictable. Also, I won't be dependent on any partner. However, user base will grow much slower and probably also be limited.
B) On the one hand will be much riskier because I won't earn any money for the next few months. On the other hand the app will deliver much more perceived value and the user base will explode compared to A). There are even already competitors that give away a similar app for free.
Up to now, mentally I was sticking to A). One partner however gave me the following advice:
If any competitor executes well on variant B), I will definitely loose my user base to him. This is why I take B) into consideration for myself.
What would you do?
I am happy for any advice!
Currently I am building an app, and there are already paying users. Its not enough to make a living, but at least proves, that users value the concept.
If possible at all, I would like to go without venture capital.
Now I am pondering between two different strategies. For both, I have got approx. a year of runway in savings from now on.
A) Continue charging my premium users (there is also a freemium plan) and bootstrap the app to grow bigger.
B) Start giving away the app for free and earn money in the long run by collecting fees / revenue share from partners for forwarding retail customers / leads to them and/or get sponsoring.
As far as I can see, pros and cons are:
A) Will be less risky in the short and is more predictable. Also, I won't be dependent on any partner. However, user base will grow much slower and probably also be limited.
B) On the one hand will be much riskier because I won't earn any money for the next few months. On the other hand the app will deliver much more perceived value and the user base will explode compared to A). There are even already competitors that give away a similar app for free.
Up to now, mentally I was sticking to A). One partner however gave me the following advice:
If any competitor executes well on variant B), I will definitely loose my user base to him. This is why I take B) into consideration for myself.
What would you do?
I am happy for any advice!
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