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First business - Some questions & review needed!

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ArHS

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Read Millionaire Fastlane
I've Read UNSCRIPTED
Jul 23, 2021
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Hi all,

I have recently started the journey from the slow lane and am currently pursuing an idea with my partner. We have identified a need in the UK market (one that we had personal experience with) around financial planning/budgeting and thought it would be a good start to try to create a basic app that fulfils this need. There are many competitors that exist and we are currently in the process of identifying where these competitors are failing, i.e. how we can distinguish ourselves from them and execute excellently. I am just asking for any advice/tips around app design or app marketing, and even around the actual business model of the app from anyone who has experience or a view on the industry. What are the most common mistakes? What do people underestimate? Are investors really essential? How can you find cheap coders? What about regulatory concerns?

I appreciate these are some of the things I would have to research myself but I am just putting it out there.

On revenue generation:
There are many ways to generate revenue from an app, e.g.
  • Ads - videos to access something, pop up bars, banners, etc.
  • Subscription model - making people pay to use it monthly. Hard to drive adoption.
  • Data harvesting
  • Referral / Lead generation -
  • Affiliate links - "Use my discount code"

But I am wondering if there are any others to mind as I want to ensure that the way I monetize this is not against the philosophy of the app itself... to help people who are not born into wealth increase their financial literacy one step at a time.

This is my first business venture and I want to get into it and start executing as I believe it fulfils the CENTS applicability very well and even at a small scale (~20k users, I say small because alternatives have users in the millions) could technically fund the lifestyle I want to live. Let me know if I sound stupid or naïve, as I know ideas are just farts in the wind but I'm sick of putting ideas out there and using excuses not to try - why should I invest my peasant money into a bullshit growth ETF when I can risk it on actual business ventures like this.
 
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