When to monetize an app, or should I even be thinking about it?

[harlam]

I have an idea for an online service which I am considering to implement to get my hands dirty and make the transition to producer. I am mostly interested into getting into action rather than making money at first still I need to know when the app would be too expensive for me to keep online.

The service needs some backend api's and a smartphone app, and possibly a web page.

I think there is a need for this service and I envision it to be very easy to use. The thing is that I do not think end users will pay for it since the target group is mostly young people. But if it becomes popular I would have running costs, if it becomes too popular I would drain my savings rather fast paying for cloud services.

So I am very curious about how to make the calculations, and what options are out there for monetizing.

I consider ads in app but I know as I user that might put off some people.
I consider creating additional services that would be charged but right now I have no clue which other services I could push.

I realize I am trying to solve a problem I do not have yet but I am afraid that this thought is going to pop up whenever I face any difficulty in the implementation of the service and could demotivate me.

 

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[SolopreneurGrind]

I have an idea for an online service which I am considering to implement to get my hands dirty and make the transition to producer. I am mostly interested into getting into action rather than making money at first still I need to know when the app would be too expensive for me to keep online.

The service needs some backend api's and a smartphone app, and possibly a web page.

I think there is a need for this service and I envision it to be very easy to use. The thing is that I do not think end users will pay for it since the target group is mostly young people. But if it becomes popular I would have running costs, if it becomes too popular I would drain my savings rather fast paying for cloud services.

So I am very curious about how to make the calculations, and what options are out there for monetizing.

I consider ads in app but I know as I user that might put off some people.
I consider creating additional services that would be charged but right now I have no clue which other services I could push.

I realize I am trying to solve a problem I do not have yet but I am afraid that this thought is going to pop up whenever I face any difficulty in the implementation of the service and could demotivate me.

It's hard to give a specific suggestion without much detail on your app/idea, but I'll say you should definitely make sure there is a way you can monetize before you start sinking a lot of time and money into it (unless a pure passion project).

If you're hoping to turn this into a profitable venture, do some due diligence/research/surveys/etc to make sure it has the potential to make money before you start

 

[Val Okafor]

I have an idea for an online service which I am considering to implement to get my hands dirty and make the transition to producer. I am mostly interested into getting into action rather than making money at first still I need to know when the app would be too expensive for me to keep online.

The service needs some backend api's and a smartphone app, and possibly a web page.

I think there is a need for this service and I envision it to be very easy to use. The thing is that I do not think end users will pay for it since the target group is mostly young people. But if it becomes popular I would have running costs, if it becomes too popular I would drain my savings rather fast paying for cloud services.

So I am very curious about how to make the calculations, and what options are out there for monetizing.

I consider ads in app but I know as I user that might put off some people.
I consider creating additional services that would be charged but right now I have no clue which other services I could push.

I realize I am trying to solve a problem I do not have yet but I am afraid that this thought is going to pop up whenever I face any difficulty in the implementation of the service and could demotivate me.

Mobile App+ Backend Api + Website will cost you a minimum of $20K to get the MVP out, is that the kinds of money you want to part ways with, without knowing how you can make $3 back? Young people pay for gas and phone service, if your service is valuable they will pay for it. If you have a valuable service, you will lose users if you offer it for free. Good luck

 

[harlam]

It's hard to give a specific suggestion without much detail on your app/idea, but I'll say you should definitely make sure there is a way you can monetize before you start sinking a lot of time and money into it (unless a pure passion project).

It is a pet project, there are learnings that I expect to gain by the time investment.

If you're hoping to turn this into a profitable venture, do some due diligence/research/surveys/etc to make sure it has the potential to make money before you start

This is a good suggestion, I will investigate further, I really don't know how to do this research as of now.

Thanks!

 

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[harlam]

Mobile App+ Backend Api + Website will cost you a minimum of $20K to get the MVP out

Thanks for the insight, I am curious: how do you work out this number?

is that the kinds of money you want to part ways with, without knowing how you can make $3 back?

I would not part with the cash but I would not mind investing the equivalent in time as I willl be the developer, but I assume there are other costs. Also I am curious about recurrent running costs.

Young people pay for gas and phone service, if your service is valuable they will pay for it. If you have a valuable service, you will lose users if you offer it for free. Good luck

Didn't think about it that way. I am not sure about the perceived value of my offering. I also need to work it out.

 

[srodrigo]

I think there is a need for this service and I envision it to be very easy to use. The thing is that I do not think end users will pay for it since the target group is mostly young people

Given that you can't build an MVP by yourself, find potential customers first to validate the idea. Go to them with your service on a piece of paper and see if there's real interest. Then build the MVP, but as mentioned above, it's going to cost you a few 10k's. I wouldn't spend the money without having willing customers.

 

[harlam]

I wouldn't spend the money without having willing customers.

Thanks for the advice!

 

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