Thanks Fastlane Forum for approving my account. This will be my first post and I apologise up front if it’s a bit long. I need some advice but first I need to elaborate on what I have done so far.
First off, through a family friend I became aware of a possible amenity I could offer with a mobile app. So I did some research:
So, what did I do?
Now this is where I need help. How do I monetize the product?
I would like to charge a usage fee, say 50ȼ each time the app is used. The average user should use it about 150 times a year. But I don’t know how to collect the usage fee, and I do want it on Play Store.
If I can’t charge the user each time the app is used, maybe I can charge an annual subscription fee. How much should the annual fee be? I thought $12 a year. But how do I collect the annual fee?
The easiest option is a one-time fee through Play Store. How much should I charge? Once again I thought $12.
So, can anyone suggest, how much should I charge?
How I can make this into a recurring fee?
Obiwan
First off, through a family friend I became aware of a possible amenity I could offer with a mobile app. So I did some research:
- There are billions of people worldwide in the target market.
- 22% of the target market earns in excess of $1 700 per month
- I did my cash flow spreadsheet on getting ½% of the 22% in the first year
- It’s more of a necessity than an amenity
- Bummer, there are dozens of app’s that offer the same amenity
- Or do they?
So, what did I do?
- Well, first of all, if you read my profile, what I thought was my business was actual my job, thanks Fastlane, and secondly, I just got fired from my job, i.e., no job, no income, no money just a bunch of assets that are worth half what I thought they were worth.
- So to the war room, draw up a rudimentary business plan.
- Write a Non-Disclosure, Non-Circumvention, and Non-Competition (NDNCNC) Agreement.
- Write a Profit Sharing and Copyright Assignment (PSCA) Agreement.
- Design the look and feel of the app.
- Find an app developer that has a good track record, get them to sign the NDNCNC agreement.
- Then get them to write the app for a percentage of profits.
- Let the app developer suggest a percentage, good, it was far less than what I would have been prepared to pay, and get them to sign the PSCA.
- Do the same with the marketing video-producer.
- Get sporting personalities and organisations to endorse the app.
Now this is where I need help. How do I monetize the product?
I would like to charge a usage fee, say 50ȼ each time the app is used. The average user should use it about 150 times a year. But I don’t know how to collect the usage fee, and I do want it on Play Store.
If I can’t charge the user each time the app is used, maybe I can charge an annual subscription fee. How much should the annual fee be? I thought $12 a year. But how do I collect the annual fee?
The easiest option is a one-time fee through Play Store. How much should I charge? Once again I thought $12.
So, can anyone suggest, how much should I charge?
How I can make this into a recurring fee?
Obiwan
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