Hi guys,
I'm putting together a software program used on the iPad to be used as a charting tool in the medical field. Very simple, and easy to use. Targets the actual pain points of the industry I have spent my Slowlane last 11 years in. Turned 30 and all of a sudden I realized I need to change something and quick. I have zero business experience and here's my questions:
I have a nice mock up, customer to test it, and one soon to be people/companies to build the UI and another person to build the back end. I have an investor lined up willing to pay an unknown amount of cash to finance the build, plus his father is an ER doctor which this has a slight target to who also likes the product a lot. I'm making some calls this week to pre-sell the product. Does the investor have a roll? Aside from collecting his money. I would like to have the ability to buy out my investor once things get moving. For an attractive price of course but is that common practice?
I am having a hard time with what to do now. I need a break down of costs and figure out my profit margin, look at expenses, and all that financial stuff. The guy building the back end who will also maintain and install clients, wants 2% to build it and some cash. Do I make a contract with him? Is it 2% of profits or does he get a straight salary?
Is this what the hell a mentor is for? I come from the farthest thing from a business background and have been shooting from the hip over the last 5 months or so when I started. Much of that has been guess work and taking my time with decisions.
Thanks,
Mike
I'm putting together a software program used on the iPad to be used as a charting tool in the medical field. Very simple, and easy to use. Targets the actual pain points of the industry I have spent my Slowlane last 11 years in. Turned 30 and all of a sudden I realized I need to change something and quick. I have zero business experience and here's my questions:
I have a nice mock up, customer to test it, and one soon to be people/companies to build the UI and another person to build the back end. I have an investor lined up willing to pay an unknown amount of cash to finance the build, plus his father is an ER doctor which this has a slight target to who also likes the product a lot. I'm making some calls this week to pre-sell the product. Does the investor have a roll? Aside from collecting his money. I would like to have the ability to buy out my investor once things get moving. For an attractive price of course but is that common practice?
I am having a hard time with what to do now. I need a break down of costs and figure out my profit margin, look at expenses, and all that financial stuff. The guy building the back end who will also maintain and install clients, wants 2% to build it and some cash. Do I make a contract with him? Is it 2% of profits or does he get a straight salary?
Is this what the hell a mentor is for? I come from the farthest thing from a business background and have been shooting from the hip over the last 5 months or so when I started. Much of that has been guess work and taking my time with decisions.
Thanks,
Mike
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