Should I know how I'm going to monetize my project before I launch?
Rich Taylor
3 replies
I have some average project ideas that have obvious ways they can be monetized.
I also have (what I think) are some great ideas with no immediately obvious way to monetize.
I'm confident the focus should be on helping people get what they want when I build something, so should I opt for the more promising ones and figure out the monetization later? - Obviously, I wouldn't continue if I can't find a way to convert them from a charity to a business!
What are your thoughts/experience?
Thanks,
Rich
Monthly Makers Club
Replies
Omar Zenhom@bizrepublic
Hey Rich!
This is challenging to answer with minimal context but I would make sure you have clarity on these things:
- The market you are entering. How many potential customers you can serve. Also known as TAM.
- What is the pain point you are solving for?
- How are people solving for this pain point now? Is it a decent solution that causes minimal pain? Maybe this problem doesn't need solving.
- Who are your potential customers? Do you know them well? Are you a part of that community?
- What's your path to profitability?
I don't recommend starting a business if you have no clear path to sustainability.
Hope this helps.
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Launching soon!
Instead of asking if you should monetize your project before launching it, ask yourself if you're ready to monetize your product or service. Is there a demand for it? Does this fill a massive void in the market? And most importantly, do you have the resources and tools to deliver once you monetize your project? If the answer is yes to all three, then go for it. If not, hold off until that time when you can.
I think the main question is what is your runaway?
If you have comfortable funding, give some extended free trial for product hunt signups to boost your acquisition.
If you need cash, a product hunt launch can be a nice way to sell LTD and secure some funding: https://www.lunadio.com/blog/we-... Selling LTD required you to have some monetization road map, to be sure you won't piss off early LTD buying with some pricing change for other users.
Product hunt launch could also be a nice way to boost your MMR, but that required a well establish monetization system first. Check out what Howitzer for Reddit did in term of promotion, if you want to follow this path.