An APP that charges user money for snoozing.
I am tired of not waking up early so I am looking for a strong motivation to get up early and money is the ultimate motivation for everyone.
So to be more productive I'm thinking of building this app, the money collected will be given to a charity that will help for primary education of students.
Is this idea even worth it ? Will anyone even install this application ??
Good idea. Four companies are already doing it.
Here is the cost break down. If you can code and write the codes yourself, you will take about 1-3 months of full time work. It won't be easy because of the financial part. If you ask someone else to write it for you, it would be about 10,000 dollars. But the guy will be doing a really bad job and he/she will take your idea. He/she will also take your order and subcontract to someone who will subcontract to someone to write this. Eventually the poor guy in Bangladash talk to you through 3-4 layers of subcontracting and he won't finish it.
It is likely you have to give the codes away for free on App stores.
If you make the product in hard ware, here is the math.
Let's say you order 1000 unit from a factory, need a patent to protect yourself somewhat, and needs to put it into say Amazon store for sales. Your acquisition cost is 30 dollars a piece, your design fee is 2000 dollars, your patent application is 1000 dollars, and your website design fee is 600. You may want to price it at 60 on Amazon, and for every day you are on Amazon say you pay 100 dollars to keep your product ranked on top. The total cost of doing this to start is only 35000 dollars, and you may make 2000 dollars. You agree to stay on Amazon for 30 days and you split the revenue 50-50 with Amazon.
Question asked by
July 4, 2020, 12:29:42 AM
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Startup Lingos To The Point
How to turn an interest into a money maker. How to attract people, how to stimulate people to pay, how to make profit, how to make relations, how to keep relations.
How much do I have to give my audience so they can pay me something in return? What do they value? what problem do they search for answers on your own? I want to solve that problem.
Brand means name recognition. A lot of people knows what your company does and what you stand for. Brand is result of long campaign of consistent value provision and media cultivation. Brand helps a company reduce marketing cost.
Whether there are buyer willing to pay or not. For that to happen you must provide extreme value. The entire startup process would be based on guess before the validation. Validation happens in a market, not on the street.
Value is what you give customers beyond the price you charge. Value is effective solution to a problem. The price your customer pays reflects whether the problem is big for them and whether your solution is uniquely effective. Value stems from quality and detailed work.
Marketing means bring your product to the market and bring your message to your customer. Marketing is not salesmanship. Marketing is to penetrate the world of commerce through many barriers and existing networks.
Minimally viable business, or MVC, minimally viable company. A company that scrapes by, full of guess and hope and no traction and sales. When you give your customers things for free they all take it. But they never pay and you can never rent a table at the market.
Minimal viable product. A full artifact of a real product. Something that works ALL THE TIME. You can demonstrate the real effect on real people - not to sell hope. The MVP may not have certain non-essential bells and whistles, but it needs to have appeal value.
Customer is king
A business lives at the mercy of its customers. You provide your customers 10 dollars worth of value and they pay you 1 dollar, not knowing that your company only costs 99 cents to provide the item. The value is not the item - the value is what is attached to the item.
Company culture is based on a company making money. Once your workers are paid, they need to have a mission and aspiration so they are not bored everyday and make trouble in the work place.
A company valuation is cash investment divided by the percentage. As long as your story is good, the valuation will keep coming, and the investors will keeping falling into the line.
Return on investment
Investors are either behind family fortune (never work with them) or for rich clients as investment vehicle. Both need returns 2-3 times better than stock market darlings.
Having found what people want, not just what people may need. Your offering and their acceptance is sure, no longer a guess. You can provide it for profit, and you can indeed making living on it. Traction is sometimes called validation. You are no longer a theater. You have touched nature, and found cash vein.