Should I start charging?
Hello!
I launched my site about 3 weeks ago and I have not started charging for it yet. I believe it has found a niche based on the limited data I've collected so far. My concern with charging is that I'll miss out on getting valuable feedback - though I don't think I need it.
About the site: It's a financial independence / retire early (FIRE) calculator. Users can input their information and view a "forecast" but need to sign up (free) to save it. They can create multiple forecasts once they sign up. It's pretty simple. https://fiers.co/
Metrics (since Feb 15):
Visitors: 1,286 (mostly reddit, some facebook, no paid ads yet)
Previewed a forecast: 634
Joined to save a forecast: 60
Have more than one forecast: 9
Pages per visit: 2.7 (avg)
Time per visit: 3m 32s
I'm happy with the numbers but have been hesitant to pay for traffic until I start charging users. Is there any reason not to start charging? Any other feedback?
I plan to post about how I stumbled upon a way to get 1.2k of targeted users to the site in 1 month!
Thanks!
Start charging, testing, and iterating. If you wait, you'll just delay the process and continue to make too many assumptions on your own.
You can start with freemium model too if you want, or trial and upgrade.
Also, a note on your site. I like what's above the fold. But you should put a very simple 'How it works' on the home page (user-centric) - feature/benefit statements, rather than a separate article alone.
Thanks for the specific feedback about a simple version of "how it works" above the fold. You're correct that delaying charging is delaying the validation I need.
I'll also consider the trial as an option.
i think it's always good to charge, see what the market can manage / bear!
Always be testing and you always want feedback from every angle. Test different methods. Free & Pro plans, free trial with or without a credit card, lifetime plan for first X users, etc etc. Always be testing ideas and you'll know which path to take.
This comment was deleted 5 years ago
Thanks Tim. You're absolutely right. Having 1 paying customer is probably more valuable than having 10 because I can get critical feedback. I hadn't thought about it that way.
By not needing feedback, I only meant with regard to the idea being worth persuing to the next stage (which is getting paying customers).
Why would people pay? Most FIRE calculators let you put information in and give you the year you'll reach financial independence. But people doing FIRE keep spreadsheets of this information that they refer to on a regular basis - they are an obsessed bunch when it comes to personal finance.
So the value is that it saves a forecast and lets you refer back to it and do scenario comparisons if you're considering a big financial decision.
I guess that's the next hypothesis I'll validate --- if they truly are willing to pay for that. I did ask a few people who have signed up and they indicated they would but I'd like to find out for certain.
Thanks again!
This comment was deleted 5 years ago