When to "Turn On" Monetization?
When do folks choose to "Turn On" monetization? Right now, I am building a web app called Instant Equation" that surfaces any engineering formula you ever want to reference.
I got a lot of great feedback on it and it does in-fact reduce the friction of finding formulae. But I need to add more feature sets to be able to monetize it.
My general question here, when did you guys know you can "turn on" monetization? How many value add features did you build before turning it on? #advice
Monetization should be built in from the start. We all love to build stuff, but having a clear monetization strategy is what makes a business after all. My opinion is turning on monetization when you see traction related to the main value you're providing is sensible.
Adding a bunch of features and then monetizing can be a way to procrastinate doing the actual "selling". As builders we like to continuously improve the product, add just one more thing.. the time to "turn on" that sales page is probably when you are giving value to your customers or when your costs/time/energy are more than what you get back from your work. That way you'll know if your product has a market and if it's worth pursuing. The whole fail fast thing ..