MBA2363 Q&A Wednesday: Should I launch my app without knowing how to monetize it?

The $100 MBA Show

Omar Zenhom

Entrepreneurship, Business, Careers, Marketing

4.8 • 2.2K Ratings

🗓️ 13 September 2023

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

Can you launch your app without knowing how to monetize it? It's not uncommon for passionate entrepreneurs to want to dive headfirst into bringing an app idea to life.

The excitement of creating something innovative can sometimes overshadow the importance of having a solid monetization strategy. While it's understandable to be eager to launch your app, it's essential to first consider how you will make money from it.

Omar dives into the importance of having a monetization strategy from the start and how it can impact the success and viability of your product. So, if you're in the process of building an app, click play!

Transcript

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0:00.0	Heyo! Welcome to the $100 R&B A show. You get better business with every single episode.
0:15.0	I'm your host, your coach, your teacher Omar is at home.
0:18.0	I'm also the co-founder of Webinar Ninja, an independent software company I started back in 2014.
0:24.8	And today's episode is Q&A Wednesday.
0:27.2	On Q&A Wednesdays, we answer a question from one of you, one of our listeners.
0:31.3	If you got a question you want to ask go ahead and email me over
0:34.1	at omar at one zero mba a dot net today's questions from brie and brie asks
0:39.1	should I launch my app before knowing how to monetize it? This is a fantastic question because so
0:46.4	many entrepreneurs are going to come up with ideas. They're going to come up with
0:50.2	ideas for apps, for products, for services, for websites, for blogs, for
0:54.1	podcasts, and not necessarily have a business model, not have a way to actually make money
0:59.5	off this idea, but they are so passionate about this idea, they want to just get started, get it out the door.
1:05.0	So in today's lesson, I'm going to answer this question.
1:07.3	Is it okay just to have an app to get started and fulfill this dream of yours without thinking about how to monetize it first.
1:15.2	Is the monetization strategy or business plan even needed at the start?
1:20.2	Or is it essential for the actual product to survive, to thrive and be viable.
1:26.1	So let's get into it, let's get down to business.
1:29.2	Today's question and the wording of this question is actually quite important.
1:33.0	Should I launch my app without a monetization strategy
1:37.0	or knowing how to monetize this app before I launch it?
1:40.0	That's not the same as asking should I be monetizing it when I launch it.
1:45.0	Because really the question is asking should I have an idea of how I'm going to make money
	...

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