Startups Side hustle to full time |
- Side hustle to full time
- I formed a Delaware C Corporation prematurely (before MVP) and now I must file tax forms. Anyone know how to do this?
- Why User LTV (Lifetime Value) Should Be a Key Priority for Your Startup
- Desperately need advice
- How to get hired as a smart but really unorthodox job seeker?
- Stuck at Cross Roads, Should I self fund or look for investors?
- How to get press coverage for startup?
| Posted: 03 Mar 2019 07:03 PM PST Has anyone here transitioned a side hustle to a full time job after the side hustle was already making close to their full time job? If so do you have any tips on what helped you manage your time? And did you have to worry about competitors seeing success of the product and overtake you if they decided to devote full time to it from the beginning? I am working on software / internet side hustles outside my day job as a software engineer in the hopes that one will eventually hit. I have some family and financial responsibilities that make me very averse to quitting a stable paycheck with no significant traction on the side project. Were you able to do this without taking investor/vc money? I imagine a VC would want me to work full time from the beginning which would be understandable if they're putting in money. From what I've read, it seems like a lot of people that do take VC money are able to take a minimal paycheck since they are usually younger and have minimal outside responsibilities. Thanks for any help. [link] [comments]  |
| Posted: 03 Mar 2019 05:04 PM PST So I was stupid and got ahead of myself by creating a Delaware C Corporation for my "startup idea". Well I havent even launched MVP but I still have the corporation and now I must pay taxes. Anyone got any ideas from your personal experiences what taxes need to be paid for a Delaware C Corporation that only exists on paper? There has been no cash, employees, assets, nothing I know a CPA could help me out w/ this but startups just aren't common in TN and the CPA's that do know charge a lot and I'm really low on cash. So far I know I have to do:
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| Why User LTV (Lifetime Value) Should Be a Key Priority for Your Startup Posted: 03 Mar 2019 05:31 AM PST User Lifetime Value (LTV) is the measure of a user's worth over a period of time. It helps determine the quality of your users. Even if a user doesn't prove his value to the company directly by spending money on in-app purchases, they could still be of high-value if they share the app with their friends, spreading the word. This metrics will help you optimize your acquisition strategy, targeting users that give-back. So let's dive deeper in it. Components of LTV LTV focuses on specific segments of an app's user base to analyze unique patterns of behavior that are separated by time, rather than providing an overall metric which deals with the entire user base. Due to this factor, LTV is a lot more complex than simply measuring average revenue per user (ARPU). Nevertheless, ARPU plays an essential role when calculating the LTV. Aside from the ARPU, there are three main components that influence LTV: retention, monetization, and virality. Retention Retention is the level of engagement a user has with your app over time. Essentially it's how much time they spend taking advantage of the app's functions over the length of an average customer lifecycle. When calculating retention, you measure how frequently your customers come back for more after installation. Monetization How much a user invests into the app. Investments can be in the form of ad-impressions (any time an ad gets fetched from its source, not taking into account whether it gets clicked on or not), subscriptions, or in-app purchases. Virality "A phenomenon in which users acquire other users, usually through some referral mechanism built into the product on offer" (en.oxforddictionaries.com). This accrual of user by user creates value. The three main referral mechanisms include: social media sharing, word of mouth, and email. How to Deal with LTV Fluctuations Here are some likely scenarios that can occur in your company taking the LTV into account: Revenue is flying but LTV is sinking. Due to heavy marketing investment, people are acknowledging your app. They see it everywhere and are giving it a fair chance. But upon using the app, their interest falters, it's just not that engaging. The app's flame is being spread just as fast as it's being extinguished. Cash is burning and eventually your revenue will dry up after your marketing efforts slow down. Figure out how to increase user-retention and engagement. -Revenue and LTV are both sinking. Your marketing efforts are poor, as is your engagement and retention. Users are no longer coming and the ones that are still involved are most likely set to leave. -Both revenue and LTV are flying. Users find your app engaging and are not weary to stick-around. Your users are content with the environment you've created for them. Ad-impressions are on the rise, people are talking, money is coming in your direction. What if? To help put the concept of LTV into perspective, the following will consist of a math problem that aims to mimic a real-life example. Two definitions to help you understand the problem's specifics: Organic downloads: downloads obtained without investing in marketing. Cost-per-install: Cost of acquiring a new user. Question It's been 6 months since the initial launch of your app. So far you've made $100,000 in profit, all installations being organically rooted, and you have 25,000 users. A rough calculation of your 6 month LTV equates to $4 per user. Your investor's hungry, he/she needs to eat. If you don't make $200,000 in profit over the next 6 months, they abandon ship. Assuming average cost-per-install is $2 and the organic accrual of customers continue, what's the necessary amount of investment to make a total profit of $200,000 assuming all other factors remain the same over next the 6 months? Solution
Conclusion In order to maximize revenue, it's imperative you target and acquire users that will spend graciously or bring you business. Keep a watchful eye on your customer acquisition costs, these will affect your LTV. In an ideal situation the cost of acquiring customers stays decreasing while LTV increases. What you are taking advantage of in this case is organic marketing. At first organic marketing is almost impossible but once your initial wave of marketing is successful, the flame will catch and organic will take over. Set yourself up for success by giving users a platform they love to direct their resources towards and will shout the good word of your app across town. [link] [comments]  |
| Posted: 03 Mar 2019 09:40 PM PST Hey everyone. Hope all is well. I am posting because I need advice with my current situation. The background goes like this: I am a university student and am working on a startup that I believe has huge potential and could be something big. I pitched it to a couple of friends that I thought I would work well with (they are relatively smart) and they liked it and were on board. One of them is an engineer, the other is an accounting/finance guy. I myself, have very limited technical knowledge. So, the engineer said he would take care of everything on that side as long as I made it clear what I wanted. Long story short, we are both currently in the same startup class and are pretty good friends but he has not done anything to help me. The only thing he does is doubt everything I say and find a way to "teach" me something as if I am completely ignorant of the world. He has added no technical value and does nothing. He will be going out on weekends and then complain during the week how he got no sleep - keep in mind I am working until late every day refining and doing research. Recently, I made a prototype (he was supposed to) to speed up the process and told him to get it done so we can pitch to our customers. He seemed excited and I thought he was going to work hard, but he literally probably worked for about 1 hour with another guy and stopped (saw the amount of work on github) I don't know what to do since I cannot code the platform my self and have too much to currently do. Does anyone have any advice? TL:DR - Have a technical cofounder who does not do anything other than doubt my vision and idea and slow everything down. Don't know what to do as I have very limited technical knowledge and we are in the same class together. [link] [comments]  |
| How to get hired as a smart but really unorthodox job seeker? Posted: 03 Mar 2019 07:15 PM PST I am an odd duck. I have pursued many different educational and creative paths and have taken the last several years essentially off the job market to pursue some personal passions. I have some great, prestigious degrees, some really interesting but not-too-marketable passions, and not a lot of traditional work experience. I think my versatility, creativity, and certain brand of obsessiveness could contribute to the right startup -- in a non-technical role. Any recommendations on how best to find a mutual fit and find a startup open to that? (I'm in NYC if that makes any difference) [link] [comments]  |
| Stuck at Cross Roads, Should I self fund or look for investors? Posted: 03 Mar 2019 10:48 AM PST TLDR at the bottom First off my startup is just an idea and some cash I have laying around(about 5k). I am in high school so I would have time every night to work on it. My Idea is similar a peer to peer rental service like Turo. So I have a business plan (very crude but still works) and I can self fund the first part like paying someone to develop an app (Is Fiverr a bad choice for app development?) and I will really hustle the promotion part on a low budget. I need to have insurance so people feel safe to rent on my platform. I know there is no way I could pay for insurance by myself to insure customers items when they are rented.
Thanks, I appreciate your help. TLDR: Should I release my rental app without insurance for items then add it later or seek investors to help pay for insurance? [link] [comments]  |
| How to get press coverage for startup? Posted: 03 Mar 2019 03:29 PM PST How did you get press coverage for your startup? I'm looking for practical ways to get the word out. As a small startup we don't have resources to hire PR professional, so I have to do it on my own and with limited financial resources. I've tried to find and reach out to journalists who cover topics in our niche, following the advice on Internet for being personal and not mass emailing. But all in vain as I haven't received any response from them. The same with editors who don't response. I don't understand what I'm doing wrong and look for advice. How did you get press coverage for your startup? In general, is it possible to get coverage for free or you have to pay to get published? [link] [comments]  |
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