Ryan Micheletti explains how early-stage founders should pick a revenue model before building the product. Many founders skip this and waste time developing features nobody will pay for. Talk to customers about monetization early, and get mentor feedback to validate your approach.
Hi everyone, my name is Ryan Micheletti and I'm Director of Global Operations for the Founder Institute. And today I want to give you a couple tips on finding the right revenue model for your company. So one of the biggest mistakes founders make, especially at the early stage, is that they're so focused on building a great product that they don't— they overlook the business case. And so revenue models not only help you with customer acquisition, but they also help drive revenue for your company, which is extremely important. And so there's a couple ways that you can figure out what the right revenue model is for you. So the first thing is that the revenue model and the product go hand in hand. So as you're doing customer development in the beginning to figure out what the right problem is and what the right solution is for your customer, make sure that you're also talking about the potential revenue models. Because if you are doing a SaaS-based revenue model versus a lead gen, the that's gonna entirely change how you structure and build your product. So ultimately, you're gonna save time and money in terms of lower cost of development cycles and saving time not having to go through all of this iteration just by being upfront and talking to your customers. The second way you can do this is through experienced mentor feedback. And so if you're looking for mentor feedback around what potential revenue models would work for you, join us for an upcoming Founder Institute program in your city. Go to fi.co/join to apply. Thanks.
