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What It's About
A recent graduate creates a service to help parents monitor their kids’ internet use.
Business Model
Skills Required
Complexity
Profit Potential
Words of Wisdom
This service clearly responds to a major concern of a lot of parents. Most parents don’t want to completely restrict or prohibit their kids from using the internet, but of course they want them to be safe. The LiveSnoop service provides not only security but peace of mind as well... which is very valuable to parents.
This circles back to what we've learned with previous episodes (remember those low-cost chicken saddles?): when you focus on the needs of your customers, you're more likely to find success with your side hustle.
Fun Fact
Ian uses a recurring revenue model with his service, LiveSnoop. Almost all software is priced this way now. It used to be that you purchased software once only, or maybe once every couple of years for a new version. But now, the industry standard is to pay monthly. This helps to support customer service and product improvements.
The beauty of it is that once you have paying subscribers, as long as they’re actively using the service, they’re not likely to cancel—at least most of them aren’t.
