Keep in mind you're going to see a lot of reports in the beginning, it will level off as you apply fixes. You'll need to prioritize these bug fixes in your organization, if you do not fix them within a time period the researcher has the ability to disclose the bug publicly.
I recommend you review your program guidelines with a lawyer before starting it.
If helpful I wrote down my notes about starting a bounty program although my experiences were formed by larger companies https://medium.com/@collingreene/bug-bounty-5-years-in-c95cd...
I haven't had to manage one (yet), but because we'll no doubt be doing that for several startups this year I've been talking to friends about what their bounty programs have been like, and I've learned a lot of stuff. Frankly, bounties are something I might push back on for a lot of startups.
Care to elaborate why?
Daniel Miessler has a good breakdown of when to consider various types of security testing: https://danielmiessler.com/blog/when-vulnerability-assessmen...
Sqreen also have a handy basic security checklist: http://cto-security-checklist.sqreen.io Specific to bug bounties they say "You need security aware people inside your development teams to evaluate any reports you receive."
[Edited to add following]
Another article http://searchsecurity.techtarget.com/opinion/Is-the- bug-bounty-program-concept-flawed "There can be a lot of noise in these systems, and the quality isn’t always there, nor are the findings always significant."
And from the same article Google says "Approximately 90% of the submissions we receive through our vulnerability reporting form are ultimately deemed to have little or no practical significance to product security,"
The concerns I've had raised to me about the value of these programs in practice all assume you're already paying extra to triage.