Show HN: How to fund my startup through Seedrs - Workplace productivity software | Hacker News Reader

Show HN: How to fund my startup through Seedrs - Workplace productivity software

I'm raising investment for my startup 'Hey Jimmy' through Seedrs. Check it out at http://seedrs.com/startups/hey-jimmy

I’m building an office timesheet application for every business in the world with staff. This application is going to regiment ‘clocking in and out’ procedures and increase productivity during that time.

Have a read through the Seedrs listing for more specifications on the product.

Expect a closed beta release in a couple of weeks!

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Looking through the details I think you need to completely revamp your business model, as it stands it doesn't make any economic sense.

Your user acquisition cost is going to be way higher than the revenue you'll generate from sales. Plus you're charging a one-off fee for a service you'll need to provide on a continuous business.

You should go for a SaaS approach and charge on a per-employee basis and justify it based on ROI. For example if an employee is earning £6/hour and you're saving the company an hour of employee time a month, you can quite easily justify charging £1/employee/month for the product.

Have a look at how other people in this market are doing it:

http://www.shiftplanning.com/

Thanks for the comments ig1. Since I made the original submission to Seedrs I have had further thoughts on the pricing model and you're right - SaaS will be the right way to go.

I'm actually going to see if they'll allow me to amend the text. It was over a month ago I made the original submission.

I'm going to go with something like: Basic, Plus and Premium tiers. With added features and support for more employees as you go up in tiers.

Updated monetisation strategy:

The product will be monetised through a 'Software as a Service' strategy; with 'Basic', 'Plus', and 'Premium' pricing tiers. Higher tiers will support more employees and have added features, e.g. scanning of barcodes or 'Q codes' from employee ID cards as opposed to clocking in with staff ID numbers.

(Seedrs have said they won't allow me to update the text)

We've already received 2.5% of our funding target with nearly 3 months left https://seedrs.com/startups/hey-jimmy

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