I know, great title ! So to give a bit of backstory. Me and my partner had this side project idea a while ago. In few simple terms it's a platform for physiotherapists to post their content and interact with clients – it is curated as in we have picked a team of 6 professionals – created a studio where we film them etc. The business model is subscription based – as of now users pay 10 EUR per month and get content of around 20 exercise videos every month. Each professional has his own speciality – athletics, pregnant women/after birth, morning workouts, office workouts etc. Most of our videos are translated live – we thought it could give users a “better feeling” or bigger motivation to try to do it together with the instructors. After live show they are put into archive for users to watch at any time.
We made a really rushed launch that coincided with the covid lockdown as we thought that it could give some good publicity and social activism for people to stay at home and stay healthy (we operated everything for free for the first 3 months).
I coded the platform on my own, it still needs a lot of work, but it is pretty solid. It supports live streaming has video on demand, analytics, payments, is scalable – everything built up from the ground. You my ask why would I do that if there are already a ton of platforms and services that could provide it? Short answer would be because I can and it is really cheap (not counting my time) – in terms of operational cost. This way I can control everything and it can scale on really low budget.
Our starting budget was inexistent. A camera, studio lights, wireless microphones, 50USD for servers. And maybe 1000-2000USD for facebook adds for the first few months.
Now on to the problem. We have been operating for 5 months now and have around 120 subscribers. Now for a small country with 2 million people and extremely niche product – it could have been worse. Good news is that large part of those users are big supporters, they write messages to the instructors, give feedback etc. Users seem to be coming in slowly. It used to be 2-5 each day when we started and our marketing was more active. Now it has slowed down to few users a week. At this point we make enough to just about pay something to the instructors for every session, cover servers and a bit is left for marketing.
Here I could use some advice. What could be the next logical steps. Me and my partner where planing to set up locally and then repeat the process in other countries or globally, but it takes a lot of work to manage everything here. We both have full time jobs and families so there is no time and energy left. My partner could easily find some investors, but he won't look for them until we are profitable – as the investors he knows won't give us the terms he wants. At this point we decided to continue and slowly grow, there will definitely be more activity in the could months so we decided to continue as is this year and improve the platform.
I have a feeling that I have here something that could work out, but some action needs to be taken. And if it doesn't work out on this specific project I still have a good video platform that could be used for something.
Any thoughts/advice would be appreciated.