Feedback on blog/therapy/app business ideas?
July 23, 2018 9:51 PM Subscribe
Hey everyone!
I have several business ideas and not sure how to integrate them all into one high value machine.
I currently work full time in mental health. I will have a private therapy practice (I will be fully licensed in a couple of years). I am really passionate about helping people connect with others so I intend to hold monthly activities (I will charge a small fee to cover some expenses and some of my time).
I also intend on paying to have an app developed to connect people. Finally, I have 3 blog ideas (that I think are great, but that I will set aside so I can focus on my app and events first).
I understand that I will have to incorporate my private practice separately. But, can I create a parent company under which to account for my income and expenses from the app/events/blogs when the time comes?
I would like to set up the business/legal side of things and I may do it before any income is generated so everything is clear from the get go.
Any advice and input is welcome. Thank you.
I also intend on paying to have an app developed to connect people. Finally, I have 3 blog ideas (that I think are great, but that I will set aside so I can focus on my app and events first).
I understand that I will have to incorporate my private practice separately. But, can I create a parent company under which to account for my income and expenses from the app/events/blogs when the time comes?
I would like to set up the business/legal side of things and I may do it before any income is generated so everything is clear from the get go.
Any advice and input is welcome. Thank you.
I think the short answer is talk to an accountant several years from now when you are setting up your private practice. That said, I have a few concerns with your plan.
Who is the audience for your events? Who are you trying to connect? It sounds like it's related to your plans to start a private mental health practice which makes me wonder if there are privacy issues involved. Also, as someone who struggles with their mental health, I don't really want to spend time with people who have similar issues. I would like to spend time with my friends and if they have mental health challenges, that's okay because they're my friends. But I'm not pumped about the idea of being set up with potential friends because we all have depression and anxiety. Maybe I read that wrong though?
I don't think an app is the thing you're looking for. Unless you're planning to franchise this idea, the potential audience for your app (possible event-goers? current/former patients?) is small and localized. Paying people to have an app developed is stressful and expensive. In addition to having the app developed, you need to make sure it is approved by the app stores for Apple and Android. And after it's approved and included in the app stores, you need to deal with updates. If this is something specifically for people who have mental health challenges or anything related to people's financial information, you need to worry about the app's security. And after all that, people might not download it. Those who download may not use it. Those who use it may give bad reviews on the app store.
How would you monetize this idea (obviously I understand how to monetize private practice but the app and events)? Charging admission for the events? As someone who organizes events occasionally, it is really hard to get people to go to free events with free drinks, let alone events they have to pay for. Are you going to charge people to download the app? Will you have advertisers for the blog? Who are the potential advertisers?
If you have great ideas for blogs, why not do them now? What are you waiting for?
I don't mean to discourage you but I think these are good questions to ask yourself. Good luck!
posted by kat518 at 7:46 AM on July 24, 2018
Who is the audience for your events? Who are you trying to connect? It sounds like it's related to your plans to start a private mental health practice which makes me wonder if there are privacy issues involved. Also, as someone who struggles with their mental health, I don't really want to spend time with people who have similar issues. I would like to spend time with my friends and if they have mental health challenges, that's okay because they're my friends. But I'm not pumped about the idea of being set up with potential friends because we all have depression and anxiety. Maybe I read that wrong though?
I don't think an app is the thing you're looking for. Unless you're planning to franchise this idea, the potential audience for your app (possible event-goers? current/former patients?) is small and localized. Paying people to have an app developed is stressful and expensive. In addition to having the app developed, you need to make sure it is approved by the app stores for Apple and Android. And after it's approved and included in the app stores, you need to deal with updates. If this is something specifically for people who have mental health challenges or anything related to people's financial information, you need to worry about the app's security. And after all that, people might not download it. Those who download may not use it. Those who use it may give bad reviews on the app store.
How would you monetize this idea (obviously I understand how to monetize private practice but the app and events)? Charging admission for the events? As someone who organizes events occasionally, it is really hard to get people to go to free events with free drinks, let alone events they have to pay for. Are you going to charge people to download the app? Will you have advertisers for the blog? Who are the potential advertisers?
If you have great ideas for blogs, why not do them now? What are you waiting for?
I don't mean to discourage you but I think these are good questions to ask yourself. Good luck!
posted by kat518 at 7:46 AM on July 24, 2018
Response by poster: Excellent feedback so far. I've been talking with lawyers, app developers, and bankers and I can definitely see how the old whole thing can be very overwhelming. Let me add some more detail.
The app was definitely not meant to target people with mental illness. The app that I have in mind is for people who, and I know many, have recently moved or are simply no longer in touch with their Core group of friends and are looking for close friendships. I went to a meet-up where they charged (more then i would) to do a speed dating type of thing but with friends only and it got sold out pretty fast. I stayed around and chatted with a bunch of the people who went and I listened to what they had to say about the event itself how it was unorganized and not as structured as they hoped. I know that there is a market for this at least where I live. But perhaps an app really isn't the way to go. Monetizing the app is definitely an issue. I don't want to force people to pay for a subscription because i dont like that myself. What I thought initially was to have ads on the app once I have a decent user base. Of course all of these things are a lot easier said than done.
I really like the idea of using a Facebook group to launch a similar idea instead of an entire app so I will think about and look more into this.
Next, even as an associate therapist, which is what I am now, I cannot have dual relationships so I would not intend on practicing therapy on any of my new friends and vice versa, but of course I would present myself as a therapist for transparency.
I do need to deeply consider all things and the blogs are the least complicated of my ideas so maybe I will end up launching those ideas sooner than later.
posted by livelikegold6 at 10:18 AM on July 24, 2018
The app was definitely not meant to target people with mental illness. The app that I have in mind is for people who, and I know many, have recently moved or are simply no longer in touch with their Core group of friends and are looking for close friendships. I went to a meet-up where they charged (more then i would) to do a speed dating type of thing but with friends only and it got sold out pretty fast. I stayed around and chatted with a bunch of the people who went and I listened to what they had to say about the event itself how it was unorganized and not as structured as they hoped. I know that there is a market for this at least where I live. But perhaps an app really isn't the way to go. Monetizing the app is definitely an issue. I don't want to force people to pay for a subscription because i dont like that myself. What I thought initially was to have ads on the app once I have a decent user base. Of course all of these things are a lot easier said than done.
I really like the idea of using a Facebook group to launch a similar idea instead of an entire app so I will think about and look more into this.
Next, even as an associate therapist, which is what I am now, I cannot have dual relationships so I would not intend on practicing therapy on any of my new friends and vice versa, but of course I would present myself as a therapist for transparency.
I do need to deeply consider all things and the blogs are the least complicated of my ideas so maybe I will end up launching those ideas sooner than later.
posted by livelikegold6 at 10:18 AM on July 24, 2018
Next, even as an associate therapist, which is what I am now, I cannot have dual relationships so I would not intend on practicing therapy on any of my new friends and vice versa, but of course I would present myself as a therapist for transparency.
If you're planning on being a participant as well as an organizer for the social piece, and you're thinking about a parent company that would include the social piece and your private therapy practice, you probably want to think through ethical issues here. What if a current client wants to access the social piece? What if you're working with a client with social isolation and you think the social piece would be helpful for them -- would you refer the client? How would you feel ethically about referring a client to your own business? How would you handle a client being part of the social group? Is there any conceivable way a client would feel pressured to sign up for the social piece because they know you run it? What happens if a client takes part in the social piece, has a bad experience, and decides to make a complaint alleging that you pressured them into it and/or were not fulfilling your role as their therapist by keeping their wellbeing primary during the group?
If it were me, I would not want both those pieces in one company. I would feel that separating them out would make it slightly easier to keep boundaries between them.
posted by lazuli at 11:57 AM on July 24, 2018
If you're planning on being a participant as well as an organizer for the social piece, and you're thinking about a parent company that would include the social piece and your private therapy practice, you probably want to think through ethical issues here. What if a current client wants to access the social piece? What if you're working with a client with social isolation and you think the social piece would be helpful for them -- would you refer the client? How would you feel ethically about referring a client to your own business? How would you handle a client being part of the social group? Is there any conceivable way a client would feel pressured to sign up for the social piece because they know you run it? What happens if a client takes part in the social piece, has a bad experience, and decides to make a complaint alleging that you pressured them into it and/or were not fulfilling your role as their therapist by keeping their wellbeing primary during the group?
If it were me, I would not want both those pieces in one company. I would feel that separating them out would make it slightly easier to keep boundaries between them.
posted by lazuli at 11:57 AM on July 24, 2018
Response by poster: In my original post I stated I already understand I would need to separate my private practice from anything else I would do. I was inquiring about a parent company for the app, blog, and events.
posted by livelikegold6 at 1:43 PM on July 25, 2018
posted by livelikegold6 at 1:43 PM on July 25, 2018
Ah, sorry, I misread. It would still likely be helpful to think through some of the ethical considerations before things start up -- always easier to put policies in place before something goes wrong!
posted by lazuli at 2:26 PM on July 25, 2018
posted by lazuli at 2:26 PM on July 25, 2018
Response by poster: It's okay and I absolutely agree with you.
posted by livelikegold6 at 11:42 PM on July 25, 2018 [1 favorite]
posted by livelikegold6 at 11:42 PM on July 25, 2018 [1 favorite]
This thread is closed to new comments.
I just want you to know that about 75% of people's "big ideas" these days as entrepreneurs out of college are some kind of Social Media App. Tens of thousands of ideas every year. They even get them coded, and launched. And yet, I only have Facebook and Snapchat on my phone still.
I'm sure yours is different, maybe it doesn't have grand ambitions. Maybe I'm not the target market. But I'd caution you - Apps cost a lot of money, and it costs multiple millions in advertising, seeded reviews, paying bloggers, to even get 0.1% of people to download it. Even Apps for your business - people really hate downloading apps even when free. They would rather use another app or platform any chance they get.
So, I'll just say this: Are you SURE that the idea you have can't be done on a platform like Facebook Groups? Like, even if Facebook Groups aren't really meant for that, are you SURE you can't do it anyway? Charging admission to the group, allowing people to branch off, anything like that?
One of my favorite ways I see people connect these days is an open invite to a dinner party in my area. Every month people go from every walk of life. If there was an admission charge or if my therapist recommended I go... I'd probably be a lot less interested.
Sorry for being so negative - if you like your idea, go for it! True entrepreneurs need to fail and fail and fail before they succeed. But, I would try to discover what makes your idea unique, and what will have it provide the most value to other people, and focus on that aspect.
Last, in terms of blogs, there's a pretty good blog out there by a psychiatrist called slatestarcodex. He talks about rationality and other odd topics, but when he writes about his profession it's very interesting. If your blog is anything like his, I'd read it every day!
Hope my thoughts help.
posted by bbqturtle at 6:49 AM on July 24, 2018 [1 favorite]