How Profitable Is A Reviews And Rating App Business? (Updated for 2024)
So you want to start a reviews and rating app business?
And the first question that came to your mind was, “well, are reviews and rating app businesses actually profitable?”
With a market size of $154B - there’s plenty of business to go around.
Especially considering:
- You could start a reviews and rating app business with as low as $9
- Based on our data, reviews and rating app businesses generate an average of $228K per year
There’s money to be made. Don’t worry.
But, I don't want to spoil it all. Below we’ll cover everything you need to know when it comes to the profitability of a reviews and rating app business.
Let’s dive in!
Is a reviews and rating app business profitable?
Yes, a reviews and rating app business is generally a profitable business. However, you still need to consider several factors since these things always impact the overall outcome.
For instance, since average revenue is $228K per year with an estimated gross margin of 83%, you could expect to recover your investment within 10 months or even less.
But of course, it all comes down to how much you earn compared to the potential revenues of your reviews and rating app business.
To determine whether your business is profitable, you should earn more than your expenses in the beginning months. However, while you're in your first month, it can be challenging to know what to expect.
Therefore, you should maintain a record of your monthly expenses and income to determine whether you're meeting your goals. By doing this step, you can see how your reviews and rating app business is doing and if any changes or adjustments need to be made to enhance or maintain your efforts.
Is a reviews and rating app business worth it?
If you’re wondering if a reviews and rating app business is worth it, the answer is a big YES. With reviews and rating app businesses, you have the potential to earn $228K per year (this is based on data reported by real founders).
Further, you could have your initial investment back within months. Simply put, it’s a business worth a shot, especially if you have the resources and make the necessary efforts to achieve or surpass the target.
With a market size of $154B, it will be possible for you to build something that grows and turns into a flourishing business. As such, it’s the type of business you might want to consider starting.
Of course, you must learn and understand every aspect of running a reviews and rating app business to ensure success. Still, as long as you have the initial investment and can endure a few months before your actual gains, this business could be worth it.
You might want to consider reading more specifics about successful reviews and rating app businesses case studies.
Examples Of Profitable Reviews And Rating App Businesses
Here are a few examples of profitable reviews and rating app businesses, and a few more details about them:
1. Wealthtender ($360K/year)
Brian Thorp founded Wealthtender in 2019 to provide inclusive financial advice and resources for people of all income levels. With over 40,000 monthly visitors, Wealthtender generates $8,000 in revenue each month from financial professionals who subscribe to their digital marketing benefits. Thorp identified a gap in the market for a financial advisor review platform and capitalized on new SEC regulations to launch Wealthtender's SEC-compliant online review platform, further expanding their offerings and establishing their authority in the industry.
Is it profitable? Yes
How much money it makes: $360K/year
How much did it cost to start: $100K
Wealthtender's founder Brian Thorp created an SEC-compliant financial advisor review platform which generated $8,000 a month from 40,000 monthly visitors in 2019, and now earns over $40-$50 a month from 200 paying financial professional clients, receiving over 30,000 monthly visitors and being in the first page of Google for various search terms.
2. Famewall ($12K/year)
Goutham Jay faced difficulties in gathering testimonials from engineering graduates while working on a consumer startup with co-founders.
Jay was unsatisfied with the limited customization options and complicated steps required by other testimonial tools, most of which were expensive and inflexible for entrepreneurs and creators.
He aimed to create a tool that would simplify collecting and showcasing social proof for companies and creators.
Is it profitable? Yes
How much money it makes: $12K/year
How much did it cost to start: $500
Goutham Jay, CEO of Famewall, grew his business from $0 to $100 in monthly recurring revenue by leveraging Twitter, LinkedIn, and email marketing, showcasing the importance of patience and persistence in entrepreneurial success.
3. onlinecasinoguide.in ($120K/year)
Arjun Patel, a dedicated casino player and SEO manager, noticed a lack of online casino information for Indian players. Combining his expertise in SEO and his passion for casino games, he created onlinecasinoguide.in, an online casino affiliate that provides honest reviews, game guides, and bonus offers. With a monthly visitor count of 30K, the platform has become profitable and Patel plans to expand into other emerging casino markets in Asia and South America.
Is it profitable? Yes
How much money it makes: $120K/year
How much did it cost to start: $5K
Indian founder Arjun Patel created online platform onlinecasinoguide.in which provides honest reviews, guides and details about casino sites and promotions in India, gaining 30,000 monthly visitors through dedication and patience in building a solid SEO foundation.
Learn more about starting a reviews and rating app business:
Where to start?
-> How much does it cost to start a reviews and rating app business?
-> Pros and cons of a reviews and rating app business
Need inspiration?
-> Other reviews and rating app business success stories
-> Marketing ideas for a reviews and rating app business
Other resources
How much can you make with a reviews and rating app business?
With a reviews and rating app business, you can make an average of $228K revenue per year (based on data reported by real businesses).
You can start with an initial investment as low as $9. Then, with proper knowledge and sustained effort, you could have an ROI (return of investment) within 10 months.
How much does a reviews and rating app business make a week?
Based on our data, average weekly revenue for a reviews and rating app business ranges around $4.74K. As such, you could see monthly revenues of $19K.
To know if your reviews and rating app business achieves the weekly profit target, you need to keep track of the total earnings you get per day. Afterward, you'll want to consider subtracting the expenses you have daily.
Learning your weekly profit can also show whether you're hitting your target goal for your reviews and rating app business.
How much do reviews and rating app businesses owners make?
The income of a reviews and rating app business owner can vary depending on various factors such as location, size, competition, and the owner's business skills.
But to give you some idea, the weekly revenue of an established reviews and rating app business is about $4.74K. But this can be lower or higher depending on so many factors - it's almost impossible to say exactly.
While the potential for earning a good income as a reviews and rating app business owner exists, success in this field requires a commitment to providing quality products and services and building a strong reputation within the community.
Reviews And Rating App Business Profit Margins
Generally speaking, a reviews and rating app business can expect profit margin of around 83%. Profit margins refer to the percentage of revenue that remains after deducting all expenses associated with running a business. In the case of a reviews and rating app business, profit margins can vary depending on various factors, such as the type and quality of products sold, the size of the store, and the level of competition in the area.
However, these figures can vary depending on the pricing strategy, inventory management, and overall efficiency of the business. To maintain healthy profit margins, reviews and rating app business owners must focus on managing costs, negotiating favorable supplier terms, and providing high-quality products and services to attract and retain customers. By doing so, reviews and rating app business owners can ensure long-term sustainability and profitability for their business.
Reviews and rating app business owner salary
The salary of a reviews and rating app business owner is an unpredictable figure. It's significantly influenced by numerous factors, including the store's location, its size, and the degree of competition. An owner of a well-established reviews and rating app business, in a prime position, might see an average weekly salary around the ballpark of $3.94K.
But it's worth noting, such numbers aren't always consistent. The earnings can vary wildly, potentially swinging by as much as 80% either way.
Achieving consistent success and maintaining a reliable income stream in this industry requires a deep commitment. It's imperative to offer high-quality products, deliver impeccable customer service, and nurture a trusted bond with the community you serve.
Conclusion
In a nutshell, based on many of our examples, a reviews and rating app business may be a promising business to start - but the success of your reviews and rating app business mostly depends on your effort and your approach.
If you focus on these, you'll have a much higher chance of a profitable reviews and rating app business.
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Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
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