After the previous three steps, you’ll have clear ideas for your value proposition. You’ll run them by users and they’ll get excited. Now, it’s time to start thinking about what you can charge for.
Like I said, you can and should be inspired by business models that your competitors and adjacent industries have proven out. But, you’re earlier stage, so revenue isn’t the only important thing — growth is just as, if not more, important. So it’s important, as an early business, to balance revenue and user acquisition.
Let's say you provide value X to a user. If you charge for value X, you can generate revenue, but you’ll likely have trouble growing at first. In turn, you could give value X away for free, which would allow you to grow very rapidly.
Many companies solve this problem with Freemium Models (we’ll give you X for free, but we’ll run ads. If you don’t want ads, then pay us!) or Free trials (you can get X for free, but only for two weeks). Others start by offering their value for free, then put up a paywall once they have a critical mass of users.
Whatever you choose to do, be clear with your goals and understand that you can always shift, pivot, and experiment!