Curated Business Ideas : Profit Sharing Formula App

Profit Sharing Formula App

Jack’s Curated Business Idea

Jack Lookman

A. ACKNOWLEDGEMENT

The foundational sacrifices of my parents are much appreciated.

I was fortified with spiritual and academic knowledge and practices; as well as great life skills.

Contributions of John Tosin Adekunle are appreciated.

Taiwo and Owolabi you are also appreciated.

Pastor Dumisani, thank you.

Roland Owolabi, you are appreciated.

Also Seyi Sikirat, thank you.

Chinedu China, I appreciate you.

My beautiful Tolu Mayowa Tobi you are very much appreciated.

To all those who’ve added value to me, I say, thank you.

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B. DEDICATION

This piece of work is dedicated to all my family members.

My Late Dad

My Mum

My Siblings

My Children

May Allah grant us the best of this world and the hereafter and protect us from the torment of hell fire, the grave, and all torments. Ameen.

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Profit Sharing Formula App

A. ACKNOWLEDGEMENT

B. DEDICATION

1. Introduction

2. What’s the idea?

3. Inspiration for the idea

4. Some requirements for creating the app

5. What are the benefits of the app?

6. Here are some possible threats to creating a Profit Sharing Formula App.

7. Who needs the Profit Sharing Formula App?

8. Opportunities for collaboration

9. How does the Profit Sharing Formula App work?

10. Jack Lookman, have you done a video previously?

11. What’s the monetisation plan?

12. What’s the marketing plan?

13. Could I make passive income?

14. Is it for businesses or projects?

15. What data needs to be inputted?

16. What’s the output data?

17. Is this effective stakeholder management?

18. Who are the target audience?

19. Could collaborations be done virtually?

20. About Jack Lookman

21. What are the price plans for the Profit Sharing Formula App?

22. How could the app be accessed?

23. Could the app be synchronized?

24. On what gadgets could the app be used?

25. Is the app suitable for small or big businesses?

26. How could I build the app?

27. Disclaimer

28. Some legalities to consider

29. Possible opportunities from the Profit Sharing Formula App

30. What problem is being solved?

31. Who will fund the project?

32. How could risks be managed?

32.1. Risks

32.2. Some suggested mitigation are:

33. How could the Profit Sharing Formula App be monetized?

34. Some costing thoughts

35. Pricing

Some considerations are:

36. Resources required for the Profit Sharing Formula App

37. Could you share your thoughts?

38. Price plans

39. Some research considerations

40. Return on investment

41. Some business plan considerations

42. Technical specification thoughts

43. How will the app be created?

44. Collaboration opportunities with Jack Lookman

45. Some suggested functionalities for the app

46. Demonstration Tables

47. Is the Profit Sharing Formula App suited to project managers?

48. Skills required for Profit Sharing Formula App users

49. Who’s the project manager?

50. Could there be re-investments from stakeholders?

51. Could the project manager end up as the major stakeholder?

52. Exit strategy

53. Extra x% to the entrepreneur for historical work?

54. Tips on naming the app

55. What does the project manager bring on board?

56. More resources from Jack Lookman

57. Conclusion

58. Did you get value?

59. OTHER PUBLICATIONS BY Jack Lookman Limited

60. MORE RESOURCES FROM JACK LOOKMAN LIMITED

1. Introduction

Welcome to our series, Jack’s Curated Business Ideas. This is Jack Lookman. Today’s theme is: ‘Profit Sharing Formula App.’

I’ve done some content on the subject. This is therefore an enhancement. Please check our different platforms for more information or do a google search for Jack Lookman - Profit Sharing Formula. We hope that you enjoy the presentation and that as usual, it will stimulate other creative thoughts in you. Don’t forget to articulate your thoughts; as this could come in handy, sooner or later.

The transcript of the audio presentation could be found at: jacksempowerment.com

Search for Jack’s Curated Business Ideas

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2. What’s the idea?

It’s all about an app.
One that fairly shares profit and loss with entrepreneurial or business stakeholders.
The proposed process is more of a science than an art.
It is fair and transparent and it quantifies inputs such as effort, money, time, etc
And pro-rates this cumulatively when sharing profit or loss.
It’s presumably a novel idea.
And is expected to add great value to the entrepreneurial space.

3. Inspiration for the idea

The idea has been on my mind for a while.
I guess that it came about during my research on getting funding and involving investors.
Watching entrepreneurial programs like dragons den
As well as during my entrepreneurial pursuits.
The process of sharing profits was apparently more in favour of the investor, which is indeed for obvious reasons
And the process appeared more like an art, than a science.
In my opinion, there could be a better way
As an analytical mind, I thought of doing things differently
This is what birthed the idea.

Jack’s Empowerment jaaloo.com. Jaaloo Puzzles

4. Some requirements for creating the app

You need to have the technical specifications and brief, for the app developer.
You need an app developer, (unless you could do it yourself).
You need finance.
You need to test the product.
You need to continually upgrade and update the product.
You need a platform for purposes of marketing and sales.
You need to have a business plan to guide your activities.
You need to have a monetisation plan.
You may require a team as necessary:

this could be part time or full time
they could be permanent staff, or temporary.
They could actually be freelancers.

You need to register your business
Etc

Jack’s Empowerment jaaloo.com. Jaaloo Puzzles

5. What are the benefits of the app?

It’s a different way of doing business collaborations.
It’s fair and transparent.
It adds great value to concerned parties.
It promotes accountability.
It empowers entrepreneurs.
It adds value to the entrepreneurial space.
It could create opportunities.
It could create jobs.
It could create wealth
It could automate processes

6. Here are some possible threats to creating a Profit Sharing Formula App.

Trust issues
Abuse of process
Technical issues
Conflict

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No due diligence
External factors
Abandonment
Insufficient funds
Business loss (no profit)
Illness
Death
Under-performance of Entrepreneur
Intellectual theft
Copy cats
Competition

7. Who needs the Profit Sharing Formula App?

Entrepreneurs
Investors
Small scale businesses
Collaborators

8. Opportunities for collaboration

If you wish to collaborate on this or other projects.
Please contact us via email

Use a suitable heading and short narrative.

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9. How does the Profit Sharing Formula App work?

The entrepreneur does, or project manages the work.
He shall have an agreed hourly rate.
The same hourly rate shall apply to investors.
This shall be modified as necessary and as mutually agreed.
The work he does shall be timed.
The app shall have a timer or clock.
His time or effort shall be quantified in currency of choice and agreement e.g. £’s, $’s, etc
If he outsources work to freelancers, he shall be paid for supervision and project management.
Realistic budgets would have been agreed in advance
So, will the deliverables.
Financial inputs by investors shall be accumulated just like those of the entrepreneur’s effort and investment
At any point in time; whether monthly, quarterly, annually, etc; when it’s time for profit sharing. This shall be computed by pro-rating each individual’s cumulated contributions
For example, if it’s agreed to share profits every 6 months.

If the investors cumulative input is £3,000.00 and that of the entrepreneur is £2,000.00 total cumulative is £5,000.00.
If the profit to be shared is £1,000.00
The investor gets 3/5*1000 = £600.00
The entrepreneur gets £400.00

As the collaboration journey continues

If the investor adds £500.00
And the input of the entrepreneur is £1000.00
And if the new profit is £2,000.00

the cumulative becomes £3,500.00 for the investor and £3,000.00 for the entrepreneur.
Total stake becomes £6,500.00

By sharing £2,000.00

The investor gets 3.5/6.5*£2,000.00 = £1076.92
Entrepreneur gets 3/6.5*£2,000.00 = £923.08
and so on

The Profit Sharing Formula App computes all the figures based on inputs.
Please see the demonstration table later in the video.

10. Jack Lookman, have you done a video previously?

Yes, there’s some historical content on the subject.
These are available on Youtube as well as Jack’s Empowerment
This effort is intended to add greater depth to the content.

Jack’s Empowerment jaaloo.com. Jaaloo Puzzles

11. What’s the monetisation plan?

Product sales
Digital adverts
Affiliate Marketing
Licensing
Private label rights
Sale of intellectual rights

12. What’s the marketing plan?

Explore different digital platforms
Leverage different digital marketers
Leverage your network
Leverage traditional marketing
Affiliate Marketing
Social Media Marketing
Influencer marketing
Etc

13. Could I make passive income?

If you get it right, it could generate passive income for a long while
The product promises to be evergreen.
You could also enjoy a monopoly.
The only added required effort shall be maintenance, as necessary
And marketing.

The marketing could be semi-automated

Jack’s Empowerment jaaloo.com. Jaaloo Puzzles

14. Is it for businesses or projects?

You could use it for either or both.
You could also use it for multiple collaborations

15. What data needs to be inputted?

Contact details
Name of project or business as necessary
Start and end time of each project management activity
Hourly rate of project manager/ entrepreneur / investor
Relevant narratives or notes, in brief.
Notes with relevant 3rd parties
Notes with investors
Cost elements
Targets
Progress reports
Profit Sharing Formula
Monetary inflows
Monetary outflows
Percentage of profit to be shared
Etc

16. What’s the output data?

Monetary inflows - total and individuals
Monetary outflows - total and individuals
Monetary quantification of project manager’s efforts
Profit / loss
Cumulative monetary figures
Profit share to each stakeholder
Profit share to each stakeholder for x% of profit
x could be an agreed % and could be variable
Time spent on activities
Money to freelancers
Etc

Jack’s Empowerment jaaloo.com. Jaaloo Puzzles

17. Is this effective stakeholder management?

Yes, indeed.
Fair, transparent, semi-automated and effective stakeholder management.

18. Who are the target audience?

Entrepreneurs
Project managers
Investors
Collaborators

19. Could collaborations be done virtually?

Yes, they could.
As long as you have relevant equipment, resources and the right mindset.
Digital devices, internet connection, etc are essential.

Jack’s Empowerment jaaloo.com. Jaaloo Puzzles

20. About Jack Lookman

Let’s pause to learn a bit about Jack Lookman.
He’s from an Engineering background
And has varied paid and unpaid work experience.
He’s currently

A Content Creator
Multiple Author
Affiliate Marketer
Mentor
Entrepreneur
Business Collaborator

21. What are the price plans for the Profit Sharing Formula App?

There could be different price plans

Monthly payments
Quarterly payments
Annual payments
Outright purchase
It could be a license
Etc

22. How could the app be accessed?

It could be purchased from:

the iOS app store
Google play
Website
Or suitable others.

Jack’s Empowerment jaaloo.com. Jaaloo Puzzles

23. Could the app be synchronized?

Yes, it could.
With relevant other software or apps, as necessary.

24. On what gadgets could the app be used?

Smart phones
Digital tablets
Laptops
Computers

25. Is the app suitable for small or big businesses?

The app is more suited to small businesses

Up and coming businesses.
It’s more like stakeholder management on a smaller scale.
The app could also be used by big businesses for individual projects

26. How could I build the app?

You could either build it yourself or outsource it to a 3rd party (app developer). You need to articulate your requirements in great detail. You could also collaborate with suitable others.

Jack’s Empowerment jaaloo.com. Jaaloo Puzzles

27. Disclaimer

This is basically an idea. It needs to be perfected and refined. There’s no guarantee of financial success. Carry out your due diligence to improve your chances of financial success.

28. Some legalities to consider

Terms and Conditions.
Disclaimer
Indemnification
Contracts between concerned parties
General data protection regulation - for Europe.
Intellectual rights protection.

Jack’s Empowerment jaaloo.com. Jaaloo Puzzles

29. Possible opportunities from the Profit Sharing Formula App

Wealth creation
Job creation
More entrepreneurial pursuits
Fairer society
Reduced crime
Skill enhancement

30. What problem is being solved?

Having a fairer profit share between investors and entrepreneurs.
Having an accountable and transparent process.
Having a more efficient sharing process.
Process automation
Empowerment of entrepreneurs.
Encouragement of entrepreneurism

31. Who will fund the project?

You could explore:

Crowdfunding
Investors
Bank loan
Personal loans
Etc

Jack’s Empowerment jaaloo.com. Jaaloo Puzzles

32. How could risks be managed?

Under-listed are some risks and mitigations:

32.1. Risks

Data loss
Data compromise
Technical issues
Trust
Fraud
Litigation
Abuse of process
External factors

32.2. Some suggested mitigation are:

Insurance
Constantly updated policies and procedures
Data back up
Anti virus installation
Indemnification
Prosecution of offenders
Terms and Conditions
Legalities

33. How could the Profit Sharing Formula App be monetized?

Product sales
Mailing list
Affiliate Marketing
Adverts
License
Sale of intellectual rights
Marketing
Re-marketing
Private label rights
Etc

Jack’s Empowerment jaaloo.com. Jaaloo Puzzles

34. Some costing thoughts

Some factors for consideration, are:

Time
Effort
Outsourcing
Resources used
Freelancers
Human resources
Equipment used
Rent
Energy costs
Etc

35. Pricing

Some considerations are:

Costs
Profit
Competition
Value
Affordability
Tax
Etc

Jack’s Empowerment jaaloo.com. Jaaloo Puzzles

36. Resources required for the Profit Sharing Formula App

Time
Money
Skills
Freelancers
Brainstorming
Effort
Etc

37. Could you share your thoughts?

What are your thoughts?
Is it a good idea?
What could be done better?
What are your suggestions?
Will you like to collaborate?
Does the product interest you?
Please contact Jack Lookman via email.

38. Price plans

Payment options could be:

Monthly
Quarterly
Annually
1-off
License
There could also be a free plan.

This shall be packed with lots of adverts

39. Some research considerations

Market research
Product research
Competitor research
Human resource research
Etc

Jack’s Empowerment jaaloo.com. Jaaloo Puzzles

40. Return on investment

Here are some thoughts to ponder:

What’s the expected investment?
How soon could it be recouped?
Investments shall be in time, money, skills and effort.
The project manager inputs time, effort and expertise and may be money.
The investor inputs money, and time (for meetings) and may be social capital and experience.
All inputs shall be quantified in monetary currency.
The major resources shall be spent initially and returns could be made over the years with little major additional effort.

41. Some business plan considerations

Name of business
Business registration
Business requirements
Business model
Financial forecast
Budget
Resources required
Return on investment
Projected break even period
Private label rights
Costing
Pricing
Tax
Type of product
Competitor research
Market research
Product research
Etc

Jack’s Empowerment jaaloo.com. Jaaloo Puzzles

42. Technical specification thoughts

Think about memory capacity
About the job the app needs to do
It shall be user-friendly
Multiple computations shall be done regularly and globally.
Choice of programming language.
Requesting the source code, upfront.
Requesting detailed documentation upfront.
Synchronization with other software.
Adaptations to different gadgets.
Adaptations to different computer languages
Adaptations to different platforms
Etc

Jack’s Empowerment jaaloo.com. Jaaloo Puzzles

43. How will the app be created?

You could learn how to create the app via online or offline tuition
Or outsource the creation to app developers.
You could leverage freelancers on online platforms or suitable others.
Tell them your requirements

agree on terms
make sure that you request the source code and detailed documentation upfront.
These will be useful for follow up and app management.
Get relevant training documents.

These could be in video, text or both
Request a period of grace after completion for technical support

usually about 1- 3 months.
In case of any hiccups

take any other relevant actions.

44. Collaboration opportunities with Jack Lookman

We offer collaborative services. If interested, please contact us by email.

Please use an appropriate subject heading and a short narrative

Jack’s Empowerment jaaloo.com. Jaaloo Puzzles

45. Some suggested functionalities for the app

It will process the inputted data
It will present output data
It shall have a search button
It shall have a share button
It shall have a timer and clock
In addition to your time, you could input narratives of work done.
You could include targets.
It shall have reminders
It shall have prompts
It shall have a calendar
It shall have an opt in box etc

Jack’s Empowerment jaaloo.com. Jaaloo Puzzles

46. Demonstration Tables

Please see the demonstration below. A presumed case study. Please be informed, it contains a bit of number crunching and graphs are not included

You could also watch detailed explanations on Youtube:

Profit Sharing Formula App 1

Profit Sharing Formula App 2

snapshot 1

investor	hourly rate ( £40)	number of hours	deferred investment = hr*nh (£)	quarter	year	investment (£)	gross investment for the quarter = de + i
	£40.00	3	£120.00	2	2021	£500.00	£620.00
	£40.00	3	£120.00	3	2021	£250.00	£370.00
	£40.00	3	£120.00	4	2021	£100.00	£220.00
	£45.00	3	£135.00	1	2022	£150.00	£285.00
	£45.00	3	£135.00	2	2022	£200.00	£335.00
	£45.00	3	£135.00	3	2022	£50.00	£185.00
	£45.00	3	£135.00	4	2022	£100.00	£235.00
	£50.00	3	£150.00	1	2023	£100.00	£250.00
							£0.00
total			£1050.00			£1450.00	£2500.00
entrepreneur	hourly rate ( £40)	number of hours	deferred investment = hr*nh (£)	quarter	year	investment (£)	gross investment for the quarter = de + i
	£40.00	20	£800.00	2	2021	£25.00	£825.00
	£40.00	25	£1000.00	3	2021	£30.00	£1030.00
	£40.00	30	£1200.00	4	2021	£20.00	£1220.00
	£45.00	40	£1800.00	1	2022	£15.00	£1815.00
	£45.00	50	£2250.00	2	2022	£0.00	£2250.00
	£45.00	25	£1125.00	3	2022	£10.00	£1135.00
	£45.00	60	£2700.00	4	2022	£25.00	£2725.00
	£50.00	70	£3500.00	1	2023	£40.00	£3540.00

total			£14375.00			£165.00	£14540.00

snapshot 2

investor	hourly rate ( £40)	number of hours (meetings)	deferred investment = hr*nh (£)	quarter	year	investment (£)	gross investment for the quarter = de + i	cummulative investment per quarter
	£40.00	3	£120.00	2	2021	£500.00	£620.00	£620.00
	£40.00	3	£120.00	3	2021	£250.00	£370.00	£990.00
	£40.00	3	£120.00	4	2021	£100.00	£220.00	£1210.00
	£45.00	3	£135.00	1	2022	£150.00	£285.00	£1495.00
	£45.00	3	£135.00	2	2022	£200.00	£335.00	£1830.00
	£45.00	3	£135.00	3	2022	£50.00	£185.00	£2015.00
	£45.00	3	£135.00	4	2022	£100.00	£235.00	£2250.00
	£50.00	3	£150.00	1	2023	£100.00	£250.00	£2500.00
								£2500.00
total			£1050.00			£1450.00	£2500.00
entrepreneur	hourly rate ( £40)	number of hours	deferred investment = hr*nh (£)	quarter	year	investment (£)	gross investment for the quarter = de + i	cummulative investment per quarter
	£40.00	20	£800.00	2	2021	£25.00	£825.00	£825.00
	£40.00	25	£1000.00	3	2021	£30.00	£1030.00	£1855.00
	£40.00	30	£1200.00	4	2021	£20.00	£1220.00	£3075.00
	£45.00	40	£1800.00	1	2022	£15.00	£1815.00	£4890.00
	£45.00	50	£2250.00	2	2022	£0.00	£2250.00	£7140.00
	£45.00	25	£1125.00	3	2022	£10.00	£1135.00	£8275.00
	£45.00	60	£2700.00	4	2022	£25.00	£2725.00	£11000.00
	£50.00	70	£3500.00	1	2023	£40.00	£3540.00	£14540.00
								£14540.00
total			£14375.00			£165.00	£14540.00

snapshot 3

quarter	year	cummulative investment investor (cii)	cummulative investment entrepreneur (cie)	total cummulative investment (tci)	profit for sharing (pfs)	investor’s profit (ip) = (cii/tci*pfs)	entrepreneur’s profit (ep) = (cie/tci*pfs)	investor’s percentage profit (ipp) = ip*100/pfs	entrepreneur’s percentage profit (epp) ep*100/pfs
2	2021	£620.00	£825.00	£1445.00	£800.00	£343.25	£456.75	42.9	57.1
3	2021	£990.00	£1855.00	£2845.00	£3000.00	£1043.94	£1956.06	34.8	65.2
4	2021	£1210.00	£3075.00	£4285.00	£5600.00	£1581.33	£4018.67	28.2	71.8
1	2022	£1495.00	£4890.00	£6385.00	£9600.00	£2247.77	£7352.23	23.4	76.6
2	2022	£1830.00	£7140.00	£8970.00	£11000.00	£2244.15	£8755.85	20.4	79.6
3	2022	£2015.00	£8275.00	£10290.00	£10000.00	£1958.21	£8041.79	19.6	80.4
4	2022	£2250.00	£11000.00	£13250.00	£8500.00	£1443.40	£7056.60	17.0	83.0
1	2023	£2500.00	£14540.00	£17040.00	£11000.00	£1613.85	£9386.15	14.7	85.3



					£59500.00	£12475.89	£47024.11

47. Is the Profit Sharing Formula App suited to project managers?

Very much so.
The project manager shall quantify his time in supervision and solo activities.
He shall get freelancers to bid for jobs as necessary.
He shall oversee the work done and make payments as necessary to freelancers.

48. Skills required for Profit Sharing Formula App users

Project management
Costing
Legal
Pricing
Interpersonal
Numeracy
Communication
Negotiation
Administrative
Project-specific skills
Finance
Fundraising
Time management
Resource management
Result orientation
Budgeting
Accounting
Literacy
Etc

Jack’s Empowerment jaaloo.com. Jaaloo Puzzles

49. Who’s the project manager?

He’s the chief executive officer or chief operations officer or entrepreneur.
He executes the project or business while the investor finances it.
The project manager isn’t paid for his services; instead, he gets a profit share based on business success.
He could therefore do the job as a side hustle

50. Could there be re-investments from stakeholders?

Yes, whenever there’s need for it.
From the investors, project manager or suitable others.

Jack’s Empowerment jaaloo.com. Jaaloo Puzzles

51. Could the project manager end up as the major stakeholder?

Yes. He could end up the major shareholder even though he started as the minor financial shareholder.
By the time his efforts accumulate, he could end up as the major stakeholder.
He could also invest cash or recycle his dividends as necessary.
If the project or business is successful the return on investment for all parties could be high and limitless.
Therefore it ends up a win-win.

52. Exit strategy

a plan shall be in place for the exit of any stakeholder
this could be due to:

conflict
death
ill health
sale of business
liquidation
etc

there shall be a realistic formula for parting ‘gifts’

Jack’s Empowerment jaaloo.com. Jaaloo Puzzles

53. Extra x% to the entrepreneur for historical work?

Consider giving the Entrepreneur an extra stake
he put in historical work and thought
this may not be quantifiable
this shall encourage him further
and give him a sense of value
this encourages him to input great value
this is fair compromise
the value of x shall be negotiated

Alternatively:

quantify and approximate his historical effort
And include this in the computations

54. Tips on naming the app

easy name to remember
relevant
short

Jack’s Empowerment jaaloo.com. Jaaloo Puzzles

55. What does the project manager bring on board?

He brings the business idea or concept.
He executes the business or project
And may contribute financially.
He also spends time, effort and expertise in project management.

56. More resources from Jack Lookman

Please check the under-listed platforms:

Jack’s Empowerment jaaloo.com. Jaaloo Puzzles

57. Conclusion

We hope that you got value from this presentation.
It aims to add value to the entrepreneurial space.
It aims to make the profit sharing activity:

Fair
Efficient
Transparent
And accountable.
It aims to empower entrepreneurs; especially the up and coming ones.
It aims to marry entrepreneurship with technology.
The idea is apparently novel and may require perfection

58. Did you get value?

is this content of value?
did you learn one or two things?
did it stimulate other thoughts?
could it benefit you or others?

if yes, please check our other products and services
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you may consider purchasing them
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