I launched a website two months asho which is focused on conencting people in my niche and even though I am getting new registration every day and receive only positive feddback I am not making any money now. Now I have free membership on the website since I need to build some user base, I don't think anyone would pay for registering if threre were not many users registered. My competitors have paid membership around $15 a month and I don't think their websites are better and more functional than mine. The think is, most of them have been in the business couple years and already have user base 100 000+. I have only about 400 registered users, so don' t think it would be wise to switch to paid membership and stop the growth. The question is, when is the right time to switch to paid membership? I know there is no right answer to that question as it depends on many things, but still would appreciate some ideas. I have bigger plans with the website so I would rather see it growing than start making few bucks. However, I need some money which I could invest for the website promotion and since I haven't managed to get any funding yet, funding it from my own money can last only that long and is not enough for effective marketing and good SEO.
Has anyone here faced a similar problem or has some piece of advice?
Thank you all in advance