After you’ve established financial security, you may find yourself giving yourself projects such as “Publishing an Apple iOS Mobile App.” Why are you doing it? What motivates you? What do you prioritize?
A. If you Prioritize the Money
There should be a wake-up call for those planning to earn a lot of money developing Mobile Apps on their own. According to the info graphic on this App Promo site:
- 59% of apps don’t generate enough revenue to break even on development costs.
- 80% of apps don’t generate enough revenue to support a standalone business.
- 52% spend 5% or less of their time promoting their app.
- Top Earners have nearly $30k as an average marketing budget.
- Top Earners spend an average of 14% of their time on marketing.
- 12% earn $50,000 or more in revenue are considered “Top Earners”.
In other words, just because you create some apps on your own, you may not earn that much.
Maybe a better route would be to gain mobile app development skills and use it as part of an employee of a company.
But if you choose to want to try to go the freelance way, try getting Elaine Heney’s “App Escape Plan.”
B. If you Prioritize the Learning
If you prioritize the learning, then there will be less pressure. It is important that you establish financial security first and then use extra time to learn.
There is a lot to learn:
- Do you want to learn how to develop Android or iPhone Mobile Apps?
- Do you want to know how to market your App?
- Do you want to create a website and drive traffic to your website?
- Do you want to know how to outsource graphic design?
- Do you want to know how to outsource development?
- Do you want to know how to manage contracts?
- Do you know how to test and create products?
- Do you want to know how to prioritize and maybe implement a Lean methodology?
There is so much you can learn.
If you want to focus on development, focus on development. If you want to create an app but don’t want to spend much time developing, you can choose to outsource development. And then, you will learn how to choose good freelance developers, negotiate contracts and prices, and know how to interact with them.
There will be more than you might be able to handle, so focus on the area you want to learn the most, and outsource or ask for help from others in the areas you do not want to spend time on, or don’t have the skills in.
And while you are learning, you are building skills which can be converted into real money (for example, as an employee of a company), and there’s a chance your apps and products can earn real money, too.
C. Creative Outlet
If you want a creative outlet and wish to create real products that consumers use, then creating Mobile Apps (or other products) is the way to go.
D. Recommended Path
While each of you have your own priority and preference, here is one recommended path:
- Make sure you establish financial security first, even if you have to get a job which is not related to technology. There’s a chance that you may even be inspired to create new products in the field you are working in, even if it is non-tech.
- Once you establish financial security, you can use extra time to start learning and developing.
- Learn by developing real products. Give yourself a goal such as publishing an iOS Apple App, even if it is a simple one, and learn how to market it.
- Do not worry too much about the money. Have very low expectations of the money aspect. In fact, assume you will be losing money.
- Since there will be so much for you to handle, focus on the areas you want to learn, and outsource the rest, or ask others to help you. You may be giving others new opportunities to learn as well.
- Over time, you will continue to learn and grow and maybe your products or one aspect of your work gains traction and you gain a lot of success.
- While learning and growing, you will have built an amazing set of valuable skills, and this could be translated into real money: This would be a great asset when working as an employee of a company.
- Whenever you move forward, you will see more clearly, and more opportunities may present themselves to you. You really do not know which of these opportunities will bear fruit, but these opportunities are now yours. If you never went down this path, maybe you do not receive those special opportunities.