Ok, I consider myself the creative kind, and frequently come up with ideas, some flawed, others impractical to implement, and now and again I think something has legs to it. So I go and pitch it to some business minded people and honest friends (who would and have told me something wouldnt work).
The most recent one is an app. Most describe it as incredibly useful, and a massive % of people asked preemptively stated they would buy it, without being asked the question "would you buy it". Thus I'm very keen to get this one going.
My question is which of the following options is my best bet:
1) Teach myself the coding and do it all myself. I'm a natural geek so this is doable, but Apple, Windows + android systems is quite a lot to learn, plus however many weeks it takes longer than someone else doing it is lost earnings. Plus risk of screwing it up.
2) Pay someone else to do it. The costings of this seems to be in the area of $5k, give or take 20%. (If i get a bit outlandish with the full features then the cost would go up). Benefits are obvious. I don't have this kind of cash lying around, but can get it in a few months of working.
3) Cut a chunk of equity to someone willing to stump up the cash. I'm very happy to partner up with people and a huge advocate of you make money/I make money incentive model.
Anyone in a similar situation offering any input? Family money is not an option, while it exists in large amounts, they have a strict you make it on your own policy, sadly.
Thanks in advance,
T
Route 2 or 3.
Route 2 would save you the hassle and you would have an 'expert' carry out the coding. It would make sense to forecast your expensive which don't just include coding but other things like marketing etc. There is also the slight chance that Apple don't approve the app.
Route 3 would share the risk but also the revenue/profit. But its a great incentive for the person to make sure the project succeeds. May be find a technical person to equity share with so you kill two birds with one stone. You handle the business side while your partner(s) deal with the technical issues.
Do you know people who have developed apps or built successful businesses around apps? If not, try to meet these people.
Trying to find someone to seed your idea is a great test of the idea. I know that I'd cut a $5k check to someone whose idea I thought was worthwhile, especially if I knew they weren't going to have to come back for another $50k later. If no one will fund your idea, it may not be the slam dunk you thought it was.
That being said, I don't know the first thing about apps so you're SOL on me backing you.
No need to learn iphone, Android + Windows to start with or even hire someone who can do all 3. First create the iPhone app, however you get it done and if it's successful you can worry about expanding to the other platforms.
This.
If you decide to pursue option 2 or 3, pm me. I'll fund the right ideas and have programming connections to do so.
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