The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 80,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Free registration at the forum removes this block.

My progress - mobile apps dev business, online learning, etc.

A detailed account of a Fastlane process...

RJ the first

Contributor
Read Fastlane!
User Power
Value/Post Ratio
83%
Sep 15, 2016
59
49
53
So my current problem, and questions...

Now that we have apps in the App Store, I want
to also open up a business checking account and a business credit card.

The problem is no money has come in yet. And I have been bankrolling whatever expenses we've had so far, which are not that much

-$100 Apple developer membership
-$1000 to file LLC status
-$300 on outsourcing some research work

How do I attribute the $1400 I've already spent out of my own bank account to the business so i can write it off as business expenses?

How do I open up a bank account without any money coming in from the business? I'd like to avoid using my own money since I have already registered the company and that's what it's for.

How do I apply for a business credit card without money coming in from the business? I may see some start to trickle in now that we're in the App Store but honestly my only expectation from the first few apps is that I get a chance to practice App Store optimization on them. Again I'd like to avoid continuing to use my own money to fund the business and I'd like to buy things on credit to help the business along like - hiring a graphic designer for a game I'm reskinning, or buying an iPad to do tablet testing on.

I'd also like to start writing off expenses like my internet bill, computer supplies, software licenses etc. to the business since that's what it's there for. Again I'd hate to keep pumping money into the business if I can avoid it.

Not sure if I can do any of the above without using my own money until money starts coming in from the business.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

eTox

Expect success, but prepare to fail.
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
145%
May 21, 2016
473
684
Toronto
So my current problem, and questions...

Now that we have apps in the App Store, I want
to also open up a business checking account and a business credit card.

The problem is no money has come in yet. And I have been bankrolling whatever expenses we've had so far, which are not that much

-$100 Apple developer membership
-$1000 to file LLC status
-$300 on outsourcing some research work

How do I attribute the $1400 I've already spent out of my own bank account to the business so i can write it off as business expenses?

How do I open up a bank account without any money coming in from the business? I'd like to avoid using my own money since I have already registered the company and that's what it's for.

How do I apply for a business credit card without money coming in from the business? I may see some start to trickle in now that we're in the App Store but honestly my only expectation from the first few apps is that I get a chance to practice App Store optimization on them. Again I'd like to avoid continuing to use my own money to fund the business and I'd like to buy things on credit to help the business along like - hiring a graphic designer for a game I'm reskinning, or buying an iPad to do tablet testing on.

I'd also like to start writing off expenses like my internet bill, computer supplies, software licenses etc. to the business since that's what it's there for. Again I'd hate to keep pumping money into the business if I can avoid it.

Not sure if I can do any of the above without using my own money until money starts coming in from the business.

You remind me of myself almost a year ago. God, time flies.

What about marketing? How are you going to bring in the app to your users?
 

RJ the first

Contributor
Read Fastlane!
User Power
Value/Post Ratio
83%
Sep 15, 2016
59
49
53
Well with apps the first thing to do is App Store optimization. Right now I see my keywords are not ranking very well and I have to change them.

I think when reviews and aso are good then you may think about marketing and ad campaigns.
 

RJ the first

Contributor
Read Fastlane!
User Power
Value/Post Ratio
83%
Sep 15, 2016
59
49
53
Well with apps the first thing to do is App Store optimization. Right now I see my keywords are not ranking very well and I have to change them.

I think when reviews and aso are good then you may think about marketing and ad campaigns.


Well here's the dismal sales numbers over the weekend. 40 downloads. So far negligible ad revenue.

My cousin also reported a crash. I'm not sure why since he's on the same device and iOS version that I am. I'm asking him to send crash logs so I can check them.

My keywords are not good. But I am seeing that my rank is steadily increasing in relevant keywords. I am even in the top 10 for some semi relevant keywords. I have an updated list of keywords that I think will perform better when I post the next software update.

Basically 10-20 dl a day. In order to make the ad revenue I want I'd have to have about 400 dl a day consistently. I'm not sure I can get there just by improving my keywords rankings.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

RJ the first

Contributor
Read Fastlane!
User Power
Value/Post Ratio
83%
Sep 15, 2016
59
49
53
I'm glad it wasnt that easy to talk me out of my business idea.

When it comes down to it.. who will you listen to a "business coach" or the market?

Scot - I forgot to mention this. Make what you want of it - but the guy who advised me not to go into mobile apps because it is too hard to make money these days due to competition - is the guy who wrote this book

https://www.amazon.com/dp/B00N14RSNY/?tag=tff-amazonparser-20
 

lowtek

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
332%
Oct 3, 2015
2,164
7,186
42
Phoenix, AZ
check out alex berman's channel on YouTube. He's the marketing guy for experiment 27, a lead gen firm for SaaS companies.

Outbound cold emailing is a monster strategy to generate leads when you're boostrapping. He goes in depth on the details. How to find them, how to write the email, etc.

Great channel for new entrepreneurs.

https://www.youtube.com/channel/UCAr7M4Pz-c1WCpIz3YAJQeQ?&ab_channel=AlexBerman
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

RJ the first

Contributor
Read Fastlane!
User Power
Value/Post Ratio
83%
Sep 15, 2016
59
49
53
Well my downloads tripled yesterday. If they could keep doubling or tripling it would only be a week or two until I'm getting enough downloads to be making $1k-$3k a month, which is what I want for this app.

I don't know if I can make this happen. I do know that I'm competing against some apps that have been around for 4+ years and that really own the top spot on keyword rankings for relevant words. I also can see that I'm really climbing rapidly in my keyword rankings. This may happen, but I just don't know.

I spent some time last night tweaking a new set of keywords on Sensor Tower and App Annie.
 

RJ the first

Contributor
Read Fastlane!
User Power
Value/Post Ratio
83%
Sep 15, 2016
59
49
53
Took another aso course.

Comissioned a graphics artist for a photo emoji app.
 

devine

Gold Contributor
Read Fastlane!
Apr 16, 2015
761
1,446
Russia
Well my downloads tripled yesterday. If they could keep doubling or tripling it would only be a week or two until I'm getting enough downloads to be making $1k-$3k a month, which is what I want for this app.

I don't know if I can make this happen. I do know that I'm competing against some apps that have been around for 4+ years and that really own the top spot on keyword rankings for relevant words. I also can see that I'm really climbing rapidly in my keyword rankings. This may happen, but I just don't know.

I spent some time last night tweaking a new set of keywords on Sensor Tower and App Annie.
How is it going?
 

RJ the first

Contributor
Read Fastlane!
User Power
Value/Post Ratio
83%
Sep 15, 2016
59
49
53
How is it going?

Downloads are at ~120 or so after 5 days - still increasing, I'm in top 10 on about 5-10 or relevant keywords. Revenue is still negligible. I think to get any meaningful money I have to consistently do 12000 or so downloads a month, so - 400 or so downloads a day. I have an update with better keywords pending review so hopefully downloads improve when the update's approved. Also mental note to myself to double check my ad networks are set up correctly in terms of my bank information.

I have 5 or so other apps I'm holding off on submitting because I'm about to change my developer account name from my name to my company name - and you lose your reviews and analytics when Apple makes the name change.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.
Last edited:

RJ the first

Contributor
Read Fastlane!
User Power
Value/Post Ratio
83%
Sep 15, 2016
59
49
53
So ... just planning stuff out in my head.

4th quarter 2016 is our first quarter.
Goals were to establish the company legally and have 4-5 'freemium' apps in the app store. Like I wrote previously - this is mostly done. Apps have been written, and legal paperwork filed.
Secondary goals for 4th quarter 2016 are - to thoroughly learn ASO and marketing while launching this first set of 5 or so apps, to set me up for the future.

All of the people I admire who are killing it with monthly revenue of 40-50k or even upwards of half a million or more monthly revenue - they all have 100-200 apps in the store, most of which make money. It all adds up, as long as your ECPM is good and you make the right moves with marketing, ASO, and product development.

So 1st quarter, 2nd quarter, and 3rd quarter 2017 - is all about getting as many solid apps into the app store as possible. If at all possible, funding the development of these apps through this first set of apps I'm in the process of launching now. I want to have a minimum of 20-30 apps in the store by end of 3rd quarter 2017. I'm just thinking volume. I'd have to crank out 5 or so apps per quarter, which is about my current rate. By end of the first year I want to be focusing about 80% on games with high retention and ECPM.

Ideally by end of second year I want to be at around 100+ apps.
So sometime in first or second year in business I have to scale up the rate at which I release apps. I think this will happen when I make enough from apps per month to allow me to quit my job. At this point I think the growth of the business will happen exponentially because I'll have all day to devote myself to it.

Modest goal by end of first year would be - I'm consistently making a couple grand or so a month.
Ambitious goal by the end of the first year would be - I'm able to quit my job.

Modest goal by end of second year would be - I make enough to allow me to quit my job.
Ambitious goal by the end of second year would be - I make enough to quit my job and also be able to live a baller lifestyle. Income of 30-60k a month.

If I can hit these goals, then goals for 3rd 4th and 5th year would be to grow this thing as much as I can, and be in the same league as Muoyo Okome, Anthony Hammond, and Tasmin Ahmed. Multi millionaires. If I can hit this goal - then the thing to do next is to focus on starting a new company to create totally original products with longer research and development cycles, like 'Color Pop Effects' - or, diversify into real estate, angel investing, or stocks. Ways to make money that require a large quantity of cash to get started, vs. the 'app game' which requires a large quantity of time.


I'm pretty good at pipe dreaming right? :) I still have to get this first set of apps to make money, or learn enough about ASO so that it gradually gets easier to make money as I produce more apps. I'm definitely dedicated to throwing myself into this and taking it all the way. I feel like this thing is already going to happen - because it's in my head already, and it's all I think about.
 
Last edited:

RJ the first

Contributor
Read Fastlane!
User Power
Value/Post Ratio
83%
Sep 15, 2016
59
49
53
I went from 1455 in my category to 433 in my category! Best downloads day yet yesterday - improved by 10%. Still waiting on approval of latest revision. Just got new database back from contractor for another app. I got a new MacBook Pro yesterday and am setting it up with XCode and Unity.
 
Last edited:

RJ the first

Contributor
Read Fastlane!
User Power
Value/Post Ratio
83%
Sep 15, 2016
59
49
53
Submit a new version of the app - fix for in app purchase bug, also redid my monetization. Removed mediation and ad network sdks that were showing game ads.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

RJ the first

Contributor
Read Fastlane!
User Power
Value/Post Ratio
83%
Sep 15, 2016
59
49
53
2nd app is done, I'm only waiting for the graphic designer to get me a new app icon, then I can submit it for review.
 

Joaki

Contributor
User Power
Value/Post Ratio
238%
Feb 15, 2015
29
69
FL
Great progress.

Look into an open source library called Crashlytics. I include it in all my apps and it sends me an email everytime a crash happens with the info that I need to fix it.

Goodluck!
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

RJ the first

Contributor
Read Fastlane!
User Power
Value/Post Ratio
83%
Sep 15, 2016
59
49
53
Great progress.

Look into an open source library called Crashlytics. I include it in all my apps and it sends me an email everytime a crash happens with the info that I need to fix it.

Goodluck!

I'm using Fabric and Crashlytics! It is awesome. I was able to resolve two crashes and get real time data on crashes with Crashlytics. Crashlytics is so good, I copied my Crashlytics code into a new app - and Crashlytics automatically created a new app for me in the Crashlytics dashboard.

The two analytics sdks I am using are Fabric/Crashlytics and Flurry. Both are great, and serve different purposes.
 

Joaki

Contributor
User Power
Value/Post Ratio
238%
Feb 15, 2015
29
69
FL
I'm using Fabric and Crashlytics! It is awesome. I was able to resolve two crashes and get real time data on crashes with Crashlytics. Crashlytics is so good, I copied my Crashlytics code into a new app - and Crashlytics automatically created a new app for me in the Crashlytics dashboard.

The two analytics sdks I am using are Fabric/Crashlytics and Flurry. Both are great, and serve different purposes.

Awesome! I assumed you didn't since you mentioned having your cousin sent you the error logs. Flurry and crashlytics are amazing tools yeah!

Excited to see your progress
 

RJ the first

Contributor
Read Fastlane!
User Power
Value/Post Ratio
83%
Sep 15, 2016
59
49
53
Great progress @RJ the first, keep going mate it's great to see how fast you're moving

Thanks, I appreciate it. Tbh most of this 'activity' is pure desperation! :) . Once I realized that I can't work for other people anymore and have to put myself in a position where I'm working for myself ASAP!

So I've been working around the clock. Right now, I am just learning. I feel like I am not expecting much monetarily out of this first set of 4-5 apps. I just have to learn marketing and ASO - and you can't do that unless you have a bunch of apps already in the App Store.

My first app really took a nosedive in downloads over the weekend. I'm not sure if that's just the pattern in sales over the weekend or if the latest change in keywords caused it. I guess that's part of the learning process...
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.
Last edited:

RJ the first

Contributor
Read Fastlane!
User Power
Value/Post Ratio
83%
Sep 15, 2016
59
49
53
Awesome! I assumed you didn't since you mentioned having your cousin sent you the error logs. Flurry and crashlytics are amazing tools yeah!

Excited to see your progress


Yeah I was able to see the crash logs in XCode and I realized those error logs are garbage! LOL so I installed crashlytics and was able to reproduce the errors locally.
 

mazo

Contributor
Read Fastlane!
User Power
Value/Post Ratio
109%
Sep 12, 2016
23
25
61
Wow! Way to go Rj the first your certainly well behind the wheel on this, will be defiantly keeping a look in on your progress. Keep the peddle to the floor.
 

beatgoezon

Bronze Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
165%
Aug 31, 2013
293
482
Thanks, I appreciate it. Tbh most of this 'activity' is pure desperation! :) . Once I realized that I can't work for other people anymore and have to put myself in a position where I'm working for myself ASAP!

So I've been working around the clock. Right now, I am just learning. I feel like I am not expecting much monetarily out of this first set of 4-5 apps. I just have to learn marketing and ASO - and you can't do that unless you have a bunch of apps already in the App Store.

My first app really took a nosedive in downloads over the weekend. I'm not sure if that's just the pattern over in sales over the weekend or if the latest change in keywords caused it. I guess that's part of the learning process...
That's expected mate, keep experimenting with your first 5-6 apps. You'll see patterns and get better at this as it goes:)
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

RJ the first

Contributor
Read Fastlane!
User Power
Value/Post Ratio
83%
Sep 15, 2016
59
49
53
Keyword research for app 2.
Submitted app 2 to the App Store.
 

RJ the first

Contributor
Read Fastlane!
User Power
Value/Post Ratio
83%
Sep 15, 2016
59
49
53
Filled out some forms LegalZoom sent back to me for the LLC. Continued with this ASO course I'm taking.
 

RJ the first

Contributor
Read Fastlane!
User Power
Value/Post Ratio
83%
Sep 15, 2016
59
49
53
App 2 is ready for sale in the App Store.

Did some work on App 3 - photo emoji app.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

RJ the first

Contributor
Read Fastlane!
User Power
Value/Post Ratio
83%
Sep 15, 2016
59
49
53
Marketing and keyword research for app 3.
Submitted app 3 to the App Store.
 

eTox

Expect success, but prepare to fail.
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
145%
May 21, 2016
473
684
Toronto

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top