• The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success
  1. The forum software will be upgraded on Sunday May 26th and may not look normal during the transition. Some functionality may be offline. This is TEMPORARY and is expected to last up to 8 hours.
  2. Join 50,000+ entrepreneurs
    who are kicking butt and
    winning their dream life.

    Unscripted™ Entrepreneurship:
    A Business That Pays More Than Money, It Pays Time.

    "Fastlane" is an entrepreneur discussion forum based on The Unscripted Entrepreneurial Framework (TUNEF) outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED™). From multimillionaires to digital nomads, the forum features real entrepreneurs creating real businesses.

    Download (Unscripted) Download (Millionaire Fastlane)  Register
    Registering for the forum removes this block!

NOTABLE! Path to creating a digital product

Discussion in 'Progress/Execution Threads' started by • nikita •, Dec 5, 2017.

  1. Rhino
    Offline

    Rhino Contributor I've Read UNSCRIPTED

    Messages:
    24
    Likes Received:
    40
    Joined:
    Jun 18, 2018
    Gender:
    Male
    Location:
    London
    Rep Bank:
    $214
    I think you might of missed two letters :clench:
     
  2. srodrigo
    Online

    srodrigo Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    228
    Likes Received:
    312
    Joined:
    Sep 11, 2018
    Gender:
    Male
    Rep Bank:
    $1,674
    I mean rent prices, which last time I checked (around 2-3 years ago) were about 40% lower than in London. But maybe that's changed recently?

    I agree that beers can be expensive haha. And food even a bit more expensive, as distribution costs are probably higher than in the capital.

    Bristol was just and example (as I know it better than other cities apart from London), but any (safe) place close to London but cheaper could suit you.
     
    • nikita • likes this.
  3. • nikita •
    Offline

    • nikita • Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    176
    Likes Received:
    236
    Joined:
    Aug 24, 2017
    Location:
    London
    Rep Bank:
    $1,507
    Thanks!!
    I'm focused on making this app succeed. I've had some fleeting ideas for new apps but I've stayed loyal to this one because it has the most potential. I sometimes feel down that I haven't made much money yet but... to think that last year exactly at this time I was jotting down ideas for businesses, halfway through TMF...
     
  4. • nikita •
    Offline

    • nikita • Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    176
    Likes Received:
    236
    Joined:
    Aug 24, 2017
    Location:
    London
    Rep Bank:
    $1,507
    Pretty much any place is cheaper to rent than London. Though for everything else I find it's quite affordable (unless you're in the city centre).
     
    srodrigo likes this.
  5. • nikita •
    Offline

    • nikita • Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    176
    Likes Received:
    236
    Joined:
    Aug 24, 2017
    Location:
    London
    Rep Bank:
    $1,507
    Decided to quit my job by mid-December. It's an easy job and I make good money for the amount of work I do but it leaves me too tired and stressed to work on my app. I'm risking a lot but I can't continue like this. I don't give a shit about my boss's business and they're dropping people like flies anyway.

    Let's see if I actually do it though.
     
    Chapas, Rhino and srodrigo like this.
  6. • nikita •
    Offline

    • nikita • Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    176
    Likes Received:
    236
    Joined:
    Aug 24, 2017
    Location:
    London
    Rep Bank:
    $1,507
    Made some major updates to my app recently, going to be refining my ads today and tomorrow so I can get sales increasing again.

    Past few months have been terrible for me. My mental health is so bad it's scary. I've been unproductive as F*ck. I'm already depressed and lonely, and the bad weather is making it worse. God damn it this is hell.
     
  7. Kid
    Offline

    Kid Bronze Contributor Speedway Pass

    Messages:
    282
    Likes Received:
    268
    Joined:
    Mar 1, 2016
    Gender:
    Male
    Rep Bank:
    $1,505
    Not sure if it will help you but try to recall something positive about your app.
    Maybe like your first Sub or the moment you ware most proud of.

    Also make a brake from developing. Go to movie or coffeehouse to do something
    unrelated to your biz. Watch people walking by, without any purpose
    or do window shopping.

    Best wishes to you on your path.
     
    • nikita • and Andy Black like this.
  8. Andy Black
    Online

    Andy Black Any colour, as long as it's red. Staff Member Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

    Messages:
    7,942
    Likes Received:
    33,620
    Joined:
    May 20, 2014
    Gender:
    Male
    Location:
    Ireland
    Rep Bank:
    $187,653
    Have you any feedback loops to keep your spirits up? Subscribers? Customers? Positive feedback about how you’ve helped someone?
     
    • nikita • likes this.
  9. • nikita •
    Offline

    • nikita • Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    176
    Likes Received:
    236
    Joined:
    Aug 24, 2017
    Location:
    London
    Rep Bank:
    $1,507
    Occasionally some money comes in when a user's trial ends and that makes me happy. But it's not the app that's making me depressed, it's just other things in my life that are affecting my productivity.
     
    Andy Black likes this.
  10. • nikita •
    Offline

    • nikita • Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    176
    Likes Received:
    236
    Joined:
    Aug 24, 2017
    Location:
    London
    Rep Bank:
    $1,507
    Making some money with the app, but it's either a few $$ below how much I'm spending on advertising (so no profit), or it equals the amount I spend. A bit demotivating. It's difficult to make effective FB ads because FB doesn't like you sounding too "personal" in your ads so users don't feel like we're directly targeting them -- especially with sensitive topics like mental health. All my ads with words like "mental health", "stress" or "you" are immediately disapproved. I know that with the right advertising I can make this successful -- but with my small budget and experience, it's difficult.

    In the meanwhile, I've almost completed another app. It took me maybe 2 weeks and it'll be easier to market. I think it'll be quite a fast process churning through apps like this. If I spend a month on an app (creating, advertising) until something works, then that'll be good. I just want something to work. I hate working hard and getting nothing.
     
    Rhino and Legend like this.
  11. Rhino
    Offline

    Rhino Contributor I've Read UNSCRIPTED

    Messages:
    24
    Likes Received:
    40
    Joined:
    Jun 18, 2018
    Gender:
    Male
    Location:
    London
    Rep Bank:
    $214
    Are you doing any other form of marketing other than paid ads? It might be worth doing some content marketing on your apps website to try and drive some extra visitors to it that way.

    You need to try and make your brand an authority on mental health or anxiety. If you create enough good content then you can use this content to push people to your app. It’ll give you some good SEO benefits as well and it’ll mean you don’t have to pay so much in add costs to get people to your app
     
  12. • nikita •
    Offline

    • nikita • Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    176
    Likes Received:
    236
    Joined:
    Aug 24, 2017
    Location:
    London
    Rep Bank:
    $1,507
    I'm cross promoting my apps, so every app links to my other ones. I used to promote my app on reddit through messaging people, reaching out on Twitter, and so on. But I found that FB ads gave the most amount of users, and were the best use of my time.

    I'm still unsure on content marketing. It seems to take too much time for too little results. The hours I spend writing content could be spent improving my ads or making other apps.
     
    Gutzofter likes this.
  13. • nikita •
    Offline

    • nikita • Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    176
    Likes Received:
    236
    Joined:
    Aug 24, 2017
    Location:
    London
    Rep Bank:
    $1,507
    Realized I need to start accepting more help for my app. I've made significant improvements in UI and features. I've learned about marketing and other non-dev aspects in this field. But I'm not an expert and I know that I am blowing money that I shouldn't be when I attempt to do things by myself -- and even worse, time. I have enough money saved up to spend on professionals, there's no use just letting it sit there.

    If my attempts on marketing/promo videos/whatever look half-assed, it doesn't matter if I full-assed them. So my goals this week (and moving forward) will be spending time on things I'm best at, and delegating the things I need help with.
     
    Mutant and Kid like this.
  14. • nikita •
    Offline

    • nikita • Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    176
    Likes Received:
    236
    Joined:
    Aug 24, 2017
    Location:
    London
    Rep Bank:
    $1,507
    I've decided to pay an agency to check my code for any issues and refactor it. As I have little iOS dev experience, I know my code is quite bad in places and I'm having nightmares of my app breaking or the database f*cking up. I need peace of mind. If my goal really is millions of users, the app needs to be stable and not keep me awake from fear.
     
    Kid likes this.
  15. srodrigo
    Online

    srodrigo Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    228
    Likes Received:
    312
    Joined:
    Sep 11, 2018
    Gender:
    Male
    Rep Bank:
    $1,674
    How is the second app going?
     
  16. • nikita •
    Offline

    • nikita • Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    176
    Likes Received:
    236
    Joined:
    Aug 24, 2017
    Location:
    London
    Rep Bank:
    $1,507
    It's getting a few downloads a day and occasionally a subscription. I'm satisfied with it given that I do no marketing except for linking to it from my main app.
     
    srodrigo likes this.
  17. • nikita •
    Offline

    • nikita • Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    176
    Likes Received:
    236
    Joined:
    Aug 24, 2017
    Location:
    London
    Rep Bank:
    $1,507
    An update, since it's been several months!
    • App 1 is doing well. I had it refactored, paid for marketing for a month and learned a lot. I'm changing up the price structure and subscription rates have increased.
    • I released a third app and am currently marketing it - it was featured on the App Store! Though sub rate is much much lower than the first app.
    • Through releasing several apps I learned that with the first one I stumbled upon huge potential. CPC is low, lots of trials, every change brings improvement. Slow initial progress made me want to ditch it, but I think if I stick with it it'll be a success eventually.
    • I'm debating whether I should start my own design agency. Design is hilariously easy for me and the contracts are huge. But it's not really fastlane. Still, it would be better than my full time job.
    I set myself a goal of making around £20k per month by July. I'm well below that! But I kind of still believe I can hit that... whether it's through apps or landing more design contracts.
     
  18. srodrigo
    Online

    srodrigo Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    228
    Likes Received:
    312
    Joined:
    Sep 11, 2018
    Gender:
    Male
    Rep Bank:
    $1,674
    Congratulations for doing well! £20k per month would be really awesome.

    As per the design agency, if you don't like your job and are good at sales, and also have some revenue to cover your expenses, I'd say YES. Or maybe starting on the side until you can't cope with all the work + your day job and then resigning?
    Also, do you mean design for mobile apps, or web design? In any case, it's as fastlane as you want it to be, you can always work on setting it on auto-pilot and you can scale it from there without much supervision. The downside is that it needs to rely on hires, in case you don't like that.

    Do you track your time? How many hours per app do you reckon you have spent?

    As your revenue model is subscription, do you generate content constantly, or is it just subscription to keep using the app?

    Did you rely on organic downloads at the beginning, or did you use paid marketing to start with?
     
    Andy Black likes this.
  19. • nikita •
    Offline

    • nikita • Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    176
    Likes Received:
    236
    Joined:
    Aug 24, 2017
    Location:
    London
    Rep Bank:
    $1,507
    Thanks! And I'm not too good with sales, but I've been very successful with Upwork. I think I can build up online design profiles (like Dribbble) to the point where work will come in. I've also found someone who can write me a good business plan which will help. I don't want it to become like back in 2017 when I failed running a web dev agency.

    Mobile apps. On Upwork, both, but I want this agency to be just mobile apps. I found that there are none (or next to none) agencies that focus specifically on apps, or on only app design (rather than the full design + dev). I could be the "go-to" agency for that.

    Having to rely on hires is my biggest doubt, I don't want to rely on anyone or turn into a manager. BUT it absolutely is better than a day job and well, I could do it until my apps overtook its profit.

    First app, a ton. It took me probably 8 months to launch. No idea how many hours, but I worked on it daily.
    Second, about 2 months.
    Third, a month. Very fast because now I have a template and process.

    It's just a subscription to keep using the app.
     
    Andy Black and srodrigo like this.
  20. srodrigo
    Online

    srodrigo Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    228
    Likes Received:
    312
    Joined:
    Sep 11, 2018
    Gender:
    Male
    Rep Bank:
    $1,674
    That's interesting. It's true that there aren't many pure mobile apps design agencies. Most agencies have in-house design, but there might be a niche there for you. What would be your ideal customer? I can think of small teams of developers trying to build an app with 0 design skills, but maybe there are other types of customer?

    That's very interesting indeed. One thing that puts me off of mobile apps is that their perceived value seems to be much lower compared to SaaS apps, and there is also the problem with user retention. I read that here Mobile App Pricing: What App Pricing Strategy Works Best? [+tips]

    But you've probed that it's perfectly posible, and providing a subscription model helps mitigating these problems.
     
    Andy Black likes this.
  21. • nikita •
    Offline

    • nikita • Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    176
    Likes Received:
    236
    Joined:
    Aug 24, 2017
    Location:
    London
    Rep Bank:
    $1,507
    Yes, perhaps an indie dev looking for an app design. On Upwork I've had people ask me for dev agencies once the design is complete, so many people view it as a separate process. Though I need to think about my ideal customer some more.

    The thing is, with mobile apps there's a formula that all the big apps have discovered. You ask for a trial signup immediately on first app open, and get them to subscribe yearly. There's $30-$80 outright (after the trial). Many forget to cancel (it's something no one wants to talk about, but is a huge bulk of app earnings). If you have a steady stream of users, a certain % will start the trial, and % of those will not cancel. It's why you'll see mobile apps have mostly yearly subscriptions. You don't have to worry about monthly subscription retention, or any complicated calculations.

    Mobile apps are also much easier to get users for, because they're on the App Store -- a trusted platform. Paying is as quick as a fingerprint or face scan, and everyone trusts Apple. Facebook and other platforms directly link up to the App Store. Who trusts a new SaaS app, where payment involves entering credit card info or opening a new PayPal window? It's much harder.

    Though a downside is you rely on the App Store.
     
    Kid, Andy Black and srodrigo like this.
  22. srodrigo
    Online

    srodrigo Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    228
    Likes Received:
    312
    Joined:
    Sep 11, 2018
    Gender:
    Male
    Rep Bank:
    $1,674
    That was my first thought, and made me wonder whether indie devs will have good money to spend on design. But you know better about this, as you've already had some clients.

    Those are definitely valid points. Paying through the store is great and convenient. Never considered users that sign up and forget to cancel though (even given I do forget to cancel things like Amazon Prime, lol), but it seems like it works as long as the number of users is good. I guess as long as the value offered is good and the user is notified about the purchase and can cancel it within a few days, doesn't sound too bad.

    I might need to reconsider mobile apps.
     
    Andy Black likes this.
  23. • nikita •
    Offline

    • nikita • Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    176
    Likes Received:
    236
    Joined:
    Aug 24, 2017
    Location:
    London
    Rep Bank:
    $1,507
    The user is notified on purchase, and that's it. Apple doesn't make you notify them, they don't need to take any action to carry on being subscribed... it's kind of unethical but Apple allow it because it also means more revenue for them.

    This is also why you'll see some apps charging $8+ a WEEK. It adds up to a huge amount per year and people just forget about it.
     
    Andy Black, astr0 and srodrigo like this.
  24. • nikita •
    Offline

    • nikita • Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    176
    Likes Received:
    236
    Joined:
    Aug 24, 2017
    Location:
    London
    Rep Bank:
    $1,507
    Seriously debating quitting my job sometime next week. I'm getting quite a lot of freelance gigs and I want to spend more time on my apps.

    However, I'm afraid that I'm just getting a lot of work now and next month I won't be able to find anything. It's a huge a$$ risk. But my job is doing my F*cking head in holy shit. The work is mind numbing, they're lumping all the boring tasks onto me, and the pay is pathetic.

    I have a buffer of money, I can try. The one thing stopping me is that this is probably the best 9-5 I'll ever have because the company culture is great, they take us to different countries, and we work from home. It's just too much for me. Even if it's a great 9-5, it's still a 9-5. Dunno what I'll end up doing.
     
    Andy Black and astr0 like this.
  25. • nikita •
    Offline

    • nikita • Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    176
    Likes Received:
    236
    Joined:
    Aug 24, 2017
    Location:
    London
    Rep Bank:
    $1,507
    Woke up today much calmer and with a sense of relief I never felt in my life. That if I lose my job I'll be fine. In fact, I think I will quit. I can't half a$$ this.

    Updates:
    • My app which I mentioned was featured, was featured again, but globally, and resulted in thousands of downloads and trial signups (will know the revenue for sure in a few days). It's still gathering hundreds of downloads days after the feature. The best part is the feedback I'm receiving, the solid conversion rate figures I have, and an idea of what direction to take it in.
    • Freelance jobs really picking up.
    • I am on my way to my July goal.
    God I'm so happy I read MJ's books. If I hadn't I'd still be trying random things like the stock market and being generally directionless.
     
    Last edited: May 18, 2019 at 10:59 AM

Join 1000s of entrepreneurs who are rewriting life's script and winning financial freedom.

---- ----

You must be a member to join the conversation.

Create Account

Join the community fast and easy!

REGISTER

Log In

Already have an account? Login here.

LOG IN

Share This Page