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Waiting for the "I have $50,000 - what do I do?" Thread
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Free registration at the forum removes this block.First of all congratulations on your journey! It is really amazing to see what you have achieved!Hi!
I received offers for my app, but I'm still hesitating if I should sell it or not.
Here is some background:
I learned to code in May of last year (2022) (full details here). Since then, I released lots of apps, until one started to work well. Without going into too many details, it's related to AI. I launched the app in December 2022, so 3 months ago, and it generated $20,000 of sales so far.
It makes consistent sales ($100-$200/day) fully organic. The profit is around 70%
However, the issue is that the internal reviews are pretty mediocre. Since AI can't generate EXACTLY what people ask, and some don't respect the limitations (I wrote clearly the do/don't but people don't read), the results often end up being just ok. That could definitely be improved in the long run by re-working the app, but I think it's beyond my technical capacities. I'd also like to focus on other businesses.
I decided to list it for $50,000 on a platform acquisition marketplace, and I received a few offers already.
I just wanted to get some opinions from entrepreneurs who've been there before too.
Should I sell it, or keep it as a cashflow source to fund other projects? And is $50,000 too high, too low, or ok?
If it is related to stable-diffusion and Image Generation and you are going to keep working on it to make it to the top, don't sell. Otherwise yes, probably, the market is getting dense in this.Hi!
I received offers for my app, but I'm still hesitating if I should sell it or not.
Here is some background:
I learned to code in May of last year (2022) (full details here). Since then, I released lots of apps, until one started to work well. Without going into too many details, it's related to AI. I launched the app in December 2022, so 3 months ago, and it generated $20,000 of sales so far.
It makes consistent sales ($100-$200/day) fully organic. The profit is around 70%
However, the issue is that the internal reviews are pretty mediocre. Since AI can't generate EXACTLY what people ask, and some don't respect the limitations (I wrote clearly the do/don't but people don't read), the results often end up being just ok. That could definitely be improved in the long run by re-working the app, but I think it's beyond my technical capacities. I'd also like to focus on other businesses.
I decided to list it for $50,000 on a platform acquisition marketplace, and I received a few offers already.
I just wanted to get some opinions from entrepreneurs who've been there before too.
Should I sell it, or keep it as a cashflow source to fund other projects? And is $50,000 too high, too low, or ok?
Yes, that's also my thinking. I don't have the skills to make it really competitive for now, so I'd rather have someone who knows what he's doing handle itCongrats on taking action. As a fellow developer, I would recommend you sell it. AI space will get really competitive this year and only the best of the best will survive. Unless you are confident in your ability and have the willingness to compete, it's much better to sell it so you can pursue something more sustainable.
And TBH, from how you describe the app, there are no real competitive advantages you have over others.
No, because I don't have the necessary skills to make it better for nowLots of good advice here. I would flip the question: knowing what you know about the app, would you pay $50k to buy it from someone else? More? Less? That might give you some clarity.
Sales are stable, if not growing those last few daysLook at growth over time. Check if the user base is constantly increasing, stable or decreasing. That should tell you the trend of the market in the face of your product. Have you tried ad campaigns, email lists, etc.
If not, give those a shot, pretty inexpensive usually compared to what they return.
After doing that for like 10 days, see if new users are coming in from those efforts. Then you can predict if your product will be worth more in the future. Then you can sell it for more.
Also, keep in mind people may buy your app already having a vision of how they would fix it to change the behavior you described, where users expect something that you can't exactly deliver right now.
Wow, I saw your other thread on how you became a developer, and can you release a new thread on how you built this business in more detail?Hi!
I received offers for my app, but I'm still hesitating if I should sell it or not.
Here is some background:
I learned to code in May of last year (2022) (full details here). Since then, I released lots of apps, until one started to work well. Without going into too many details, it's related to AI. I launched the app in December 2022, so 3 months ago, and it generated $20,000 of sales so far.
It makes consistent sales ($100-$200/day) fully organic. The profit is around 70%
However, the issue is that the internal reviews are pretty mediocre. Since AI can't generate EXACTLY what people ask, and some don't respect the limitations (I wrote clearly the do/don't but people don't read), the results often end up being just ok. That could definitely be improved in the long run by re-working the app, but I think it's beyond my technical capacities. I'd also like to focus on other businesses.
I decided to list it for $50,000 on a platform acquisition marketplace, and I received a few offers already.
I just wanted to get some opinions from entrepreneurs who've been there before too.
Should I sell it, or keep it as a cashflow source to fund other projects? And is $50,000 too high, too low, or ok?
I actually wrote everything along the way: MakeLogo.ai: From idea to $65,000 exit in 3 monthsWow, I saw your other thread on how you became a developer, and can you release a new thread on how you built this business in more detail?
Just wondering, are there any (legal) issues with using APIs to surface generative models in an app that you charge for?As for the questions:
- I can't hire a ML dev because I'm not using custom models, I'm just using different APIs and post-processing
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