July 19, 2015
Mobile apps have generated 30 billion dollars for entrepreneurs just through Apple alone. That’s insane! It’s a market that continues to grow as mobile technology progresses. We all know the big name apps like Instagram and Candy Crush who have made millions of dollars, but they’re not the only ones cashing in through mobile devices. While 54 percent of all app revenue comes from only 2 percent of developers, 9 percent of developers split another 35 percent – making anywhere from $10,000 to $100,000 per month – while 88 percent make under $10,000 a month.
Not every app can become the next Clash of Clans, but they don’t really need to anyway. A successful app does not have to be one that brings in millions of dollars; rather, a successful app can be one that just brings in enough to pay off your debt or make a down payment on a house for your family. You should define your success by whether you reach or exceed your personal goals, not whether your app makes you a millionaire. I’m not saying I don’t want to be a millionaire – because who doesn’t want that? It’s just not necessary to have millions of dollars before you call yourself a success.
There are many app entrepreneurs that have seen success without becoming instant millionaires. An app called Car Locator made about $20 a day for the first few months, but around six months into it, was making $13,000 a month. In four years, it went from bringing in a couple hundred dollars, to making over $50,000 a month at its peak before eventually falling again. I don’t know about you, but I’d be more than happy with that amount. It may not be millions of dollars, but it’s certainly attainable and enough to start a college fund for your kids or start looking at a new house.
Another app called Wigo (Who Is Going Out?) was created by college student Ben Kaplan so that friends at his school could all discuss what parties and bars they were meeting up at each weekend. He had no programming experience, but he designed the app and then borrowed money from his parents to hire a programmer. It became widely successful throughout his college and has been downloaded at over a thousand colleges. He has not yet decided upon a business model to bring in revenue, but his app has given him the perfect platform to do so and has already received venture funding. He hasn’t even made any money yet and I’m already impressed.
Apps don’t need to make millions of dollars in order to be successful. It all depends on what your goals are and how you execute them. Many people want to become millionaires from one app idea, which is possible. On the other hand, what’s wrong with making tens of thousands of dollars or even just enough to pay your bills each month? It might not buy you an island, but it’s still money in your pocket and one hell of an accomplishment.
Did you like this article?
Get more delivered to your inbox just like it!