Whether you are a budding Entrepreneur or just someone curious about the process of App Development, Distribution, and Marketing, I believe the information I’m about to share in this blog post will definitely help you better understand the REAL COSTS of developing a successful app.

To give you a brief background about myself, I’m a former Wall Street Trader turned Online Entrepreneur. So if there’s anything that I understand, it’s NUMBERS. My job as a Trader was to Identify Opportunities, Do Extensive Research, Project The Best Possible Outcome, Buy/Sell The Financial Instrument (Stocks, Options, Futures, etc…) At The Best Available Price, and make sure that I Hedge my risk. I took these same principles of Trading and applied them to App Development.

I started off with a simple goal in mind:

I want to create a portfolio of only the BEST APPS. That’s it.

With that goal in mind, I focused on acquiring/developing apps that are simple, easy-to-use, highly efficient, and apps that the users actually want to use. I approach App Development from the point-of-view of the End­-User. Obviously you will have your own goals and target audience; but the one thing that is pretty standard across the board is the cost of App Development. The less complex your App/Idea, the less it will cost to develop the app. For example, a Gaming app will cost more to develop than let’s say a Notepad app. Also, the quality of the app is directly correlated to how much you’re willing to pay for the app. You can have the greatest idea for an app in the world, but if it isn’t executed properly, no one’s going to buy it. Quality and User-Experience are paramount in App Development.

The average hourly cost for App Development: Between $25 to $70 per hour.

Again, it all boils down to the Quality and User-Experience. The lower your quality, the less it will cost to develop the app. High quality comes with a price tag. Unless you’re in the business of peddling low quality apps, I highly recommend you hire a good app developer who has a proven track record of developing user-friendly and high quality apps.

In my case, I work with my good friend, who has 10+ years of Software Development experience, and who has worked on developing apps for Fortune 500 Companies; and although his time isn’t free, with him I know that I’m getting the highest-quality product.

You need to do the same. Find someone who shares your excitement and clearly understands what you’re trying to accomplish with the app, and work with them on developing a product that your customer will love to use.

Of course, if you’re someone who doesn’t believe in customer satisfaction and delivering the best product, you can always opt for buying cheap templates and modifying them to fit your requirements. App Templates usually cost somewhere between: $10 to $200. Add to that the cost of hiring a developer to modify the template, which is around $100, and Voila!!! You now have an app that is mediocre at best, and loaded with bugs.

In conclusion I’ll just say this:

The whole purpose of App Development is to create a product that enriches the lives of the customers and a product that the customers will love to use. Customer Satisfaction is paramount in App Development. Approach App Development from the point-of-view of the end-user and you WILL achieve success.

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Posted: March 19, 2014 at 7:39 pm, Last Updated: March 26, 2014 at 1:37 pm

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