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Over the July forth weekend I was reading a copy of Inc. Magazine and there was an article about DIY iPhone apps. In the article he talked about a couple of online places that allow you to build simple iPhone apps completely online Can You Make Your Own App?
So I started to think about my main business and if there was a way to incorporate an app. I got out my iPhone and did a search of the iPhone store and surprisingly (I'm in a very niche business) there was already an app. I plunked down my $2.99 and bought it.
So my 1st thought was I could take this idea, add to it (because i could instantly see holes) and out-market them. So I'm thinking of all of the things I could do when it dawned on me I could offer a digital version of my main product directly in the app.
Wait a minute screw that, I could simply offer a digital version when they bought the main product as an upgrade on my site. It took me a couple of days to work out the process and get my staff up to speed on how it would work from a production stand point.
So what are the results? Well after taking a very small sampling from a couple of days of being live this small addition too my site will net me an additional $10,000 or so of pure profit since the item is completely digital and delivered by email. So what started out in one direction ended up going to a completely different place.
Let's go back and take a look at the original idea of the iPhone app. First what I would have wanted to do could not have been accomplished with the online systems mentioned above. This means I would of had to outsource development. So let's say it cost $2,000 to have made and posted in the app store. We sell it for the same price as the other guy at $2.99 and Apple gets their cut of 1/3 so that's $1.99 profit per app sold. This means to make the same amount as just offering it directly on my site I'd need to sell over 5,000 apps a year and this doesn't even consider development and other hidden cost to selling the app.
Bottom line with the small niche I focus on this would never happen. So I guess the takeaway is keep your mind open because opportunity is everywhere and you never know where you'll find your next $10,000 idea.
So I started to think about my main business and if there was a way to incorporate an app. I got out my iPhone and did a search of the iPhone store and surprisingly (I'm in a very niche business) there was already an app. I plunked down my $2.99 and bought it.
So my 1st thought was I could take this idea, add to it (because i could instantly see holes) and out-market them. So I'm thinking of all of the things I could do when it dawned on me I could offer a digital version of my main product directly in the app.
Wait a minute screw that, I could simply offer a digital version when they bought the main product as an upgrade on my site. It took me a couple of days to work out the process and get my staff up to speed on how it would work from a production stand point.
So what are the results? Well after taking a very small sampling from a couple of days of being live this small addition too my site will net me an additional $10,000 or so of pure profit since the item is completely digital and delivered by email. So what started out in one direction ended up going to a completely different place.
Let's go back and take a look at the original idea of the iPhone app. First what I would have wanted to do could not have been accomplished with the online systems mentioned above. This means I would of had to outsource development. So let's say it cost $2,000 to have made and posted in the app store. We sell it for the same price as the other guy at $2.99 and Apple gets their cut of 1/3 so that's $1.99 profit per app sold. This means to make the same amount as just offering it directly on my site I'd need to sell over 5,000 apps a year and this doesn't even consider development and other hidden cost to selling the app.
Bottom line with the small niche I focus on this would never happen. So I guess the takeaway is keep your mind open because opportunity is everywhere and you never know where you'll find your next $10,000 idea.
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