I am a single founder working on a consumer mobile app for the past 2.5 years. Primarily working on the apps retention rate to try to get some semblance of product market fit. Then when I do, going to focus on growing revenue. I have been working basically full-time on this app since my main job doesn’t take up much of my time.
I’ve held off on raising money so far, partly because I see no point in raising money unless I can hire at least 2 app developers which I estimate to require at least $500,000 in funding to do so. I don’t believe I can raise this amount. (Correct me if I’m wrong, I’ve never raised money before)
If I can only raise enough money to pay myself + expenses (<$120,000 in funding) then I might as well stay at my main job and continue working full time.
However, I’ve recently been asking myself a few questions.
Can I just hire app developer contractors instead of app developer employees for cheaper to reduce how much I need to raise?
How much do I need to raise to hire at least 2 app developer contractors?
How much can I realistically raise for my business?
If I could hire only one app developer contractor/employee would that be worth it to raise money and quit my job?
Hoping you guys could guide me in my situation. :)
My Apps 6 Month Retention - 10%
My Apps Monthly Revenue - $500 (Have not focused on this as much as retention)
TL;DR - Single founder, working on mobile app for 2.5 years. Only want to raise money if I can hire a few app developers. Not sure I can raise minimum amount I need to hire a few app developers.
Considering your focus on retention, have you considered the middle ground of hiring app developer contractors for specific projects? It could be a more budget-friendly option. As for funding, maybe start with a smaller goal, prove the concept, and then aim for the stars. Remember, it’s not just about the money raised but how wisely you spend it. Best of luck navigating the startup rollercoaster! PS: try rocketdevs.com for hiring developers for cheap, i got mine from there.