When Should My Side Gig Become My Main Gig?
I Want To Quit My Job And Work Full Time On My App!
This is the number one comment I receive from app entrepreneurs. Many people have read my article describing my decision to pursue residual income full time and want to live that same lifestyle. I understand the allure and the desire for this however I always give them the same answer…it depends. In my most recent Tech Talk I discussed what those variables are but here is a synopsis.
How Much Do You Make A Year?
This is the first question I ask aspiring app entrepreneurs. Your lifestyle always adjusts depending on your income. With that being said if you make $100,000 USD a year and you have an app that makes $50,000 a year it might not make sense to quit your main gig just yet IF that $50,000 cannot provide the same standard of living that you are currently living.
What Is Your App’s Time/Income Ratio?
Back to the concept of app income, one of the next questions I ask app entrepreneurs is “What is your app’s time/income ratio?”. Meaning how much time are you having to put in to this app to generate the income you are receiving. Going back to the example of making $50,000 a year from one of your apps, if you have to spend 200 hrs/week just to maintain that $50,000 then it might make more sense to keep your $100,000 main gig and outsource development for your app (let’s say $10,000) and collect the rest and supplement income.
What Is The Life Expectancy Of The App?
Not all applications are meant to be around long term. If your app isn’t going to be around for more than 5-10 years. Don’t quit your main gig, it just does not make sense. There is ONE exception and that is if your app is making crazy amounts of money like Flappy Bird money
For A More In Depth Discussion Check Out The Tech Talk
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