Residual Income With Apps Is A Hot Topic Now
Since i have made this thread last year about app investing I have been drowned in requests to get in on the action. I decided to take two routes. The first being my business partner Ricky Mason and I are creating a blockchain powered investment app called 401KApps which will allow anyone to invest into apps and allow app developers to raise money all in a decentralized manner. Secondly I started a community called The Code Life Group which comprises of a daily app pick of the day email, access to my Discord group and a special app investment channel and weekly calls talking about investment strategies.
I am giving some free game on choosing residual income apps for your digital portfolio. Keep in mind I am not a financial or investment advisor and these strategies are personal things I look for when I am choosing apps or websites to buy.
Maintenance Time
The first thing I look for when choosing an acquisition is how much time I will have to spend on said app/website once I purchase. The whole point of living a #CodeLife is that I don’t want to work, I want my apps to work for me. It defeats the purpose if I buy a job.
If the app/website generates enough revenue where I can feasibly outsource the maintenance work, then I will still consider the purchase. I just have to ensure the left over profit is enough to justify the spend.
Scalability
The next thing I look at is how scalable the app or website I’m looking to purchase is. Can I grow my potential earnings and if so by how much? This is a big factor because I try to find the apps that haven’t been given much attention but could easily scale up.
Advertising
Lastly when I’m choosing a residual income acquisition I look how much I need to spend in advertising to generate the revenue I desire. This applies heavily to drop shipping websites where marketing is the bulk of the work. I tend to stay away from these types of purchases because I prefer a more hands off approach to my app investing.
Conclusion
These aren’t all the strategies I use when adding to my app portfolio. If you want full access to my tips and strategies I suggest you join my Code Life group. Please leave a comment, like and share.
Code Life App Academy Membership
The App Academy Membership is the place to ask tough questions and get honest answers and differing perspectives from engineers and entrepreneurs of all caliber. There are dozens of active group members ready to give insight into what issues you are going through.
Some of the issues we tackle are:
- How to execute a multi-platform strategy for your app/web business
- How to price your subscription models
- How to manage your community and engagement across platforms
- How to recognize your self-worth and over come imposter syndrome