hey everyone, for those who have developed products, how much did you invest initially?
I'm at the point of developing my website and expenses are racking up. Curious as to what the average start-up costs have been for those of you who have physical products.
This is a tough question to pin down without a lot more information. The answer is "it depends." It depends on how crowded your market is, how different your product is, what price your product sells for, what your product costs to produce, and how difficult it is to reach your intended audience.
It sounds like you may not have written a business plan and conducted adequate research for your enterprise before you started. These steps are critical to determining whether you're ready to move forward with launching your business or not. Because especially if you have a fixed pool of resources, if you do your research and it determines it's going to cost twice what you have in the bank, you need to pause and figure out where the rest of the money is coming from rather than hitting a wall halfway into development with nowhere to turn.
I can't tell you what to do next because each entrepreneur's circumstances are unique. There is no average startup cost. It costs what it costs. You can spend a lot of money looking fabulous or you can spend just enough money to be credible. That's a huge range. I could build a WordPress template web site in two hours for less than $400 or I could build the same web site coded by hand for $80,000. It all depends on what you need or want from it.
My suggestion is to stop everything right now and sit down with your budget and do a bunch of research on what your expenses are going to be so you can have a clear picture of when expenses will occur, with real numbers, and when revenue will start coming in. It will not only tell you what resources you need on hand, but the pace at which you can move forward, and what you need to be charging or the volume you need to be selling in order to stay in the black and not the red.
Accounting is a huge part of business planning and must come before you start your enterprise, unless your bank account has no bottom.
Generally at startups, product development is highly depend on the viability of business use cases. That's mean we develop product iteratively instead of building all required functionality at once. This practice save our capital and time to acquire realistic learning about our end user behaviors and market equations.
For both of my venture I had spent bare minimum on building & launching first version of product. That's common scenarios for most of technical founders. Non-technical founders can also save their initial product development cost by on-boarding a technical product leader. Even if you google, you will find a lots of free resources to build elegant e-commerce portals, mobile applications and websites.
If you can share more details about your venture functionalities & audience, I might help you to reduce your initial launching expenses.
Anuj || www.anuj.live
It can range from a 1000 dollars up to 100,000+ at times to create a website or app. It really depends on what you are building. for my app I’ve spent close to 150k in development since 2014