Solopreneurship - 1st Year Review

June 2024

summary

The end of June 2024 marks a year since I started being a solo founder.

I’ve built 15 iOS and 4 Android apps, 3 websites, and 1 web app (thanks ChatGPT!).

I also grew my following from ~360 to almost 5k.

Over the past 12 months, I’ve earned a total of $18.5k:

iOS Apps: $12,191
Android Apps: $113
Ads (AdMob): $5,258
Other Revenue: $1,823 (web apps, consulting, affiliate, etc.)

It doesn’t seem like much, but a big part came within the last 3 months and it’s growing.

My app portfolio is now worth ~$100k+ (3x ARR).

That means I’ve made ~$118.5k/y. Before I started working for myself, I was making $140k/y as a contractor, so money-wise I’d be better off working for someone else, but now my portfolio works without my involvement, and I’m confident that next year I’ll be at a much higher level.

My monthly burn rate is $2.7k, so I’m earning more than I spend. My goal was to achieve ramen profitability, and I’ve done it! Honestly, I thought it would take longer.

How does it feel? Great! I’m much calmer, and it feels like I can finally balance my life better. It’s almost like I’m partially retired (without millions in my bank account), but in reality, I still have a long way to go since this revenue isn’t guaranteed.

I’m no longer grinding as much, giving myself space and freedom to explore different options. I just took 5 days off without having to ask for permission from anyone, and it’s an incredibly liberating feeling.

Plans? Next year, I plan to expand my existing apps and add new ones to my portfolio. This time, I can take things slower since my basic expenses are covered. The App Store has proven to be my best source of income, so it makes sense to double down on it.

I must admit that I haven’t fully de-risked my platform dependence. My goal was to have multiple income sources, and while I do have them, the majority of my income still comes from the App Store. So, I’d say I’m semi-dependent.

That’s why, although I plan to focus more on mobile apps, I’m also exploring opportunities beyond the mobile realm—perhaps a SaaS, a paid newsletter, or something entirely different. I’m still figuring it out.

I’ll keep tweeting and writing my newsletter to share more about this journey.

Excited for what’s next!

Monthly Revenue Breakdown by Category

iOS Apps

September 2023: $135
October 2023: $223
November 2023: $873
December 2023: $758
January 2024: $837
February 2024: $975
March 2024: $1,450
April 2024: $1,880
May 2024: $1,570
June 2024: $2,490

Android Apps

September 2023: $0
October 2023: $0
November 2023: $0
December 2023: $0
January 2024: $0
February 2024: $0
March 2024: $0
April 2024: $33
May 2024: $40
June 2024: ~$40

Ads (AdMob)

September 2023: $0
October 2023: $0
November 2023: $0
December 2023: $11
January 2024: $131.06
February 2024: $455.37
March 2024: $488
April 2024: $973
May 2024: $1,300
June 2024: $1,900

Other Revenue

September 2023: $0
October 2023: $0
November 2023: $0
December 2023: $11 (Affiliate)
January 2024: $7.60 (Affiliate)
February 2024: $12.62 (Affiliate)
March 2024: $28 (Other), $224 (Sales), $39 (Affiliate)
April 2024: $20 (Other), $401.32 (Sales), $111 (Affiliate)
May 2024: $14 (Other), $83 (Sales), $198 (Affiliate)
June 2024: $15 (Other), $264 (ReadReviews), $110 (Affiliate), $350 (Consulting)