A few days ago I completed an analysis of what my profit and loss looked like for both of my applications. What I discovered was very disturbing, or would be to any entrepreneur.
Part of this is my fault, I started out with something of a flawed concept with the design of Mides because I was in love with the idea of nested code, self closing tags, and closures. This ended up eating away almost all of the devices’ memory, and was so recursive as to be nearly unmaintainable.
So I killed my darlings, went in for a heavy refactoring of the code without nesting, and ended up with a pretty decent mobile IDE.
However, at what my hourly rate is at this point in my career, based on my salary plus benefits, I am as of now, with all of my original plus ongoing effort into the software, about $30,000 in the hole on Mides, and $10,800 in the hole on CycleMetrics.
When I launched my app, shortly after the app store launched, I thought that I would be able to make back my money in 2 years and get positive. It has been 2 years, and I’m nowhere near making my investment back.
This is mostly O.K. since I have an awesome job, and I’m not missing a house payment or anything, but I think it is unwise to basically give away software that you keep shelling out effort on. I can’t let it die either, that doesn’t make sense, I love the idea of programming on your mobile, and I love the idea of being able to code on the apple tablet even more.
I also hate ads, and don’t want to do the ad driven thing. So while I’m still subsidizing the hell out of Mides at $9.99, it isn’t the slap in the face that $4.99 was.
So as a result, I have decided on $9.99 for Mides. I am putting in a fair amount of work to get to the tablet in an intuitive and sane manner, I also have a bunch of features planned. Some of which have been suggested by the awesome community at getsatisfaction.com/mides, and others that fit in with my dream of Mides.
I am still not sure what I want to do about CycleMetrics, but I have some online features that should be able to drive more reveneue for me. I don’t want to go to ads, and I don’t want to lock users in or try to steal their personal info to try to make a buck on it. That just doesn’t jibe with my philosophy.
We’ll see if the market thinks Mides is worth $9.99. I still think it is worth way more, but that is because I see it as it will be, not as it is. If people don’t think it’s worth $9.99, then they will later, but I can’t promise to keep the price there as I struggle to make it my dream of a fully featured mobile development environment.