552: Shutting Down An Award-Winning App with Binary Formations

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Description

Today’s guests are returning to the podcast to update us on their indie adventures in the app space. You will discover how they shut down their award winning, Apple featured app, starting a consulting arm of the business and re-evaluating an Apple only strategy.

Diane Hamilton is the Managing Partner at Binary Formations.

Kevin Hamilton handles the coding and software design duties at Binary Formations.

Show Notes

Shutting Down Chore-nator

Kevin and Diane had decided to kill an app, Chore-nator, which was not generating revenue despite the time, effort and marketing strategies that they have poured into it. They have decided to pull the plug to spend the time and energy on their bread-and-butter app, Home Inventory, instead after seeing that they have already spent more time and money on Chore-nator than what it was making them. Another reason for the decision was diversity – they didn’t want all their eggs in one basket. Home Inventory also has another competitor so they wanted to ensure that they get their momentum back up.

Starting a Consulting Arm of the Business

Some things which you need to consider in starting a consulting business: some people will come to you with no money and although you really want to help, you need to learn how to say no. You should also learn to price your time for what you are worth. You need to let your clients know that the more experienced the mentor is, the more expensive it will be but it is worth it because if they wind up with a person who are just in it for the billable hours, they’ll end up paying more.