I just renewed NewThistle's business license and took a look at it's first year.
Here is a breakdown of my Revenue sources. As you can see, I am making the majority of NewThistle's revenue via App Dev Contracts.
To be honest, a huge push to start the company was the first contract I received. It was that contract that pushed me over the edge to start NewThistle and put more effort into app development.
For App Sales, I can say that Selfie Band, my Microsoft Band camera remote for iPhone, is my 2nd best selling app to date. It has only been in the AppStore since August 6th but it has been having steady, if not high, sales.
For NewThistle's first year, I am pretty happy with the results. I have achieved my initial goals to start a company that is profitable and which could bootstrap it's own growth. I had to start by giving the company a loan to get setup.
I then took a big contract first thing and sink a lot of after hours time into for 6 weeks.
With the close of that first contract I had made back the money I loaned the company to purchase new equipment and various web services (website hosting, domain, email). So, 90 days after I closed my first contract NewThistle LLC became profitable.
Since then, I have been trying to run a tight ship. I have decided not to purchase the new iPhone 6s+ since I can get by with the iPhone 6+ until I have a need to get the new phone or I can wait until the iPhone 7. I am on the fence about the iPad Pro but will likely stay away from it unless I have a business need to develop for it. The Apple TV I have app ideas for so that is something I plan to purchase for development purposes.
A big goal with the company has been to have it not cost my family money (though it sure eats up a lot of my time). In the money respect, the company is doing well and has cash in the bank to continue to pay business expenses.
For the coming year, here are my goals:
- Increase the share of revenue from App Sales.
- Two apps in the works and more planned.
- Introduce another source of revenue besides App Sales and Contracting.
- Continue to be self funding and not require outside financing.
Here's to the next year of NewThistle LLC.