Monthly update #3: Selling a side project and other exciting things
The last 2 months was a real roller coaster ride with slightly more downsides.
Due to my full-time job and consulting obligations, I had much less time to work on my projects and improve my coding skills.
This put huge pressure on me since that would have meant I had to perform well on at least 3 fronts. And that’s not possible without spreading myself thin.
So, I decided to focus on my job and consulting and spend less time on sharpening my coding skills and building new apps.
Apart from these demanding tasks, a few great things happened in the last 2 months:
And here is one more personal thing.
My wife and I are expecting a baby at the beginning of August, which is a huge joy, but you know what this means...
We are fixing things in the apartment to get a room ready for the baby. I am also wasting time in malls trying to find the perfect pram, bed, mattress, clothes...you name it.
Don’t get me wrong, I’m so happy the baby is coming. But in general, I hate shopping, and every time we’re in a mall/supermarket, after 10 minutes, I get frustrated and just want to do something useful.
This was a fun project. The idea was sitting in my idea sheet for months, and it was so tempting to start working on it.
I’m not a crypto hater, but I think you should be careful with most of the projects out there. Some of them are just pure scams.
So, I thought, why not create an app that generates hilarious crypto project names?
Say no more. This is how Crypto Project Name Generator was born. Check it out!
Selling my project
I sold it for an undisclosed amount…. JK.
So, am I rich? Not at all.
How did I end up selling my project?
I was actually shutting down the project since I didn’t have time to keep it updated and running. So, I sent out an email to my users telling them my decision.
Surprisingly, 2 users replied and said they would be happy to take over the project.
But instead of giving it to them for free, I thought, why not try and sell it? I had minimal costs and spent a weekend building the product. My goal was to get back the money I spent on the domain and other services.
This is the story of how I got 80 dollars.
If I don't take into account the time I spent on the project multiplied by my hourly rate then it’s not a terrible deal, considering that I was going to shut down the project and walk away without a dime.
But at least I can take my wife to McDonalds several times. Life goal unlocked!
But honestly, I should have sold the project for 400-600 dollars, but the deal has already been made.
But for sure, it felt so great selling something I made, even for the price of 10 Happy Meals.
I have never been in a situation like this before. I’m so glad that it happened early, so next time, when playing in the big leagues, I can reflect on this experience and make a much better deal.
So, here are my takeaways when it comes to selling a small side project. This for sure is not applicable for bigger projects generating massive money, but here are my two cents in determining the bare minimum price for a project that doesn’t generate any revenue:
- Your project is probably worth more than you think.
- Be bold and ask a higher price so you have space to decrease that demand (I know, Negotiation 101).
- Apart from considering the costs, try to calculate how much time you spent on it. This sets a great minimum selling price for your project.
- Go to step 2.
So, what’s coming up?
- I need to spend more time learning to code (fingers crossed).
- I’m planning to ship another product, which is gonna be a crypto-related website. I’m super excited about this!