Moving Forward: Starting a side business!

I decided today that I am going to take a small leap of faith and see if I can get a successful side business running. I am willing to invest up to $1,000 in the idea to see where it goes. I have evaluated the risks and potential return and think it will be a good long term source of side income.

A friend and I are going to start a small mobile phone software company. We have some ideas for apps already and he has some people asking him to build some apps. He is a programmer by trade. Between his programming and my project management/business skills we can make this work. We are going to get started tomorrow when a new mac mini shows up for a coding workstation and discuss ideas, numbers, and timelines to get the apps to market.

My worst case scenario is that I take some loss on the computer and software I buy. I won't be using all $1,000 right off the bat. The computer is $600 and software $100. That leaves me $300 for other needs if they arise. Most of the investment will be time programming and testing ideas and getting them to market. To start with we are going to rely on word of mouth advertising and luck to get going.

The money earned will go towards paying back the $1,000 invested. Once it has been paid back we will split profits down the middle. We are going to develop for Apple iOS and Android so we have exposure to both markets and even more income possibilities. It will be a slow process before seeing "real" returns but I believe a worthwhile venture. Every extra dollar I make is another dollar towards financial freedom. I am at step 0 right now with many to come!