Budget

Don't be discouraged on costs of development. They are high across the market, as it is proven that if properly implemented, there will be a positive outcome.

Building technology is trial and error. One must be aware that the costs to keep a tech solution up and running are relatively high. It is a high investment high return project if the metrics of the idea are correctly analyzed, as mentioned on the previous article. As projects can go over the estimated budget expectations, there has got to be an understanding that what you expect to spend on development should not even be half of your project's budget. In case of a poor financial planing, if more resource is not injected, the project could fail to conclude the development phase.

The graph above shows an example of how a healthy financial plan for a project development would look like. This can vary between projects given the amount of choice pathways that one will face when designing their own journey. Even though prices vary, it is safe to say the majority of the projects will cost a non-technological partner around $50,000 or higher depending on the complexity of the project. This price is based on the high salary of technological workers. On the following article, we will dive deeper on different ways off paying or investing into building a solution.

When making an investment, there is more than you should think about than the return on investment. The end goal will always be there, but the checkpoints in the middle of the way will determine if there is even going to be a ROI. When analyzing if a project financially makes sense, you have to think beyond how much you are willing to spend in order for it to be developed, as there will also be maintenance costs, and if in this case it’s a startup, other costs from different areas such as marketing and legal team should be taken into consideration as well onto the whole project budget.

As every project needs a manager, the first manager should be the creator himself because att this point in time, no one knows better. Make sure you go through the basics of project management and understand the main points such as answering yourself the following questions:
• Am I aware of how long the project will take to be developed?
• Am I aware of how much it will cost me to build & maintain the project?
• Can I operate this solution on my own without technological support?

If computer science is not your background, the answer to all of these questions should be no. Not because you don’t know, but because these factors are unpredictable. Developing is based on trial and error. No one opinion is right or wrong, but rather realistic or not. It is okay not to know none of these answers as of right now because they will come along during your journey.

When investing on a project, keep in mind the price you are paying is not solely for