Great question. But you are not going to like the answer 
Don’t be fooled by the price of the apps on the app store; it takes months to develop some of those 99 cent apps, while others could be done within a few days. It all depends on the specific application requirements. Let us try to break this down further. I will illustrate with examples so that you can decide where you stand.
Simple Apps
If you are thinking of a simple application that only does a single function, you are probably talking a few days. We developed one for a client, where the app just blurts out a funny (and obnoxious) comment on pressing a button. It also had a time delay built into it, so that you can push the button, and have enough time to walk up to someone. Client provided all the audio files, we just had to build the navigation and functionality. This took about 40 hrs.
We had another client that wanted a app that works like a mini brochure or website. The app had a splash screen with their logo on it, with multiple menus (like services, gallery, contact etc). The gallery had about 10 images that could be flicked thru, with an info button with details on each image. The contact page had email/call buttons, along with contact info. This app took about 100 hrs to develop.
As you can see, both these apps are mainly navigational. So the cost is low.
Mid-level Apps
These are the apps in which there is some some level of graphics, animation, server side technology or complex navigation involved. For example, we developed an App for a UK based client, for the tracking of feeding, diaper changes and all the other fun stuff involved with a baby. This also included the ability to take pics and file them with comments into the app. While this app was mostly navigation, as some of you might know, it babies are time consuming. So was this app, given all the various screens and databases we had to build. It took about 200 hrs to complete this application.
We developed another app that assists tourists using the GPS functionality within the iphone. But this app had a very ingenious way of taking advantage of content available on the web. This app is not published yet, so I can’t give away too many details, but this blog will be updated at a later date with more details on this app. Moral of this story – 150 hrs.
Complex Apps
Now, here is another app that involves kids. This app draws various shapes on the screen in random locations, and asks toddlers to touch a shape. If they answer correctly, it offers them a sticker that they can pick from a sheet and add to their sticker board. It leads them with voice prompts also. As simple as this app looked (and it was sold for 99 cents), it took about 400 hrs to complete this app. If you have animation, you better have money!
Another client wanted a social networking, location based dating app (it was more of a instant hook-up rather than dating). We had to maintain user profiles, pics etc on the server side, and streamline the app for optimal performance. This one took almost 6 months of work.
Alternate Approach
Don’t be entirely discouraged. If your idea is not as dependent on native iphone functionality (like GPS etc), and it is something that can be developed entirely on the web (which proves that it is independent of iphone functionality), there may be some creative ways of developing apps on the cheap. Something to think about.
Tags: app store, apple, ipad, iphone, ipod touch, itunes, Kris Mandel, mac