The first question that comes to mind is whether to outsource or hire a developer in-house. My opinion is that you should consider outsourcing the first version of the product, and once you have product/market fit and validation for your idea, hire developers in-house.
Certainly, the benefits of hiring your own developers are considerable, because you can continue to iterate on the product as you keep building and shipping. However, the costs tend to be high.
Here’s where a model relatively unexplored by entrepreneurs may come in handy. This model is more of a hybrid: You hire developers on contract from your outsourced partner whom you manage directly. This way, you won’t have to worry about the details surrounding those developers’ employment and benefits; there’s also the advantage that if you’re unsuccessful with your first product, you won’t have to fire anyone.
What’s more, with this model, you enjoy all the benefits of having your own developer or team (onsite or offshore) working the same hours for which you’d normally pay a monthly salary. But, instead, you pay the company a retainer for the number of resources, and you still get to build the product your own way!