This is exactly how I am building SonicWeb (http://www.sonicweb-radio.de), for 4 years now. You need to have a lot of patience and persistence if you take this route. There is always this nagging feeling that things don't move along fast enough. And you need to get used to program when your tired, very tired sometimes.
As an iOS app developer I found this to be a very interesting read if and how sustainable iOS app development is possible.
It seems for an (independent) iOS app developer to be successful one needs to:
1. Create a great app that provides value to customers
2. Solve the problem of visibility somehow (I find myself and my app in this stage)
3. Pivot to a sustainable business model