Hello Friends,
I don't whether it's the right place to ask this question or not. Apologies if it's not the right place.
I and two of my friends are working on a startup and now we are in a position to take the startup online.
Currently, the major issue that is arising is whether to go for Outsourcing or in-house software development.
We have a budget constraint but at the same time, we don't want this to affect the quality.
Honest opinion from experienced people expected.

My experiences with outsourcing is it's a lot more work up front by you or your company getting the specifications down on paper which is your contract with the outsourced house or developers.

Sometimes this is dismissed as not needed by the company and the entire development feels like it was rushed, things missed and more.

In house there is some leeway as your team members get input from you much more often or they grew up with you on the effort.

So point blank the question is: How do you expect the developers or outsource company to implement what you didn't write down?

Should you decide to outsource, I am available. I am a Senior Software Engineer with over thirty years experience. Just send me a message if you want to discuss your project.

@rproffitt gave you very sound advice on drawing up specs. Whether in house or outsourced, you need a blueprint to build from. This is known as an SRS, Software Requirements Specification. It is very important you give it the proper amount of attention. It can save you thousands of dollars in development costs.