How to Start a Mobile App Business?
During the last few years, we have seen in numerous applications gain popularity. Applications like Instagram, Angry Birds, Pokemon Go have taken the world with a storm and we know how many worth dollars they are. Application business may sound lucrative, but the honest fact remains that not everyone can do wonders in this sector. There is a need to learn how to go about it. It is estimated that only 25% of the developers earn a margin of more than $5000 a month – for the rest, the application is of no use. The giants in the market of applications are mostly the gaming ones.
There are still many gaps for those who wish to earn via mobile applications. The applications can be simple and holistic and yet be of great use. There has been a huge increase in the need of mobile applications from 23% to a whopping 32% from the years of 2014 to 2016. And the best part of it is that people spend around 4 hours a day browsing through the applications. This might intrigue you to go ahead and build your own application. So why not? Here are some of the ways listed to go about creating a mobile application of use:
The Key Step – An Idea
An idea always changes a life. The initial idea of traveling faster brought about the invention of the wheel, and the idea of roasting food brought upon the invention of the fire. Any successful entrepreneurship becomes successful with the existence of an idea. An idea alone can change what we think, how we think, and how we go about doing things. People say that a great idea brings about 5% of the success already to you. You will need to have a strong and solid dream about where exactly you would want your application to stand. How exactly would you want your application to stand? There would be the penultimate dreams that pull you to that destiny. An idea hence is most important.
Know Your Data – Market Research
It is extremely important to know your data, to know who are the people you are targeting, and who your customers are. For that, you will need to survey people, ask them what they want, and fulfill their needs. If you don’t have a very concrete idea, this step will help you to understand what you would want to build for your people. Exploring the market will give you a rough and detailed idea about the competitors in the market, the lacunae in the market, the existing problems that are present and more. There would be a dozen of tools that you would discover, to analyze your application’s efficiency, to understand the application’s functions and more.
The Choice of the Platform
Initially, people had to take up a horde of choices when it came to platform building. But things are easier now, and there’s only Android that’s running the market. iOS is famous too, that makes it a quite choice to make – its either that or this. Google and Apple have thus narrowed down your hunt of applications and has brought this down to quite a narrow search.
The Beginning of the Process – Development
Maybe after choosing the platform, the next important step would be to sit6 back and develop the application. This will be the team building procedure, where you will be working in close association with the application builders. There will be coders, designers, application makers, photographers and more. Hiring some people on a freelancing basis and some people on a permanent basis would be the right balance for it.
Process the Plan – Business Plan Formulation
Now that you have the application ready, maybe keep your eyes open on the market needs and simultaneously have a quick look at the business strategy that you are going to use. This will save you from unnecessary losses. Have a good strategy that will help you battle both long term and short term. Remember that this is a competitive business and it will take up all of your revenues if you don’t plan it well. When you would need money for the beginning, these will be the exact steps that will help you.
The Finance Bomb – Planning Your Money
This one is always crucial. You would definitely need a proper financial backbone to jump into a deal like this. The project may need somewhere about a thousand dollars and you better be ready for it. If you are doing this on your own, that might be okay, but if you are taking loans remember that the bank has to be paid back. Crowdfunding is one of the options that quite a lot of people explore. You wouldn’t have to return the money, and you would use it in your own discretion. Finding a partner should also work – there should be enough leverage between the two of you, and you both can work out the pay and the shares.
Work Out the Prototype and Feedback
The feedback from the public is key. It helps you get an overall image – of the entire scenario. It helps you to identify the application’s pitfalls and advantages, so it is important to release a prototype in the market and see the usage benefits. You could even get some people to give feedback on the application – just to help you navigate through the process. Everyone loves a free test drive, and this should help you through.
The Money Bug – Pricing
You could keep levels – either make it fully free, or paid, or even make a free version and a pro version. This would help you to generate the return of investment – and this would finance the remaining part of your business. You could allow advertisements, encourage direct selling or other methods. Whatever the process be, it requires to be well optimized.
Application Marketing Procedure
The application may be great, but if it is not marketed well, there wouldn’t be any good use to it. To beat the harsh competition, one needs to master the selling of the application. Use social media interaction and more to get through ahead of the competitors.
How to Start a Mobile App Business?