Almost every other person wants to start their own business these days. The Mobile application development sector has expanded over the past few years at a rapid rate. Statistics reveal that so far in 2019, around 105 billion app downloads have been made through the Google Play Store and the iPhone app store. There is no sign of these numbers slowing down, more and more users are downloading apps, and it should come as no surprise that last year, the number of registered app developers went up to 20 million.
Looking at the happy statistics above, some of you might want to start off with your own app business right away, while some of you might be wondering if all the app ideas have been taken already?
No matter how many app development companies there are, there will always be room for more apps. Some apps are in demand and some ideas are still to be explored. People are always looking forward to exploring new and exciting technologies. In simple words, there is nothing to worry about, you still have a chance at starting a killer mobile application development business.
As excited as you might be to get started with your business, you should be aware that starting an app business isn’t an easy task. You will face many ups and downs and there is no doubt that competition is rising at an exceeding rate, furthermore, user expectations are very hard. Starting your business and making sure that it becomes a massive success, requires strategy, time, and dedication. A recent report reveals that only about 25% of developers manage to earn more than $5000 per month.
I’m sure you want to be one of those 25% app developers. In order to aid you in your quest, we have managed to round up 8 steps that you can follow to make sure that your app business becomes a massive success. Let’s explore them in-depth.
- Think of a creative app idea
Most developers have the perception that a creative app design contributes to about 5% of the app success. If you have a creative app idea, people will already be lining up to download your app. If a developer comes and tells me that he’s creating a photo editing app I wouldn’t be that excited, but if a developer comes and tells me that he’s creating a photo editing app that uses augmented reality; I’ll want to be the first one to download that app. Take the example of the app ‘TikTok’, the TikTok app gave a creative twist to dub smash and it became famous at an international level in a matter of a few months.
However, truth be told, even the most creative and inspiring ideas cannot work without the dedication and hard work. Once you have decided on your app idea, you need to follow a series of steps to ensure that your skills and ideas can rank you at the top of the Google Play Store and the App Store. The steps that we’ve discussed next will contribute to the success of your app business.
- Do Market Research
After you have an idea of the type of business and the type of app that you are going to develop, the next and most important step is to do the market research. You have to figure out what the market is already providing, what makes you stand out, what purpose will your app business fill, and how will people find it useful. Even if you haven’t thought of an idea yet, doing market research will give you an analysis of what’s trending and what type of app business is getting more audience. Have a look at the greatest success stories and failures, analyze both types of brands and note down the factors that differentiate them. Do a thorough research of the app market, figure out the cost of app development, market research tools, and your competitors.
Below we’ve rounded up some factors that you will want to do research on:
- Who are your competitors?
- What is their business strategy?
- What are their weak points and what are their strengths?
- What makes them stand out from the rest?
- How are their customers reviewing them?
Once you have done research on the above points, you will know exactly what steps to take and what to avoid.
- Define Your Business Plan
Once you have done the market research it’s time to develop a business plan, a good business plan will help you save money and save you from unnecessary expenses. Below we’ve rounded up 7 steps for creating a successful business plan in 2019:
- Write down a clear overview of your company.
- Compile your market analysis in one place.
- Write down the business and organizational structure that your business will have (who will manage what aspects of your business).
- Be clear about the type of apps and services you’ll be providing, intellectual property, sourcing, and fulfillment.
- You should have a clear marketing and sales plan. How you will position and promote your products, who will be in your sales force, and what will be their selling strategy.
- Understand where you lie in your finances and what your financial plans are in the future.
- Create an executive summary
You don’t have to create a very complex and detailed business plan, it should be compiled in a concise manner and include the main ideas and important steps for your business achievement. It should clearly reveal the expense details and ways to collect money for your app business. Try to turn to professionals like those at Grab My Essay to write a perfect business plan for your app development venture.
- Wisely Select Your Platform
One of the most popular business rules is that ‘you should be where your audience is’. A few years back mobile app development companies used to develop for all the platforms, Symbian, Windows, Blackberry, iOS, and Android. But these days, users are more focused on 3 primary platforms, namely Windows, iOS, and Android. In fact, the majority of smartphones run on iOS and Android.
When you decide on the platform that you will be developing for, you should take the time to look at the more technical aspects of your business now. Such as the form of development you wish to follow, hybrid, native, or web app development. All these strategies have their own ups and downs. Native apps are excellent for running heavy-duty gaming apps and heavy pictorial apps. Hybrid apps can function on all types of devices and are available on both the app stores. These apps can run both iOS and Android.
Before moving on to the next step, it’s necessary that you have a clear idea about the services and products you are willing to provide.
- The Development Process
After you have decided the type of apps and the platforms that you will be covering, now it’s time to decide ‘who will be working on that app?’. You will come across many people that will suggest you to hire ‘freelancers’ to get the job done. But, that’s not a very good idea.
In order to develop and design an app that can keep you in the competition, you need to hire developers, designers, photographers, and content creators that can work together to get the job done effectively. An app is an amalgam of programming, designing, and writing, if these departments are unable to coordinate properly, the end result will be a mess.
The best approach is to hire a team of developers and designers that can work for a permanent basis.
- Develop A Monetization Strategy
At the end of the day, the main goal of your app business is to make money. Once your app gets launched in the app store, how will you make money? What features can you add that will earn you some money? Here are some ways to help you monetize your mobile app:
- Paid App: The first thing you have to decide is if your app will be free or paid. You can make money with paid apps but you won’t get as many downloads as on free apps.
- In-App Purchases: You can set up paid features in your apps that will add to the user experience. A good example of this type of app is ‘Candy Crush’, candy crush allows you to purchase more moves and purchase goods that will allow you to crush more candy.
- Advertisements: You can make money by running ads for other companies as well as ads for your products and services.
- Pro-version of the app: If you have an amazing app, you can launch its pro version that has more features. For example, LinkedIn allows you to upgrade to the pro version and access features that can help you expand your connections and expand your business.
- Create A Productive Investment Strategy
Once you have gone through all the above steps, it’s time for the most important step for the development of your app business, ‘investment’. Where is the money for your business going to come from? Without money and a good investment strategy, you cannot move forward with your business plan. To make things easier for you, here are some ways that you can earn money for your app business.
If people like your idea and it’s widely appreciated, you can always opt for Crowdfunding. You can raise money with the help of your friends, family, customers, and individual investors.
- Taking a loan
This is actually the first approach that pops in your mind when you think about raising money for a business. You can take a loan from the bank or any authentic financial institute.
- Find an investment partner
By creating business profiles on platforms such as Clutch, Crunchbase, and AngelList, you can build an audience for your business and also connect with potential investors.
- Invest yourself
If you think you have enough money, then feel free to invest your money on your business.
- App and Business Marketing
The last step to make your business a massive success is marketing and promotion. Every business has its own marketing strategy that suits their business needs. You will have to adopt a strategy that suits your business.
Here are some app marketing strategies that have proven to be successful.
- Social Media Marketing
This most common and most famous marketing strategy in 2019. As we mentioned above, ‘you have to be where your audience is’. Almost everyone uses social media today, think about it, everyone you know is on Facebook, if not on Facebook, you can find them on Twitter, LinkedIn, or Instagram. By creating your social media profiles and posting attractive content, such as animations, videos, and teasers of your apps, you can entice users to promote your business and become your potential customers. You can even run advertisements on all social media platforms or use social chatbots to promote your brand.
- Promoting Your Website
No matter what type of business you have, you will always need a website. With optimized content and proper SEO strategies, you can start ranking on Google and drive more audience for your business.
- Guest Posting and Business Profiling
If all else fails, guest posting will always be here to save the day. By guest posting on high authority websites, you can share your expertise and showcase your best products. This is a sure way to get some audience for your website as well as for your mobile apps.
Starting your own app business isn’t an easy task, our aim was to guide you through some steps that you must follow to make your startup a success. Simply investing your time and money isn’t enough to rank at the top, you need to have a creative idea, a productive investment, good marketing strategy, a dedicated team of developers and designers, and a good business plan to get your app business off the ground.
We hope that you found this article helpful. If you have experience with an app business, feel free to share your ideas with us. We would love to hear from you.