With the advent of smartphones, the mobile app market is growing faster than ever. As of the third quarter of 2019, there were 2.47 million apps on Google Play and 1.8 million apps on the Apple App Store. Mobile apps are expected to generate $189 billion in revenue by 2020. Research shows that the average American spends 3 hours and 43 minutes a day on a mobile device and checks their phone nearly 80 times a day.
The Web and Mobile Application industry is a Multi-Billion Dollar industry which is worth hundreds of billions. If you think that a majority of apps concepts have already been developed then you are wrong. Because countless applications are yet to build and introduced in the app stores that means the scope is endless. If you want to start an app business, it is a great idea and now, is the right time to start.
- Sketch Your App Idea
Every app starts with an idea. It doesn’t need to be great, innovative or clever. Just an idea is good enough. Your idea regarding the app will act as a foundation base for your business. Start by putting your idea down on paper as clearly as possible. Only 5% application development businesses is successful. So Your Idea of app should be unique and provide a solution to several people. It can be related to healthcare or lifestyle or just for entertainment purpose.
- Do Market research
Once the idea is finalized, the next step is to do the Market research. You need to know the current offering on the market and use this knowledge to find a gap your app will fill and serve a fresh, complete solution to the problem you’re solving. Extensive market research should help you discover your competitors, their strategy, strengths and weaknesses, customer’s feedback and their unique selling point. When you know these results, you will be able to avoid your competitors’ mistakes, double up on the strategies that work, and clearly define your unique take on the problem and the path to solving it. There are millions of mobile apps are available and you need to stand out of them.
- Choose between native, hybrid and web app
Choosing between native, hybrid, or a web app has significant difference. Native apps are perfect for heavy-duty tasks such as gaming or the use of photos or videos. Whereas, web apps are best for solutions that require easy updates, but don’t require any access to device’s native abilities. These two types sit on the opposite sides of the spectrum, with native apps being most expensive to develop and findable through app stores, while web apps are quite quick and low-cost to develop, but you can’t amplify them through app stores or have your users download them to their device. The best of both worlds are hybrid apps: they use the same code base for both platforms, they can access device’s features and they live in both app stores. They are also an ideal choice for most app goals and purposes, including productivity, utility and enterprise apps. Once you’ve decided on your app type, you will much more easily allocate your resources and plan your entire development project.
- Choosing the Platform: Android vs iOS
Choosing a suitable platform for your app is the crucial thing to do. In the early years, several platforms were available. But now, after all these years the majority of market share is divided between the Android platform and the iOS platform. Windows platform is also available in the market but when compared to Android and iOS, windows is lagging behind with a huge difference between them. Looking at some of the previous reports, the statistics show that the Google Play Store is still the highest ranking store when it comes to the yearly number of app downloads. So, if you are someone who wants their application to reach to a huge crowd of people or is looking for advertisement purpose, then select the android platform. But if you are someone who wants to initiate an app business for the sole purpose of earning a greater revenue with their application, then opt for the iOS platform.
You are now chosen the platform that you want to move forward with, then the next stage is the phase of development. Basically, this is the phase where team building for your app business takes place i.e. search for reliable partners to work with and build a team with them. This search of partners also depends on the idea of your app business and according to your requirement, start looking for suitable members. These business partners may be programmers, app designers, application developers, content writers and many more. The team building stage is the break it and makes it part, so try not to hurry when selecting reliable teammates for your business.
- Investment Planning
Now that you have your team with you, it’s time to lay out an app business plan regarding the investment and various other factors. Try to collect as much as relevant insights you can gain in the market that you are targeting, this will come in handy in avoiding extra expenses related to the budget. ‘Keep in mind while creating your business plan that has to be a combination of effective tactics and efficient strategy.’ A strategy may require time to become fully functional that’s why you should initial make short-term plans with your strategy. And once the short term plans started to be fulfilled then move on to the long-term plans.
In this section, you and your app business partners will be taking a test drive of the app that has been built to launch your app development business. This is a very important step because in this part the improvements of the app take place. After the app has been tested, a feedback is sent back to the development and designing team. Based on this feedback, further changes are made in the application, so that, by the time it hits the market, it is free of any issues. To make this process smoother, you can ask your development team to create an interactive prototype to test out the prominent features and framework of your app.
Monetization is the reality of the app industry because without monetizing your app business, how you will be able to earn revenue. So, here are some of the ways you can monetize your app: IAP also known as In-App Purchases where the user will have to pay a specific amount of money to get access to an additional feature. You can also opt for the option of direct selling where you can directly sell a number of products and services to your targeted audience. Advertisements are one of the most common ways of monetizing but these ads are the one that also annoys the end-users the most. So, keep this fact in mind before finalizing the Advertisement option. You can also launch two versions for your app: a free one and a Pro version but if you are someone who is just making their debut in the app development industry then you might want to wait with your pro version.
- Marketing and Promotion
This is the last and the final step in the whole process of starting your own app business and without this last step, all your hard work can go in vain. Create an amazing teaser video for your product and post it in the app stores, on social platforms, or even use it in paid ads. In addition to building a hype around your app, having a pre-launch website is also a great way to do some early search engine optimization (SEO) by starting to build your domain authority.
When you set up your website, collect emails so you can keep your followers updated and let them know when your mobile app launches, and when you have new updates and features. It is also beneficial to showcase 5-star reviews on the site; make sure reviews are authentic, or else your brand will seem insincere. Promote it on Facebook, Instagram, Twitter, LinkedIn, Pinterest, and other social platforms. It helps you to expand your web presence and allow you to directly communicate with your target audience. It’s true that marketing and promotion are costly services, but when used correctly, they are worth it.