Mobile applications are the new corporate enterprises. If you’ve got a great idea, you can easily find yourself heading a successful company, but you need to be smart about the business side of things.
To turn your app into a real business, you’re going to need to come up with a mobile app business plan. Today, we’re going to give you a guide on how to build a business plan that’s easy to enact, easy to follow, and will put you on the path to success.
Your app might make you the next big thing in the tech world. Don’t let anyone take advantage of you. Just follow your business plan all the way to the promised land.
Making a Mobile App Business Plan
Whether you’re an existing business getting into app development or a young entrepreneur with a great idea, you’re probably going to need help. Before we talk about building a business plan, it’s worth noting that getting a proven app developer involved early could save you a lot of time and money.
The app world is saturated and if you don’t know exactly what you’re doing, it’s a long, winding road that might lead nowhere. Having confidence in yourself is great, but nothing truly replaces experience. That being said, a great business plan is the best place to start if you’re going to get off the ground.
Finding Your Niche
The first step for any business plan, but especially for a mobile app, is to identify your niche. It’s rarely the case that someone decides that they want to make an app and it all works out for them. Most successful apps come after a long period of research and development.
Your research will be instrumental in helping you figure out what kind of app you’re going to create. Then, you’ll need to work with developers and a marketing team in order to give your app the best chance to succeed.
Market analysis involves a few different things. In doing this, you’ll want to look at other apps that have a similar audience to the one that you want to make. What is it that makes them so popular?
Finding this out will be the key to unlocking your app’s success. Look at the branding and marketing tactics used by the app, look at the comments left by people who have tried it, and determine what the competitive advantage of one app is versus other ones like it.
Developing the App
Once you’ve done enough research to have a really specific idea of what you want your app to be, you can hire a developer to turn it into a reality. Working with a sought after developer will take a lot of the explaining out of the creation process because they’ll know what a successful app looks like.
Let them do their thing and come to you with any questions they might have. While they’re working on the app, you need to look at the financial side of things. There are a few important metrics that will determine the financial stability of your app.
Lifetime value tells you how much you can make from a single customer, while your burn rate is how much you spend every month. You’ll also want to account for different ways you can bring money in, like with in-app advertising and purchases, subscriptions, and extra features.
Plan Ahead, Not On the Fly
Creating a mobile app business plan before you get too deep into the app development side of things will help bring everything in focus. Without a firm plan in place, you’ll end up making important decisions on the fly, which might potentially run your app into the ground before you get a decent footing.
To ensure that you’re building your app the right way, contact EB Pearls. We’re leaders in the app-building market, with 50 of our apps appearing the top-10 of the app store. We know what it takes to design a successful app and we can help bring yours to the next level.