In the current digital world, taking your business online is rather a matter of survival than an option. If you wonder how to turn your app idea into a profitable online business, this post should help you get things clear.
Where to go with an app idea?
When you come up with an app idea and an application for it, there is a lot of work to be done before your audience sees the final product. No matter what level of expertise in the given field you have, you will still need to start with the research phase.
1. Perform research
There is no shortcut to creating an award-winning application that takes over the market. If you wonder how to build a mobile app business that makes it big, don’t hope to get a simple answer. The process of creating a worthy digital product is rather complex.
The good news is that the knowledge you need can be attained for free.
Target Audience
To build an app your customers will love, study your target audience. Before the development starts, ask people whether they would use a
product you have in mind. It is also a good idea to perform thorough professional market research. We ran an ad campaign on social media for one of our clients to study the potential of the conversion. The data you will get in the research phase will be of great use when searching for the investors and partners.
Competition
Study your competition. It’s very likely that there is a product similar to what you have in mind. Find its weak points and surpass it. Learn everything you can about your rivals, big or small. Never forget to keep an eye on them after the release of your product. With the current level of technology development, it’s practically impossible to make a product that cannot be copied. If you’re lucky enough to create a unique product, copycats will not take long to tag along. Keep your offering unique and high-quality so that your customers never think of switching to someone else.
Market Tendencies
Regardless of how innovative and unique, your app idea is, it will be nothing like it tomorrow. The digital technology evolves quickly, people are overloaded by information, and what’s trending one week is forgotten the next. You should always keep track of the emerging market trends before they go mainstream and vanish. A modern successful business is not a trend follower, it is a trendsetter.
2. Draw up your budget
To launch an economically viable business, one needs to plan its financial side carefully. The costs of launching and maintaining a mobile app can vary greatly based on:
- features and complexity
- design sophistication
- timeline and deadlines
- development team rate
- development team size, location, expertise
- support and administration
- pre and post-launch marketing
- pre and post-launch advertising
So, how much does it cost to create an app for a small business? For better or for worse, there is no single answer to this question. Every project has its cost that depends on too many factors, as you see. All of these expenses can be hard or impossible to bear for a single startup owner, which leads us to the next step.
3. Find a good business partner
Figuring out how to create your own business app on your own can be too hard. It can be draining and overwhelming too. All the work behind an online business can be roughly divided into two parts: commercial and technical. A very little percentage of entrepreneurs can cope with both sides of the business equally well.
The best thing you can do is find a reliable business partner. It will allow you to move along with your project faster and more efficiently. It never harms to have someone to brainstorm with or cover for you in a tough situation. When you find a trustworthy business partner, you will be able to share the business affairs with them so that everyone does what they are best at.
What makes a great business partner?
You probably agree by now that having a business partner sounds great. Yet, where can you find a good one?
Here are some of the best options:
- a good friend or acquaintance who has the needed qualities
- a family member who has the needed qualities
- an investor who is ready to back up your project on an early stage
- a first client who is willing to wait for the project release
Of course, having a business partner is rather a benefit than a must. You can launch your app business on your own. However, it will be hard to manage and balance the business and technical aspect of your business well on your own. You should have a technical team you can trust.
4. Draft an action plan
People respond well to structure in any sphere of activity, and especially in business. Launching an app might seem overwhelming and in many cases, it really is when you look at the big picture. Drafting a plan for your business will help you take one step at the time, avoid any confusion and downtime.
How to build a business plan for an app?
Your plan should have precise deadlines. It’s best to create it according to the SMART action plan template. All of the goals should be specific, measurable, achievable, realistic and timely. If you have trouble understanding how to build a business plan for an app, the information should help.
5. Prototype and Technical Specification
State clearly what your app is and will consist of. You have to prioritize the features based on their importance for the client and act accordingly.
A startup launch happens in two phases, Alfa and Beta. During the Alpha phase, the first version of the product is launched to the market. During the Beta phase, the final version of the product is launched to the market. This version is much more sophisticated and tailored to the needs of the users based on their interaction and feedback on the Alpha phase product.
A technical specification is another must-have of a successful project. Together with a plan, it will show which features go into which version, how and when they are developed. Define what matters most for your customers. For instance, if your industry target audience mainly consists of creative visual people, the design of the app will matter not less than the functionality. In such a case you will need to work on the sophisticated design from the start. If you have a tough time drafting a technical specification for your project, cheer up! We have a guide form that will let you get a complete technical specification within minutes.
Wonder how to write perfect technical requirements for your application? We have a post here that will help you cope with the task well.
6. Estimate
A good technical specification is crucial when it comes to estimating project development. The less clear your requirements are, the more risks any vendor will put into their estimate. Vague requirements lead to long discussions, misunderstandings, waste of your money and waste of everyone’s time.
On the contrary, when you have any clear prototype screens, an accurate description of features and priorities, a technical team can provide an accurate estimate and give you their best quote at an early stage. When the requirements and plans are clear, you can easier work with your technical team to optimize the development process and cut down the costs. This way, you will get an opportunity to solve the problem of your target audience in the simplest and most cost-effective manner. An easily scalable project can be created only when the requirements are clear. Keep it in mind: the more clear you describe your future app, the better the accuracy of your project development estimate will be.
7. Team
A development team is one of the crucial constituents that can make or break your project. It’s vital to establish smooth and effective communication and cooperation from the very start. Your sales team should interact with the technical team to help you align the needs of your clients with the development of your project. A technical team you choose should have relevant experience in the industry of your product.
Discuss the technology scope and every stage of the project development with your ream. Make sure everything is clear to all the sides of the project. Together with your team, choose the platform you will develop the first version for. It can be time and money-consuming to develop iOS, Android and web app versions at the same time. Perhaps, your team can suggest a cross-platform app technology that will help you build one app to work on all the three platforms smoothly. When you settle on a certain platform, you should study the competition. If you are making an iOS app, check what best iPhone apps for business in your category are already out there. Research is half of your success.
Your designated technical team should always know your priorities and be proactive in their suggestions. Do not settle with an obedient team that does everything you say and does not have any suggestions or doubts. Search for a team that is interested in creating a great unique product in the best way with you and that is willing to stick around for long-term support. Switching teams is always a painful task that leads to ancillary charges.
Final Thoughts
Now that you know how to build an app for your business, we would like to list the most common mistakes startups make. The main issues businesses most often face at an early stage are as follows:
- Nobody needs the product.
- Untimely rapid company growth. Before you can afford to grow, you should make sure your loyal customer base is established.
- Premature scaling. Every step of your app business development should be well-balanced and timely.
Good luck in your endeavors! We’re thrilled to hear about your app idea and help you bring it to life in the best way. Contact us to talk over your app idea and take it to the next level.
