Building a Startup Business Plan for Your Mobile App Development
AppAnnie, the leading app analytics & app market data firm, reports that the mobile app market is expected to grow into a $189 billion industry by 2020. It comes as no surprise that mobile app developers are constantly on the lookout to develop a business around their skill set. Programmers might be adept in the development of mobile applications but a sound framework for starting the business can save them from rumbling quickly under the bridge.
Mobile apps have run the tech game for a long time and it’s not stopping anytime soon. In fact, reports by Statista show that in 2017, there were 2.3 billion Smartphone users implying there are almost 2.3 billion people using any kind of app. But before stepping into the big leagues, mobile app startups need to comprehend the basics of mobile app business, which can only be understood by a well-laid out business plan.
What Should Your Mobile App Development Business Plan Be Based On?
Having a specific goal in mind is a prerequisite for starting up any business. In the case of mobile app development, the company must define a clear goal that they’re trying to achieve by building that app. Along these lines comes the unique distinction that will be offered to the user and make the app stand out from millions of apps on the store. The plan should be based on –
- The type of application
- Competitive analysis
- USP of the app
- Budget estimation
- Projected revenues & profits
Designing a Business Plan for Your Mobile App Development Company
Even though the end result might seem overwhelming, the process of creating a business plan can scare off most mobile app developers. But creating a blueprint at the early stage can push the steering wheel of their application in the right direction.
- Specify the Problem – At the core, write down the specific problem that your app will solve for the user. If your app is going to fulfill a current market gap, outline the details of that problem in quantitative terms.
- Address the Essentials – Determine the target users of the app who will have the most downloads. Take note of your USP that will increase your app’s engagement & address the marketing channels that will help you increase its reach.
- Implement a Business Model – Generating revenue is difficult for any mobile application development company. This is because of the tremendous competition on the app & iOS store. Select a simple monetization model that grows with your app and eventually switch to complex models when you have the financial support to take more risk.
Most mobile app developers feel that while starting an app development company, execution is more necessary than the planning. However, a firm business plan allows the developers to save valuable time by reflecting the necessary action steps that need to be taken for proper execution.
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