7 Steps to a Profitable App Idea

The mobile app market is enormous, with almost five million apps across the Android and Apple stores. Surely there’s already an app out there for everything with the vast number of apps in existence? However, let’s assume that you’ve got a budding app idea and you’re ready to jump in and fill a gap in the market. Your priority is to make as much revenue as you can off your app, even if it’s not your main source of potential income. Therefore, we present to you a 7-step guide to creating a profitable mobile app. 

Research the Gap

As mentioned, the mobile market is enormous, and breaking into it will be a difficult task. With this in mind, the first thing you need to do is research the current market. To do this, search for your top five competitors and complete a thorough analysis including features, user interface, pros/cons, bugs, target audience, revenue streams, and user ratings. Once you’ve analyzed your competition, you need to find the need for your app within your target audience, and that’s how you rise to the top of the app game. 

Craft a Business Plan

Your app is your business, and it’s going to need some planning. The business plan will take your market research and expand that forward into a plan of how you will create your app and monetise it. 

Source Developers

Unless you’re a unit, you’re going to need some app support. Your developers are the people who will bring your app to life – without them, you’ll be left in the dirt. With your team’s help, you can take your app from the seed of an idea to a fully-fledged lifeform. 

Raise Money

You guessed it, all of this costs money that you likely don’t have in the beginning. However, there are plenty of ways that you can raise funds for your app startup. One of the most popular ways in 2021 is to use crowdfunding sites, where the public supports your idea financially in return for the end product. 

Minimum Viable Product (MVP)

Creating an MVP requires building a super simple version of your app with just the features it requires to run. Throughout this, you can check whether your hypothesis works and it allows you to bring in revenue before release. 

App Evolution

You need to put your app through rigorous testing, receiving feedback, and fixing issues. This cycle is something that should take place until your app is flawless. 

Boost Your Presence

Once your app is out there, you need to give it a nudge in the right direction for it to gain traction. You should do this by adding unique features, keeping your app maintained, and promoting it anywhere you can. Your app should continue to grow throughout its entire lifetime.

Creating an app in 2021 is challenging, but if you analyse your competition, learn from their mistakes, get inside your audience’s head, and all with an incredible team at your side, you’ll do just fine. 

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Susan

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