Mobile Apps: It’s Just Business

Even if making apps is just a hobby for you, you are sure to want some kind of return on the amount of time, energy, money, and resources that went into developing your mobile app. In order to maximize the return you receive, you need to think about app development as if you were starting a business. This means developing a strong business strategy that will enable you to not only have enough resources to develop your app, but also enable you to allocate resources so you can continue to develop apps.

Mobile Apps Business

So, before you even begin coding, you should consider drafting the following:

A Market Analysis:

What it is:

A thorough review of the industry you are hoping to enter

What it means for you:

Take a close look at the mobile app market that you are hoping to enter. For example, if you are hoping to develop an iOS app for mainly Asian consumers, research the iOS app market in Asia! Get a good understanding of how the market is growing or shrinking, and take a look at what kinds of apps are in demand within your targeted market.

A Competitive Analysis:

What it is:

A thorough look at your direct competitors and how their services set them apart

What it means for you:

So, you have already decided to develop an iOS travel app for Japanese and Korean markets. Your competitive analysis will include every other travel app on iOS which is targeted to your specific (anticipated) customer demographic. Look at what those other apps offer, how well they perform, and then think about how you can improve upon their app or how you can differentiate your app from theirs.

Financial Analysis:

What it is:

An in-depth breakdown of your anticipated profits and losses, including the cost of actually developing your app.

What it means for you:

This one is a bit more straightforward. If you want to make a profitable business, you need to know how much money is coming in and going out. Creating a financial plan will also help you set goals for your business once your app has launched on the market. Many people simply opt to hire an accountant for this portion of the business planning. That is certainly a valid route to take, but you will need to include the accountant’s fee in your initial startup costs which could be a stretch for some beginner developers.

Business Plan:

What it is:

Combining all of the above

What it means for you:

This is the document that you will want to show investors or banks when you are hoping to get your business off the ground. Your business plan should include all of the following and should be as in-depth and comprehensive as possible: your Market Analysis, your Competitive Analysis, your Financial Analysis, an overview of any legal hurdles (privacy policies, COPPA laws, etc.), and branding (optional)

We realize that none of the above documents are particularly fun to work on. But, if you thoroughly plan out all of the above, it will save you a lot of time and energy down the road if you are seeking funding or simply seeking to expand your business. And don’t even worry if you don’t know where to start! You can find templates and tutorials for creating all of the above plans right on the internet for free. And remember: the earlier you get these business documents finished, the more time you have to spend doing what you love to do!

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