It isn’t every day that you are blessed with app ideas to make money. But when you are, the worst thing you can do is launch it without the right resources and knowledge.
If your app idea has potential, but you don’t know how to code, what legal stuff to take care of, or even secure funding to execute all of it; here is a brief step-by-step guide on things to take into consideration.
Will Anyone Pay for Your Idea
When you come up with an app idea you may feel that it is the most brilliant idea in the world, and it probably is but do you know to what scale?
One of the primary reasons businesses fail is because nobody needed their product in the market they launched. Imagine finding out everything you built and invested time, money, and effort into was useless.
Therefore the very first thing you must do is a market analysis for how viable your product/ application is. Will it fly or flop?
What is Your Competition Doing
While you are researching a market need for your product keep up the habit and do a competitive landscape analysis. This is super insightful and a time for you to absorb details. Learn what they did that worked for them, and what they did that ended up as massive fails. It’s like second-hand valuable experience on how to run a business built on an app like yours.
Finding Your Brand
Most people make the mistake of using a business’s logo interchangeably with its brand. Building a powerful brand image is perhaps the best way to survive in a cutthroat market for the long term.
To build one, you must figure out what differentiates your application from others. Once you figure that out, the next step is to make sure that you have a uniform design so that every time a potential customer sees your promotional material they associate it with your business and everything it stands for.
Do You Have a Plan?
A solid business plan will take you places. By projecting and outlining everything up to 5 years post launch, you are in a better position to stick to your goals. Moreover, as a young startup, a plan also offers you milestones with set deadlines that you must work for. They help you gauge the performance of your business and breed confidence in your decision making.
Money, Money, Money
To find an app idea investor can be time consuming and stressful but is not an impossible feat. If you completed all the right steps, there are bound to be several investors who see how your product is headed for greatness.
A great way to accumulate and summarize everything you have learned from market research is to share highlights in a pitch deck. A pitch deck is also how you can show off your existing structure, your chosen business plan, and your capability as an entrepreneur and a leader. All of these things can make or break a startup and potential investors want to know these things.
Product Development
During the product development phase of your app startup it makes sense that you would spare no expense to design the ultimate product. However, you do not want to learn the hard way that there is a massive difference between what you deem to be a perfect app and an app that primarily targets and serves the needs of your audience.
A smart strategy is to develop the app around the needs and behaviours of your ideal customer. You have to ask yourself: Is the platform navigable for someone who is not tech-savvy? Will people have the time for a complex app to load? Are there unnecessary elements to the application that are only slowing the conversion journey?
Cutting Through the Noise
When you have secured funding a good chunk of it should ideally be reserved for marketing your app based startup.
Marketing will push your business plan into motion by creating noise and visibility about your mobile app to the right people.
Digital marketing is an excellent route to help you filter through your ideal demographic without breaking the bank. The best thing about it is that you can formulate a strategy using different tools of digital marketing. Depending on where your target audience often ventures online and the industry that you want to launch your app into, your choices will narrow down on their own.
No Man is an Island
Where you can accomplish a role no one can in your new business. There are experts who can bring game-changing knowledge to the table. Take advantage of it!
One of the best ways to do this is to approach a top-notch incubator. With an incubator supporting you, you have access to an array of expertise and resources that you would not be able to employ on your own. An incubator launches tons of startups every year and has an instinctive foresight on the likely challenges of getting an app off the ground.
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