App development has great potential in the upcoming years. There is no doubt that it is one of the fastest-growing and rewarding industries currently.
If you have a fantastic app idea and are confused about what to do with that idea, then take a few minutes and read this article.
You can develop any Cool idea of developing an app and can sell that idea in the market and earn millions. You will be surprised to know that mobile apps generate more than $60 billion in global revenue every year. Besides, it generates 3 to 10 times more in comparison to traditional or other business models.
By 2025, it is estimated that people across will have 5G connections. It makes it quite obvious how App Development is a great approach.
We know you are excited about your idea and should be because this idea can transform into a multi-dollar project leading you to an affluent lifestyle. One such app is TikTok, which gained immense popularity and was one of the highest downloaded apps.
During a pandemic, the number of people using mobile phones increased on a huge scale. Now a mobile phone has become a day-to-day necessity of our life.
If you want to book a cab, you can easily download the app Uber, wish to order grocery, then there is Big Basket, want food delivery at your doorstep, then Zomato is at your service.
Indeed we have every app for our needs.
Can you sell an app idea?
Selling an app idea is a quick and fast way to make money. Possibly sell your app Idea and get millions. Do you want to know how, and then continue reading!
You have a fantastic idea and are planning to sell it to an investor or an app developer. It would help if you came within NDA that is a non-disclosure agreement, before meeting and discussing or selling your app idea.
It helps to keep your app idea to you and saves your app idea from the competition. As soon as you do the NDA, you only need to focus on your presentation and not worry even if your concept is stolen.
How to know your app worth?
Before selling an app you must know its worth. Firstly try to calculate the worth of your app on your own. To do this first calculate the gross revenue and subtract all the other expenses. These expenses include app store fees, marketing expenditure, app maintenance fees and some additional operational costs. Once you have calculated the net worth, the next measure is to convert it into your app's value.
How to find a buyer for your app
You can use the following platform to buy suitable buyers for your app:
- Flippa
- Fliptopia
- App business brokers.
What factors affect the growth multiple of your app?
Here are the two major factors that affect the cost of your app:
Here you go!
- Growth prospect of an app
Growth prospect determines the worth of your app. If your Apple is growing and then there is plenty of opportunity in the future, a buyer will pay for your app in return of a higher multiple.
- Selecting the niche
The niche that you prefer also adds value to your app. Some buyers are quite particular about what kind of niche they want. Some buyers might be interested in the educational app as it is one of the most trending apps these days. Some buyers might be interest in buying a gaming app due to its large scale popularity.
How to develop your idea into an app?
If you are not willing to sell your idea to anyone, then we advise you to turn it into a mobile app. Remember, building an app is more like a business. It would help if you have some strategies for it.
If you want to validate your app, ask the following questions from yourself:
- Why do you want to build an app Idea, and why the person will buy your app?
- Will your app provide user the best experience while using it?
- What is the platform that you are choosing, and which niche are you focusing on?
- How your app will look like and what features will make it unique?
Remember, your goal is to make a profit out of your app, so here we will discuss some ways to achieve that.
- What is the opinion of your target audience?
Any app will be successful when customers love it. If you have an app idea or concept, make sure what purpose your app has and how your customer will get benefit from it. Draw a detailed picture of target audience whom you are serving. Take care of their needs and desire. Look for active Facebook groups and people who are willing to pay for your app.
Remember, your app should have that added on factor that attracts your customers. Be sure about the testing and refining process of the app.
- Your potential market
Remember, there is no shortage of app in the market, so your app should be unique to make it stand out from the competition.
Focus on spot analysis:
- S: Strength
- W: Weakness
- O: Opportunity
- T: Threats
It will help you to get an idea about what potential threats you can avoid in the future and what opportunities you can conquer. Do a proper analysis of all the competitors you have, especially the top five.
If you are planning to build an app like Uber, then keep in mind that Uber is already giving tough competition to its competitors. You need to have special factors that make you different from them.
- What is your unique selling point?
A unique selling point or USP helps you know why someone should download your app and use it. What special feature you can offer to your customers is called USP is your unique selling point.
For the app to be successful in the market, it should have a feature that makes it different.
Listed below are some examples:
- foodpanda came up with this amazing idea of food delivery at your doorstep and sold it and became a huge success, although Zomato overpowered it.
- Someone thought that keeping track of the location is quite difficult, so he came up with Google maps. So that people could reach their destinations easily.
- If we talk about education platforms, then apps like Meritnation and Byjus came up with this idea of online classes and course material, and today are ruling the market.
- Unacademy came up with this unique idea of hiring professionals and people so that people who are preparing for competitive exams can get course material in a minimum amount.
- WHAT IS A BUSINESS PLAN FOR YOUR APP?
Now, comes the most important thing: a business plan for your app. Once you have developed an idea for your app, treating it more like a business, get more into the depth, and see how much investment it will return to you.
Your prototype will help you raise funds, but the overall costing and return amount depend on the other factors.
Make sure that your business can cover the following points, and this will give you an idea about the financial structure of your plan:
- Estimate the cost and time that is required to create the prototype of the app
- Estimate the cost in time required to create the minimum viable product of your app. In simpler words, at a testable version of your app.
- In-depth marketing plan for pre and post-launch once your app is developed.
- Ensure that your app measures the success rate and informs you about what more improvements are required shortly.
ROI or Return On Investment
ROI is one of the most important aspects of how much profit you will make from this project. Many businesses start working but often fail to make profits and have to suffer losses. This same principle is applied to your app.
How to monetize your app?
Once you develop an app, you need to have the methods to make a profit out of it, so in this case, monetization will help you. You can use the following methods to monetize your app:
- Paid installs: Paid installs mean you have to pay a certain amount of fee to install that particular app.
- Premium: In this strategy of monetization, customers can download a limited free version of your app. Through this, they can access the app's limited services and in order get the full services they need to pay for it .The best example of this is Grammarly. A few services on Grammarly are free of cost, but you need to pay a certain amount to get access to all the services. Kinemaster and Picsart are apps that allow you to edit photos and videos. But to remove the watermark, you need to pay a certain amount.
- In-app purchase: In this kind of strategy, the app is free to download and use, but you need to pay for it to enjoy certain perks or benefits.
- Subscription method: In this monetization strategy, you need to pay a certain amount of fee weekly or yearly to enjoy the application. The best example of this kind of model is Netflix, ALTBalaji, Amazon prime, and Zee5.
- Ad revenues : Ad revenues are another popular way to generate revenue from your app. In this kind of model, you play an ad while people are using your app. For example, while you are watching a YouTube video, access to YouTube is free, but a few ads play. This is an example of ad revenues.
- How to build a prototype for your app?
Now you have analysed the market will have enough knowledge about developing a business plan. The next thing that comes to our mind is the prototype.
Building an app requires a lot of investment, sometimes we cannot invest such a huge amount, a prototype of an app helps you raise funds for your app.
One of the best ways to make your app development process cost-efficient is to raise funds using your prototype.
Development MVP
All minimum viable products help you give others the idea and concept behind your app. This will help you target the audience you want easily. It allows you to get a valuable feedback that will help you to enhance your app.
MVP contains all the core features of your app and is one of the smallest platforms to know how your app will use customer feedback.
Now comes another important question that is who should build your app
It is one of the most crucial steps. Hence, it would be best if you were careful about choosing the app developer for your app. You can either hire a freelancer for app development company or a team of developers to build an app out of your idea.
Hire an app developer
Hire a custom software developer is one of the safest and reliable ways to create a quality app.
The developer will help you to have a more professional app. You don't have to worry about the coding, but hiring a coder requires a good amount of money. Building an onshore app developer app will cost you around $80,000 to $1000000. It depends on what feature type you select. Do proper research before hiring any app developer know about his communication skills and the basic techniques.
If you want to make it more cost-effective than hiring a nearshore app developer, it has its pros and cons but will give you the best solution and minimum budget.
Don't have enough funds or money to pay an app developer; you can build a prototype of your app and raise funds to pay the developer. You can ask any investor for picture idea to an app developer but keep in mind to do NDA of the app before discussing it with anyone.
Selling an app is not as easy as it seems. You need to be patient enough to find a suitable buyer. Never follow any advice blindly. Don't trust any stranger; create all the backup claims of revenues cost-profit with evidence. One of the primary reason for selling an app is that, even if your app is generating a profit of 10k per month find a suitable buyer who can pay you 300k for that app. Whether you want to sell your app idea or build an app is your choice. But if you have some idea that is going to be a great success, go for it!
Best of luck!
WHY TO PREFER OMININOS TO YOUR APP DEVELOPMENT PROCESS
Omni solution is one of the top app development companies existing in India.
Company has worked with 500 + successful projects and has a team of highly experienced technical app developers. This app developers focus on your needs, demands and work accordingly. This company has been running for a long time. Hence it knows how technology has changed, and the industry has evolved. It promises you to give premium quality service in most affordable prices from app design development testing and launching everything is delivered by them on time. At every step, customers feedback is taken.
The company's major focus is to build digital products that help in easy interaction and growing business. It provides you the following services in minimum budget.
- Web designing
If you are looking for a web designing company, then this is a perfect place to contact. They provide you with the best features and marketing tool to enhance your AP. From fresh content to the data work on every aspect to make your website attractive and engaging.
- Android Development
Omninos is quite a leading name when it comes to Android app development company. It provides you with superior quality of work within the most affordable budget for stop it has a highly innovative team who knows all the technical aspects.
The company listens to your needs and then provides you with a team of proficient designer, developers, business analysts, managers, and architects.
- iPhone development
They have a fantastic talent of young individuals and iOS developers who are expert in working with Apple and Mac exclusive Technology. They have a team of designers who have a good reputation and knowledge about you and the US designing their team is well versed with what is happening around the globe and what more things have to be updated to make your app more user friendly.
Other Services they provide are
- PHP web development
- Python web development
- UI UX design
- IT consultant
- Web development
- IOS app development
Frequently asked questions
- What is the estimated cost of selling an app?
If your app generates a cash flow of $100000 per annum so, your app should sell some where in between $200,000 to $300,000. There are various other factors that influence the cost of your app.
- Can you get rich within night building an app?
An app can help you to earn profits, but not all apps can make you a millionaire. You need to work hard consistently to make your life happy enough. But an app cannot make you rich within one night.
- How hard is to create an app?
No, building in app is a bit challenging. One should have technical training and basic understanding of computer language like Jaya or Python.
You should have clear idea about native, hybrid platforms or android or ios versions. As a developer you need to keep various aspect in mind like typography, background colour, logo., designing, UI/UX effect, logo and many other things.
- How can an individual develop an app?
For developing an app, you need to focus on the below mentioned steps:
- Try to develop an idea for which you are going to make an app
- Do work on the purpose of your app, why should the customer download it.
- Do a market analysis and research to get a clear idea about your competitors and rivals.
- Now, you need to decide the features you are going to add in your app.
- Prepare some mock design for your app. Don’t stick to the first layout you made. Look for more creative aspect and ideas.
- Look for an app developer or do coding on your own.
- Next step is to submit the app to the Google or Apple store for which you have built the app.
- Once you get an approval, create market strategies to grab audience attention toward your app.
- Make video, use other social media platforms and create a buzz for your app among the people.
- Is app creation an expensive task?
If you are building an app for native platform it will cost you more in comparison to the hybrid platform. Similarly, building an app depends on various factors. Approximately, building an app cost you between $10,000 to $100,000.