Are you planning to develop a mobile app for your business? In that case, your first strategy should be to jot down all the details in an investment plan known as a mobile app development business plan. From your app idea to the resources and time to money required for the development, you must create a thorough plan and stick to it.
Writing a business plan for your mobile app development can help clarify your vision. Most importantly, it will define all the required steps and identify any gaps in the entire process. So how do you write a mobile app business plan? Let us find out.
6 Steps to Write a Mobile App Business Plan
To write a comprehensive business plan for your mobile app, here are the six mandatory areas you must focus on.
1. Knowing Your Concept’s Viability
With the growth in mobile technology and its demand, popular mobile apps are growing year after year. Therefore, the pundits predict that the mobile app market size will surpass the $407 billion mark. Consequently, you can never go wrong when building a mobile app for your business.
However, you must know your target market and the feasibility of your mobile app. First, you must have clarity about the app you wish to build and how it will improve the user experience of your customers. Secondly, you must establish the issues you want the app to resolve.
Last but not least, if an app is something offering added value to your target audience. This will help you determine if your app idea is worthy of an investment.
2. Selecting the Type of App, You Wish to Build
As you begin drafting your business plan, you must determine the type of app you want to develop. Some of the common types of apps are:
- E-Commerce App
- Entertainment App
- Game App
- Shopify App
- Educational App
Furthermore, you must also decide if you want to build an IOS app or develop an android mobile app. That said, you can build an app for myriad purposes, including branding, direct marketing, selling, improving user experience, etc.
3. Research the Demand
Once you have finalized the idea and type of your app, it is time to research the market. This includes the size of the market you wish to target. Sometimes, you may wish to build an app on the IOS platform, but the market share of consumers is primarily android users and vice versa. This may sway your decision to switch your platform accordingly.
You can even run a SWOT Strengths, Weaknesses, Opportunities, and Threats analysis. The strengths and weaknesses entail the internal affairs of your business. These include the app development team, patents, location, intellectual property, etc.
On the other hand, threats and opportunities are external factors that you have no control over. These include competition, customers’ behavior, and prices of the resources required for app development. The cost of hiring a mobile app development company is also a part of your SWOT.
4. Establishing Your USP
USP is an acronym for ‘Unique Selling Point.’ The whole idea behind building an app is to get users to download and use it. Therefore, you must explore the unique selling point of your mobile app and try to find out why a user will download your company’s app.
This is an essential component of your mobile app business plan, as you can use the USP in your pitch to convince investors.
5. Creating a Financial Plan
Like any business venture or project, your budget is the key component when it comes to developing a mobile app. This not only includes how much it costs you to make an app but also the money your app will bring in after its launch.
However, making an expensive mobile app does not guarantee its success. You must know the demand and that invest in this project accordingly. In contrast, you can create a mobile app at a very nominal cost, but it may turn out to be a hit and bring in a good return on investment.
The popularity of your app will depend on various factors such as its seamless performance, ease of use, features etc. Instead of putting your business app up for a download for a price, you can offer it as a freemium app and give your users options for in-app purchases to use certain features.
It is good to know that you can also build a solid app on a small budget. However, you will have to create a careful financial management plan in order to ensure that you do not end up going over budget during the development phase.
If you do not have an in-house team of mobile developers, you might have to hire a mobile app development company or team of freelance mobile app developers. This selection process will also depend on the budget you allocate for your app-building project.
Other financial overheads in your app development plan include the cost of marketing your mobile app, customer acquisition cost, number of platforms (IOS, android, windows) you wish to build an app for. Creating an app for more platforms will logically cost you more money.
6. Creating a Marketing Plan for Your Business App
As exciting as the idea is to build an app, it is an entirely different ball game for marketing your newly created app. Trying to attract users in an already saturated app market can be a daunting task.
Therefore, you must create a solid marketing strategy to entice the audience. Offering new features to better pricing can help you claim your share in a highly competitive market. You can either ask your marketing team to work on this aspect or hire a digital marketing agency to get your app the attention it deserves.
Conclusion
Building a mobile app can help your company tap into a multi-billion-dollar market and yield profit. However, the more detailed your business plan for mobile app development, the better your chances for success. If you need help building a robust mobile app on a budget, speak to our team of mobile app developers today!
