Apps are a huge part of our day-to-day lives. We use them at work to be more productive at being organized, at home to manage various aspects of our routine, and even for fun.
It’s no wonder that the global market size for mobile apps is expected to reach a value of around $366.34 billion by 2027.
If you love technology, and you want to take advantage of a growing niche, creating an app development company could be the perfect plan for you.
The only problem? You might not have the coding knowledge or skills to start building apps on your own—or an in-house tech guru to help you.
However, although this may seem like a significant issue at first, it’s not as much of a dealbreaker as you might think.
Access to codeless app platforms and freelancers means anyone can start an app business—regardless of their tech skills.
Here’s what you need to know to begin.
Table of Contents
Conduct Market Research
The first step in any good business idea is doing your research.
It is a good idea to double-check that there’s significant market demand for what you’re going to sell. It’s also worth examining your competition, so you can determine how hard it’s going to be for you to stand out online.
Start your market research by collecting as much information as you can about your target audience.
Sit down with other important people in your business and decide what your ideal customer might look like. In other words, who’s most likely to buy or download your app?
If you’re selling a social media marketing app, for instance, you’d likely be focusing on the B2B market and the people in the advertising industry.
A user persona will give you an insight both into the kind of audience you’re targeting and the pain points you’ll need to solve to get their attention.
User personas include information like your customer’s age range, gender, location, income, and education level. The more in-depth your profile, the better your sales and marketing strategies will be.
Once you know your audience, check out your competition.
What kind of similar apps are already on the market, and what can you offer that’s never been seen before?
How are you going to price your app or features to make the offering competitive and convince the buyer of their value?
Create a Business Plan
Once you’ve established that there’s space for you in your chosen industry and a demand for the app you want to sell, it’s time to create your business plan.
Doing this might not seem like the most exciting job, but it is crucial.
Having a thorough plan shows you, for instance, how much you’ll need to charge for your ad to break even if you’re offering a premium service.
You’ll also see how much you should charge for ads on a free app.
Your business plan also shows potential investors and partners that you’ve considered the long-term needs of your business, which boosts your chances of investment.
There are various business plan templates online that can help you with crafting your strategy.
The most obvious information to include is:
- Your budget for both ongoing and initial costs
- Resources you have now and what you’re going to need to buy
- Funding options – bank loans, internal funding, investors
- Client acquisition strategy and your user persona
- Marketing strategies
- Your unique selling proposition
A comprehensive business plan should answer every question about how you’re going to run your business, and how you’re going to make sure that it’s making a profit.
Writing down what makes your organization unique also means you can come back and use your plan as a compass whenever you start to lose direction or inspiration.
Choose Your Development Strategy
With your business plan in mind, and your buyer personas directing you towards the correct audience, you can start to look into your development strategy.
As mentioned above, you don’t necessarily need a coding background to begin making apps today. If you have the initial idea in mind, and you know how it’s going to work, you can experiment with simpler routes to market.
For instance, the two most common options are no-code platforms and freelancers or agencies:
No-code platforms are software solutions online that require little if any coding knowledge.
The services usually come with drag-and-drop builders which allow you to customize your apps very easily, on a visual platform.
However, if you want a specialist to help you build the perfect app, a freelancer or agency could be the perfect choice.
An in-house developer can be an expensive purchase, and with freelancers or agencies, you simply work with the pros for as long as you need them.
A no-code platform gives you more control over building the app yourself, while a professional may be able to create more unique features for you.script async src="//pagead2.googlesyndication.com/pagead/js/adsbygoogle.js">
Monetize Your App
Next, it’s time to monetize your app. This means deciding how you’re going to earn money from your creation.
One obvious option is to simply create a paid app from scratch.
If you have a great idea for something you know your customers are going to need, then you can charge a small fee for the app.
When you plan to develop a “premium” app, do your research in advance to ensure you’re requesting a fair price for it.
Otherwise, if customers can find something with more functionality for a lower cost elsewhere, you’ll lose a lot of sales.
There are other ways to monetize your app, too.
If you don’t want to sell a full premium app, you could create a freemium solution, where customers can access some features for free, then pay to unlock the full experience.
This is an ideal way to give people a taste of what they can really get from your service and leave them hungry for more.
Companies with apps can also make money through advertising spots for other, relevant brands, or offering in-app purchases.
Make sure your monetization method makes sense based on your brand, or you may end up scaring customers away.
Get Started With Your New Business
Apps are some of the most popular products in the world today, particularly as our environment grows increasingly digital.
If you have an idea for something that can entertain your customers or make their lives easier, you can make a fortune with your own custom app business.
The best news? You don’t even need prior coding knowledge to get started.
With access to various online app building services and solutions, you can jump in straight away, with no tech background, and start monetizing your apps instantly.
About The Author
Jen McKenzie is an up-and-coming author from NY. She writes on business, marketing, and HR subjects. When not at her desk, you can find her taking long strolls in the countryside or enjoying her free time brushing up on photo editing. You can reach Jennifer @jenmcknzie