With an increased number of smartphone users, mobile application development is not an option anymore; it has become a necessity for every business owner. Businesses, particularly startups need to invest in mobile app development services to build apps that can be used to target and reach more users.
The first and foremost step to develop a successful mobile app is creating a well-thought mobile app business plan. The business plan must encompass all aspects of mobile application development including cost of app development, planning, designing, marketing, post-development support, and maintenance.
Here’s a definitive guide to creating a useful app development business plan to ensure the successful launch of your startup.
Steps to Create an Effective Business Plan for Mobile App
1. Your App Idea
Your app idea is the foundation of your entire mobile app and therefore, it is important to ensure that you have a solid and well-thought off mobile app idea. The best way you can do this is to brainstorm with experienced people from various domains to gain valuable insights and ideas for your app.
- Identify the Purpose of Your App
The next thing you need to consider is to identify the purpose of your mobile app. It is essential to identify how it is going to solve the problems of users and where it will fit in the market in order to be successful.
- Unique Value Proposition (USP)
There may be several apps under your niche in the market. Therefore, your app should have a unique value proposition or unique selling point that will make your app stand out from the rest.
2. Market Research
- Market Analysis
Once your app idea is ready, the next thing you need to do is undertake market research to understand every aspect of your niche market, right from the competition point of view to consumer behavior.
- Market Competition
You need to also keep a watch on similar app ideas and existing market competition. This will help you know the pros and cons of those apps and you can ensure not to make similar mistakes when developing your mobile app.
- Google Play Store & Apple App store
You also need to collect and understand data from both Android and Apple app stores to understand the market size and kind of app that feature in both free and paid versions. Going through app reviews will also help you know what like or dislike about similar apps. These reviews help you know about the pain points of consumers that you can address with your new app.
- Market Size
Identifying the market size helps you understand how big your potential market is and what will be the potential of your app startup.
3. Your Target Audience
- Know Your Audience
Your defined target audience helps you design the UI/UX elements of your app and what your audience prefers. This can also help you to determine the platform on which you’ll launch your app. For example, if the majority of your target audience is Apple users, you may opt for iOS app development. If the majority of your TG is Android users, then you may go with Android app development. If you’re targeting both iOS and Android users, you may consider building a cross-platform mobile app.
Moreover, by analyzing your TGs preferences, you get to know about their likes and dislikes which helps you to design your user interface and marketing strategy.
4. Pen Down the Final Concept of Your App
Once you have defined your app idea, USP, and target audience, you can now pend down your exact final concept. This will help you include key features of your app, your app’s USP, design, and prototype your actual app experience that you’re trying to give to your prospects. At this juncture, you can define your app goals and vision as having clear goals and visions aid in the focused app development process.
5. Business Planning
- Mobile App Development Cost
The cost of mobile app development is a major concern for startups who have a limited budget. It is good to consult with your developers’ team or a professional mobile app development company that can provide you with the best possible cost estimate of your app depending on your industry type, design, complexity, platform, and app experience.
- App Maintenance Cost
Besides the cost of mobile application development, it is also imperative to understand the maintenance cost of your application. This cost includes the optimal running of your app, cloud infrastructure cost, and the cost for regular upgrading.
- Operating Cost
When deciding your app development budget, you must also consider the cost of operations. For this, you will need to understand your workforce requirement, your daily business expenses, and more.
- Marketing costs
You must also define marketing solutions and strategies to ensure the success of your mobile app. Estimating the marketing cost will depend on the marketing strategy as the marketing cost can be fixed only after the finalization of your marketing strategy.
6. Marketing Strategy
- Define the User Persona
The first step to create a successful mobile app marketing strategy is to define the user persona. It is possible to have various user personas. Therefore, it is important to define these as detailed as possible. User persona can be defined on the basis of age, gender, income, occupation, marital status, geography, and many others. You also need to analyze the psychographic data such as your users’ hobbies, interests, app usage, tech-savviness, most-used sites or apps, and more.
- Customer Acquisition Strategy
This is an inevitable part of a marketing strategy where you plan how to acquire and gain new customers. This is particularly important for a new business launch as you leverage data to understand consumer behavior and available marketing opportunities. This will ensure that your marketing efforts will reach your target consumers exactly the way you want.
- Identify the Key Metrics for Your App’s Success
This is when you define the key metrics for your app’s success, what outcomes you are looking for, and what will be your indicators that will show how your app is performing.
7. Working with the Right Team
To ensure a seamless mobile application development process, it is very important to work with the right mobile app development company at the right time. The right time and the right mobile app development partner can significantly impact the successful development of your mobile app.
Also, when choosing a mobile app development company for your mobile app, you must look at their past experiences to get an idea about their expertise, work ethic, and determine the future of your app.
Moreover, you may be looking to attract investors for funding. As a large amount of money is being invested, investors may be interested in the partners and the teams you’re working with before making the final decision. They usually look into the past experiences of the partner, the solidity of your app idea, and team skills.
- Defining Business Model and Monetizing Strategy
At this point, you need to determine how you’re going to monetize your app. You must look for various monetizing options such as in-app advertising, in-app purchases, freemium versions, advertising based on incentives, and subscription models either on a monthly or yearly basis.
Selecting any of these options will help you determine how your app will be made. You may also charge users for a single download. It is at this stage when your market analysis and consumer behavior analysis come into major help.
- Decide Your Costs
At this stage, it is best to work on a projected cash flow statement that will give you a clear image of your expenses, and what amount you’ll need to launch your startup to ensure that it runs smoothly and grows in the future.
- Funding Required
Lastly, on the basis of your market plan and above-mentioned steps, you will be able to figure out the overall cost that will show you the funding you need for your app to work, grow and become successful. With this plan, you will able to determine the funding required.
So, now you know that having simply an app idea is not enough for making your app a success. Creating a well-thought business plan for your app is crucial for effective, smooth, and flawless mobile application development. The best to ensure a well-drafted business plan is to approach a professional mobile app development company for its complete suite of mobile app development services. Mobi India is one of the most trusted mobile app development companies in India that offers a top-notch mobile app development services to its cross-industry clientele across the globe. We follow an agile approach to the mobile app development process to deliver the end-product within the stipulated period of time. Our experienced team of consultants provides the best-fit strategy and business plans for your app to help you visualize your app idea and receive a robust app that caters to all your business requirements.
1. I have an app idea. Where do I start?
Well, you are at the right place. Get in touch with our app consultants and they will guide you with everything, right from conceptualization and planning to development and launching your app.
2. How do I find the best mobile app development company for my business app?
Before finalizing a mobile app development company, it is wise to do rigorous research on various mobile app development companies. You should consider selecting one on the basis of their past experience, their comfort levels with the coding and development platform knowledge, technology stack they use, work portfolio, client reviews and rating, price packages and many more.
3. Why do I need to outsource my mobile application development project?
When you outsource your app development project to a mobile app development company in countries like India, you can build a robust mobile app at nominal development costs. Moreover, you get a dedicated Project Manager who addresses all your concerns related to your app, strong team of professional app developers, proper project documentation, and timely delivery and launching of your business app. Outsourcing your app project is a cost-effective way to build your business app and launch your business within the shortest time-frame.