Have an app idea? Here’s what you need to do next

Decoding Entrepreneur’s Dilemma – Transform App Idea to Tangible Reality

From Idea to Action for the Entrepreneur's Dilemma - I Have an App Idea, Now What

Mobile apps manifest convenient technology in a world where almost everything is run by the tip of our fingers. Having a unique app idea in a world of much-alikes can be a game changer for any business. Today, in this digital era, taking your business online is mandatory because no company works in a competitive market without its online presence.

Most enterprises reap the benefits of app development by reaching a wider customer base and promptly responding to their esteemed customer. Still, it all begins with having an app idea that would later turn into features playing a crucial role in the process of making software solutions.

If you have an app idea, this guide shall drive you through market-proven steps so that you can do your best for your business.

What is an app idea?

An app idea is an unexecuted thought that has plans to boost sales or services of a specific company or enterprise through mobile apps. Application development has been one of the significant aspects of any business today. If you have an app idea, the first thing you should be doing is knowing thoroughly about the concept. Is it realistic or just an imagination? Or can you help others with your idea?

When analyzing your idea for building a mobile app, you need to consider the core purpose of your app or what problems your app aims to solve. Globally, there are more than 5 million apps, each offering users some or the other services. So, to stand apart from your competitors, you need to check what key features your app provides that will differentiate it from the existing apps in the market. For a broader perspective, you can also look at the trending app ideas in the industry.

App Idea to Reality – Are you on the right track?

Owing to the fact that there will be 299 million mobile app downloads by the end of 2023, businesses need to consider what makes an app so convenient for a user. Today’s world is shifting from “technology-convenient” to “convenient-technology.” This shift is mainly due to mobile phones as they offer the most accessible services from anywhere and anytime, causing more people to use mobile apps for various purposes besides browsing.

For example, H&M is a luxurious brand already known by people worldwide, yet it has its app designed especially for its users. The H&M app provides enhanced accessibility to its customers by assisting them 24/7. Customers can browse the wardrobe collection even if they aren’t visiting the store offline.

Such an approach not only boosts customer engagement but also maintains that the customer stays loyal by offering them loyalty discounts and rewards. Furthermore, using an app, you can provide your customers with personalized recommendations to increase their interests and experience.

When you have a compelling app idea that aims to solve a problem and offers some unique services, you need to start working on it.

Business app stats and figures

Statista reported that last year’s overall mobile app revenue totals amounted to approximately $420.80 billion. The forecasted annual growth rate is about 9.59% and the projected value is US$673.80 billion for 2027.

In the first quarter of 2023, Google PlayStore logged a remarkable 27 billion mobile app installs. This underlines the increasing rate at which application development occurs, underscoring that companies should find ways to make their apps as the case would be.

Another study from the same source of information shows that users spend over five hours per day on mobile applications. If your application concept is smart enough to keep consumers’ interest alive, interacting with customers may lead to higher sales.

The next steps after having the app idea

Transforming App Ideas into Tangible Reality - A Step by Step Approach

Now that you have known the importance of an app, the following are the necessary steps for app validation and app development that you need to take:

Research

As there are millions of apps already on Google Play or App Store, what makes you so sure that your app idea may be different from one of the many others? To help tackle this, the first thing to do after having an app idea is to research thoroughly.

Consider your mobile app idea to be an actual business project. You may become too passionate and emotional about your idea, but remember that the app industry is highly competitive. There might be tens, if not hundreds, of identical apps competing for customers worldwide.

Validate your idea

Now that you know the market standards and trends, the crucial step ahead is app idea validation. Gaining practical app market research is your insurance policy against investing time and resources in an app no one wants. In-depth market research assists you in identifying gaps and unmet demands your app can answer.

The simplest approach to validate your app concept and gauge people’s interest is to ask them in a simple way. Conduct surveys and interviews focusing on groups to learn about user preferences and problem concerns. This will help ensure your app stays ahead of others in the market.

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Technical aspects

Analyzing the technical aspects of the app is the next important thing to follow in the app development guide. This is also the phase where you technically validate your app idea. A mobile app is a software product created using programming languages and frameworks. To choose the best languages and frameworks, you need to see current trends in the market.

Below are some essential factors to focus on while considering the technical aspects of the app:

Evaluate your idea technically

Now, validating your app idea and technically evaluating your app idea differ a little. The technical feasibility of the app idea is considered in the technical evaluation.

After ensuring your app idea is unique and technically validated, you must patent your mobile app and protect your idea with proprietary rights from competitors. From the cost of creating an app to including features through a specific technology stack, everything is discussed to validate if your idea works for your target audience as expected.

While validating your idea, technology experts suggest MVP development is an effective way to check how your product shall be at a primary level. To define, MVP or Minimum Viable Product is a stripped-down version of your application with just the most essential functionality.

This is so that you may test your app’s feasibility and the market to see whether real people will want your app or whether your solution is effective. Validating your app idea through MVP will help you understand whether the idea will work through the technology solution built or the features and functionalities provided. Thus, it will save your time and budget.

Resources

Building a mobile app involves more than just an idea because the development process requires investing a lot of resources; firstly, you should opt to hire remote developers who can build your digital product efficiently. Besides that, you also need development tools, server hosting, APIs, etc., because they are the backbone of the entire product.

While choosing and fixing resources, it is important to consider all resources used in the app development process, from the app user interface (UI) to the backend development. This is because the total development cost will increase as the number of features increases. Thus, keep your features minimal, to begin with the technical aspects of the application.

Technologies and tools required

The real choice comes after you have validated your app concept; this is about what technology should be used to build your application.

The technological stack you choose will depend upon the platform on which you create your business app. You must first decide whether to develop a mobile version for iPhone or Google Android. To understand the technical part of your application, you need to be familiar with the tech stack for app development.

If you understand these aspects you can make a much more informed decision. But, if you do not understand technology well, you need not worry. You can rest assured that the app development consultants you connect with will help you make a better decision.

Funding for your business app

Diverse Funding Strategies for your Business App

As an entrepreneur you must have brief understanding of mobile app development costs. Regarding the development cost, even a simple mobile app costs at least $20,000. And the cost is set to rise as the features and functionalities of the app increase. That’s why you must find app investors to fund your business app. App funding is capital provided to a new company or a startup to support its business app development.

Apart from borrowing from financial institutions and opting for grants & subsidies from government for certain types of businesses, app entrepreneurs can opt for certain funding types. Following are some significant ways for companies to get funds to build their mobile apps and set up business processes:

Bootstrapping

Bootstrap funding is one of the safest funding options that startups can use. It refers to an entrepreneur launching a business on their savings and without the help of outside investors. Bootstrapping involves a person who tries to start and grow a business using their own money or the new venture’s operational profits.

Personal network

A personal network is another funding option you can go for. Family is a highly reliable source of revenue and will contribute to our possible concept. No matter what we need, they are there to assist us at all times. They serve as your funding investors for a limited time while you develop a strong app strategy.

Angel investors

Angel investors are generally individual investors, but occasionally, companies use their capital to support early-stage firms. Angel investors typically want a convertible bond, if not a part of your company. It benefits startups because if their project fails, they won’t have to return the money to the investors.

On the other hand, your “angel” will own stock in your company if your concept succeeds and endures. Angel investors often request between 10% and 25% of your shares, depending on how much money they provide. This implies that they will be able to influence your company to some extent and will be eligible for a share of your revenues or a portion of the profits from the sale of the company.

Venture capital

Venture capitalists are investors who lend money to start-ups in return for stock in the business. Since many businesses fail, this is frequently seen as a high-risk investment. These investors buy stock in fledgling companies with the expectation of making enormous profits over time.

Since investment is always risky, venture capitalists typically buy shares from firms about to enter Series A or later. They rarely put money into a firm that isn’t ready for primetime.

Crowdfunding

Crowdfunding is a way to raise money for a project or business endeavor from many people, usually using Internet platforms. It gives business owners access to a vast network of possible investors, offering an alternative to existing forms of finance for businesses.

Crowdfunding allows app owners to promote their products on websites where they are open to a larger crowd, which includes some investors too. Anyone who wants to contribute to the funding of the application directly can do so.

Partner with a mobile app development company

Finding and partnering with a mobile app development company for your digital product is crucial. It is essential that you thoroughly research the market of offshore companies to find the best mobile app developers to partner with for your app development requirements. Checking their credentials and experience is helpful so your dream project falls into the right hands.

It might be challenging to choose a trustworthy and reputable software supplier with the abundance of options available. You can also research to explore models to hire developers from a specific app development business. Always remember that you should go for a company that understands the concept behind your application and offers recommendations for its functionality.

Controlling the mobile app development costs

There is no denying that you save a big chunk of your budget if you outsource app development. Did you know that the typical cost of an app may fall drastically when you partner with offshore companies in hubs like India?

However, it is worth noting that the cost range depends on the features and functionality of the product as a whole, as well as how long it takes to produce. Simply put, the application niche, features, UI, payment options, number of buttons, etc, play a significant role in determining how much it will cost to build your app.

Initially, the best way to control app costs is to create a simple application (MVP) focusing on the service you aim to provide. Including everything is unnecessary, as offering an excessive number of features will only confuse users and cause chaos inside the app.

App monetization

After building your app, you need to consider how you can make money from your app. That’s what app monetization is all about. While you can go through a detailed guide on app monetization strategies by length and breadth, here we get you a glance on some of the crucial ones:

IAP (in-app purchase): You may develop free apps with in-app purchases, implementing a pay-to-play strategy where users must pay to access specific features.

Subscription/freemium models: In this approach, the app’s content or services are only partially accessible, and it is made available for free download. Subscription gets full access but comes with some cost.

Ads: With in-app advertising, you can integrate ads that work well with your app and show them to consumers to improve user experience.

Pay per download: Charging an upfront cost to download your application is among the most used app monetization methods.

Hybrid monetization: A hybrid monetization approach is best for any business as it covers all aspects of making money. It includes combining two or more app monetization techniques to optimize income and create a stable revenue flow.

An app idea is now a product to nurture and grow

The stages of app development are a long way to go, but with continuous efforts, you can build your application with its utmost capability. At this stage, your business will shift from the ideation phase to proactive cultivation and maintenance phase.

However, it would help if you continuously update the app’s features, maintain app security, and focus on its performance and reliability. Here’s a detailed guide on app development for entrepreneurs.

To help you in your entrepreneurial venture we have outlined what you need to do after you have an app idea and want to convert it to a full-fledged business. The journey will have challenges, but it’s your takeaway to accept it as an opportunity and search for growth and refinement.

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