The extensive use of smartphones has deeply affected our lives. The google play store has more than 3 million applications, and the iOS app store has over 1.96 million apps. As a result, developing an app is no longer a choice, but rather a must. Businesses are trying to shape an app-centered strategy. Determining the app idea is the initial phase. But when everything is planned, the chances of victory grow, since specialists know when, where, and how much to implement every piece of the puzzle. If you want to make a mobile app business plan, reading this article can be quite helpful to broaden your business horizon.
What is a business plan?
Planning is a continuous process, opening up chances for improvement. From a business-based perspective, building out a blueprint is vital to avoid inextricable future problems and to anticipate all of the loops and hiccups. The perfect written map for launching a completely unique career demonstrates three potentials:
Past: Where were you?
Present: What is your current condition?
Future: What do you want to be/achieve in the future?
Why is it important to have a business plan?
Mobile app development usually follows a 6-step process. Team as a Service (TaaS) draws up the list of tasks involved in the mobile app business plan to coordinate activities. So clients will enter the contest with a vivid vision which will keep them on the path. With a business plan, you know your business strategy while spying on your competitors for inspiration and fostering innovation at a greater value. On the other hand, estimating the app’s budget, time and cost is more accurate when using this method. There are some general steps for writing a business plan for an app, however, it is not a dictated fashion.
It is always essential to consult with experts to not go on the wrong path. Twelfth Dream can accompany you in the process. You can book a free discovery session here.
Choosing the app type
Mobile apps come in three formats: native apps, web apps, and hybrid apps. Different objectives postulate dissimilar sorts of actions. Opting the application type is another part of making a mobile app business plan story. Without further ado, let’s get into it.
Android and iOS are two widely used operating systems (OS). A native application is applicable in one of the said platforms. Native apps make the most of device features, such as GPS and operating swift refusing delays. Building a native Android or iOS app demands a variety of technologies and programming languages. Coding languages used in each OS are Swift and Objective-C for iOS, Java and Kotlin for Android.
Web apps or PWAs
Web application and progressive web app design are the most state-of-the-art approaches in the mobile software industry. They run on Google Chrome, for example, and are easily shared just through a link. To put it another way, web apps are accessible regardless of device storage. They are websites responsive to any screen size. Moreover, the presence of an internet connection is obligatory for them to function and get updated automatically.
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How to write a business plan for an application?
1. Include an executive summary
An executive summary provides a quick overview of the app’s goals and how the product will function. If all areas of the business and the marketplace are addressed correctly, marketers will be more excited about the niche notion.
Pro tip: Write the summary as the last part of the business plan.
2. The company’s description
It is very important to highlight key aspects of your business smoothly. Investors are keen to know about the company’s financial status, a brief history of the firm, the setbacks, the legal structure, and if you have a team or not. If you have a team, you should mention your team members and their field of expertise and qualifications. Furthermore, in the biography phase, try to vividly portray your brand goods and services.
3. Market analysis
Keeping an eagle eye on the market, establishes a clear vision of trends and future possible demands. Using the SWOT (Strength, Weaknesses, Opportunities, and Threats) technique to evaluate current and future potential is beneficial. To put it another way, when you realize the ins and outs of the company’s status internally and externally, the chances of applying better decisions are highly probable.
Now, you have collected meaningful information about the market, so it is time to build a marketing plan. Collaborating with popular companies and influencers can boost your conversion rate, since they have influential effects on people’s minds. So, put time studying in them to make an apt choice.
5. HR management
Human resource is a group of people who work in a workplace. Depict the roles and responsibilities associated with each person.
6. Monetization strategy
All the effort you have made so far was mainly to make money. Therefore, be very cautious while making a business plan for an app. Here are things that can help the app grow:
- Subscription plans
- In-app purchases
- Installation cost
Marketing the application
Managing the development of a customized application is a big jump. But people need to be aware of your presence. Application marketing is the mindset to audience abundance. First of all, target your users. Who are they? What are their interests and desires?
Collect information (gender, age, income, job, location, etc.) about your audience and enter it in a chart. This can help with applying the right marketing techniques at the right time to the right people. Tell them how your digital product will add value to their lives. Furthermore, tell people about its distinguishing features. It is a crucial thing to remember to encourage investors to finance your app. Considering users, employ a social media platform as a channel of communication. Do not overwhelm yourself with every social app. Keep marketing channels in mind (email marketing, social media ads, app store optimization, etc.) and go for each, one-by-one.
Any industry can be put on an application. On the surface, it seems like a simple story, although, it is not. Similar to a brain game, every piece should be puzzled out for obtaining a dominant position in the marketplace. For startups and organizations in their early days, seeking investors a vivid scheme incentives investors to finance your business. Do not copy others. This is your business, how you want to add value to people’s lives. Have an eye on others, but mind your own business. Remember Chris Grosser’s quote: “Opportunities don’t happen. You create them.”
Frequently Asked Questions
What are the differences between a business plan and a business model? A business plan aims to devise a scheme for financial planning and marketing. A business model, on the other hand, is a pathway that demonstrates how businesses can create and deliver value.
What sources can help me write a business plan? Google is an eminent tool. You can look for templates on Google and inspire how to map out your business plan.
How to get investors for an app? A well-developed idea is great but not enough for investors to finance your app. There are some steps involved that you can read in our blog post.