Thinking of building that perfect app you always thought of for your business or you have already got it developed? If yes, the first thing you need to do right away is create a business plan. It will not only acquaint you with how the market functions and things you need to do to make your Android and iOS apps stand apart in the crowd but will also give you a glimpse of the ongoing trends and the budget of building a quality mobile app. A full-fledged business plan outlines how the entire process of launching the application should go, giving you meaningful answers to the various questions that might pop up in your mind from why do you need a mobile app to how to market it to your target audience.
Let’s delve deep into how to create an impressive business plan for your mobile app.
Getting a quality, bug-free and errorless mobile app developed is not wallet-smashing but a considerable amount of money is involved if you want excellence delivered. According to a survey conducted by Clutch, the median cost charged by some of the leading mobile app development companies ranges between $37,913 to $171,450. The best way to develop an app in accordance with your budget is to get the prices from different development companies across the globe and compare them on various grounds before taking the final call. With a significant amount of money involved in this, it’s paramount to have a business plan in place, with clearly defined goals. It should include everything related to the USP of the app, the marketing costs involved, a marketing plan and revenue projections to name a few.
A good Business Plan is structured accurately and includes every nitty-gritty from industry and competition analysis to how to make the best use of available funds.
For detailed insights on how to create a compelling Business Plan, download our Business Plan Template here.
This post will give you a quick glance at how to build a perfect business plan that can drive your mobile app towards success. To start with, let’s unravel the secret behind why building an app for Android as well as iOS platforms is important.
Why should you build an app?
It is the age of smartphones and mobile applications. Today every person has access to a mobile and to loads of applications for even those teeny-weeny tasks like calling a plumber to fix something in the house or buying vegetables from the market. Apps are ruling the world at the moment. With this happening, having an app for your company has become the need of the hour.
The app stores are bombarded with millions of mobile applications. According to Statista, Google Play Store has a whopping three million apps as of March 2017. A wide variety of app categories is available in the app stores of both Apple as well as Google, out of which many are identical to each other, and many of them are even free for use. To know how your app fares in the market, you will have to think of yourself as a consumer and understand the problems you face while using some apps and the improvements that can be brought in them.
A look at some of the vital elements that infuse life into a Business Plan and make it a valuable asset for the company.
Mission Statement –
The plan starts with a mission statement that states the objective of your mobile app, the problems it desires to solve and every related information. It is recommended to write the mission statement after the entire plan has been devised because at that point every important data will be readily available for you, without you having to go from pillar to post and digging through files again.
Business Description –
Ask yourself a few questions while describing the kind of business you are into. Use keywords like who, why, where, when, how, how much, among others to frame suitable questions, and then answer them in detail. This will make sure that no substantial information has been left behind, and your plan includes every crucial data of your company.
Product Overview –
Give a thorough description of your mobile app regarding its features, how will it be beneficial for users, the technologies you will be using to develop it, your vendors and how much will it cost to build your app. You can also include cost breakdowns and rate sheets to support your statements. Don’t forget to mention any proprietary rights like patents, copyrights or trademarks in this section.
Industry and Competition analysis –
Industry analysis is immensely helpful in educating you about current trends, and it also provides strong support to your marketing plan. Existing businesses will confide more on their previous performance, and those who have just ventured into the corporate world will rely on market research using libraries, trade associations, surveys, etc. Ensure that your industry analysis is capable of establishing the company’s goodwill in the market.
Competition analysis is another crucial part of the business plan. Its primary objective is to identify the strengths and weaknesses of competitors that can help in crafting cutting-edge strategies to give you an upper hand.
Marketing Plan –
Draw some light on the important elements of your plan in this section. A well-crafted plan includes information on the app you are selling, your target market, the price and promotional strategies you will adopt to increase your brand awareness, the new features you are planning to introduce in the app, etc.
Pricing Strategy –
Create a well thought out pricing strategy that will make it easier for you to comprehend the various factors that affect prices. Also, you will be able to cull out some valuable insights by comparing your strategy with those of your competitors. Jot down the reasons on why will users pay for your app and whether your business is any different from others in the line and if this differentiating quality can insulate it from the competition.
Management and Operations –
A management that is unsupportive and with frequent internal conflicts is a big hindrance to an organization’s success. Therefore, it’s essential to discuss the management’s structure and qualifications of its members. Their resumes should be included in supporting data for reference. Also, if you are looking for financing options, including personal financial statements of the Principals will be helpful.
Human Resources and Required Personnel –
Hiring and retaining performing employees is something that you can’t afford to ignore, as your ability to hire good employees, train them and hold on to them, will ensure humongous long-term success for your firm.
Putting funds to judicious use –
Whether you are seeking a loan, looking for outside investment or putting your own money into the launch of your mobile app, it’s crucial to know what you intend to do with the funds and how you wish to use them. Predicting the finances is also important to prepare yourself in advance for any cash crunch later. For this, you will have to determine the profit potential of the your firm and the amount of capital it needs, prove the company’s ability to earn cash and repay loans, etc.It will clear all your confusion and give you a fair idea as to how to go about it.
Besides this, it’s always a good idea to look at the success stories of other mobile apps, the highs and lows they experienced and the strategies they adopted to accelerate their growth. Taking inspiration from them will help you script your mobile app’s journey in a better way.
If you don’t have a mobile app ready, your priority should be to get an app that conveys your business value and offers something different and valuable to your users. The time when your app is ready to be launched, a powerful business plan in hand will be instrumental in giving you the right direction. By following the above-mentioned process, you will be able to create a plan that will give your product an edge over others, ascertaining you phenomenal progress.