The lightbulb moment has occurred and you’ve got this perfect idea for an app. Now, what is the next step?
Now comes the hard part. There are a few priorities you need to handle if your app idea is ready to go. Each priority requires dedication and a lot of energy, however, if you can deal with them on time, you will be on your way to starting the app of your dreams.
1.Understand the Current Situation and the Risk Involved
Launching an app isn’t easy. It is a business move and you need to take it seriously. The first thing you need to figure out is how dedicated you are to your app idea.
An app business comes with high risks and high rewards. Building an app could be a life-changing decision, but if you are not fully committed and don’t understand the risk involved – you could lose your money and your time.
Here are three questions that can help you figure out how committed you are to your business idea:
● How much money are you willing to invest?
● How much time are you willing to give?
● Would you be sad if your business failed tomorrow?
2. Work On Your Value Proposition
In the App Store Business, there are more than 2 million apps, so there is no need to say that it is not easy to get discovered. The best way to achieve success is to know what makes your new app unique. Although it doesn’t have to be the first of its kind, there should be something that differentiates you from the crowd.
To start brainstorming, answer these three questions:
● What do your users want?
● How does your app solve a certain problem?
● Are there similar solutions available?
From here, you can get creative. Don’t forget to keep in line with your business and highlight why users should get your app over a competitor’s.
It is not recommendable to claim that you are better than other solutions. Just focus on what makes you different.
3. Build a Business Model Canvas
You are not just building an app. You are creating a product, brand, and business. That means a business model canvas is crucial to the process.
If you are just starting your own business, don’t worry about creating an in-depth plan. Right now, you need to figure out the fundamentals and how they work together.
Starting from key partners and value propositions to key activities, customer segments, customer relationships, key resources, cost structure, and revenue streams, put notes of what you think will work best for your business.
3. Build a Business Model Canvas
Getting an app idea out of your head and onto a piece of paper sounds like a no-brainer, however, it really is the first step to bringing app the pieces of the project and identifying your business needs. If you don’t know what your needs and specifications are – a developer won’t either.
Your idea can be as detailed as you prefer, however, the deeper you dig, the more confident you can be that a project budget and schedule are what you expect. There are a few things you can do:
5. Find Reliable Co-Founders
Starting a business is an overwhelming process. In a perfect world, you should have two-three co-founders. Your partners will be able to take on various aspects of the business, for example, project management, software development, and marketing. This will give you more time to focus on building your business and the work that needs to be done.
Here are a few examples of effective and common team dynamic we have seen work:
● Hound: Analyzes customer behavior and figures out what the consumer wants.
● Visionary: The person with the idea and the one who executes the grand vision.
● Hacker: A person in charge of developing the technology and the software.
● Hustler: Focuses on everyday tasks and operations and builds relationships.
6. Get Funding
It is important to be realistic about the costs related to building an app. For more basic apps, it is not unusual to run $10-$50k but with more complex projects, you can expect even more.
Also, you should allocate 10% of your budget for marketing.
Other factors you will need to consider are employee salaries, post-launch updates, legal, and more.
If you don’t have the budget and at the same time you don’t want to compromise on your vision – you need to find investors. You can start by searching through Gust, Kickstarter, AngelList, and Crunchbase.
The hardest part of starting your own business is executing. You can have the best idea in the world, but it means nothing if it stays in your head.
Remember – ideas are easy but execution is everything.
So, make the first move, figure out how serious you are about your app idea and start from there.
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