How to develop a compelling business plan for your mobile apps
Mobile App Business Plan: Mobile app development has become more essential after advancements in technology. The technology has developed enormously after the upgrade of smartphones from keypad phones.
After the release of smartphones, they had only a few apps to use in it. But the technological advancements introduced new features on the phone, following this many new mobile app ideas got introduced into the market.
Mobile App Business Plan, Now there are millions of mobile apps available for the users to use in their mobiles. But only some mobile apps are reaching more people and getting success, and few mobile apps deliver more profit than expected. The main reason why mobile apps are failing?
Is because of the improper business plan and strategy. A well successful business plan for your mobile apps can reach millions of people in short and makes more profit.
This article will surely give some ideas on how to develop a compelling business plan for your mobile apps. But before you know why a business plan is needed for a mobile app?
The Necessity of Business Plan - Mobile App Business Plan
Creating a business plan for a mobile app is not just like writing and talking about something. You need to consider many factors before developing a plan. For developing mobile apps, a well-prepared business plan is the first step you can do.
The business plan should not only explain the mobile app it should cover the total cost of app development that includes planning, designing, marketing, and support after-sales.
The mobile app industry has more competition, so you should be very clear whether your mobile app target is customers or business.
Budgeting is the most important thing that needs to be planned before developing an app. An effective business plan will pave the way for you to attract funders to get more funding.
Developing a business plan for a mobile app:
Below are the steps to follow, while developing a business plan for mobile app ideas.
1. Executive summary - Mobile App Business Plan
The executive summary is the short description of your business and this is the first step that delivers your proposal. you should pay attention to this because it creates an impression of your business to the investors.
So mostly it decides whether your mobile app business will bring profit to investors. You cannot explain everything about your business rather than you can describe what your business is about and its impact.
2. Identify Problems
Identify the problems faced by the customers with similar existing app mobile ideas. An existing mobile app will help as a reference for you. List out the problems the customers face, and also list what the customer needs to develop from that app idea.
one of the main things is improving their lives with this idea. The last one is there a solution that the customer demands from the idea.
3. Problem solution - Mobile App Business Plan
With the above analyzes, you should find a solution and describe the solution to those problems that you have identified. This will reduce the risk of your proposal getting rejected by the investors.
4. Unique value proposition
A unique value proposition or UVP gives a detailed description of how your app is different from your competitors.
It should explain how it will solve a customer’s problem and give benefits to them and also why your customers should choose your product instead of your competitors.
5. Goals of your app
At the end of the executive summary, you must tell about the achievements it will make in the future.
You should give a clear description of how many downloads and profits you can expect from this idea and it is important to include the operational strategy of the mobile app.
6. Company profile
One of the most important details you should prepare for your business plan is information about your company and its objectives.
Sometimes even the executive summary may fail to attract the investors to fund your idea but when looking at your details they may give a second thought to invest in your idea.
7. Overview
Give an overview of your company sensitively and touchingly, in a way that will create a good thought about your company to investors. Like explain the below things,
- Name
- History
- Location of the company
- Type of business
- Goals and Mission
- Team Management
- Advisors
8. History
It's better to give detailed information about your company from like how it is started and where and how your company is registered.
Express them how tough your journey was to reach this position and what types of projects you had undertaken and finished.
9. Mission and goals
Tell them about the goals and mission of your company and show them how you are trying to reach them.
10. Team Management
From Introducing your team members and their qualifications to what crucial part they played to develop your company and how talented your team members are in managing the company.
11. Advisors
Advisors are the most important persons in a company because they play an important role in guiding you in difficult situations in your company.
12. Research about the industry
Before developing any products, you should explain about the market trends and the market size.
The same will be for the mobile app business. Because without being familiar with the mobile app trends in the market you can’t develop the app idea.
Some app ideas will be in trend when you decide to develop but the same will lose its trend after some time.
So do deep research on the targeted industry continuously and familiar with the ideas which are in trend currently. Collect the following details from your market research.
13. Market size
You should include the size of the market, according to that only you can spend the amount on developing an app. Because this decides the amount you want to invest in your idea.
without knowing about the total market size and the service your target customers will use and the services customers use for a long time, it's impossible to develop and launch a product.
14. Market projections
It's better to know about the investments done on similar niche companies and collect details of past investments and achievements. Include this in statistical data so that it will be easy to understand.
15. Competitor analysis
Analyzing your competitor's growth, size of the company, the price they offer for the product, etc. Use it as a reference for your company.
16. Swot analysis
SWOT is a short form of strength, weakness, opportunity, and threat. This is the main objective of building any business plan. This helps investors to understand your company very well.
17. Marketing strategy
Marketing strategy gives you techniques on how you can attract the target customers. Before developing an app make a strategy to market your product to the customer and make it reach more people.
18. Customer acquisition
Acquiring customers for your product is the tough work in marketing strategy. You need to plan very well to acquire your target customers.
19. Product growth
The next thing after acquiring a customer is productivity growth. Making the reach of your product to more customers needs marketing ways like email marketing, content marketing.
20. Metrics
The mobile app's success will be calculated using the Metrics. Metrics is nothing but to how many customers your product reached and how many of them are using your app.
This helps you to make changes in your marketing strategy and obtain more profit.
21. Finance
This explains how much funding is needed to develop your mobile app idea and for advertising your app and the subscription cost for the customers.
These were the steps you need to follow while developing a business plan for mobile app ideas.
If you need help developing your Android Application! Let us Know!
We have top developers who can serve you with their best. We have experience in guiding more than 100 startups and businesses. Click here Let’s get in touch.
Read More: TOP 10 MOBILE APP DEVELOPMENT IDEAS FOR 2020: TRENDS YOU SHOULD CARE FOR
