Do You Really Have A Good Idea? How to Build A Profitable App

September 19, 2014

 

Aspiring entrepreneurs have brilliant ideas every day, but for the majority of them, an idea is all it will ever be.  In order for you to make it to the finish line of the tech world you have to have more than just an idea; you have to have tenacity, commitment, foresight, thick-skin and un-wavering faith in yourself and your idea.

 

 

Do You Really Have a Good Idea?


It all begins with a good idea. Whether you hit your head on the bathroom sink and have an epiphany to build the flux-capacitor and make time-travel possible, or a mobile application that is the latest craze, it all begins with the idea.  This idea must have conviction.  You must know deep-down within yourself that this is an idea that the world cannot live without.  You must have an unparalleled emotional connection to this idea as it is this emotional attachment you will need later on to get you to the finish line.

Without conviction – your idea is already dead.

 

 

Have You Done Your Research?

 

Now that you have your idea and you are set on making it a reality, you will want to do your homework and see what else is out there.  You want to do this for the following reasons:

  • To see who your competition is and what they offer.

  • Help you shape your idea and add improvements to existing products that give you an edge.

  • Read customer reviews on what they like or dislike and would like to have in your app.

     

Know Your Product


Once you have completed the research phase, it’s time to get down to the details of your product.  You must know everything about your mobile app inside and out.  This part of the development process is critical to your apps success. The more detailed you are now, the easier it will be for you to conceptualize the application and explain it to your development team.  You must be the authority of every action within your application as it is you who is going to have to spend the time with developers to execute your plan to spec. 


 

Do You Have A Revenue Model?

 

I may be wrong, but I am going to assume you are not going to develop this app so you can work for free.   How are you planning on monetizing you mobile app?  App purchases, in-app purchases and mobile ads are common and short lived, you must have a revenue model that is unique and can be sustained on its own.

 

Use Visuals & Mind Maps

 

When fleshing out your idea use lots of illustrations and mind maps.  It will force your mind to think creatively.  When you are using visuals on a white-board or notepad, it will help you see the entire picture from a macro-view and you will be able to address any issues or missed opportunities.

 

 

Document Everything

 

As you are shaping your idea document everything.  Keep a clear account of every note, document and illustration you produce.  You will need this information later on when you go through the copywriting process.  Plus, it will keep you organized and help you and your team with the development. 


 

Feedback, Feedback, Feedback
 

Once you have all your documentation and visuals in place of how the mobile application is going to work and a defined revenue model, it is time to get feedback from a circle of advisors. You want them to ask questions and challenge you to solve every issue that may arise.  This is why it is crucial that you understand your app thoroughly so you can work through these issues or provide solutions as to how you are planning on addressing these concerns.



The Wireframe / Prototype


Once you have finalized the details of your mobile application, it is time to begin the construction of your wireframe. The wireframe is a basic operating workflow of your app.  It is a point and click model that allows you to go through the entire process of the application as if you were using the app.
 

 

Cost of Doing Business
 

Many times app creators think that they can bank-roll the app on their own, but I will tell you from experience, this is a major mistake. Developing your app is not the only cost of doing business. When the app is finished, most developers upload their app to iTunes or the android marketplace.  This is a good first step, but there is more to it than that.

As a professional entrepreneur you want to be prepared to handle the full cost of doing business.   To ensure your apps success you want to have:

 

  • A marketing budget

  • A Legal budget

  • An Accounting budget

  • Ongoing development budget

  • And any other costs that may arise for operating your new business.

You want to be certain you can afford to make the transition from creating an app to building a business - There’s a big difference.


 

Focus on the Minimum Viable Product

 

There are going to be many ideas to add to your app.  The key is to focus on the minimal viable product so you can get it into the marketplace.  You will find that once you are in the midst of development you are going to have other additions on how to improve your app.  These are great, write them down in a notepad and save them for future updates.  Focus on the core concept of your app and get it into the marketplace as soon as possible.  


 

Be Selective When Hiring Developers

 

IMPORTANT: Most developers speak code.  They are more concerned about function and if it works the way you explained it.  You will want to choose a team that is strong in design aesthetic as they are in coding, and they take ownership of the project offering valuable feedback.  This shows they understand the scope of the project and are a solid team to work with. 



What Is Your Marketing Strategy?

If your strategy is, “Build it and they will come will come” you are setting your mobile app up for immediate failure. 
A marketing strategy requires planning and additional research to be executed properly.  If you are not a marketing expert, you will want to find a team who can develop a marketing strategy to build awareness and successfully launch your app. There are countless marketing channels available, some of the most popular are:
 

Social media
Email broadcasting
Media buys
Affiliate networks
Banner syndications
Pay-Per-Click Advertising
And many others…

Having a defined marketing strategy is key to your apps success. 

 

Launch Phase One

Now all your hard work is about to pay off!  You are ready to launch.  The most important issues you must focus on during your launch is:

 

  • Customer feedback and response.

  • Technical support

  • Delegating tasks



Conclusion
 

There are many phases to developing a mobile application, refining the concept, marketing and deployment.  I have learned through my own experience that attempting to do everything on your own is a daunting task, a faulty strategy, and can increase your risk for failure.

 

Do it right. Have a team who can support you and your vision for your apps potential. At Suite Twenty Four, we are your team of experts under one umbrella who specialize in; marketing strategy, mobile application development and consulting.  We specialize in turning your concept into an enjoyable user experience and profitable application.

 

 

 

 

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