Is Your App Ready to Launch?
The app market was worth over $80 billion in 2017, with 258 billion downloads throughout the year. For tech savvy entrepreneurs, this offers a rare opportunity to generate a large income, so long as you have the right idea. Once the app is launched, it can provide a relatively passive income, although updates will have to be developed to deal with bugs and glitches. Launching an app which works on both Android and Apple phones allows you to join the 2 million apps on the former and 2.2 million apps on the latter, giving you access to a huge market. However, how do you know if your app business is ready to go live?
How Are Your Personal Finances?
Apps are probably more expensive than you think. Though they require little investment in physical infrastructure, a chart topper will cost around $100,000 to build, the $20,000 a year in maintenance costs. You will therefore likely require a loan to get started. Securing finance for your business will require a decent credit score and convincing banks that you’ll gain enough customers to generate a profit.
Is There a Market?
So you think you can afford the startup and maintenance costs, but how do you know that people will actually use your app? One way is sell it before it even launches. Announce the idea on social media to generate excitement and get feedback on its viability. You can then share a link, where people can pledge to buy the app before it launches. This offers a safety net guarantee that there is a customer base for your tech business.
Is This an Exciting Bit of Tech?
The best way to determine your business viability is to judge your own level of excitement. Have you created something which addresses a need that is currently being neglected? Or do you just have a feeling that you’ve created something special. When Flappy Bird surged in popularity, it was raking in $50,000 a day or 60 times the revenue of Clash of the Clans. If you have a gut feeling that you’ve produced something valuable, then you should just go for it.
Judging whether your app business is ready to launch is much like any other business. Explore the market and be certain of your startup and running costs. Get your finances in order and be confident that there is an audience waiting. There’s always going to be an element of risk, but you could be about to launch the next big app sensation.