How A Good App Can Make You A Millionaire

June 14, 2021 | Sunil Singh

We often hear about someone who has made millions by owning a mobile app business. There is a growing list of entrepreneurs throughout the world who have become immensely rich by owning an app.

There are several successful Australian app entrepreneurs such as Jess Wilson whose fashion discovery app Stashd is doing well in the digital market. Another very successful entrepreneur is Melanie Parkins whose app Canva helps users perform advanced graphic design tasks on their Apple devices. This app has more than 10 million users in 179 countries and is worth nearly A$2.5 billion.

The data is very encouraging, and if you would like to develop your own mobile app and become a millionaire, here are some points to help you become one.

1. Idea

You should have a clear idea about the app which you plan to launch. If it is something new make sure that there is demand in the market. You should not develop an app that does not serve a purpose or solve a problem or is not fun to use. Research extensively about your competitors if a similar app exists, so that you can figure out how to make your app different from the rest. The kind of features, tools, whether you need a camera or GPS, all this should be clearly understood before venturing. The target audience should also be clearly identified.

You can always get help from a mobile app development company like SDI who will be able to turn your idea into an app. Nobody understands the app market as much as we do.

2. Design

It is essential that your app has a unique and eye-catching design. The app should be new but also should fit with how users generally navigate apps. Accessibility is a must to keep the users engaged. The content should be brief, or else the users may get tired of scrolling and may stop using the app completely.

A lot of attention and work is necessary to make a fabulous design for the customers. Everything has to be properly planned, fonts, color, navigation keys, etc. keeping the end-user insight. Beautiful design is essential for the app to sell.

3. Budget

Define how much you want to spend. Costs will vary based on the features and functionality of the app. Fundraising can be done in several ways. You can find a co-founder who can fund your idea and share the responsibility. Crowdfunding is another way. All you need to spend is a service fee for the platform and a transaction fee for the payment processor. There are various models you can follow such as Kickstarter, Indiegogo among others. Go through the rules carefully before signing up for funding.

You can also raise funds on your own by pitching to family and friends. If your mobile app idea is good and unique you can attract a lot of investors and venture capitalists.

4. App development

To make your innovative mobile app idea come true, execution has to be perfect. A lot of factors have to be considered such as the operating system, hardware, size, functionality, performance requirements, etc. Stringent quality testing should be done on original devices to avoid issues later.

5. Monetize your app

Now that you have created a fabulous app, you need to think about the various ways to monetize your app. Choose one which works best for you. A few of the models are:

In-app purchases

Offering your users opportunities to make in-app purchases is a great way to monetize your app. If your product is free, in-app purchases offer an unobtrusive monetization method that can enhance the user experience.

Integrate app with ads

Another way to monetize your mobile app is by running in-app ads. This method offers a valuable source of revenue for apps that want to remain free in the app store.

Paid app model

In this case, you can make your app available only in the paid version. If the app offers unique value, you can go for this model.

6. Submit the app

Once the app has been developed and you are satisfied with its quality, functionality, and compatibility, the app can be uploaded into the app market. Make sure that you follow all the submission rules so that it gets approved quickly.

7. Marketing

However good the app is, strong marketing is essential for it to reach users. The opportunities offered by networking sites should be used to make your product visible. Some of the other things you may want to do are distribute promotional videos, placing info about your apps in various blogs and press releases. Make sure that your app is found in searches.

By partnering with SDI you can be assured of great end-to-end services. We take care of all the aspects from designing to marketing and will make sure that you own a fabulous app, an app that can make you a millionaire.

To know more call us at +61 422 710 780 or email us at sunil@sdi.la.

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