Business plan for mobile application development

Mobile applications are firmly entrenched in the life of modern man. Games, services, payment systems, aggregators – all this is available in your smartphone. If you are thinking about creating a mobile application that will make a profit, we will tell you where to start.

Business plan for the mobile application

To start with, you should decide on the future of the mobile application. For convenience, let’s select three actual spheres:

  • gaming applications,
  • information and reference books (news aggregators, guides, translators, etc.),
  • Fintech applications.

Let us briefly describe each of the spheres.

The games are very popular, but the competition in this area is also very high. Also, not every developer can competently implement a gaming application and promote it on the Internet. All this makes the development of the game for mobile devices is a risky idea. You need to have a fresh and thought-out concept that attracts users, find a studio with experience in developing mobile games, and be ready to seriously invest in advertising.

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Help and information applications also have an extensive user base. Compared to mobile games, the competition in this area is somewhat lower and the new idea is easier to break through to popularity. Fewer opportunities for additional monetization. Often such applications are quite easy to develop and use APIs of other programs and systems.

Fintech application – an area that is gaining popularity in Russia. They are mainly applications using bank APIs, which allow integrating information on services and offers of different banks into one application. Due to the novelty of this area, competition is the least, but it is also difficult to create a popular product: not all banks provide their APIs to the public, technical and legal details of creating such applications have not been worked out. Fintech sphere is undoubtedly a promising direction of mobile development.

Choosing a platform for a mobile application

Once you have decided on the sphere of development it is worth thinking about the platform for the future application.

The main platforms are iOS and Android. Development for each of them has its own features, which we analyzed in separate articles of our blog.

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The choice of the platform is a key stage of the business plan of mobile application development, because it depends on the development budget, audience coverage, as well as peculiarities of development and promotion of your future application.

Once you have decided on the idea, functionality and platforms, on which the future application will work, you need to make a competent technical specification (TOR).

The TORs describe in detail the functions of the application, its components, usage scenarios, etc. It is not necessary to write the TOR in technical language, – it is important to identify the main features and idea of the application, and the implementation will be engaged in the developers and designers.

If you do not have programming and web design skills, you will need to find a reliable team of developers to create the application.

Costs of mobile application development

The cost of creating an application depends on many factors, such as the number of screens, the complexity of design, integration with third-party services and systems, the delimitation of access rights.
If you are planning to create a quality application in a proven company, it is better to put at least 250 t.p. of budget and at least 30 days for development into the business plan for creating a mobile application. Also it is necessary to remember that development and adaptation of an application for different platforms increases cost and terms of development.

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Promotion of a mobile application is a separate issue that requires a budget and time costs. Often the studio that developed the application is engaged in promotion. The cost and terms of promotion in this case depend on the terms of the contract.

In any case, to promote an application, you will need to influence the following ranking factors, which are applicable to the App Store and Google Play:

  • Total number of installations
  • Number of comments
  • Rating and assessments
  • Number of application launches
  • Installation dynamics in recent hours (72-96 on Apple Store and 48-72 on Google)
  • Dynamics of app removal from smartphones
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Thus, the key steps for developing a business plan for a mobile application are: selecting the application scope and concept, selecting the platform, drafting the TOR, calculating the budget and development period, as well as drafting a plan for promoting the mobile application.

IT company Mobopic will help you with TOR drafting, application development and promotion. Since 2017 we have been successfully developing mobile applications for business, websites and their promotion.