Got an idea for an app and fancy yourself as the next Instagram or Uber founder? Hold your horses. There’s a big difference between having an idea and making it a reality, so how do you get there and what do you need to know?
There are millions of apps now available to download at the click of a button, so it’s unsurprising that budding entrepreneurs want to get in on the action. But it’s a seriously competitive space, with developers all over the world creating new apps every day.
So, how do you know whether your app idea is viable and what steps do you need to take to turn it from a dream into a reality?
The UKBF community is full of successful business owners, who’ve all experienced that ‘eureka’ moment when you’ve seemingly landed on the perfect business idea. But they’ve had disappointments too, so we’ll share their advice and experiences, as well as some expert tips on how you can make your app happen.
But as with starting any new venture, you need to consider how feasible your idea is and whether it has the potential to become a successful – and profitable – business.
One of the first things you should ask yourself when you’ve got a potential business idea is whether it’s viable. And even if you think it is, what evidence do you have to back it up? Chances are you’ve spotted a gap in the market, so you need to make sure you’ve done enough research to validate the consumer need.
When starting any business, market research is vital. It helps you to understand the current market need, your potential customers, any existing or up-and-coming competition in the space, as well as market trends and opportunities. It should also allow you to gauge how others are performing in the space and whether there is enough market share left for something new.
Not only will a business plan give you a focus and allow you work out how you’re going to make your idea a reality, but it will also provide any potential investors with more context and a clear roadmap.
As Mark T Jones points out in one of our forums, in response to a UKBF member with an idea for an app, “investors have very limited interest in the idea or product”. He explains that they need to know whether it’s fit for purpose and if there is a “researched, accessible and lucrative market".
In the same discussion, other members also cite the importance of including financial projections in your plans, too.
If not, you might need to seek support from a freelance developer.
UKBF member fisicx explains that “there are loads of freelancers who can help build an MVP” and advises that, depending on the complexity, the cost could range from a few hundred to thousands.
Make sure you know how much it’s going to cost to get something developed, and factor this into your overall business and financial plan.
“[Investors] will be more interested in whether you have the skills, the dedication, the ability to generate money and profit from this idea. [...] Your first task is convincing investors about YOU, not about the business idea.”
Mark T Jones, agrees saying: “After the 5% product idea pitch, 95% is about giving investors insight to your researched marketing plan, your business plan and, crucially, showing that you are the right person to deliver it.”
So much about starting your own business is making sure that you’re the right person for the job. Do you have what it takes to make your app idea a reality?
If you don’t have the skills to develop your prototype, you’ll need to find someone who does. Check out freelance sites such as Fiverr for developers who might be able to help you. Aim to use people who have good reviews or references wherever possible.
Maybe you’ve got the funds already or perhaps you’re seeking investment. Either way, there’s no one-size-fits-all cost when it comes to creating an app, and you’ll need to be prepared that things might not go smoothly.
There are some additional steps not covered here, which you’ll need to consider as part of the process. These include thinking about marketing, gathering feedback to make improvements and, of course, how you plan to pitch it if you’re looking for the backing of investors. You should start thinking about some of these before or during development, so you’re ready to launch as soon as the app is good to go.
There are millions of apps now available to download at the click of a button, so it’s unsurprising that budding entrepreneurs want to get in on the action. But it’s a seriously competitive space, with developers all over the world creating new apps every day.
So, how do you know whether your app idea is viable and what steps do you need to take to turn it from a dream into a reality?
The UKBF community is full of successful business owners, who’ve all experienced that ‘eureka’ moment when you’ve seemingly landed on the perfect business idea. But they’ve had disappointments too, so we’ll share their advice and experiences, as well as some expert tips on how you can make your app happen.
Is your idea just an idea?
In January 2023, it was estimated that there are over seven million apps available to download via iOS and Android platforms, and about six billion smartphone users around the world. That’s a pretty big market and you’d be forgiven for thinking that anyone can get a piece of the pie.But as with starting any new venture, you need to consider how feasible your idea is and whether it has the potential to become a successful – and profitable – business.
One of the first things you should ask yourself when you’ve got a potential business idea is whether it’s viable. And even if you think it is, what evidence do you have to back it up? Chances are you’ve spotted a gap in the market, so you need to make sure you’ve done enough research to validate the consumer need.
When starting any business, market research is vital. It helps you to understand the current market need, your potential customers, any existing or up-and-coming competition in the space, as well as market trends and opportunities. It should also allow you to gauge how others are performing in the space and whether there is enough market share left for something new.
What steps should you take to monetise your app idea?
Making an app financially viable is notoriously tricky, so you need to work out the business behind it. Most businesses require a bit of upfront investment to get things off the ground – and an app is no different. Here are a few of the key steps to take you to the next level.Build a business plan
If you want to monetise your idea for an app, you’ll need to approach it just like any other business idea. You’ll need to create a comprehensive business plan that pulls together all your research, including the market need and how you plan to meet or solve this. You should also lay out your business objectives and what you need to achieve them.Not only will a business plan give you a focus and allow you work out how you’re going to make your idea a reality, but it will also provide any potential investors with more context and a clear roadmap.
As Mark T Jones points out in one of our forums, in response to a UKBF member with an idea for an app, “investors have very limited interest in the idea or product”. He explains that they need to know whether it’s fit for purpose and if there is a “researched, accessible and lucrative market".
In the same discussion, other members also cite the importance of including financial projections in your plans, too.
Create a Minimum Viable Product or prototype
When it comes to apps, the competition is fierce. So if you want to know whether your idea will work in practice and if anyone will invest in it, you’ll need to build an MVP. If you have any experience in coding or app development, this might be something you can do yourself.If not, you might need to seek support from a freelance developer.
UKBF member fisicx explains that “there are loads of freelancers who can help build an MVP” and advises that, depending on the complexity, the cost could range from a few hundred to thousands.
Make sure you know how much it’s going to cost to get something developed, and factor this into your overall business and financial plan.
Practise your pitch
Not everyone has the money to take their business to market, so if you’re going to be pitching for investment, make sure you’re prepared. Don’t make the mistake of thinking that investors will be most concerned with your product or idea. As member and consultant Clinton explains in the same discussion as before, there’s much more to it than that:“[Investors] will be more interested in whether you have the skills, the dedication, the ability to generate money and profit from this idea. [...] Your first task is convincing investors about YOU, not about the business idea.”
Mark T Jones, agrees saying: “After the 5% product idea pitch, 95% is about giving investors insight to your researched marketing plan, your business plan and, crucially, showing that you are the right person to deliver it.”
So much about starting your own business is making sure that you’re the right person for the job. Do you have what it takes to make your app idea a reality?
8 steps to making your app idea a reality
If you’re serious about turning your idea into a fully-fledged, downloadable app, follow these steps to get things off the ground:1. Conduct market and audience research
As we touched on earlier, this should be your first port of call. It will help inform everything about your app from who it's for and what it does, to what it looks like and where it will be available. Understanding the market and your target customer are crucial to success, so don’t skimp on this part!2. Identify your app’s features
Make a list of everything you want your app to offer and make sure you’re always keeping your audience front of mind. Start simple and deliver features that serve them well or meet their needs, before thinking about more advanced elements.3. Consider how you’ll monetise your app
If you want to make money from your app idea, you need to think carefully about how you’ll monetise it. There are various options for apps including subscription, one-time fees or free apps with sponsored advertising. Use your audience research and knowledge of the market to inform this decision.4. Design and wireframe
Depending on your level of expertise, this could be anything from a quick paper drawing to a full wireframe created using a digital tool. This is an important part of the process as it helps you to visualise what the finished product will look like and how it will work, as well as anyone else you bring on board to help develop the app.5. Create a unique brand identity
This can be done earlier in the process, but it's important to do so before you start developing your prototype or marketing your app. Creating a unique identity for any business is vital to its success, and should appeal to your target audience. Remember that your brand is the first impression your audience will get, so you need to make it count.6. Choose you development partner and/or software
Once you’ve got an idea of what your app should look like and how it will function, you need to develop your MVP or prototype, to carry out testing and make sure that everything works as it should. If you’re skilled in this area, you’ll need to choose the appropriate software based on the level of skill and time required, costs, customisation options and support available.If you don’t have the skills to develop your prototype, you’ll need to find someone who does. Check out freelance sites such as Fiverr for developers who might be able to help you. Aim to use people who have good reviews or references wherever possible.
7. Develop and test your app
Once you’ve got a MVP ready to go, you can start testing. Remember to test and quality assess your app as it’s being built, so you can provide feedback and iron out any problems as you go. The more testing you do at this stage, the fewer bugs your app will have when it goes to market, meaning a better experience for your users.8. Estimate your costs and decide how you’ll fund it
As you’ve probably guessed, none of this comes for free. Making sure you understand all the costs involved is vital, to make sure you’ve got the funds you need to deliver your vision.Maybe you’ve got the funds already or perhaps you’re seeking investment. Either way, there’s no one-size-fits-all cost when it comes to creating an app, and you’ll need to be prepared that things might not go smoothly.
There are some additional steps not covered here, which you’ll need to consider as part of the process. These include thinking about marketing, gathering feedback to make improvements and, of course, how you plan to pitch it if you’re looking for the backing of investors. You should start thinking about some of these before or during development, so you’re ready to launch as soon as the app is good to go.
