Learn how to start your own App Development Company
March 21, 2022, 10:32:06 PM
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STEP 1: Plan your business
A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns.
STEP 2: Form a legal entity
The most common business structure types are the sole proprietorship, partnership, limited liability company (LLC), and corporation.
STEP 3: Register for taxes
You will need to register for a variety of state and federal taxes before you can open for business. In order to register for taxes you will need to apply for an EIN.
STEP 4: Obtain necessary permits and licenses
Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.
STEP 5: Get business insurance
Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.
STEP 6: Create your business website
After defining your brand and creating your logo the next step is to create a website for your business.
Step 7: Choose between native, hybrid and web app
Choosing between native, hybrid, or a web app carries many implications for your later development and maintenance. This is why it’s key to leverage your market research and the core purpose and functionality you’ve just defined, so you can make the best decision.
Step 8) Know your monetization options
App monetization models: Freemium apps – These apps are free to download, but certain features and contents are locked, and they can only be accessed through a purchase. Paid (premium) apps – The user needs to purchase the app from the app store in order to use it. Because of the cost barrier of this model, a mobile marketing strategy is critical to demonstrate the unique, superior value compared to the free apps. In-app purchases – This model works by using the app to sell digital or physical products as a mobile commerce sales channel. Subscriptions – This model is similar to freemium apps, but brings a benefit of a recurring stream of revenue. In-app ads – This is possibly the simplest model of all because there is no cost barrier for the user. As with any advertising space, it’s important to never sacrifice user experience in order to gain more ad space. Sponsorships – This model usually becomes possible when you achieve a solid user base, as it allows you to partner with specific brands and advertisers. It is a win-win situation because brands pay for user actions, and your app generates further engagement for the user. Cited Sources