Can you develop your own mobile App and generate $10,000/Month from it?
There are thousands of Australians doing exactly that. But going from having a mobile App idea to earning a substantial monthly income from a Mobile App business is laden with pitfalls.
After interviewing hundreds of successful Australian App business owners who are earning between $10,000/month to $20,000/month from their Apps, we have identified three main steps which can ensure that your App idea too can turn into a profitable income stream.
1. Strategic Market Research: Unveiling the Goldmine
An App idea that will be loved by everyone, is unlikely to be used by anyone.
In today’s crowded App landscape, trying to build a replica of Uber or Tinder is destined for failure. The smart move would be to focus on developing a mobile App around a niche idea targeting and appealing to a select audience.
Often, some of the most simple niche App ideas can lead to concepts that can lay the foundation for your Multi-Million Dollar App business!
Here are a few niche Apps that are making millions; get inspired and brainstorm your own niche App idea.
Untappd – Launched in 2010, Untappd is a niche mobile App that targets craft beer enthusiasts. This niche idea has grown into the world’s largest digital platform for craft beer, with a turnover of $13 million in 2022.
Be My Eyes – is a niche mobile App that helps blind and visually impaired people to recognise objects and cope with everyday situations. Launched in 2015, this App connects users with an online community of sighted volunteers with visually impaired people. The App has an estimated annual revenue of $37 million.
Spending time crafting your niche mobile App idea will firmly set you on the path to unearthing a potential financial goldmine and generating a profitable passive income.
2. Prototype Testing and User Feedback: Refining the Diamond in the Rough
Launching a fully functional App is not always the best approach. Most ideas benefit from launching a Prototype first.
A prototype or an MVP, is a minimum viable product that showcases the functioning and design of the App without it being a fully functioning App.
Here are some benefits of developing a Prototype of your App:
- Helps you test your idea before taking it to the market.
- Investors love backing a prototype.
- A prototype clearly showcases your idea and its potential.
- Obtain critical feedback from early users.
- Discover improvements and remove potential shortcomings before you start developing the App.
The cost of developing an MVP is far less than developing a fully functioning App and it will help you showcase the potential of your idea to investors and other stakeholders so you can raise funds for your final App development and deployment.
3. Monetisation Strategies Beyond Downloads: Cultivating a Profitable User Base
The secret sauce of many App Store Millionaires is effective monetisation strategies beyond making money from downloads. Select a monetisation model that aligns with your App’s purpose and target audience.
App owners must continuously analyse their app’s revenue streams and look for opportunities to optimise them. Adjust your pricing, introduce new revenue features, and experiment with ad placement or in-app purchase offerings regularly to cultivate a profitable user base.
Niche App Success Story
The Heels Down Fitness App is the perfect example of how a great App idea can be turned into a profitable and sustainable App business.
Ashla Magill was a startup entrepreneur with an idea for an equestrian fitness and lifestyle mobile App. Within a short span of time, this App created a lot of buzz across horse riding communities worldwide, making it profitable within months.
I couldn’t recommend this team enough. I had an idea but as a start-up, I was turned away or laughed at by many developers – Elegant Media took me on board, had a team of excited developers and account managers to assist me and transformed my concept into an A Grade working App. Adi and Shubh assisted me through my stressful times and were there for my every text, email, and call. The whole team has made me feel welcomed and supported.Ashla Magill
Heels Downs Fitness
Becoming an App Store millionaire is a challenging journey, and there are no guarantees of success. It requires dedication, hard work, and adaptability.
As an App entrepreneur, you must regularly collect user feedback, monitor app analytics, and be prepared to adjust your App based on user preferences and changing market conditions.
Building a successful app business often takes time, perseverance, and a willingness to learn from both successes and failures.
This no-obligation meeting will explore the potential of your App idea and concept, and we will sign NDAs before the meeting, so you have absolutely nothing to worry about.