App success statistics

There is no industry report or research that states the exact percentage of app successes or failures. Even after having a sample set of over 20,000 people taking our app related courses. We don’t always know the results because people don’t report them to me, especially if they fail. So we’ll only be able to share our perspective and approximate statistics: 90% of first-time app entrepreneurs fail outright 8% generate some revenue that isn’t enough to make it a sustainable business and thus fail/quit soon after 2% generate a middle-class full-time income from their apps We am aware of 0 out of our 20k+ app entrepreneurs that have gone on to earn over £1,000,000 from their apps 95% of people who hire developers to create their apps ultimately fail This is a very difficult business.

We don’t want to discourage you. Our goal is to encourage you to proceed while being careful, methodical, and hard working so you can succeed. Studies of work-related injuries on job sites show that people typically don’t get injured as long as they are careful. Most injuries happen when people start to feel safe and stop taking safety precautions. The same is true with app entrepreneurship. Don’t get too excited or comfortable. Be aware of all the risks and work to be the top 1% that succeeds. You will learn the path to get there in this webpage, but execution will be up to you.

Creating the app

Interaction is the next step. There are different forms of “app interaction" and differs from app to app, but in general, interaction refers to a user’s first actions, like adding their email address or making their first purchase. already a developer Learn to program so you can create your own app Hire freelance developers or an agency to create the app Partner with developers who would work for equity and own a part of your app All these methods have pros and cons. If you are a developer, creating your app or experimenting with new feature ideas is much cheaper, faster, and less risky. This is better than paying to have the app developed. If you are not an app developer, can be prudent to learn app development. Learning to program can be a frustrating experience, but you would be acquiring a fantastic skill and saving money. Programming is a core skill in the app business, and not having that core skill within the founding team is a big disadvantage. Creating the app on your own is a good approach. The challenge is to continue improving your Android and iPhone development skills, making ongoing app updates, and keeping up with latest operating system updates or changes in programming languages. This is a difficult and stressful experience on its own, and it leaves you little time to promote the app and work on necessary business tasks. Another approach is to partner with an app developer and form a co-founding team. A good technical co-founder can be a dream come true, but most such situations don’t go well because you don’t know what it will be like to work with someone before you bring them onboard. First, it is very difficult to invite a co-founder to work on your idea without getting paid and only receiving equity.

Second, while most people will tell you that they are very good, few people are as good as they say, and you will only learn about their imperfections after you’ve started working together. An ideal co-founder meets the following criteria: They have a complimenting (not overlapping) skillset to yours You have successfully worked with them before Your long-term visions for the business align They can work on the app at least three to six months without getting paid or looking for 9-5 work Most app entrepreneurs never find such an ideal co-founder and their last resort becomes hiring. If you are not a developer, before you risk thousands or tens of thousands of pounds by hiring developers to create your app, be open minded about learning how to develop apps despite all the challenges and frustrations of this process. If you learn to create apps on your own, you will learn a marketable skill and you will save a lot of money because you won’t have to hire a developer. And when you get new app ideas in the future, you will be able to create them on your own without needing outside help. If programming a mobile app is not for you and you do not have a great technical co-founder, you can hire a mobile app developer, or you can hire any of the mobile app development agencies. As a rule of thumb, the more you pay, the higher quality you get. It isn’t unusual for an app to cost tens of thousands of pounds

just to launch and the same amount or more for ongoing updates. A common pitfall when hiring a developer or an app development agency is that most entrepreneurs just want the first version of their app developed, and spend most of their funds on launching the first version of their apps. While the launch of an app might seem like a huge deal, the first version of the app is just the beginning. The key to success is continuous improvement. Over time, this can cost a significant amount in addition to the cost of developing the initial version of the app. That is very risky when you consider that just about none of the mobile apps go on to raise money from professional investors and do not make the money back for the entrepreneur. In other words, it is an almost guaranteed loss of money. Seeing this time and time again is heartbreaking and arguably the worst part of our job, especially since it is so preventable. Despite our best efforts to decrease people’s financial risk, once entrepreneurs set their mind to something it is hard to stop them, and many people still ask me for recommendations for app developers or agencies.

App marketing introduction

Mobile app monetization is arguably the most challenging part of the app business. Finding the right way to monetize our apps was the most time consuming, difficult, and mind boggling part of the entire business. The most common way to monetize apps is by publishing ads. The second most common way to make money from apps is to enable in-app purchases (subscriptions, consumable purchases, and non-consumable purchases). Other ways to make money from your apps is to sell your own or affiliate products via the apps. This webpage will cover these and additional monetization strategies in more detail. The monetization strategies are commonly known. The real challenge is making those strategies generate enough income to sustain your business operations.

Setting reasonable goals for your app

Most entrepreneurs want to sell their business for millions or billions of pounds, but that isn’t realistic for most apps. Many apps have limited potential either due to poor discoverability, having no natural marketing options, low demand, limited social sharing potential, limited publicity potential, or being in a niche that is too competitive or too tiny. During planning, don’t allow yourself to get carried away by daydreaming about success. Be disciplined and think through the financial potential of your app, demand, and competition. This will give you a sense of how much time and money it may be reasonable to invest into your app. Being excited about your business is fantastic, but it causes entrepreneurs to overestimate potential, and it is dangerous to base financial decisions on hopes rather than experience or research. If you are in the process of creating your first app, it is difficult to create a good business plan and strategy without having prior experience because when you have no experience, all strategies seem theoretically plausible, and it is difficult to know which will work. That comes from experience, which is why it is helpful to work with coaches or advisors.

Basic business planning before beginning work on an app

While you don’t necessarily need a formal business plan, anyone starting a business must have a solid strategy going into it. Basic business planning for your app before you begin work on it can help you catch potential mistakes during an early stage of your app business. The earlier you catch a mistake the cheaper it is to fix and adjust the rest of your app strategy accordingly. As an exercise, write down your answers to the following questions now so you can compare them to your answers to the same questions once you finish the webpage. If you don’t write your answers and save them, later when you have increased your app knowledge, it will seem to you that you knew some things all along. But if you write your answers down now and save them, you will see how far your app knowledge has come after reading this webpage. How will you promote your app? How will you develop it? How much will development cost? What will be the most effective way to make money from the app? Is there an exit strategy? For which keywords will your app need to rank highly in app stores? What will be your app title? How will you make the app a part of people’s daily life and not a one-time use app? How will the app re-engage people? How big is the demand for what you are doing? Are you targeting a specific demographic? What are the spending habits of your targeted demographic? If you are planning your first app, it might be difficult to answer these questions correctly due to lack of experience, but do your best and be sure to come back to these questions after you complete the webpage.