By Neil Patel

Considering building an app? You’re in good company.

The mobile app industry is expected to be worth more than $407 billion (yes, with a B) by 2026.

Meanwhile, the average person has more than 80 apps on their phone. That represents a ton of opportunities for app builders.

However, if you think creating an app is an easy way to get rich, you are setting yourself up for failure. Building an app requires research, hard work, and a willingness to dive in and learn.

Luckily, there are tons of resources to get you started—including this guide. Below, I’ll walk you through how to build out your app idea and then share five resources to help you launch your app.

How to Build Out Your App Idea

Like any business, creating an app requires laying the groundwork before launch. Here’s a five-step guide for getting ready to launch your app, including how to do your research, ways to monetize your app, and what to include in your business plan.

Build an App Step 1: Do Market Research

Before you dive into creating your app, you first need to get a lay of the land. Who is your target audience? What other apps offer similar features or functionality? How does your app stand apart?

Start by creating a buyer persona map, which will help you understand who your audience is and what they want. Use this information to create a detailed sales plan, decide what features to include, and choose where to market your app.

Then, perform a competitive analysis to understand your competitors. The information you gain from this will be critical as you build and grow your app. Focus on what current apps do well and what they don’t. The areas where they fail can present opportunities for you to improve and take over part of their market.

For example, if your goal is to build an app that offers workout and diet recommendations, take the time to download similar apps and read their reviews. What features do people ask for, and what features do they dislike? Who is using these apps? How are they monetized?

Be thorough—you’ll use this information in the next few steps.

Build an App Step 2: Decide How to Monetize Your App

There are several ways to make money from an app. The right choice for your app likely depends on your industry, target audience, and the type of app you create. For example, games are often monetized by ads and in-app purchases, while dating apps generally charge a monthly subscription fee.

Consider each of the following monetization methods to decide which is right for your app:

• Ads: Create a free app and earn money by selling ads in your app. Duolingo uses this model, though they also offer a paid plan.
• In-app purchase: Provide a free app and then allow users to purchase add-ons, like Pokemon Go does.
• Freemium: Give …read more

  Source:: Kiss Metrics Blog