Download Your Fortune: Why You Should Create Apps to Earn Money
Do you have some basic coding knowledge? Think you can figure out how to make an app? Learn how to create apps to earn money from big companies.
There’s money to be made in the app industry. The amount of paid app revenue increases with each passing year. It’s increased each year since 2012.
The number of apps increases each year, as well. This is also true for every major app platform.
Clearly, there’s an opportunity for financial reward and growth making apps. How do you make an app that makes money, though? What are some other reasons you might want to build an app?
Let’s take a look at why you should make apps to earn money.
How to Create Apps to Earn Money
Developing products in a thriving niche is a bit of a double-edged sword. On one hand, the interest is clearly there. On the other, that means there’s a lot of competition that you’re up against.
Following these tips and guidelines will help you stand out from the competition while simultaneously focusing on turning a profit.
Investigate Your Niche
This is basically the ‘brainstorming’ portion of the app development process. It comes shortly after the ‘A Ha!’ moment of epiphany of first coming up with your app idea.
Investigating your niche basically means spending some time on the app stores browsing keywords. Keep an eye out for heavily populated keywords, like timers or calculators. You’re not likely to make much money if there are already a ton of apps in that niche.
Spend some time reading the reviews. Customers’ comments and reviews can give you an idea of potential shortcomings and bugs from an app that needs to be fixed.
Decide On A Platform
Once you’ve decided on an idea you want to develop for an app, you’ll need to decide which platform you’ll develop your app on. Do you want it to be for iPhones or Androids? Or do you want to go even more niche and develop an app for open-source software?
You should focus on developing apps to earn money in both the long-term and short-term. So you might want to decide which platform is likely to generate more sales.
You’ll need to think about how likely people are to spend money on that platform. You’ll also have to look into how much competition there is on that particular app platform.
Selling apps is just one way you can make apps to earn money. You can also use your app as a way of advertising your skills and abilities.
If you’re using your app as a resume-building tool for your development career, you’ll still need to decide which platform will work best for you. Using this approach, however, you’ll need to think about who you’d like to work for.
Android developers earn an average of $97,600 a year. Apple developers make just a little bit less, averaging $96,600 annually.
Implement In-App Purchases
One of the most lucrative ways you can make apps to earn money is by implementing the ability to make in-app purchases. This means people can buy things through your app using actual currency.
This can look a number of different ways, depending on what kind of app you’re developing. If you’re making a game, you might offer users’ the ability to buy special items. These could range from special outfits to powerful weapons.
Seeing as how time is money, and generating the karma and points to purchase these items solely in the game can take a ridiculous amount of play hours, at times, sometimes it really is just easier to just buy the thing outright.
Another way you can use in-app purchases it to build an app around a product or service you’re selling. If you owned a winery, for instance, you might create a wine-pairing app, featuring recommended wines and social reviews.
You could sell your own wines through your the app. You could also find other wine companies and products to pair with as an affiliate or by selling advertising.
Offer In-App Advertising
People are spending more time on apps, via their smartphones, than they are with their browsers. This means a lot of the traditional sources of traffic and ad revenue are changing. This offers a unique opportunity for app developers.
In-app advertising works similarly to any PPC or AdWords campaign. Find a mobile ad network to work with that will pay you for clicks and you can generate some revenue even while you’re still building your app’s reputation.
Some ad networks can pay up to .01/click. If you’ve got 1,000 regular monthly users and 5% of them clicked an ad a day, you’d have a free $15 waiting for you at the end of the month.
As business owners, developers, and entrepreneurs, we should always be moving towards more passive income. The possibilities of technology make it easier than ever to work smart, not hard. If you’re willing to work hard, as well, there’s a world of opportunities for app developers out there!
Offer A Subscription Model
You can think of your free app as an advertisement for the full product, as well as your products and services. Getting people to use and love your app and convincing them to subscribe to premium services is one of the best ways to generate ongoing revenue with your app.
Think about Tinder. It’s hard to argue the popularity of the mobile dating app. They started out with a bunch of free services and have gradually made it more exclusive. The Tinder Plus and Tinder Gold subscriptions unlock many powerful features that let users take full advantage of the platform.
Considering that it’s $9.99 for Tinder Plus and $14.99 for Tinder Gold, there’s a veritable goldmine of passive income out there, waiting to be made.
If you’re serious about getting into building apps, you can check out an App Creator to make that process as easy and painless as possible!
Want To Learn More About Developing Apps?
There’s still a long way to go until we unlock the full potential of mobile apps to earn money. Business owners and marketers would’ve given their teeth to have the unparalleled and trusted access we have.
If you’re looking to stay up-to-date with news, tips, and resources on mobile and app development, browse the rest of our app development articles today!