“MoolahNinjas main goal is to help our readers improve their financial lives. We partner with other companies that share that same vision. Some of these links in this post may be from our partners. This is how we make money.”
A hard way to make money, but great potential.
Have you come up with a great idea for an app, but are unsure whether you have the necessary technological prowess to bring it to fruition?
Really, there should be no reason why you couldn’t become part of the app market, with or without technological prowess, and maybe even earn some money doing it.
Read the MoolahNinjas guide for getting started on your own app here.
The first step on the road to your first moneymaking app is a great idea. Start by considering what kind of app you would like. There is a good chance that many other people are needing the exact same app. For instance, you may consider the area where you live. If you live in a town that attracts tourists, the possibilities are infinite.
You can also consider your personal interests. Perhaps you’re a coffee enthusiast and have discovered a handful of good places around the world. If so, why not transform your knowledge into a guide-app to help other coffee enthusiasts out there?
Plenty of apps are not centered around a particular locality, but always top the lists. You probably know many of them: Temple Run, Draw Something, Minecraft….
Gaming apps tend to make more money than other apps, since people tend to be more willing to pay for games. Especially games that become popular in certain circles will spread like wildfire. Many apps spread strictly through word of mouth.
Don’t give up if you find something in the app store that looks like your idea. This is where you need to think outside the box. What does your app have that other apps don’t offer? Maybe you collect personal feedback from café owners, provide information on what is special about that particular café, or about which coffee, people simply must try at the particular cafe.
Try to come up with an idea that doesn’t have too many competitors already. However, if you are completely out of ideas, you can also look at some of the popular apps and think about whether you could do something to improve on and enhance the concept.
Here are a few things to keep in mind as you develop your concept:
There are many different types of apps. Here are most of them with some of the more popular examples
Development of the app
Now that you have settled on an idea, all you have to do is develop it…. We assume that you, like most others, have very little programming experience. While you might have learned skills from doing things like freelance jobs, don’t worry if you haven’t! There are plenty of options to get started.
There is the expensive, but also very convenient method of hiring a professional to develop your app. On websites like AppBooker, you can enter your country, whether your app is for a company or a freelance project, and your budget. Then AppBooker proposes a number of developers that suit your needs. When you click through the list of developers, you can see their clients and the kinds of apps they specialize in.
Another good site to know about is Fiverr. This is the world’s largest freelance services marketplace for entrepreneurs to focus on growth & create a successful business at affordable costs. Although it is less specialized than AppBooker, you can nonetheless find freelancer app developers here at very reasonable prices. Check out Fiverr here!
Here are some great questions for when you’re looking for a developer:
Cost of the app
You have to spend money to make money. Or so they say, anyway…. This is not always the case in the app world however, but more about that later. For now, let’s assume that you have decided to hire someone to develop your app.
Depending on the app you want to develop, the price is between 1,000$ and 250,000$. Obviously, that sounds like a whole lot of money, but keep in mind that the right app will earn back your seed money soon enough. Furthermore, gaming apps, which are the most expensive to develop, are always at the top of the charts.
Of course, you will come across developers that offer all-inclusive contracts at 2,000$. Beware of such offers, however! You tend to get what you pay for. We actually believe it is better to pay a little extra for a quality product that you can be proud of. Why waste 2,000$ on an app no one will care to buy?
If you are able to create some of the app content yourself (such as layout and graphics), you will be able to cut down a bit on the otherwise significant costs. Another way to lower costs is by offering the app developer part of the profits on the app. However, developers would rarely agree to such a deal unless they are really sold on your idea. And obviously, if you choose this option you need to be prepared for the consequences for your future finances as well.
If you would like some specific add-ons, such as GPS or the ability to share on various social media, this will usually cost you 1,000$or more.
Selling your app through Apple costs you about 99$ a year. This is money well spent, since the app store has tons of users, which guarantees you a certain revenue.
How much money can you earn on app?
Since your earnings depend entirely on the popularity of your app and how much you chose to charge for it, calculating your salary as app owner precisely is difficult. Unless you are convinced that you are the next Mark Zuckerberg, you may not want to quit your day job just yet. The website GigaOM Pro did a study that showed that more than half of their 352 respondents earned less than 500$ a month. Not enough to live on, but certainly a nice little pile of extra spending money.
Or you may go for inventing the new Angry Birds and earn well over 6,5 million – a month..! There’s definitely potential to become a millionaire here.
To get the most out of your app, use the following tips:
- Make sure you consult a wide audience, rather than some little niche
- Start small and work your way up from there
- Keep track of which apps are topping the charts
- Currently, it is easier to make money with iOS apps
- Ask your friends and family to rate and comment on your app
- Consider making an iPad version of your app
- If your app builds on your existing company, make sure you publicize your app extensively on your website and/or social network
When you sell on the App Store, Apple takes 30% of your profits, while the rest will be transferred directly into your account each month.
You may also consider creating a free app, where you profit from advertising instead, or where your users have the option to pay for additional in-game purchases. At time, this can be a good way to kick-start your app and get it on the market. You can get the word out about your app by posting on your social media accounts, making it a viable way to say, make money with Instagram.
How to make your own app
What if you just don’t have the money to hire a professional developer? No worries, there are still plenty of ways to do the job yourself. Or maybe you just want to explore your idea before hiring a professional? Regardless, on the following websites, you have the opportunity to develop apps free of charge.
Alternatively, you can go the extra mile and look for a course on how to develop your own app. A very popular and professional portal for finding such a course is Udemy, an online learning and teaching marketplace with over 100000 courses and 24 million students. Learn programming, marketing, data science and almost anything you can think of!