Making money from a mobile app is one of the most exciting passive income business models there is. With this strategy, you can sit back and watch as the money roles in as users download your app. What’s even better, is that you get the sense of satisfaction that comes from knowing it was a program you built from hand that helped you to start earning that money! It’s possible to make a lot of money from an app too!
But you wouldn’t be the first person to have an idea for an app. The problem is that an awful lot of people don’t know how to go about capitalizing on that idea and making it into something that will actually make money. Read on and let’s take a look at some of the best methods and strategies for profiting from a mobile app…
The first thing to do is to make sure that your app idea is relatively simple. This is something that a lot of people get wrong: ask what their big app idea is and they’ll normally tell you it has something to do with a social network that will change the way people do [insert everyday task here]. Often hey won’t tell you what the idea entails (in case someone steals it!) and they’ll spend months and months working on it.
This is almost doomed to failure. If you have never released a successful app before then why would you make your first one something that involves so much work and that is so complex?
Keep it Simple Stupid!
A far better strategy is to release something very simple – this could be something as straightforward as an app that shares information (perhaps a collection of essays on fitness?) or maybe a very simple game.
This will give you the opportunity to learn the ropes, to see what it’s like to sell an app and crucially to avoid investing huge amounts of time into something that ultimately isn’t a hit.
Use the ‘fail fast’ method by creating lots of MVPs and then developing the ones that turn out to be successful!
As long as you choose the right niche, it will sell/get downloaded!
The other reason to make something simple, is that it will allow you to avoid learning to code in Java – simple apps can be built with straightforward app creation tools.
Finally, note that the best way to make money from an app is often to charge for it.
Yes, display ads can make money but only if your users click on them in huge numbers. This means you need a gigantic number of active, regular users who are engaged with your app every day to make a profit.
Conversely, if your app looks very appealing and only costs a dollar or so, you’ll find you can entice people to make a lot of impulse downloads. Get 50 downloads a day and you’re earning a decent amount extra – and remember this can be across a large number of apps!
The alternative to all the above of course is to simply join The HIPA.Life Program