Transforming a unique business idea into a smartphone app takes a lot of brainstorming and effort. Today, the mobile app development industry has become highly competitive. In fact, the revenue from the highest-rated apps is expected to reach $190 by the end of 2020.
Of course, everyone knows the importance of having a mobile app for their business. But what stops most of them to actually build one?
Cost!
Yes, it is one of the most important reasons why businesses don't go ahead with building a mobile app. So, in this post, we are going to discuss real and practical figures for building a mobile app prevailing in the marketplace.
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If you have finally decided to develop a mobile app, you are already ahead of the crowd. The success of your mobile app depends upon:
Developing a successful app, despite a lot of pitfalls is a challenge itself. Entrepreneurs have the urge to expand their business & take it to new heights. Being an entrepreneur, you have to combine the split visuals into a place where you get a picture-perfect view for your product.
Before you plan to bake everything together, it’s important to outline the budget of your app. Defining the budget requires an in-depth understanding of the industry requirements.
Do you know that 95% of the companies create a document for the app market research & strategy so that consumers resonate with the brand? Before hitting the nail on the head, it is important to understand what most people are excited about.
Regardless of your app idea, it is important to clarify your niche. You may think you have an amazing idea but there are dozens of similar apps that are already successful.
Before building an app, it is important to identify challenges and problems as this will help to shape your product in a better way. If the feature doesn’t address, don’t waste your time on development-even if your competitors are into it.
To decide the platform, consider your target audience’s geographical location and demographic characteristics. If you are planning to target a broader audience, Android is the best bet. If your app has Europe or North American audiences, iOS is a good choice.
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Before budgeting the app, it is critical to decide the features, project timeline and the resource required.
The median price of building an app by the dedicated developers is $171,450 according to a survey held by Clutch. Typical mobile app development cost ranges between $100,000 to $500,000.
There is no upfront cost for this. With an almost zero monthly fee, an app can be built from scratch with the help of Appy Pie, Shoutem, Swiftic.
The smartphone app development design implies different attributes like visual design, user interface, logos, icons, wireframe, branding, etc.
Here are the factors that impact the cost of your app:
If you are planning to hire an experienced senior graphic designer, be ready to pay approx.. $150 per hour. At the same time, someone who is less experienced can charge $45/hour.
The cost of hiring designers ranges differently from different parts of the world. USA & Canada: $50-$250/hour, Australia: $50-$150, Europe & UK: $25 to $175, Asia: $10-$80.
Basic and simple mobile apps start from $5,000 (e.g; Flashlight), mid-range complexity apps range from $10,000 (e.g; WhatsApp) and highly complex from $25,000 (e.g; Facebook).
Note: If you have an idea about the number of developers you need and their hourly rates, you can determine the cost quickly using our outsourcing ROI calculator.
The most prominent platforms considered are Android and iOS. Building an app in iOS is comparatively faster. For this reason, the cost of building the iOS app is less than Android. This is another reason why many companies launch iOS apps in order to evaluate the response of the audience.
Here’s the cost of developing an Android application:
Table-Based Simple Apps: They are simple apps that display a collection of data. This type of app practically has no features and very little time is taken to develop such an app.
Expected cost: $1,000 to $4,000
Database Apps: They are one level above the table base apps. They manipulate data by pulling large data sets. Retrieving, updating, and manipulating data is a challenging task. And for this reason, it takes more time to develop. For example dictionaries and encyclopedias.
Expected cost: $8,000 to $50,000
Game Apps: These are the most thought-provoking apps. They use multiple functionalities and high-tech features like augmented reality, virtual reality, 3D graphics, and more.
Games: $10,000 to $250,000
You have finally accomplished it! Now, it has become easy for your customers to interact with you like never before. This is the right time to market. Intrigued, aren’t you?
Get more engagement and leads with email lists. Thinking why? Very few people are likely to frequently change their email addresses. Add in-app subscriptions and tempt them with features.
Don’t miss this phenomenal opportunity for monetization. Go for these types of ads:
Developing and maintaining a mobile application is a costly affair. Here, the revenue model becomes an integral factor.
So, you should plan if you want to go for a freemium or premium model. Though, it is advised to launch a free version and then monetize it later.
This decision is going to make a huge impact on the overall budget. Choosing a wrong developer may increase the risk of your mobile application to be delayed. Moreover, hiring an in-house developer is not budget-friendly especially when you are a startup.
For the above reasons, you should consider hiring an offshore development team. It will give you an opportunity to connect with experienced professionals residing in another geographical location.
Finally, the art of budgeting the mobile app development hold a detrimental factor. Make sure the budget is well-padded and shouldn’t scare you. Also, it is important not to overspend and end up in trouble while you plan to settle the bills.
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