Posted on 14 August, 2015 by Team Wishberry
From managing finances to reminding you how much water you should be drinking and when, apps have pretty much got every aspect of our lives covered. No matter what need you’re catering to, one major factor that influences the entire process of building an app from start to finish is the money. Here are a few cost-incurring aspects of the game that you should be aware of.
Protect your idea first! Don’t know how? Get in touch with a lawyer who’ll help you. This should cost you about 35,000-45,000 INR.
Intellectual Property protection
Domain name registration, website hosting, web design, SEO, tools and plugins are just some of the things that are going to feature prominently on your list of expenses. This bunch should approximately cost you Rs. 20,000.
Web hosting and bandwidth
A UI/UX designer will cost you between Rs. 20,000 to 50,000. An app developer will charge you anywhere between Rs. 20,000 to upwards of a lakh depending on the complexity of your app. In all, the costs incurred here will be around 1, 00,000 INR for android and 50,000 INR for IOS since the basic framework of the app is already done. The best marketing trick is word of mouth, which is usually free. If you have to, you can consider spending partnerships with brands that have a similar audience, targeted online ads, tech fair participations, offline activations etc. The more innovative your marketing strategy, the higher your budget. It can go as high as 1,00,000 INR. You will need the following key people in your team to make an app that kicks all other apps’ asses: QA tester, programmer, UI/UX developer and designer, content & digital marketer and tech support. Apple’s iTunes charges around 6,000 INR per annum, whereas Google’s Play Store charges a registration fee of 1800 INR. In all, a very good app will cost somewhere around or above 5,00,000 INR.
App design and development
Sounds pretty expensive, right? Got no money? No problem! Yep. There is a solution. It’s called crowdfunding.
Sure, you’d rather get Venture Capital funding because it gets you the big and the headlines. However, you might still want to consider crowdfunding first for the following very legit reasons:
Crowdfunding not only lets you raise money for this, but also puts you in touch with just the kind of people you need during this phase, making this a thoroughly collaborative effort, without much trouble!
You get to jumpstart your beta phase
The greatest benefit of crowdfunding is that you get amazing insight into the market’s readiness for your app, which in turn helps you build a better product. All in exchange for some fun rewards and perks! Just what an app needs - a community of early adopters who later on become advocates of your app. Crowdfunding helps you reach out to just the right kind of people. If you have chosen the right platform, the community that has its eye on innovation will take you more seriously. If they like your idea, they will make sure everyone sees and knows it.
You get to validate your product
Run your crowdfunding campaign well, nail your beta launch, and it is bound to cut through the massive digital clutter, get traction in the right circles and get the big players’ attention. Add the crowd’s validation to the equation; you’re sitting on a gold mine. However, a good point to remember is that, crowdfunding will work for your app, only if you have a ridiculously unique idea, like a Tinder for the differently abled or a gardening system that waters itself.
You get the attention of the right investors