To all the imaginative and creative people out there, I am sure that at least once in your life you have come across an idea you thought of and years later you find somebody else running a successful business off it. I do not mean to say they stole your idea but the fact that they were able to transform an idea to a profitable product or service.
While many of us know that it is in fact a good idea if the future product or service has a strong value proposition, useful features, and monetary value. There is no demarcated pathway that tells you how to achieve that. So here we are; let’s look at all the ways in which you can turn a simple idea to millions.
1. Develop your Idea
If you are reading this then you would at least have one idea. If you have many, ponder over them until you are left with one. Guess what? Your idea does not need to be something that is going to revolutionize an industry or change the world. It can be a simple, straightforward idea that will make you money.
Figure out a way to monetize that idea. There are several ways people earn money from apps. Write down what your app is all about, its features, what value does it add to users. It is best to actually note down marketing strategies, app name, design, and any other details you can think of. At the end of this process, you will have a business concept.
2. Research & Analyze
Thorough research is the battle half won. While it is easier said than done, this will ensure answers to all the difficult questions that you will have to address later on. Dig deep into relevant information like the overall market, competitors, and prospective users.
Have answers to questions like — Why is your app unique, define your target audience as per age, gender, occupation, geography, etc, list your competitors, which channels do you want to market on, how you are going to grow your user-base and so on.
3. Develop the idea into an app
It is crucial to understand that nobody invests in an idea. You will have to do the groundwork and develop it. Investors are not interested until they have a product or service which is tangible. Thus in order to make millions, you need to figure out the legalities, have a brand style, and a lucid marketing strategy and ways to monetize it.
It is the same as selling your product or service to a customer; you first have to get their interested in it. Except here you are dealing with investors, you have to convince them how it is going to make them even more money and that cannot be achieved with only an idea in your head. You are the best person to develop it as it is your vision.
4. Launch the App
Include launching activities in your business concept presentation. If you already have covered the topic, you just need to implement that plan. Launch the app after thorough testing. Again, investors will only be interested in apps that actually showcase substantial chances of growth. Thus work on increasing your users, improve on engagement and retention, test your features, and interact with users, etc.
The idea is to put your best foot forward and follow all the legal requirements as well as industry rules and regulations. Investors always go ahead with apps after due diligence.
5. Pitch the investors
If you still have not been discovered, chances are you will have to find your investors. Start by listing down all the companies that are capable of buying your projects. You can also research recent acquisitions and investments. Get in touch with relevant people, geography does not matter. The person responsible for development or investments is the one you should ideally connect with.
Once you have a list, you should start to get in touch with them through LinkedIn, emails, or in-person meetings. Always be smart about what and how much information you disclose. The information you give should be disclosed under the mutually signed NDA.
So in a nutshell, having an idea is just step one to a long list of things that will actually get you to your first million. You will have to invest yourself in your idea and the more growth it achieves, the more money you make.