With so many mobile applications available on the App Store and Google Play Store, it seems like everyone is putting those ideas to use.
But how many of those apps are actually making money?
Before you go through the long and often expensive process of If you fall somewhere within the first option, your app would be used to improve the experience for your existing customers.
As you continue to cater toward the wants and needs of your customer, you’ll see an increased revenue stream.
Mobile apps are also a great way to acquire new customers, which also generates more money.
That’s especially true if you’re an ecommerce business.
Look how many there are in the United States alone.
There’s plenty of room for you to succeed if you think your app would be the next big hit as well.
That may be a more difficult road, but it could potentially be a home run if you’re successful.
You’ve got to understand the breakdown of your revenue. Those are the most common options for you to choose from.
Another business concept that you’ll need to grasp is the difference between profit and revenue. Let’s say your app makes money through is only $4,000 for the entire year.
It’s possible for your app to have a high revenue without generating any profits. Don’t get me wrong, that’s better than being in the red.