Things to Consider When Planning Your App Development Budget

It’s a rare business owner that doesn’t use modern technologies to get the most out of their ventures. Today, lots of companies, if not all, take advantage of business applications, which help increase business visibility, boost sales, improve customer services, and much more. The only problem most entrepreneurs experience after having embarked on an app development quest is money. It’s not a secret that developing a stable and robust business application is quite a costly undertaking, which, moreover, may take up much of your time. Still, if you hire experienced and reputable professionals, chances are you will be able to avoid most stumbling blocks that might get in the way of successful app development. What’s more, you can make good use of an online app cost calculator, which will give you the ballpark figure for the cost of your future application. You can access this helpful tool by clicking here.

And now it’s time to look at the major steps you need to take to develop a business app at a reasonable price.

Set Goals

First things first, you should set clear goals for the application you aim to build. At the initial development stage, you should figure out what you actually expect of your end product. Will it help you promote or sell your products/services? Why will your potential customers want to download it? What problems will your future app help to resolve? It’s important that you be able to answer these and other similar questions before you dive headfirst into the development process. Brainstorming and identifying the clear goals for your app will help you come up with an effective development strategy and avoid overspending.

Pick the Pricing Model

It’s also very important that you select the right app development pricing model.

Some developers will charge you an upfront fee once they get down to building your app, while others will offer more budget-friendly conditions. Just be sure to negotiate such matters in advance.

If you’re on a tight budget, paying an hourly rate to your developers can mean unavoidable bankruptcy for you. So, the optimal payment method would be paying a fixed rate. In this case, you’ll break the entire development process into several stages. Based on your agreement, you’ll need to pay your developers a fixed rate that will remain the same throughout the app development timeline.

Choose the Platform

The more platforms can support your app, the better. This axiom may tempt you to play big and develop an app capable of running across multiple platforms. This can help you reach a considerably wider audience and promote your brand faster. Still, notwithstanding the obvious benefits of cross-platform development, you may want to refrain from this idea if your budget is quite modest. It might be a wise solution, to build your app for just one platform, say iOS or Android. With time, you can scale your app and add more platforms.

Prioritize Features

Building a grandiose business app with a multitude of advanced features is probably the ultimate dream of any business owner. Yet, in reality, we often need to prioritize to equip our end product with the essential functionality without going broke.

Don’t aim to include the hyped features just for the sake of having them. Not only can logically inefficient features be a huge waste of money, but they can also distract from developing useful essential functionalities. Thus, a hellishly expensive live-streaming feature is indispensable for a streaming platform, but you can safely ditch it if you’re building, say, a dating app. So, make sure to prioritize and know which features deserve to be splurged on and which are just marketing hooks.

Factor in Maintenance Costs

Lots of people developing their app totally forget that the development process doesn’t finish at the point where their app goes live. Every application has an ongoing maintenance cost once. And you should keep this in mind when planning your budget. A good rule of thumb is to put aside 20% of the cost of initial development. Thus, you can roughly calculate the amount you will need to spend to cover the essential maintenance costs. If your initial development costs are $200,000, you can reasonably expect to fork out around $40,000 in a yearly fee to maintain your software properly.