Developing an applications business can be very lucrative these days. There are always new and innovative ideas that consumers will love but there are lots of aspects to bringing new applications to fruition. Take a look at some of the opportunities and threats of this type of business.
Opportunity - There are very few people with the coding skills that are necessary to develop an application from start to finish and even if they do have the skills, more often than not they will need help to market and advertise their app.
Threat - The time it takes to go from finding a great idea for an app to developing it and marketing it must be quick. There will always be someone somewhere in the world that has come up with a similar idea and the sooner consumers are hooked on yours, the better.
Opportunity - Whether you are an individual developing apps alone or a company that creates apps in a variety of ways, there can be a lot of money in it. Depending on how well it is received, an app can gain millions in profit.
Threat - Before an app idea is accepted by anyone it must be creative and innovative, with a list of reasons why a customer should want to use it. If it is accepted, you are likely to have to pay someone a percentage of the profits. For example, if your app is registered with Apple for iPhones or iPads to access it, you will be eventually paying Apple 30%.
Opportunity - You’re never limited to how many applications can be developed. It is perfectly acceptable to have more than one app in the process of creation. Threat- You should expect that some of your apps will fail or make very little money. It is important to remember that the app industry is one that is completely unpredictable.