We sit back and marvel at services like Uber and Facebook. At their core they're very simple concepts that have successfully identified a societal need. But they didn't just start existing one day. There's a process each idea should progress through (regardless of how informal it may be) before it even gets to the development stage.
This is the first and most important step on your journey. It details your high level plan for the application. You'll need to identify your target market and how your app will make money. Will you charge a download fee? Is selling advertising space your main source of revenue? Will you invest heavily before monetising? This will shape your development journey - apps that build a user base before monetising will likely require outside investment.
A template has been developed to simplify the completion of your business model. Alexander Ostewalder created a business model canvas
. It's a visual chart where you describe your products value proposition, infrastructure, customers and finances. By populating the canvas (pictured below), you have a platform that can be used to shape future business decisions