A mobile app can help your business generate huge revenue — if it appeals to the customers. Every company in today’s world works towards having their own mobile application. It is important to realize that if there are no customer downloads, a mobile app can be as useless as a punctured spare!
Developing a mobile app needs considerable funding, besides an effective idea. If you wish to build a mobile app, you should have a team rather than a freelancer. Another important fact is that an impressive app will not happen overnight. Remember the quote “If you pay peanuts, you get monkeys”; it implies that you ought to spend a reasonable amount of money for having a successful app.
Finding an investment source is a tough row to hoe but we are here with some ideas towards fund raising for your mobile app.
Family and friends
Your family and friends would always have faith in your ideas. They would willingly agree to invest their money in your business despite your reluctance and doubts. You can return their favor by making them a stakeholder and offer them some of the profits in the future.
It is certainly a costly option to use a credit card but the advantage is that funding is instant through this method. Once you start your work with the initial amount, it is possible to present that work and easily acquire more funds for the app development.
If you can prove that your business idea holds value for uplifting of the society, banks would offer you business loans that can get you rolling. You have to show them a concrete business plan that has well researched market and revenue projections. You should be able to answer all the questions regarding your business, services/products and the potential market to the bank representatives in order to get the loan sanctioned. That is not too tough if you have found the correct direction, right?
Angel or seed funding
You will be pleasantly surprised to know that there are individuals who do not mind funding a company if they see the idea appealing. Such individuals are known as angel investors. If you manage to present an impressive first release version of your mobile app, they would surely fund you.
Nowadays, app contests organized by business incubators and angel investors fund app development for the winning ideas. These contests are indeed very challenging and if the investors/judges find brilliance in your pitch, consider your work done!
Bootstrapping is the last resort. If you think that you can put in your savings in the mobile app development, go ahead without any hesitation. You can formulate a payment schedule so that you can start the app development even in case of less money.
The take home message regarding mobile app development is that even if you are on a shoestring budget, do not get disheartened. Put your socializing skills to work and take help of other budding entrepreneurs who have an attractive mobile app. Their experience can help you a lot in knowing what to do and what not to do.
Originally published at www.thugstart.com on March 15, 2016.
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