I Have an Idea for an App But No Money – How to Get Funding
“I have an idea for an app but no money, how can I get funding?” This question arises in everyone’s mind when they think about a new app idea, especially millennials into tech. So this article will give you some creative ideas on it.
New businesses come in many shapes and sizes, from completely VC supported to self-financed and bootstrapped. To make a tech startup (an app in many cases) you need money, how a lot of cash you need depends entirely on the kind of app you might want to create; if you are looking for a simple privately run app with minimal functionality targeting just 1 platform (i.e. iOS/iPhone).
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A simple MVP could be as small as 10k, if you want a progressively mind-boggling app which relies on a back-end API server, runs on the two iOS and Android and has a front-end web app version also you would be looking more around the 25–100k imprint; but again this absolutely relies upon the functionality; we can help you scope out the requirements and provide you with a written statement estimate.
So what are your startup app improvement funding options? Here are 5 of the top funding options you could to help with your app advancement budget:
5 Ways for Top Funding
1. Bootstrap and Self-Subsidize From Personal Savings
No uncertainty the best approach if you want to retain unlimited oversight and ownership of your new app or digital item. Self-funding enables you to invest your own savings in yourself; your idea, your business. It is a simple beginning and you can start straight away. Many extremely fruitful businesses (even in the startup world) self-subsidized and remain self-supported. If you are enthused about bootstrapping (which you ought to be) you have to remember marketing. Once your app is built which additionally requires reserves (for example Facebook promotions and Google AdWords). There is an incredible course from Stanford I’d recommend every single budding business person take (you can watch the entire seminar on YouTube).
2. Friends and Family
Another great option to keep on the Bootstrap course is to pitch your idea to your friends and family (especially if you know they are liquidated up!). I’d propose you should pitch your idea professionally as though you would a genuine investor you don’t have any acquaintance with, it is by the day’s end a business transaction and they will no uncertainty want to know the ins and outs of how your app will profit and all the more importantly get them their money back! Note: working with f&f can have significant impacts on relationships if things turn out poorly so consider this funding idea cautiously before moving ahead!
3. Individual or Business Bank Loan
Much the same as you can get a loan for a vehicle you can get a loan to begin a business (or an app/website), you will need to experience the standard forms, Q&A’s and alike the bank or financial institution will toss at you and illustrate (likely on paper) how your app business will make money moving forward, we can assist you with a statement and additionally a nice shiny proposition (for a minimum charge) for you to submit with your loan application.
4. Private Investors
Is your app idea targeted at a specific industry? Why not pitch the idea to some high flyers in the appropriate industry? If you find the right individual they might be eager to subsidize the entire web and/or mobile app improvement build for a % stake in your business.BUT it can offer many advantages, for example, industry knowledge and connections.
5. Funding (VC firms)
VC is the course many of the significant players go in the startup world; or in the long run go when they scale big time. Think Uber, AirBnb, Facebook, LinkedIn. The VC course requires some serious energy you will require a genuine a game pitch. And be prepared to have your idea formed into how the VC firm observes the quickest course to progress. And a money related profit for their investment in you and your idea.
This is your quickest route to the big time but not every person gets financed. And if you do there is still no guarantee of progress. BUT this is an incredible beginning if you can get VC at a beginning period. And are willing for the ride that is generally excellent news for you! Remember if you don’t begin with VC that doesn’t mean you can’t get it later in many cases. It might be ideal to get your app idea off the ground by bootstrapping and then going for VC sometime in the not too distant future; who knows you might be the following Basecamp or MailChimp. In addition to the above there is many online platforms to create investor interest with a view for funding, one of the most well-known is Angel List.
The expectation is that you will feel more comfortable about launching your app now based in the info above about ‘I have an idea for an app but no money’ helps you with a couple of ideas on where to begin with getting funding for your unique app advancement idea.