In the era of startup businesses, 2 out of 5 employees are planning to quit their jobs to start their own brand. It’s the norm for aspiring tech entrepreneurs to want to build a technologically-based business, be it a cloud-based service or a social media platform. One of the main trends in the tech industry is the ‘Mobile App” startup. But with every million dollar idea comes the process of execution and strategy.
Ninety percent of startup businesses fail not due to being underfunded, but because they had poor execution. While not every tech startup founder is a developer, they don’t necessarily have to be. In fact, you will be doing more than writing code but also deal with product marketing, validation, retention, customer service, engagement, accounting, managing finances, and more. So, do you have what it takes to achieve success with your mobile app? Follow these steps to get your tech idea off the ground and onto smartphones.
Research your market
Before you decide to invest in your mobile app idea – do your research! This is the most vital step. Go out and look at what other related apps have to offer and what’s worked for them. How many of the same apps are there? How popular are they? Are they made from indie or big developers? How do they monetize themselves? These questions need answers. By doing this, you can start building the main idea of your app, check out your competition, and design a better mobile application
Strategize the business plan
Thirty-six percent of people who have started their company with a full business plan were able to obtain a loan, receive investment capital and boost their business. Meanwhile, only 43% of entrepreneurs without a plan were able to grow their business. In simple terms, a strategized business plan will outline the initial 5 years of your business and how you’re planning to do it. Without a proper structure, you will less likely obtain a loan.
Raising the funds
With over 565,000 US startup companies launched every month, you will most likely have high expectations for your brand and may be tempted to invest more money than you initially planned. However, if you’re planning to avoid the need for equity before you have to, there are ways to improve investment capital without damaging your credit. This includes using your own savings, sharing with partners, bootstrapping on a minimum, establishing a line of credit, and seeking angel investors. While there are no silver bullets to sourcing your funds early on, following the proper strategy can help cover the entire costs all by yourselves.
Seek a developer
If you lack the proper education and training in mobile application development, now’s the time to outsource. Whether you plan to do it yourself or seek out freelancers, clearly outline what you want and expect from your app. What’s essential to the application? What would you like to see but can live without? The more details if you have in your initial pitch, the more chances your developer will be able to accomplish your design application.
Keep in mind, when starting the initial stages of your mobile startup, you’ll want to pay attention to the reputation of the developer and how the market will respond to your product. Be cautious when looking at foreign developers as some may lead to poorly written codes, broken features, and App-destroying bugs. Remember to keep registration fast and meaningful as customers will shy away from apps when the initial setup becomes too difficult.