The biggest challenge entrepreneurs face when figuring out the first steps to designing and building their mobile application is how they can source the funds for the job. We are talking about a lot of high bills that need paying. So how can you make sure that you do not go bankrupt during the process? Even after you do manage to get the application running, you will need funds to keep the operations afloat until you start to make profits. Here are some methods through which you can possibly fund your project.
Bootstrapping Is Good A Way As Any
Bootstrapping is the best option and should also be your main option when it comes to sourcing the funds that you need for the job. What does bootstrapping mean? In the generic sense of the word, it ideally means that you find the money that you need from your current income, other personal businesses or savings and investments that you have. If you know that you have about six months at least to get going on the project, start collecting a small amount each month depending upon what you will need initially. Also once you have the minimum amount, you need to get started with outsourcing the development part to a credible company so that you get to pay in a monthly fashion, throughout the lifecycle of the development phase and you will be able to begin with as less investment as possible. Look up ideas on how to make development work on sites like www.appscore.com.au and make sure that you explain what you are looking for in terms of budget to the service providers as well.
Enter Application Competitions If You Can
There are many competitions that can give big cash prizes for an idea that is worth developing. The majority of such businesses are handled by other incubators and angel funding. They are therefore very competitive and should not be taken lightly. You will likely be required to produce your business pitch before a panel of investors who will then decide whether or not your idea is something that needs to be given funding.
Ask Family And Friends
Get the support that you need from your friends and family. While they may not all be able to singlehandedly help you out in everything, a few people who believe in you and in your idea will be able to sort out your funding on some level. You can either offer to pay them back within an agreed period of time or let them take a stake in the profits that you make. It is safer and easier than working with investors because your family will give you time and be more understanding as well.
Loans From Banks
Another option failing all the above, would be to consult a bank on providing a small business loan for you. However, understand that you need to be able to show them all they need to see about your business including the revenue projections and answer any questions that they may have to ask you. The process can be challenging.