So, you have an idea for a killer app that you are sure is going to be a big hit. However, you soon realise you are going to need some serious funding to get your app off the ground. Even the most basic of apps with minimal features can cost you as much as $10,000 and many people say that you will need at least $100,000 if you want to get some advanced features. Luckily, you don’t have to give up on your dreams. There are many ways to get the funds you need and today we are going to help you out by taking a look at how to get funding for your first app.
Use your own funding
Funding your first app from your own pocket can be a good way to start off, and many people who have an idea for an app employ just this strategy. This does mean that you will have to dig into your savings, look into selling some of your property or, alternatively, start saving up. This also means that you will have a lot to lose if your app doesn’t do as well as you planned, as most of your livelihood will be invested in it. With that being said, you will also have the freedom to shape your app into whatever you want and won’t have to please outside investors. Another way to approach this is to call your friends and family to help. It might be awkward for you to ask them for money, but, if you have a solid idea and are able to stand behind your vision, they will surely be willing to support you. Now, they most likely won’t be able to cover all of the funding you need but remember, every little bit helps.
Loans represent the most common way people get the funding they need for an app. This is because filling out an online personal loan application is quick, simple and, more often than not, will get you the funding you need. One of the things that will be hugely beneficial when taking out a loan is having a well-laid-out step-by-step plan of how you are going to make your app come to life. This will show the lender you are serious about your endeavour and will do whatever It takes to see it succeed which can get you better terms on your loan. While some people state that loans can be risky as they can slow you down in the future, the fact of the matter is that if you plan ahead and do thorough research on everything you will be needing, loans can be a great and secure way to get the funding you need.
Crowdfunding is a relatively new way for people to finance their ideas but it has proven to be great for funding new apps. This is especially true if the idea for your app is new and unique which will get people interested in seeing it turn into reality. There are many sites such as Kickstarter and GoFundMe that give you the ability to take your idea to the internet and gather funding for it through the donations of many different individuals. The best part of crowdfunding is that you will not only be able to avoid getting into debt but you will also grow a steady fan base which will spread the word about your app and ensure its success.
Finally, funding your app with the help of angel investors is another good option to try out, especially if you have a really good idea for your app. The great thing about angel investors is that, unlike loans, their investments don’t need to be paid back. However, the downside is that this form of funding does require you to give up a part of your ownership over the app, which is why it may not be the best option if you wish to have full freedom over the direction your app will take in the future.
Finding the best way to fund your first app will ultimately depend on your personal needs and preferences. However, keep in mind that you don’t have to choose one funding option and stick with it, you can mix and match them in whichever way best suits your interests