In today’s technology-driven society, mobile devices are essential. People rely on their phones, tablets, and smartwatches for just about everything; news, entertainment, socializing, investing…
If you’re an entrepreneur, there’s real potential to cash in on the mobile device-craze. How? – By developing mobile applications (or ‘apps’, as they’re more commonly referred to). You have a breakthrough idea; something that you know your target audience would benefit from. There’s just one problem: you need funding to develop your idea.
Looking for ways to fund your mobile app? Here are some effective ways that you can get the money you need to turn your idea into a reality.
Take Out a Personal Loan
If your credit is in good standing, you may be able to qualify for a personal loan. There aren’t any set guidelines on how you can use the money that you secure from this type of loan, so you can certainly use it to fund your mobile app development. Just make sure you shop smart. While it might be tempting to take the first offer you receive, look around and weigh your options. Ideally, you want to get the best terms and the most flexible repayment option possible.
Find a Business Partner
If you know a like-minded entrepreneur who’s looking for a new business opportunity, consider working together and pooling your resources. Of course, in exchange for providing capital, you’d have to hand over some of the profits. Depending on your unique needs, your partner could be very involved in the process, or he or she could be silent and just offer to fund (for a percentage of the profits you’ll make) while you call all the shots.
Turn to Family or Friends
Do you have a friend or family member who’s well-off? Do you have a good relationship with that individual? If so, think about asking him, her, or them (whatever the case may be) to monetarily back your idea. A friend or family member could potentially offer you a loan to get your mobile app starred. Not only would you be able to get the funding you need, but the rates would probably be more favorable than a traditional loan, and the repayment plan more flexible.
Give Crowdfunding a Try
Instead of working with a single partner or trying for a loan (either personal or from a family member or friend), you might want to give crowdfunding a try.
Crowdfunding can be defined as a combination of financing and crowd-sourcing. It connects multiple entities – including organizations and individuals – who are interested in donating to entrepreneurs like yourself. Instead of relying on a single source for funds, crowdsourcing allows you to benefit from several lenders. There are several forms of crowdfunding, including reward-based, equity, and donation-based, and while the principle of each type is virtually the same, there are differences between each of these forms of crowdfunding. Do some research and consider your specific needs to determine which option is the best for you.
Get a Title Loan
If you own a car, a title loan is certainly an option you can use to fund the development of your new app, according to loancenter.com. In exchange for the title of your vehicle, a lender will provide you with a loan that you can use to get your idea off the ground. Of course, like any other loan, you do have to repay a title loan; but, unlike the more traditional forms of financing, the money tends to come through a lot faster and the rates and conditions are usually more flexible.
In order to get a new app idea off the ground, you need to have the appropriate funding. These four methods could prove to be an effective way to acquire the money you need to get your application up and running.