Having an idea to start a tech business is something good to go but, what about funds? How to get funds? Whom to approach? What to plan? These are the questions that hesitate plenty of startups.
Most often, startups are not able to get their business on the floor. The reason is they assess too high and too soon. It is not about raising funds all the time.
First and foremost, analyze the absolute reasons why you require funds? What can you do for a successful money-raising? What are the different methods to raise money?
Why Do You Seek Business Finance?
It’s obvious that you trust your idea and have faith it will help you to earn multi-millions. But in real life, your idea is just speculation, or we can say untested theory and guesswork. It is because your targeted audience still has not signed up or paid for it. They have not experienced the actual product.
So, at the initial stages, all you need to focus on is building something actual and delivering it to your potential customers. Determine the genuine reason why you need business funding.
Not only website or mobile app development needs money. Marketing and attracting customers also requires funding. So plan your budget accordingly.
Who Receives Money During the Concept Stage?
Who are the ones that get funding while their business idea is still an untested hypothesis? The answer is individuals who have a successful history of starting & running various companies.
They have developed strong relations with the investors throughout the years of intercommunication.
These are the ones investors are more likely to invest for. What about the other 99.99% of startups? Watch out for what they all need to do.
What are Other Startups Supposed to Do?
As mentioned before, app development and marketing are the key steps you need money for. Let’s understand what you can do with that.
Product Development
You need to discover the possible ways to build an app with minimal functions. A product that you can also call an MVP.
Develop only essential features and functionalities that deliver the basic concept of your mobile app. Try to keep your targeted audience engaged through your app by not delivering everything at first. Surprise them with more features in the future.
Building this much at the initial stage does not cost you more. You can use your personal savings or seek help from your friends or families.
Product Marketing
There are multiple ways you can gain user attraction without spending a lot of your money.
If you want to rank well in the online market, get high-quality backlinks to your website. If you have partnerships with service providers and business partners, they will turn out to be a great source for your backlinks. Encourage them to link your website.
Host a webinar as it helps you to introduce your product to a wider market. You can also cross-promote your product. With cross-promotion, you can partner with relevant businesses that can market your product/service in exchange for marketing their services. It’s a worthwhile deal.
Start commenting on the blogs. Discover top-ranking blogs of your niche and start commenting regularly. People can see your name and want to know more about you and your brand.
Signup on HARO (Help a Reporter Out). It provides free service to the reporters who are seeking new stories. You can share your story and get publicity.
Also, keep in mind that each person you meet is a marketing opportunity. Do not just show off your business directly to them, but as you keep interacting, share your business details.
Online contests are also a low-cost marketing tactic you can leverage.
Social media like Twitter and Facebook can also help you. Follow some random number of influencers on social media in your industry. You can follow their followers, retweet their tweets, as well as mention them in comments.
Use the hashtag, discover more email addresses, talk to your targeted audience, start guest blogging, and create a Linkedin group.
Use Craigslist to geographically target particular markets adhering to all the terms and conditions of the site.
After following your preferred marketing tactics, the question is how to raise funds?
How to Raise Money from the Investors?
You have built a product with essential features, perform marketing, and get initial attention from the users.
All these efforts show how focused you are on transforming your mobile app idea into reality. And these are the qualities investors keep looking to invest their money.
Now you can also showcase your product that is no more an untested hypothesis. It is now a tested one in a live environment with real customers.
Basically, to find investors, you can go through the Linkedin profiles, search for the one who is directly in touch with the investors, look closely at your offline network, get in touch with the firm which has recently got funded and ask them for the introduction to the investors. These are the best possibilities to get in touch with the inventors.
Summing Up
Bringing mobile app ideas to reality and getting funds for that is a challenging task. However, with proper planning and a sleek approach, you can achieve any milestone.
Keep in mind above mentioned details and start raising funds for your mobile app idea. With the guidance of a top-notch mobile app development company, you can definitely achieve success.
